Author: Dren.H

Disney dissolves its metaverse department amid restructuring, laying off employees, and discontinuing membership initiatives. Disney recently dissolved its metaverse-focused department, which concentrated on creating next-generation storytelling and immersive experiences for consumers. According to a report by WSJ, the entertainment giant has let go of around 50 employees from this team as part of a larger reorganization strategy. This strategy aims to decrease the total number of jobs across the company by nearly 7,000 over the coming two months. The metaverse team was led by Mike White, an ex-Disney consumer products executive, who was responsible for exploring novel, interactive storytelling techniques…

The CFTC has sued Binance and CEO Changpeng Zhao for allegedly offering unregistered crypto derivatives and encouraging U.S. customers to evade compliance controls using VPNs. The United States Commodity Futures Trading Commission (CFTC) has taken legal action against cryptocurrency exchange Binance and its founder, Changpeng Zhao. The lawsuit, filed in the U.S. District Court for the Northern District of Illinois, alleges that Binance knowingly provided unregistered crypto derivatives products in the U.S., violating federal law. Furthermore, the suit claims that Binance encouraged U.S. customers to use virtual private networks (VPNs) to bypass compliance controls. Binance Accused of Offering Unregistered Crypto…

Microstrategy repays its $205 million Silvergate loan early and invests $150 million more in Bitcoin, strengthening its crypto position. Microstrategy Incorporated, a prominent business intelligence company, announced the full repayment of its $205.0 million term loan from Silvergate Bank, further expanding its Bitcoin holdings. The loan, initially secured by MacroStrategy, a wholly-owned subsidiary of Microstrategy, was due to mature on March 23, 2025. By repaying the loan in full, Microstrategy has strengthened its position in the cryptocurrency market and demonstrated its commitment to Bitcoin. On March 24, 2023, MacroStrategy entered into a Prepayment, Waiver, and Payoff to Credit and Security…

Venezuela shuts down crypto mining and exchange operations amidst corruption inquiry regarding parallel oil businesses with the national crypto department. In the midst of a corruption investigation involving the nation’s oil company and the national crypto department, Venezuela has enforced the suspension of cryptocurrency mining facilities and exchanges across the country. Moreover, allegations have surfaced from Venezuela’s attorney general office that government officials were involved in parallel oil ventures, supported by the national crypto department. Reports from local media and tweets from the National Association of Cryptocurrencies in Venezuela have shed light on the recent shutdown of crypto mining operations…

The banking crisis triggers a record $286 billion inflow into US money market funds (MMF), benefiting Goldman Sachs, JPMorgan Chase, and Fidelity. The ongoing banking crisis has compelled investors to restructure their portfolios, leading to a staggering $286 billion injection into US money market funds (MMF) within a mere two-week span, according to recent reports. EPFR data, as referenced by the Financial Times, indicates that this influx signifies the largest monthly volume since the early days of the Covid-19 pandemic. In the midst of financial instability, major financial institutions like Goldman Sachs, JPMorgan Chase, and Fidelity have emerged as the…

The G7 is pushing for stronger crypto regulations to enhance business transparency, protect consumers, and mitigate global financial risks. Officials disclosed on Sunday that the Group of Seven (G7) major industrialized democracies are vigorously advocating for more robust regulations in the digital currency sector. The goal is to enhance clarity for businesses and fortify consumer protection measures. Finance ministers and central bank representatives from the G7 nations are expediting related discussions, as they gear up for a mid-May meeting, occurring just before Japanese Prime Minister Fumio Kishida chairs this year’s summit in Hiroshima. Comprising Japan, the United Kingdom, Canada, France,…

Lawmakers in France ban social media influencers from promoting unlicensed crypto products and other risky financial services. French lawmakers have taken a significant step towards protecting consumers by passing a new law that bans social media influencers from promoting unlicensed crypto products. The National Assembly’s Economics Committee voted in favor of the law that aims to curb the promotion of unsafe products and scams by well-known personalities on platforms like Instagram and YouTube. Stéphane Vojetta, a member of Emmanuel Macron’s ruling Renaissance party, and socialist opposition member Arthur Delaporte, proposed the amendment. The legal change categorizes digital assets in the…

Sony files a patent for NFT transferability between games, consoles and devices, enhancing the Web3 gaming experience. Sony Interactive Entertainment, a prominent gaming console and entertainment company, has applied for a patent that would enable the transfer of non-fungible tokens (NFTs) across different games and consoles. The patent is designed to enhance the interoperability of Sony’s flagship PlayStation gaming system and extend it to a broader Web3 gameplay experience, allowing players to transfer in-game assets, including NFTs, from one device to another. The patent application filed by Sony last week outlines the technology’s ability to improve the interoperability between different…

The IRS plans to issue guidance on the taxation of Non-Fungible Tokens (NFTs) as collectibles under section 408(m) of the Internal Revenue Code. The Department of the Treasury and the Internal Revenue Service (IRS) have announced that they intend to issue guidance related to the treatment of certain Non-Fungible Tokens (NFTs) as collectibles under section 408(m) of the Internal Revenue Code. This treatment is also relevant for other purposes of the Code, including the long-term capital gains tax rate under section 1(h). NFTs are unique digital assets in the blockchain. People can use NFTs to certify the authenticity and ownership…

The ECB has called for a uniform approach to banking license requests involving crypto among EU member states’ banks to establish control. The European Central Bank (ECB) has recently expressed concern over the inconsistency of procedures for obtaining crypto banking licenses among member states of the European Union. In its annual report, the ECB highlighted the significant divergence of crypto laws within the region and called for a more uniform approach to licensing requests made by banks across EU countries. The central bank aims to establish greater control over the fragmented system, especially as technology-driven banks are showing a growing…