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The metaverse division of Disney has apparently fallen victim to the latest round of layoffs announced by the company. Per reports from the Wall Street Journal citing people “familiar with the situation,” the whole next-generation storytelling and consumer-experience unit, comprised of 50 people, has been axed — this being part of the 7,000 layoffs the company is executing as a cost-cutting measure. Disney’s Metaverse Division Is No More, According to Reports Disney, the well-known entertainment behemoth, seems to have lost interest in the metaverse. According to reports coming from the Wall Street Journal (WSJ), the metaverse unit of the company was wholly disintegrated in the latest round of layoffs that CEO Bob Iger announced on March 27. The measure, which will be completed in three waves, will reduce Disney’s headcount by 7,000, aiming to cut costs by $5.5 billion. In a memo sent to employees, Iger justified this move stating that it was “part of a strategic realignment of t

Famous Hollywood actor Matt Damon has revealed the story of how he became involved in creating a cryptocurrency commercial called “Fortune Favors the Brave” with Crypto.com. After the release of the crypto ad, Damon faced global criticism for his involvement in it. Matt Damon Talks About His Crypto Commercial Famous actor and producer Matt Damon shared how he became involved in creating a cryptocurrency advertisement with crypto exchange platform Crypto.com in an interview with the Associated Press on Wednesday. The Oscar-winning actor is known for his roles in movies such as Good Will Hunting, Saving Private Ryan, and the Bourne franchise. “The story behind that for me personally was that we had a down year in Water.org, and I did that commercial in an attempt to raise money for Water.org,” the famous actor said, adding: I gave my whole salary to Water.org because we were down. Crypto.com heard about that and they gave $1 million to Water.org … just on their own. So, I definitel

Ripple CEO Brad Garlinghouse has slammed Securities and Exchange Commission (SEC) Chairman Gary Gensler for claiming that he has the authority to determine which crypto tokens are securities, rather than relying on the legislation that governs his agency’s power. “It’s time for elected officials in the U.S. to take notice,” the Ripple executive stressed. Ripple’s CEO Slams SEC Chair Gensler Over What’s a Security The CEO of Ripple Labs, Brad Garlinghouse, has criticized the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for dictating which crypto tokens are securities. Garlinghouse tweeted Thursday: For the Chair of the SEC to assert that he dictates what is a security — and not the legislation from which his agency derives its power — is beyond comprehension. It’s time for elected officials in the U.S. to take notice. “When you behave like an autocrat running a $2.2B bloated agency, why would you ever want to provide clarity about what’s ‘in or out

This week, 2,600 tech industry moguls and entrepreneurs, including Elon Musk, Gary Marcus, and Steve Wozniak, signed an open letter requesting artificial intelligence (AI) labs to pause research and development for six months. The signatories believe that safety programs and regulations need to be strengthened, as they assert that AI labs are currently in an “out-of-control race to develop and deploy” this technology. On Thursday, Coinbase CEO Brian Armstrong disagreed with this approach, stating that people should not “let fear stop progress.” The Debate on AI Safety: Tech Industry Leaders Call for a Pause in Development, Many Oppose the Idea An open letter signed by 2,600 leaders and researchers in the tech industry recommends that AI labs pause their work for six months, and if they refuse, governments should impose a moratorium on development. The group believes that AI is “now becoming human-competitive at general tasks,” and asserts that powerful AI systems should be develope

China has been advancing its goal of positioning the yuan as an alternative to the U.S. dollar for settling international payments. The Chinese government recently struck a bilateral deal with Brazil to settle trades using their national currencies and completed a purchase of Liquefied Natural Gas (LNG) with a French company using yuan as payment. China Advances De-Dollarization Efforts With Brazil and France China is positioning its fiat currency, the yuan, as a U.S. dollar alternative for international settlements. The Chinese government recently achieved two milestones in this sense, inking a bilateral deal with Brazil that will allow the two countries to settle payments with their national currencies, and completing the first LNG (Liquefied Natural Gas) import trade settled in yuan. The Brazil-China deal allows the two countries to exchange goods using the Chinese yuan and the Brazilian real. The expectation is that this deal will ease the transactions between the two countri

Galaxy Digital Holdings chief executive Mike Novogratz has said he finds it shocking that U.S. authorities are interested in talking about the regulation of crypto, but have said nothing about artificial intelligence (AI) regulation. Novogratz added that by choosing mainly to focus on crypto regulation, the U.S. government has it “completely upside-down.” ‘A Real Technology That People Care About’ Crypto billionaire and Galaxy Digital Holdings CEO, Mike Novogratz, recently said he finds it shocking that regulators only seem to be interested in “talking so much about crypto regulation and nothing about AI [artificial intelligence] regulation.” Novogratz also suggested that it would “be dumb” for the government to “cache this industry because of Sam Bankman-Fried in his Bermuda shorts.” Speaking at Galaxy Digital’s Fourth Quarter (Q4) 2022 Shareholder Update Conference Call, Novogratz, who has previously slammed Sam Bankman-Fried, insisted that he is not against any move that weeds

The cryptocurrency hardware wallet manufacturer Ledger has raised €100 million ($109 million) in funding, according to the company’s disclosure on Thursday. Ledger CEO Pascal Gauthier says there has been significant demand for hardware wallets. He added, “2023 is even better for us because now you can’t even leave money at a Swiss bank.” Ledger to Expand Distribution, Production, and Research and Development With New Funding Injection According to a Thursday report by Bloomberg, Ledger, the cryptocurrency hardware wallet maker, has revealed it raised €100 million ($109 million) from investors. The capital raise comes at a time when crypto companies have been going insolvent and laying off significant portions of their workers. Ledger CEO Pascal Gauthier told Bloomberg’s Anna Irrera that the company will leverage the cash injection to expand distribution, production, and research and development. Gauthier noted that in 2022, people became very aware that leaving money on centralize

The U.S. Securities and Exchange Commission (SEC) has filed charges against crypto trading platform Beaxy and its executives. Additionally, the regulator alleged that the cryptocurrency exchange’s founder raised $8 million in an unregistered crypto token offering and “misappropriated at least $900,000 for personal use, including gambling.” SEC Charges Crypto Exchange Platform Beaxy The U.S. Securities and Exchange Commission (SEC) announced Wednesday that it has filed charges against crypto asset trading platform Beaxy, its founder, and its executives. SEC Chairman Gary Gensler commented: We allege that Beaxy and its affiliates performed the functions of an exchange, broker, clearing agency, and dealer without registering with the Commission and complying with clear, time-tested rules governing those activities. Besides alleging that Beaxy and its executives failed to “register as a national securities exchange, broker, and clearing agency,” the securities watchdog said that it

Economist Peter Schiff has warned of “the biggest economic disaster” in U.S. history. He stressed that we are on the cusp of a financial crisis and “it’s going to be much bigger than the last.” In addition, he said the U.S. dollar is being debased in order to fund the bank bailouts. Peter Schiff Foresees ‘Biggest Economic Disaster’ in US History Economist and gold bug Peter Schiff shared his warnings about the U.S. economy, the banking crisis, and where inflation is headed on NTD News Monday. Commenting on Federal Reserve Chairman Jerome Powell claiming that the U.S. banking system is sound and resilient, Schiff exclaimed: “It’s not sound at all. It’s a house of cards that’s starting to collapse.” Schiff explained: “Thanks to the mistakes the Fed has made since the 2008 crisis, we have a much bigger bubble now. The Fed caused the bubble that led to the financial crisis of 2008, and then they inflated a bigger bubble to try to paper over those mistakes and kick the can down the road

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a congressional hearing that the securities regulator “requires new tools, expertise, and resources” to combat misconduct in the crypto space. “We’ve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class,” he stressed. SEC Chair Gary Gensler on Budget Request and Crypto Regulation The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, testified on his agency’s Fiscal Year (FY) 2024 budget request before the House Appropriations Subcommittee on Financial Service and General Government Wednesday. “I am pleased to support the President’s FY 2024 request of $2.436 billion for the SEC, to put us on a better track for the future,” Gensler began. “The FY 2024 request seeks funding for an additional 170 positions, as well as full-year funding for those staff hired in FY 2023.” Commenting o

The recent banking failures involving the fall of Silicon Valley Bank (SVB), Signature Bank, and Silvergate Bank, have high-profile government individuals trying to find a culprit. U.S. President Joe Biden and former President Donald Trump have publicly blamed each other’s policies for the outcome, but according to some analysts, the problem might be ignorance in the banking system. Biden and Trump Scuffle on Bank Failures’ Causes The recent banking crisis that the U.S. is currently facing after the fall of three medium-size banks ( Silicon Valley Bank , Signature Bank , and Silvergate Bank ), has spurred a political discussion between U.S. President Joe Biden and former President Donald Trump in order to find the responsible of the biggest bank failures since the 2008 subprime mortgage crisis. Biden and Trump have been very vocal assigning the blame to each the other’s policies. On March 13, in the wake of the fall of Silicon Valley Bank, Biden reassured people about the isolated

Unlike AI applications such as Chatgpt, cryptocurrencies do not bring “anything useful,” a top executive of U.S. chip maker Nvidia is convinced. The comment comes despite his company making significant sales in the space where its powerful processors are widely used to mint digital coins. Developing Chatbots More Worthwhile Than Crypto Mining, Nvidia Exec Claims Cryptocurrencies do not “bring anything useful for society,” according to a high-ranking representative of Nvidia, the leading manufacturer of graphics processing units ( GPUs ). The executive expressed this opinion despite his company selling quantities of video cards to the industry. Other uses of their processing power, such as those associated with artificial intelligence (AI) applications like the Chatgpt chatbot, are more worthwhile than mining crypto, Nvidia’s Chief Technology Officer Michael Kagan told the Guardian. The U.S. tech firm, which is also a major supplier of AI hardware and software, hasn’t been too kee

Crypto exchange Binance has announced the opening of a blockchain hub in Georgia which will promote cryptocurrency adoption in the region. The move comes on the backdrop of a number of partnerships, initiatives, and events the company is involved in in the country. Digital Asset Exchange Binance Establishes ‘Web3 Outpost’ in Georgia Binance, the world’s largest crypto exchange by daily trading volume, has launched a new blockchain hub in Georgia, the small crypto-friendly nation in the South Caucasus. In an announcement on its website, the trading platform explained the motives behind the project: By establishing this Web3 outpost, we hope to attract top talent to the blockchain sector, facilitate educational initiatives related to digital finance, and further the development of Georgia’s crypto industry. The leading global exchange noted that it already employs 25 people on its Georgia team but hopes to add dozens more jobs in the coming months. Besides expanding its workforce

The U.K. government has confirmed that it is not proceeding with a plan to launch a non-fungible token (NFT). British Prime Minister Rishi Sunak asked the Royal Mint to create an “NFT for Britain” while he was serving as the Chancellor of the Exchequer last year as part of his efforts to make the U.K. a global hub for crypto-asset technology and investment. Britain Drops NFT Plan Parliament Member Harriett Baldwin, chair of the House of Commons Treasury Select Committee and a member of the NATO Parliamentary Assembly, asked the Chancellor of the Exchequer “whether it remains the policy of his department that the Royal Mint issue a non-fungible token.” Wholly owned by His Majesty’s Treasury, the Royal Mint is the official mint of the U.K. and the maker of British coins. Responding to Baldwin’s question on Monday, Economic Secretary to the Treasury Andrew Griffith stated: In consultation with HM Treasury, the Royal Mint is not proceeding with the launch of a non-fungible token at t

EU lawmakers have voted in favor of imposing a €1,000 limit on crypto transactions where the customer cannot be identified. “Entities, such as banks, assets and crypto assets managers, real and virtual estate agents, and high-level professional football clubs, will be required to verify their customers’ identity, what they own and who controls the company,” the European Parliament emphasized. Lawmakers Vote on New EU Regulation On Tuesday, members of the European Parliament (MEP) from the Economic and Monetary Affairs Committee (ECON) and the Civil Liberties, Justice and Home Affairs Committee (LIBE) adopted their position on three pieces of draft legislation on the financing provisions of EU Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) policy. One of the three was the “single rulebook” regulation, which aims to harmonize financial regulation across the EU. It was adopted with 99 votes to 8 and 6 abstentions, according to an announcement by the European

The world’s largest asset manager, Blackrock, does not see the Federal Reserve cutting interest rates this year. “That’s the old playbook when central banks would rush to rescue the economy as recession hit. Now they’re causing the recession to fight sticky inflation – and that makes rate cuts unlikely, in our view,” said the firm’s strategists. Blackrock’s Interest Rate Prediction Blackrock, the world’s largest asset manager, published weekly commentary Monday explaining the state of the U.S. economy and why it does not see the Federal Reserve cutting interest rates this year. While noting that “Markets have been quick to price in rate cuts as a result of the banking sector turmoil and the Fed signaling a coming pause,” Blackrock’s strategists wrote: We don’t see rate cuts this year – that’s the old playbook when central banks would rush to rescue the economy as recession hit. Now they’re causing the recession to fight sticky inflation – and that makes rate cuts unlikely, in our

On Tuesday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, also known as the Senate Banking Committee, held a hearing to discuss the recent bank collapses in the United States and the regulatory response. Throughout the testimonies, digital assets and crypto businesses were mentioned. Senate Banking Committee chairman Sherrod Brown claimed on Tuesday that Signature Bank “found itself in the middle of Sam Bankman-Fried’s crime spree at the crypto exchange FTX.” Regulators Highlight Bank Exposure to Crypto Asset Businesses in Senate Banking Committee Hearing About Bank Failures Following the collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank, the Senate Banking Committee held a hearing to discuss the situation and its implications. The hearing witnesses included Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation (FDIC); Michael Barr, vice chairman for supervision with the Board of Governors of the Federal Reserve; and Nellie L

The central bank in the United Arab Emirates said it has started implementing its digital currency strategy with partners G42 Cloud and R3. According to the central bank, the digital currency initiative is expected to “further position and solidify the UAE as a leading global financial hub.” CBDC Strategy to Focus on Three Pillars The United Arab Emirates (UAE) central bank recently said it would start implementing its digital currency strategy with its two partners G42 Cloud and R3. According to a report, the UAE’s apex bank’s two partners are expected to play a key role in helping the central bank achieve CBDC implementation. As explained in a recent Arabian Business report , the first phase of the central bank’s strategy, which is expected to take place in the next 12 to 15 months, will focus on three key pillars. The proof-of-concept work for bilateral central bank digital currency (CBDC) bridges with India, as well as the soft launch of the M-bridge, are two of the key pillars

According to the token protocol startup Noble, the second-largest stablecoin, USDC, will be integrated into the Cosmos blockchain, as the company has partnered with Circle Financial for the rollout. Noble details that the integration will give access to Circle’s USDC stablecoin to more than 50 Inter-Blockchain Communication (IBC) networks. USDC Native Support Is Coming to the Cosmos Blockchain Noble , a token issuance protocol startup, has revealed the Cosmos network of IBC protocols will support USDC. The team introduced Noble last week in a blog post that describes the protocol as an “app-chain purpose-built for native asset issuance in Cosmos and the boundless Inter-Blockchain Communication (IBC) ecosystem.” On Tuesday, Noble announced its partnership with Circle Financial to bring USDC to the Cosmos ecosystem. “This is a huge moment for our ecosystem,” Noble said on Tuesday. “Cosmos has never had a native, fiat-backed stablecoin that is highly liquid [and] fully collateralize

Binance CEO Changpeng Zhao (CZ) has addressed the allegations against him by the U.S. Commodity Futures Trading Commission (CFTC). “We do not agree with the characterization of many of the issues alleged in the complaint,” the executive stressed. CZ Responds to CFTC’s Allegations The CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ), published a blog post on Monday to address the civil enforcement action against him and his crypto exchange by the U.S. Commodity Futures Trading Commission (CFTC). The U.S. regulator charged Zhao and three entities that operate the Binance platform “with numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations.” Noting that the CFTC’s civil complaint against him and Binance was “unexpected” and “disappointing,” Zhao explained: Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint. “We wil

The president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, says the current banking crisis has pushed the U.S. economy closer to a recession. “We have fundamental issues, regulatory issues facing our banking system,” the Fed official stressed. Neel Kashkari on U.S. Economy, Banking Crisis, Recession Federal Reserve Bank of Minneapolis President Neel Kashkari shared his thoughts on the state of the U.S. economy, the current banking crisis, and whether the U.S. is headed toward a recession in an interview with CBS News Sunday. Responding to a question about whether the present banking crisis has caused the U.S. economy to edge closer toward a recession, Kashkari said: It definitely brings us closer. Right now, what’s unclear for us is how much of these banking stresses are leading to a widespread credit crunch. “That credit crunch … would then slow down the economy,” he cautioned, noting that the Fed is monitoring the situation “very, very closely.” “Such strains c

Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury Monica Crowley has warned of “catastrophic” consequences if the U.S. dollar loses its status as the world’s reserve currency. “That would mean the end of the U.S. dollar,” she said, predicting that “there would be a complete implosion of the global economic system.” Crowley Warns of ‘Catastrophic’ Consequences if the U.S. Dollar Loses Global Reserve Currency Status Monica Crowley, former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury, explained on Fox News Saturday what would happen if emerging economies move away from the U.S. dollar towards the Chinese yuan and the USD is no longer the world’s dominant currency. She stressed: It’s really hard to overstate exactly how catastrophic the abandonment of the U.S. dollar would be as the world’s global reserve currency. Crowley explained that since the end of World War II, the dollar has been considered a safe haven. I