Content:
TikTok’s Impending Doom
Personal Journey Update
Weekly Fact
Quote of the Week
TikTok’s Impending Doom
Recently, U.S. President Joe Biden signed a bill compelling TikTok's Chinese owner, ByteDance, to divest ownership within nine months or face a ban.
Key Points:
Presidential Action:
President Biden's bill requires TikTok's Chinese owner, ByteDance, to divest ownership within nine months or risk a ban in the United States.
TikTok's Response:
TikTok's CEO, Shou Chew, responded quickly, expressing confidence that TikTok is not "going anywhere" and characterizing the ban as a suppression of American voices. TikTok plans to challenge the ban in court.
Economic Contribution:
With 170 million users in the U.S., TikTok claims to contribute $24 billion to the economy. However, the U.S. government is primarily concerned about the perceived dangers of the Chinese-owned app to Americans.
Legal Dispute:
The dispute over TikTok's safety for American users is expected to be contested in court. This legal battle could potentially extend over several years unless ByteDance decides to sell the app to comply with U.S. regulations.
Algorithm Concerns:
At the heart of TikTok's product is its algorithm. Efforts to persuade ByteDance to sell TikTok may focus on acquiring the app without its algorithm, a crucial component of its success.
Personal Thoughts:
As mentioned in the article above the key component of TikTok is its algorithm, this is one of the main reasons the US government want to gain control over the platform.
They plan to use the algorithm to manipulate Americans to fit their own agendas and narratives. For example, to manipulate voting polls and get more backing for bills by lying about their true intentions.
All this can be done using the platform’s successful algorithm which can be altered to help spread false information.
They are using the ‘China-Bad’ excuse to try and get Americans on board with their goal to claim ownership of TikTok.
New UK Laws to Seize and Destroy Illicit Cryptocurrencies
The narrative that cryptocurrencies are still entangled with criminal activities lives on, so much so that the UK is taking decisive action.
Key Points:
Immediate Seizure:
UK law now empowers police to seize and destroy illegal cryptocurrencies without the need for prior arrests, aiming to curb the growing use of digital currencies for money laundering.
Rising Concerns:
Organized criminals exploit cryptocurrencies for illicit transactions, with the National Crime Agency reporting a surge to £1.2 billion in such activities in 2021, prompting the need for stronger regulatory measures.
Enhanced Measures:
Amendments to legislation allow authorities to confiscate cryptocurrencies directly, simplifying confiscation procedures outlined in a crime bill passed last year.
Preventative Measures:
The updated laws also target privacy coins, which offer anonymity and are commonly used for illegal transactions, by authorizing their destruction to prevent their re-entry into the market.
Victim Recovery:
Provisions have been made to aid victims of crypto crimes in recovering their assets, with recent successful operations showcasing the effectiveness of the new legislation.
Personal Thoughts:
Cryptocurrencies are great for transparency, if they weren’t governments would have been the first to adopt them, to make it easier for them to continue making corrupt deals under the table.
However, privacy coins are a good way to hide cash. I do believe you should be able to hide the amount of cash you own as it’s not anyone's business. Sadly they are mostly used for money laundering, making them the government’s first crypto target.
I do believe, like what’s happening in the UK, privacy coins will be the first type of cryptocurrency to be completely banned.
CZ Faces 36-Month Jail Term
As the sentencing of Binance founder Changpeng “CZ” Zhao approaches, U.S. authorities advocate for a 36-month jail term following Zhao’s admission of guilt in violating anti-money laundering laws.
Key Points:
Sentencing Proposal:
U.S. prosecutors recommend a 36-month jail term for Zhao, citing intentional breaches of U.S. law and their repercussions. This recommendation is combined with a $50 million fine to align with sentencing objectives.
Admission of Guilt:
Zhao admitted to violating U.S. money laundering regulations and stepped down from his CEO role at Binance in November 2023. He also agreed to pay a direct $50 million penalty, along with broader fines imposed on Binance.
Legal Proceedings:
Federal guidelines cap Zhao’s potential prison term at 18 months, which he agreed not to contest. He remains free on a $175 million bond. Zhao and Binance reached a $4.3 billion settlement with the U.S. government to conclude legal proceedings, allowing Binance to continue operations under U.S. regulatory compliance.
Continued Involvement:
Despite stepping away from Binance, Zhao remains active in the cryptocurrency sector. He recently launched Giggle Academy, an educational initiative focused on crypto and blockchain, targeting toddlers aged two to three. The initiative aims to foster early engagement with these technologies.
Giggle Academy Logo:
Zhao unveiled Giggle Academy’s logo, symbolizing youth, positivity, and growth, while paying homage to Binance’s legacy. The logo reflects the initiative's goal of exuding fun and positive vibes, in line with its educational objectives.
Personal Journey: Having a Lazy One
After a somewhat good week, I’ve decided to give myself a well-earned rest this weekend.
This decision was made easier by the terrible weather we’re currently having here in the UK.
I still did a few chores but for the most part, I have sat around playing video games and pottering around the house taking the time to appreciate things around me.
My loved ones, pets, nature, and all things we sometimes take for granted.
Having some quiet time is a great way to take a step back, and get to grips with how lucky a lot of us are.
Of course there still may be a whole list of things you want to achieve and complete.
But once in a while, you need to remember to bask in the beauty of the wonderful things that already surround our lives.
Weekly Fact
Snapchat first launches from Evan Spiegel's father's living room under the name Picaboo, as an iOS-only app.
After Spiegel and Bobby Murphy force Reggie Brown out of the company, they re-incorporate as Snapchat, and begin to acknowledge the idea as theirs alone, giving no recognition to Reggie Brown.
Quote of the Week
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