Month: August 2021

External Affairs Minister S Jaishankar said Thursday that ISIS’ financial resources have become more robust. He added that funds continue to flow for terror group, and that rewards for killings now are being paid in Bitcoins.

S Jaishankar addressed a UN Security Council briefing about threats to international security and peace caused by terrorist acts. He said that the Secretary-General’s latest report has served as a stark reminder of ISIS’s continued threat to international security and peace.

The ‘ISIL (Daesh), which is still active in Syria, Iraq, and other countries, and its affiliates, are growing in strength in Africa. ISIL (Daesh’s) financial mobilization has been more successful. The money flows have continued, and the rewards for killings can now be paid in Bitcoins. He said.

S Jaishankar stated that the radicalization of young people by online propaganda campaigns is a grave concern.

He stated that the ISIS’s modus operandi had changed. The core is now focusing on regaining ground and establishing stability in Syria and Iraq. Affiliates are also functioning independently.

S Jaishankar stated that “this evolving phenomenon is extremely hazardous and poses new challenges to our collective efforts against ISIL and terrorists.”

He cautioned, “Let’s always remember that what is true about Covid is even greater true for terrorism: none are safe until all are safe,”

S Jaishankar presented an eight-point plan to eliminate the terror scourge. It includes mobilizing the political will and refusing to glorify terrorism.

‘No double standards. He said that terrorists are terrorists and that distinctions can only be made at our peril.

He stated, “Don’t place block and hold on listing requests without any reason. Discourage exclusivist thinking. Be on guard against false terminologies.

He also stressed the importance of ‘enlisting and delisting objectively, not based on religious or political considerations.

Recognize the connection to organised crime. He added that he would support and strengthen FATF and increase funding for UN Office of Counter Terrorism.

S Jaishankar urged the UN Security Council collectively to build on these principles.

He stated that it was also crucial to end the impasse that prevented the adoption of the Comprehensive Convention on International Terrorism. India has been a champion for this cause for so many years.

The External Affairs Minister stated that India is at the forefront in global counter-terrorism efforts. India has participated in all major global initiatives to combat international terrorism, and has signed all United Nations sectoral conventions related to terrorism.

“We were happy to play our part in strengthening the Global Counter-Terrorism Strategy, which was adopted last month. He reiterated his full support for counterterrorism cooperation under the auspices UN.

Salem township is planning to build a zero-carbon Bitcoin mining plant. However, township supervisors are more interested in dollars.

This industry is unique in that it comes to a town with a majority of its jobs done electronically.

The public meeting in the administration building on Tuesday got heated. Supervisors considered the potential benefits.

Talen energy, the company that owns Susquehanna’s nuclear power plant in Salem township, announced last week plans to build a campus for digital infrastructure next to the plant.

Phase 1 will include a Bitcoin mining facility of 180 megawatts and data centers that are powered directly by the two nuclear reactors at Susquehanna.

“Amazon, Google and all the cloud computing applications..these are the potential customers, clients that we will have at the data center buildings. The coin mining side will have computers located again in these buildings, and those computers will run computations to trigger and generate coins’, explained Dustin Wertheimer (VP and Division CFO Talen Cumulus) and Susquehanna Date Center.

Bitcoin uses encryption techniques for monetary unit creation and funds transfer verification. This process is known as Bitcoin mining. It’s performed on extremely sophisticated computers.

According to a release by Talen Energy, their joint venture with Terawulf, a Bitcoin mining company, is expected to invest approximately 400 million in phase 1.

“Data center operators want power that is low-cost, reliable, and carbon-free. Wertheimer stated that connecting to our nuclear power station gives them all three.

What will Salem Township get from it? Some people say it is not enough.

Talen is currently in negotiations with the township about the host agreement. Supervisors discussed an offer to the township of 25 thousand dollars per year at Tuesday’s public meeting. Supervisors considered making a counter-offer, asking for 250 000 instead.

This is a cost-effective way to host it. This is absurd and they slapping your face with those 25 thousand? You’re not being unreasonable! At the township meeting, a member of public said: “Come on!

They realized that they needed more information, especially about projected profits which are likely to be much higher than they had thought.

“We discussed a billion-dollar project. They need to be able to provide services for the community, Malcolm Plevyak, Vice Chairman of Salem Township Board of Supervisors.

“All this new information now comes to light. Frede Fransen of Salem Township, a supervisor, said that it makes it possible to make a difference in some things.

It is expected that the facility will be operational by mid-2022. The township has not yet granted permission to begin construction.

The township is currently reviewing the project and will approve it. A conditional use hearing is scheduled for August 31st.

According to the head of SEC, crypto assets require more regulation before they can be moved forward.

Gary Gensler, SEC Chair, stated that fraud, scams and abuses in certain applications are all part of this asset class. He spoke at the Aspen Security Forum.

Gensler stated that he needed additional Congressional authority to ensure transactions, products and platforms do not fall between regulatory cracks.

Gensler covered many aspects of crypto business in his speech.

Digital tokensGensler stated that many digital tokens are considered investment contracts and are sold and offered as securities. They should be regulated accordingly. Gensler stated that there is a crypto market where tokens could be unregistered securities without market oversight or disclosure.

“This makes prices vulnerable to manipulation. Investors are vulnerable. According to him, he has asked staff to “continue to protect investors when unregistered securities sales are made.”

Platforms for crypto tradingGensler noted that the average trading platform contains more than 50 tokens. He said these platforms have’significant gaps’ in investor protection. It is unclear if any of these tokens could be considered securities and fall under the SEC’s purview. Gensler stated that ‘To the extent there are securities on these platforms, they must register with the Commission under our laws unless they meet an exception.

StablecoinsGensler pointed out that crypto-to-crypto trading was often done with stablecoins. These are crypto tokens linked or pegged to the value fiat currencies. Gensler fears that these stablecoins could be used to bypass anti-money laundering laws and tax compliance laws. This could also impact national security. Gensler stated that these stablecoins could also be securities or investment companies, and should therefore be subject to the SEC’s scrutiny.

Bitcoin ETFs. Many companies applied to the SEC for approval of a bitcoin ETF. None have been granted. Gensler pointed out that there are many vehicles that have invested in bitcoin. These include the closed-end Grayscale Bitcoin Trust and mutual funds that invests in bitcoin futures. Gensler stated that these investments are covered by the 1940 Investment Company Act. This Act provides significant investor protections.

“Given these important protections I look forward to reviewing such filings by the staff, especially if they are restricted to these CME-traded Bitcoin futures.

ProShares launched a mutual fund that tracks bitcoin futures last week, the Bitcoin Strategy ProFund.

Gensler didn’t comment on the raft bitcoin ETF applications, which do not own futures but seek to own bitcoin direct.

Gensler might be trying to differentiate between bitcoin ownership in the futures market which is highly regulated and bitcoin ETF, which would involve the fund purchasing bitcoins through unregulated entities.

Crypto assets under custodyGensler stated that the SEC wanted to comment on custody arrangements for crypto by broker-dealers, and related to investment advisors. He stated that custody protections are crucial to prevent the theft of investor assets and that regulators will look to increase regulatory protections in this area.Gensler: Innovation will require regulation.

Gensler is regarded as a champion of financial innovation. Gensler stated that crypto “has been and could still be a catalyst of change in the areas of finance and money.”

He has however made it clear that crypto is in urgent need of additional regulation to make it possible to move forward. ‘For those who wish to encourage innovation in crypto, I’d note that financial innovations throughout the history haven’t long thrived outside of our public policies frameworks… If this field is to continue or reach any potential for being a catalyst of change, we should bring it into our public policy frames.