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The cool side of the blazing crypto ecosystem.
A crypto newsletter covering the latest news that matters.
What’s in today’s cooler:
Market Monday Update
Top Social Media Platforms Under fire
Ex NFL owner going to Prison?
More On Tap News
Market Monday Update
A Look at Bitcoin an Ethereum the past week
Top Social Media Platforms Under Fire
The European Consumer Organisation (BEUC), published a report on June 8th titled, “Hype or harm? The Great Social Media Crypto Con”.
They are claiming top media companies such as YouTube, Instagram, Twitter and TikTok are all responsible for these issues. Issues including, “responsible for allowing misleading advertisements of crypto.” With this also stating the lack of awareness to consumers and all the risks associated with crypto.
Currently they DO have existing laws in Europe for this, the Unfair Commercial Practices Directive, UCPD. In the report, they call for this law to take affect under the guidance of the Consumer Protection Cooperation Network, CPCN.
The BEUC is advocating the CPCN to mandate this on social media. This would mean stricter advertising policies around crypto.
Will this be passed and will the US have any comments on it?
Read more here.
Ex-NFL Owner Going to Prison?
It looks like the former co-owner of the Minnesota Vikings has been sentenced to 75 months in PRISON.
Reginald Fowler, an important player in the world of cryptocurrency exchanges.
Oh great… Sounds like one of Sam Bankman-Fried friends, (former owner of FTX).
Reginald Fowler was sentenced from using $700 million in unregulated transactions. The cases involved breaking anti-money laundering laws, defrauding the Alliance of American Football, and deceiving US banks. Essentially he operated as a shadow bank, processing unregulated transactions for crypto exchanges.
Fowler racked up around $750 million in cryptocurrency transaction in the span of 10 months. This has been an ongoing case when he first started his company Global Trading Solutions LLC back in 2018.
More info here.
On Tap News
Three Arrows Capital Founders still living lavishly despite the fact they declared bankruptcy. Not too long ago they were managing $4 billion in assets.
Robinhood, a top brokerage, ends trading of all cryptocurrencies listed in SEC lawsuit. Did anyone really use Robinhood for Crypto? I hope not…
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