Jan. 19—CONCORD — A massive fraud allegedly masterminded by cryptocurrency magnate Sam Brickman-Fried is a "call to action" for New Hampshire policymakers to update rules and laws covering the use of bitcoin and its alternatives, according to a new report.
In a 67-page report released Thursday, a 12-member commission appointed by Gov. Chris Sununu spelled out 12 specific steps that legislators and state agency heads should take to make New Hampshire more attractive for cryptocurrency investments while simultaneously doing a better job of protecting the public.
"This report is comprehensive and timely, providing specific recommendations that would establish New Hampshire as a leading jurisdiction for the development of sound and effective applications of blockchain technologies, including proposals to clarify current laws and to support law enforcement in its efforts to protect New Hampshire consumers and investors," Sununu said in a statement.
Blockchain technology allows users to make encrypted transactions.
Chairman Bill Ardinger, a lawyer and lobbyist with extensive experience in taxation and finance law, said the commission met a dozen times with state and national experts on the topic.
In the midst of drafting its final report, Sam Bankman-Fried, a founder of major cryptocurrency company FTX.com, was charged with securities fraud, wire fraud, conspiracy, money laundering and violating campaign finance rules in connection with collapse of his company.
Prosecutors accuse Bankman-Fried him of siphoning off billions of dollars' worth of digital coins from customers and investors and using it to prop up his affiliated hedge fund, Alameda Research.
He entered pleas of not guilty to all charges on Jan. 3.
The global value of cryptocurrencies has fallen from about $3 trillion in November 2021 to about $850 billion currently, according to the commission.
"It is safe to say that many of the same human frailties that led to the myriad of other human speculative boom and bust cycles will turn out to be present at the core of the current Crypto industry uncertainty," Ardinger wrote in his introduction to the commission's report.
Need for regulation
In fact, Ardinger said a lack of robust regulation at the federal and state levels likely contributed to the extent of the alleged fraud.
"Indeed, certain aspects of these technologies, including some of the aspects that make them potentially useful and important, may also render them particularly effective vehicles for fraud, although that behavior is not unique to these technologies," he said.
The report states the current level of oversight of cryptocurrencies in New Hampshire is "unclear and therefore unsatisfactory."
"But this uncertainty is no reason to fail to pursue necessary clarification; in fact, it is a strong call to action by policymakers," the commission concluded.
Steps recommended by the commission include:
—Creating a "blockchain dispute docket" in the Superior Court to handle legal fights over the value of crypto assets.
—Enacting legislation providing both transparency and limited liability to decentralized autonomous organizations that trade in these currencies.
—Making clear that these cryptocurrency traders would be eligible for business tax breaks that are available to "qualified investment companies" under current law.
—Establishing a Blockchain Quality Assurance Center at the University of New Hampshire Interoperability Laboratory.
—Enhancing existing communications infrastructure in the state to improve access to cryptocurrency within state borders.
—Improving law enforcement training in this emerging field to better protect the public against fraud and scams.
A state law (HB 1503) that took effect in June, authored by Rep. Keith Ammon, R-New Boston, exempts the sellers of open blockchain tokens from certain securities laws.
Sununu signed an executive order creating the crypto review commission. The panel included Ammon, state agency heads and financial industry executives.
GettyNearly a year into Russia’s full-scale war against Ukraine, the Kremlin has gotten into a bizarre bickering match with Ukraine’s leader over whether or not Vladimir Putin is still alive.The squabble started when Ukrainian President Volodymyr Zelensky told an audience at Davos that he’s not entirely convinced the Russian leader is still among the living.“I don’t quite understand who to speak with and about what. I’m not sure the president of Russia, who sometimes appears against a green scre
“She doesn’t know what the hell she’s talking about,” Michael Steele said of the conspiracy theorist lawmaker.
Lee Zeldin, a former Republican House member from Long Island, said Santos voter outrage is "certainly very genuine."
"Arrest the reporter, publisher, editor – you'll get your answer fast," Trump wrote on his social media platform, Truth Social.
Alexander Lukashenko, the self-proclaimed President of Belarus, said that Ukraine "pleasantly surprises him" because it does not engage in any provocations against Belarus, although "it is actively being pushed.
A recession may be on the way, but Jamie Dimon says the Ukraine war is still the world's most challenging crisis.
Poland's prime minister said Thursday that the country was reviewing the supervision of its gas and oil installations and other strategic locations after a weekend incident in which three foreign divers had to be rescued from near a key oil port where they had no authorization to be. Premier Mateusz Morawiecki also said he had requested the secret security services to produce a detailed report on the incident. Police in northern Poland are facing questions over why they released the three divers rescued from near the Gdansk oil port without conducting a detailed interrogation of them.
Kyrsten Sinema, Arizona's senior senator, sticks out at Davos with another loud fashion statement that says more about others than herself.
Air Force One lands in California
Sputnik/Ilya Pitalyov/Pool via Reuters Russia is on edge as American and European leaders meet in Europe to discuss delivering more weapons and military aid packages to Ukraine, with the Kremlin warning that more deliveries of weaponry to Kyiv will bring the conflict to a “new level.”“This will mean taking the conflict to a whole new level, which certainly will not bode well in terms of global European security,” Kremlin spokesperson Dmitry Peskov said, according to TASS. “Naturally, the very di
As it currently stands, there is “no sense” in supplying Ukraine with U.S.-made M1 Abrams main battle tanks, Deputy Pentagon Press Secretary, Sabrina Singh, said at a briefing on Jan. 19.
Former Secretary of State Mike Pompeo said in his forthcoming memoir that former President Trump told him to “shut the hell up” about China in the early stages of the COVID-19 outbreak, Semafor reported on Thursday. “My Mike, that f—— guy hates you!” Trump reportedly said to Pompeo in March 2020 after a call with Chinese President…
Conservative hard-liners will have to decide whether they care more about substance or process in a debt ceiling fight.
Santos has far more pressing ethical questions to address. But in a party that's villainized aspects of LGBTQ culture, he can't step out of line.
Germany's new Defence Minister Boris Pistorius said he did not know of any requirement that Ukraine receive U.S. and German tanks simultaneously, before a meeting on Friday at which future supplies to Kyiv will be discussed. Chancellor Olaf Scholz's government has not so far authorised the export of German-made Leopard tanks to help Ukraine in its fight against Russia, with sources saying Berlin would move if Washington agreed to send its Abrams tanks. "I'm not aware of any such stipulation," Pistorius told ARD television when asked if that meant Abrams and Leopards had to be delivered at the same time, a position that leaves open the possibility of an agreement on Friday.
Serbian President Aleksandar Vucic, who is thought to be one of the staunchest allies of Russian dictator Vladimir Putin, said that Crimea and Donbas are Ukrainian territories and denounced Russia’s invasion of Ukraine.
(Bloomberg) — Democratic Republic of Congo President Felix Tshisekedi criticized a $6.2 billion minerals-for-infrastructure contract with China, saying the world’s largest producer of a key battery metal hasn’t benefited from the deal.Most Read from BloombergMore Young Americans Are Dying, But Not From VaccinesNew Zealand Prime Minister Ardern Announces Shock ResignationTreasury Taps Retirement Funds to Avoid Breaching US Debt LimitBiden Revives Housing Rule That Trump Derided as ‘Abolishing th
During a meeting in Kyiv, Zelenskyy asked how long US assistance would last following the GOP takeover of the House, The Washington Post reported.
Poland has announced another military aid package to support Ukraine in its fight against Russian aggression, according to a joint statement of several NATO member states of Jan. 19.
The DOJ has released photographic evidence of the roughly one hundred pages of classified records recovered from Trump's estate in August.
Get detailed training system that shows an absolute beginner (without any skill) how to make huge profits in a short time with crypto.
The #1 course for profit in the Crypto & NFT world - You will discover the secrets that 99% of people don’t know yet