Circle takes banking step with U.S. trust bank approval

Cryptocurrency & Free Speech Finance

Circle (CRCL), the issuer of the world’s second largest stablecoin USDC, received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank.National trust banks are authorized to provide users with custody and fiduciary services but do not accept consumer deposits or make loans like traditional commercial banks.Shares are higher by 14% in pre-market trading.”OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system,” Circle CEO Jeremy Allaire said Friday in a statement announcing the milestone. “Federal…

Cryptocurrency & Free Speech Finance

Zcash Sets Ironwood Network Upgrade for July 28

Zcash’s Ironwood network upgrade, the solution to an “infinity” bug discovered in May on the privacy-focused blockchain’s main private transaction pool, Orchard, is set to go live on July 28. Announced in June, Ironwood closes the current Orchard pool, prevents new activity in it and sets up a new private pool. Funds leaving Orchard would have to pass through an accounting checkpoint before entering Ironwood, which could produce evidence about whether any counterfeit Zcash (ZEC) tokens were produced through the Orchard bug. “Zcash’s Ironwood mainnet activation height has been set and tagged! All of the major organizations are committed to activation of…

Israeli Prime Minister Benjamin Netanyahu. Photo: WORLD ECONOMIC FORUM/swiss-image.ch/Jolanda Flubacher Benjamin Netanyahu’s coalition wants to impose what it calls “institutional neutrality” on the country’s universities. The proposals – which could become reality within a month – would prevent higher education institutions from taking political positions, organising strikes or suspending teaching in response to political developments. University presidents would themselves be barred from expressing views that might be perceived as political or could encourage others to be. All of which sounds more like “neuter” than “neutrality”. There’s a concession: lecturers and students can express themselves politically and “participate in public discourse” provided that the activity is done privately “and is not specific to the institution or done by virtue of their academic or administrative role and does not harm the institution’s regular activity”. These are very broad caveats, which will still leave people very exposed. There’s nothing subtle about these plans. They’re clearly designed to stop campuses mobilising against controversial government measures, of which in Netanyahu’s Israel there are now many. They will also chill academic freedom more broadly. After all, universities are not meant to be impartial spaces. They are meant to be intellectually independent and curious. They are meant to question orthodoxies, challenge power and create conditions in which difficult ideas can be tested. In the words of poet Stephen Spender in his op-ed that launched Index, “universities represent the developing international consciousness which depends so much on the free interchange of people, and of ideas.” Israeli academics understand the danger. One organisation opposing the proposals described them as “the essence of dictatorship, tyranny of silencing and instilling fear in those whose nature is independent thought”. They warned: “History will remember who was in positions of power and did not turn over every stone to prevent the elimination of Israeli academia and democracy.” This is not the first attack those within Israeli universities faced. As reported by our writer Akin Ajayi, Palestinian academics and students within Israel have already experienced harassment in various forms. This led to one person telling us “silence is the best option”. Then there’s the destruction of Gaza’s higher education system, which has been described by some as “scholasticide”. The assault is not confined to academia either. I read about the plans in Israel’s leading, left-leaning newspaper Haaretz. The following morning came news that the newspaper’s offices had been vandalised after a masked man threw a brick through its entrance. Haaretz has repeatedly been targeted, while only last week a similar attack struck Channel 12 News in Tel Aviv. In May this year, Israeli journalist Oren Persico wrote for us about how Israel’s targeting of Palestinian journalists had helped create an atmosphere in which Israeli journalists increasingly found themselves under attack too. His argument echoed Martin Niemöller’s famous warning: once repression becomes normalised against one group, it rarely stops there. Hence what we’re seeing in universities – both the continuation and the escalation of Netanyahu’s assault on freedom of expression. READ MORE

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