2023-02-24

📫 Metaverse Magistrates and Sneaky Miners.

February 24, 2023

Happy Friday DailyCoiners,

Congratulations on getting through the week.

What magnificent plans do you have for the weekend?

Are you ready for three more fascinating crypto news bites?

Let the feast begin!

Circle CEO Hits Back at the SEC
Metaverse Court Hearings are Really a Thing
Sneaky Crypto Miner Hides Rigs Under a School

USDC Big Boss Warns “I don’t think the SEC is the regulator for stablecoins”

It’s a well-known meme in the crypto arena that the SEC is the harbinger of doom, with Darth Gensler at the helm.But, the Jedi are growing in numbers.

Today’s lightsaber-wielding warrior also happens to be Jeremy Allaire, the CEO of USDC issuer Circle.Allaire, amongst others, seems to take issue with the SEC's focus on stablecoins, believing that as a payment system, stablecoins should come under banking regulation, not under the SEC's remit.“There is a reason why everywhere in the world, including the U.S., the government is specifically saying payment stablecoins are a payment system and banking regulator activity.”What can we take from Allaire’s comments?Circle confirmed last week that they are not the subject of an SEC investigation. So we can assume that Jeremy “Skywalker” isn’t acting in defense of Circle, more that he just wants clarity for the industry.With clear and proper regulation, companies like Circle can grow and expand without being blindsided by reckless regulation.

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Colombian Court Takes Metaverse Use to a New Horizon

Last week in the South American nation of Colombia, the country held its first full hearing in the metaverse.

Using Zuckerberg’s Horizon Workrooms, lawyers put on virtual headsets and, while appearing as computer-generated cartoon-style characters, held a hearing. The hearing saw a complainant trying to sue the police.

The hearing was also live-streamed on YouTube.

Magistrate María Victoria Quiñones Triana, who was in charge of the proceedings, commented:

“The use of information technology in the development of judicial proceedings has the essential purpose of facilitating and expediting these processes [of executing justice]”

Of course, not everyone was happy about it. One viewer commented, “I feel it takes away from the seriousness [of the case], If I want to see myself in a dinosaur character, is that also acceptable?”

With many countries experiencing long wait times for court hearings, is the metaverse the answer?

Isn’t this just the type of real-life use case metaverses are designed for?

Man “Steals” Electricity to Mine Under a School

Former facilities worker Nadeam Nahas is currently wanted by police in Cohasset, Massachusetts, after missing court dates pertaining to the alleged set up of a crypto-mining operation under Cohasset High School (and the associated vandalism and electricity theft.

According to reports, Nahas is accused of setting up 11 mining rigs and a cooling system in the crawl space of the local high school and of stealing nearly $18,000 of electricity between April 28 and Dec. 14, 2021