Senate Cryptocurrency Bill Could Be a Victory for Blockchain

A debate as to whether cryptocurrencies are more like commodities than securities is playing out in Washington, with Senators Cynthia Lummis (R-Wyoming) and Kirsten Gillibrand (D-New York) introducing legislation to regulate them like commodities. If passed, the bill would put digital currency under the regulatory purview of the Commodity Futures Trading Commission (CFTC) rather than the Securities and Exchange Commission (SEC), a win for the crypto sector, which prefers the smaller agency. SEC chair Gary Gensler takes the position that digital assets are akin to publicly traded stock and should be regulated by the SEC.
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China COVID Woes Cause Shutdowns, Supply Chain Impact

The supply chain crunch is about to worsen due to a phased shutdown of Shanghai that began Monday, say recent reports. The coastal city of 26 million people — a seat of international finance and business, and home to the world’s biggest container-shipping port — finds itself grappling with its worst COVID-19 outbreak to date. Authorities have switched from temporary neighborhood lockdowns to a mandatory citywide shutdown in a phased implementation whose stage two runs Friday to Tuesday. China’s biggest chipmaker, however, and an iPhone plant are continuing to operate under strict rules in Shanghai. Continue reading China COVID Woes Cause Shutdowns, Supply Chain Impact

Bipartisan Support in Congress for Cryptocurrency Regulation

Congress is considering federal rules for cryptocurrency to impose a federal oversight that has thus far been lacking. In the Senate and the House, both Democrats and Republicans — even free-market conservative Republicans — are addressing the risks highlighted by recent events involving fraud and hacking. All parties see the potential risk to the U.S. economy posed by speculative trading of the various popular virtual currencies. Lawmakers propose that the Securities and Exchange Commission lead the issues. Continue reading Bipartisan Support in Congress for Cryptocurrency Regulation

Clay Christensen Talks of Fundamental Disruption in Media

Clay Christensen, the Harvard Business School professor who has helped shape the thinking around technological disruption, has been analyzing the media industry of late — a market he believes is undergoing a fundamental disruption. During a recent panel discussion at the Nieman Foundation, he warned that many existing media entities are still thinking of their business in the wrong way and are not changing quickly enough. Continue reading Clay Christensen Talks of Fundamental Disruption in Media