Blockchain
Ex-Softbank executive launches L3COS project to commercialize blockchain
Zurab “Z-Man” Ashvil, formerly of Softbank, is launching L3COS: a project to offer blockchain security and performance to national governments, businesses and individuals. He brings to the role of founder and CEO a PhD in Cybernetics and Applied Math as well as his professional experience.
L3COS: DNS for blockchain
The country code Top Level Domain DNS system grants countries digital domains that can be managed, developed and leased. L3COS [pronounced lecos] gives governments control over a blockchain-based infrastructure in a similar way. Assigning one of 195 super-nodes based on a Proof-of-Government (PoGvt) algorithm, L3COS gives national governments a controlling position in a blockchain-based national and international network that lets them interact with each other and with businesses and their own citizens.
Transparency and regulation: the next generation of blockchain infrastructure
Traditional blockchains offer trustless interaction and transparency, making them attractive to businesses and governments as well as individuals and solving many privacy and security issues inherent in standard software and web apps. However, the space has been difficult to regulate, with no access point to individual blockchains for regulatory authorities. At the same time, blockchain projects frequently struggle to attract institutional investment.
L3COS structurally recognizes that no one blockchain structure can be all things to all participants and uses a triple-layer structure to meet the needs of three types of uses: national governments, businesses and organizations, and individuals. This has been recognized by an increasing number of high-value investors seeking involvement with the project.
Blockchain
Phoenix Group Engages BHM Capital as Liquidity Provider to Boost ADX Liquidity and Enhance Market Dynamics
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Blockchain
Alpha Transform Holdings Releases March Report on ASC AI Index
Blockchain
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
In a recent communication directed to Treasury Secretary Janet Yellen, US Senator Elizabeth Warren has strongly advocated for the incorporation of robust Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures specifically tailored for stablecoins. Senator Warren’s correspondence underscores the critical importance of adopting the full array of AML tools outlined by the Treasury Department in a prior November 2023 communication to Congress.
Senator Warren has underscored the burgeoning threat posed by cryptocurrencies, particularly stablecoins, to national security. She has specifically drawn attention to instances where entities like Iran and Hamas have turned to cryptocurrencies as a means to raise funds and support terrorist activities. To effectively address this evolving threat landscape, Senator Warren asserts that any forthcoming crypto legislation must encompass comprehensive AML/CFT authorities as requested by the Treasury Department.
Moreover, Senator Warren has made reference to the testimony provided by Deputy Secretary Adewale O. ‘Wally’ Adeyemo before the Senate Committee on Banking, Housing, and Urban Affairs. In this testimony, Adeyemo emphasized the critical need for additional AML authorities to combat the growing menace posed by cryptocurrencies. Senator Warren has pointed out that the exclusion of crucial actors within the digital asset ecosystem, such as miners and validators, from AML/CFT requirements could potentially enable nefarious actors to exploit the increased crypto trading facilitated by stablecoin legislation.
Senator Warren’s steadfast stance on the regulation and oversight of cryptocurrencies is aligned with her prior efforts aimed at curbing illicit activities and safeguarding consumers, the financial system, and national security interests. She has persistently advocated for the closure of loopholes in AML regulations that allow sanctioned entities like Iran to derive revenue through crypto transactions. Furthermore, Senator Warren has consistently voiced concerns regarding the exploitation of cryptocurrencies in terrorist financing schemes and has called for the implementation of stronger regulatory frameworks to protect both consumers and national security interests within the realm of stablecoin-related legislation.
Source: blockchain.news
The post Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins appeared first on HIPTHER Alerts.
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