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‘Nothing Scary’ About Crypto, Federal Reserve Governor Says

by admin August 20, 2025



In brief

  • Federal Reserve Governor Christopher Waller said stablecoins have the potential to improve retail and cross-border payments.
  • He acknowledged some fear and skepticism toward innovation in payments.
  • The Fed is researching tokenization, he said.

Using cryptocurrencies to facilitate ordinary payments should be no more intimidating than swiping a debit card, Federal Reserve Governor Christopher Waller said on Tuesday.

“There is nothing to be afraid of when thinking about using smart contracts, tokenization, or distributed ledgers in everyday transactions,” he said in a speech at the Wyoming Blockchain Symposium in Teton Village, Wyoming. “This is simply new technology.”

Waller described stablecoins as a continuation of advancements in payments, pointing to the early days of physical cards that lacked magnetic strips or chips. Stablecoins have evolved from their original purpose, he acknowledged, but “have the potential to improve retail and cross-border payments,” while also making it easier to access the U.S. dollar globally.

“As the stablecoin market matured, firms found that the properties of stablecoins using distributed ledger technology—including 24/7 availability, fast transferability, and their freely circulating nature—could be attractive for other use cases as well,” he said.



Waller, who was appointed during U.S. President Donald Trump’s first term, told The Wall Street Journal last month that he would accept a role as Fed Chair if asked. He also dissented from the central bank’s decision to hold rates steady in July for a fifth straight meeting, calling for a quarter-percentage-point rate cut alongside governor Michelle Bowman.

On Tuesday, Bowman gave her own address at the Wyoming confab, saying “you don’t need a tech background to appreciate the opportunity that blockchain provides to the financial system.”

 

Waller recognized on Wednesday that some have “been fearful or skeptical of innovation” in the payments space, but he underscored that “there is nothing scary” about crypto transactions just because they take place within the realm of decentralized finance.

The GENIUS Act’s passage created a federal framework for stablecoin issuers, and Waller said that this could help dollar-pegged tokens “reach their full potential” in the U.S.

Although his comments were geared toward private-sector innovation, Waller’s remarks follow the debut of Wyoming’s stablecoin earlier this week. Revenue generated from the token’s reserve is expected to go toward the state’s school foundation fund.

The Fed has played a role in supporting payments technology by providing infrastructure for clearing and settlement to financial institutions. That has been the case since the central bank’s early days, Waller noted.

As stablecoins become ingrained in the financial world, Waller said the Fed is conducting research on tokenization, smart contracts, and artificial intelligence in payments. Although conservatives have warned against the dangers of a dollar-pegged token issued by the Fed, Waller did not explicitly reference Central Bank Digital Currencies.

“It is important to understand trends in payments technology so that we can continue to support private sector firms that leverage our infrastructures, as well as understand whether emerging technologies could provide opportunities to improve our existing platforms and services,” he said.

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August 20, 2025 0 comments
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Federal Reserve Governor Calls For Regulators To Embrace Crypto

by admin August 20, 2025


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Federal Reserve (Fed) Governor Michelle Bowman is urging US regulators to abandon their “overly cautious mind-set” regarding cryptocurrencies, blockchain technology, and artificial intelligence (AI). 

Speaking at the Wyoming Blockchain Symposium, Bowman emphasized the need for a proactive approach to adapt to emerging technologies, marking a departure from the more conservative stance of previous regulatory bodies.

Bowman Advocates For Flexible Oversight 

Bowman, who was nominated to the Federal Reserve Board by President Donald Trump in 2018 and appointed as Vice Chair for Supervision earlier this year, stated, “Despite this past inertia, change is coming.” 

She underscored the importance of choosing to embrace this change and creating a regulatory framework that is both reliable and efficient. “We must ensure safety and soundness while incorporating the benefits of speed and efficiency,” she asserted. 

The choice is clear from a regulator’s perspective: we can either stand still and let new technology bypass the traditional banking system or help shape its future.

A key topic in her address was the recently passed GENIUS Act, which regulates stablecoins. This legislation, signed into law by President Trump, has positioned stablecoins at the forefront of discussions about the future of the financial system. 

According to Bowman, dollar-pegged cryptocurrencies have the potential to disrupt traditional payment infrastructures while offering new opportunities for the banking sector.

In addition to discussing stablecoin regulation, Bowman revealed that she is working on plans to adjust banks’ regulatory commitments according to their size and complexity. 

Fed’s Discontinuation Of Crypto Oversight Program

The Federal Reserve also disclosed last week the discontinuation of its “novel activities” supervision program, which was designed to monitor banks’ interactions with the cryptocurrency and fintech sectors. 

This program, launched in 2023, faced criticism for imposing significant restrictions on banks engaging with digital assets. The Fed has determined that such specialized oversight is no longer necessary, citing an improved understanding of the risks involved and how banks can effectively manage these challenges.

As reported by Bitcoinist, the central bank’s move is part of a broader effort to align with President Donald Trump’s vision of making America the “crypto capital of the world.” 

By incorporating digital asset oversight into its conventional bank supervision framework, the Federal Reserve aims to foster an environment that supports innovation in the financial sector.

Speculation about Bowman’s future role has also emerged, with her name mentioned as a potential successor to current Fed Chair Jerome Powell when his term concludes in May 2026. However, during a recent Bloomberg interview, she deflected questions about her aspirations for that position.

Governor Bowman’s remarks and the regulatory changes she advocates reflect a pivotal moment for the US financial landscape, as regulators seek to balance innovation with the need for safety and stability in the banking system.

The daily chart shows the total crypto market cap at $3.76 trillion. Source: TOTAL on TradingView.com

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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August 20, 2025 0 comments
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Illinois Governor Slams Trump’s Crypto Backers While Signing New Rules

by admin August 19, 2025


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Illinois on Monday approved two new laws that give state regulators stronger tools to police crypto businesses and curb scams at cash-to-crypto kiosks.

The governor used the moment to criticize US President Donald Trump for recent federal moves that, according to his office, loosen protections for consumers.

State Gives Regulator New Powers

SB 1797 hands the Illinois Department of Financial and Professional Regulation authority to supervise digital-asset exchanges and related firms.

“While the Trump Administration is letting crypto bros write federal policy, Illinois is implementing common-sense protections for investors and consumers,” Governor JB Pritzker said.

While Trump lets crypto bros write federal policy, Illinois is implementing common-sense protections for investors and consumers.

Today, I’ve signed into law first-of-their-kind safeguards in the Midwest for cryptocurrency and other digital assets.

We won’t tolerate fraudsters.

— Governor JB Pritzker (@GovPritzker) August 18, 2025

According to lawmakers, the measure forces companies to hold enough money, put up cybersecurity and anti-fraud systems, make clear investment disclosures, and meet customer service standards similar to other financial services.

The bill passed the state Senate in April and will make it clearer who answers to state rules and who does not.

Kiosk Rules Aim To Curb Scams

The second law, SB 2319, targets cryptocurrency kiosks and ATMs. Reports have disclosed several concrete limits: operators must register with regulators, kiosks must offer full refunds to qualifying scam victims, transaction fees can’t exceed 18%, and new customers face a $2,500 daily limit.

Those specific numbers are meant to slow down bad actors and give people a clearer path if they’re cheated. State lawmakers and consumer advocates have said those steps are long overdue.

BTCUSD trading at $115,077 on the 24-hour chart: TradingView

A Political Line Drawn

Pritzker used his signing remarks to draw a contrast with Washington. Based on reports from the governor’s office, he accused the federal government of stepping back from protections after an April signing that overturned a revised IRS rule about who counts as a broker in decentralized finance.

“At a time when fraudsters continue to evolve and consumer protections are being eroded at the federal level, Illinois is sending a clear message that we won’t tolerate taking advantage of our people and their hard-earned assets,” ​Pritzker said.

He framed the state laws as a direct response to growing fraud and a federal posture he sees as friendlier to industry players than to everyday users.

Featured image from ABC News, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.





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August 19, 2025 0 comments
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Texas Governor Signs Bitcoin Reserve Bill Sb 21 Into Law
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Texas Governor Signs Bitcoin Reserve Bill SB 21 Into Law

by admin June 23, 2025



Texas Governor Greg Abbott has officially signed Senate Bill 21 (SB21), establishing the Texas Strategic Bitcoin Reserve, a groundbreaking move that makes Texas the first U.S. state to use public funds to hold Bitcoin.

In contrast to Arizona and New Hampshire, which also enacted similar laws on the Bitcoin reserve, Texas is unique because it establishes a special framework to handle BTC assets.

🇺🇸 JUST IN: Texas Governor Greg Abbott signs Bitcoin Reserve bill SB 21 into law.

Texas is now the third state with a Bitcoin Reserve. pic.twitter.com/2JJOc7anf4

— Bitcoin Laws (@Bitcoin_Laws) June 21, 2025

According to the bill, the fund operates separately from the state’s general treasury and aims to boost financial resilience while offering a potential hedge against inflation.

Only assets with a market cap over $500 billion qualify, which currently includes only Bitcoin, now trading at $101,252. The Texas Comptroller of Public Accounts will oversee the reserve, with guidance from a three-member crypto advisory board.

The reserve may increase not only by direct purchasing of BTC but also by airdrops, forks, investment profit, or crypto donations. An annual report of its performance will be made public after every two years.

This bold step follows Abbott’s earlier approval of House Bill 4488, which ensures the Bitcoin fund remains protected from being absorbed into the state’s general budget.

Meanwhile, public companies continue to adopt Bitcoin for their treasuries. Nakamoto Holdings, led by Trump’s crypto adviser David Bailey, just raised $51.5 million to buy more BTC. France’s The Blockchain Group also bought 182 BTC, boosting its total to 1,653 BTC.

As institutional interest grows, Texas’ entry into Bitcoin-backed finance could push other states to follow suit. The Lone Star State is betting big on Bitcoin and the world is watching.

Also Read: Arizona Senate Revives Bitcoin Reserve Bill After Rejection





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June 23, 2025 0 comments
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&Quot;We Are Concerned About Crypto,” Says Rbi Governor Malhotra
Crypto Trends

“We are concerned about crypto,” says RBI Governor Malhotra

by admin June 8, 2025



Addressing a media briefing after the central bank’s Monetary Policy Committee (MPC) meeting, Malhotra said there is currently no new development regarding cryptocurrencies. His statement came in response to a question about the Supreme Court’s recent observations on the need for a clear regulatory framework for crypto.

“There is no new development as far as crypto is concerned. A committee of the government is looking after this,” the RBI Governor said. “Of course, as you are aware, we are concerned about crypto because that can hamper financial stability and monetary policy.”

🚨 🇮🇳 BREAKING: New RBI Governor Sanjay Malhotra holds the line on crypto:

💬 “We’re concerned. Crypto could shake financial stability & monetary policy.” pic.twitter.com/PIecrpNEbo

— The Crypto Times (@CryptoTimes_io) June 8, 2025

Last month, the Supreme Court pulled up the Centre for the lack of a clear policy on cryptocurrencies. A bench comprising Justices Surya Kant and N Kotiswar Singh asked why the government had not yet come out with a definite regulatory stance. The court was hearing a bail application in a case involving illegal Bitcoin trading, where the accused, Shailesh Babulal Bhatt, was arrested in Gujarat.

Right now, cryptocurrencies aren’t illegal in India, but they aren’t fully regulated either. That means there’s no specific law that bans them, but there’s also no proper framework to govern how they’re used. For now, crypto is mainly watched under anti-money laundering rules.

In 2022, the government introduced a 30% flat tax on any profits made from crypto trading. On top of that, a 1% tax is deducted at source (TDS) for every transaction. If you’re using a crypto exchange, GST is also charged on their services. But just because crypto is being taxed doesn’t mean it’s officially legal; there’s still no clear law declaring it so.

To fix this regulatory gap, the government is working on a discussion paper that will lay out possible rules for crypto in India. An inter-ministerial group (IMG), which includes members from the RBI, SEBI, and the Finance Ministry, is studying global practices to help shape India’s approach. Once the paper is out, people and industry stakeholders will get a chance to share their views before any policy is finalized.

India’s crypto policy has had its ups and downs. Back in 2018, the RBI had told banks not to offer services related to crypto. But in 2021, the Supreme Court struck that down, saying it wasn’t legal to impose such a ban. That ruling was seen as a win for the crypto community.

Even with that decision, the legal status of crypto in India remains unclear. The Supreme Court recently urged the government to come up with a clear-cut policy, especially as concerns grow about illegal crypto activities. At the same time, the RBI has continued to warn that cryptocurrencies could be a risk to the country’s financial stability.

Also Read: India Can Lead the Web3 Wave With Clear Rules: Sumit Gupta





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June 8, 2025 0 comments
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Why Democrat Zoltan Istvan Is Backing Basic Income, Home Robots in California Governor Bid

by admin June 5, 2025



In brief

  • California gubernatorial candidate Zoltan Istvan warns that AI and humanoid robots could eliminate 50% of jobs, calling it a looming “job apocalypse.”
  • To address the threat, Istvan proposes a universal basic income and providing every household with a humanoid robot.
  • Shifting from the Transhumanist to the Democratic Party, Istvan emphasizes the urgency of regulating AI and preparing society for its rapid advancement.

As artificial intelligence threatens to disrupt the American workforce, Zoltan Istvan, who’s running for the Democratic nomination for Governor in California, is betting on a radical solution: universal basic income and a humanoid robot in every home.

Istvan’s campaign comes as tech leaders warn that AI could eliminate up to 50% of entry-level jobs within the next five years. Istvan believes the threat is far broader, predicting that the rise of generative AI and humanoid robots imperils half of all jobs.

“That is what my campaign is about,” Istvan told Decrypt. “We’re saying 50% of all jobs at this point are at risk. You can see the infrastructure being built in China and the U.S. and around the world for these humanoid robots.”

Friends, today I’m officially announcing my campaign for California Governor for the Democratic Party. After years of watching inequality, homelessness, regulation, taxes, lawfare, and crime increase in my home state, I’ve decided to do something about it. But the far deeper… pic.twitter.com/hPfqNW6WBn

— Zoltan Istvan 🖖 (@zoltan_istvan) April 29, 2025

While AI has become widespread since the public launch of ChatGPT in 2022, Istvan called the stakes urgent, arguing that the public’s understanding of AI hasn’t kept pace with its rapid development.

“It’s like a BMW, what hits the market is what was developed 18 months ago,” he said. “Right now, they’re test-driving 2027 models, producing 2026 models, and selling us the 2025 versions. The same thing is happening in AI.”

Best known for his 2016 presidential bid under the Transhumanist banner, Istvan drove a coffin-shaped bus across the country to promote his platform of radically extending human life through advancements in biotechnology, artificial intelligence, and other technologies.

Though he still identifies with transhumanist ideals, Istvan said switching from the Transhumanist Party to the Democratic Party is a strategic move to stay competitive in a traditionally one-party state.

“In California, to run as anything other than a Democrat would just mean you’re not going to win,” Istvan said.

To confront what he calls a looming “job apocalypse,” due to a convergence of humanoid robots and AI, Istvan is promoting two primary policy goals: establishing a universal basic income and ensuring a humanoid robot in every California household.

“Implementing universal basic income must be a top priority,” he said. “Otherwise, people in the next year or two, as they start losing their jobs en masse, are going to be picking up the pitchforks and causing huge disruption to society.”

Istvan said he is less concerned with the method of funding UBI, with options including taxation, company shares, or a robot tax, and more concerned with the urgent implementation.

Greater ambitions

The second policy he proposed is even more ambitious, providing every California citizen with a humanoid robot.

“We want to provide or lease a humanoid robot to every household,” he said. “That way, people can spend less time on chores, driving, or cooking, and more time with family.”

Getting voters to accept the idea of a free robot may be easier said than done. In a recent survey of U.S. and U.K. respondents, 12% reported being polite out of fear of a future AI uprising.

Istvan acknowledged the cultural resistance to robots, fueled by decades of dystopian science fiction films like James Cameron’s “The Terminator” and Gareth Edwards’ “The Creator,” but believes the benefits will outweigh fears.

That said, Istvan expressed concern about unregulated progress toward artificial general intelligence and superintelligence, commonly referred to as the singularity. He compared the current trajectory to playing with a loaded gun.

“We can’t just launch superintelligence and hope that it turns out for the best,” he said. “Unlike nuclear weapons, which remain under human control, superintelligence could develop beyond our ability to contain it.”

To create meaningful guardrails for AI, Istvan believes international cooperation is necessary.

“This is not going to be China versus America anymore,” he said. “This is going to be the human race versus a potential AI that might not like us.”

As the AI revolution accelerates, Istvan hopes California can serve as a testing ground for policies that merge technology with humanity’s best interests—before it’s too late.

“If we could guarantee that AI is not going to come after us, I would absolutely say, let us go through with it,” he said. “We’d end up in a more utopic world. The standard of living will go up. People will live longer.”

Before his utopian vision can come to pass, however, Istvan will still need to get through a highly competitive, expensive, and often contentious California election season.

Among ten “likely candidates” in a statewide Emerson College poll in April, former Vice-President Kamala Harris led the pack with 30 percent of the vote (though 50% of people polled said she shouldn’t run). Istvan was not among the names polled.

Edited by Josh Quittner and Sebastian Sinclair

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