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SAY NO TO CRYPTO LEGISLATION, SENATOR WARREN URGES SENATE ON SHADY TRUMP DEAL
Senator Elizabeth Warren has criticized the Trump family’s involvement in the crypto industry, particularly the newly launched USD1 stablecoin.
▪️ Backed by US Treasuries, USD1 will reportedly serve as the settlement currency for a $2 billion investment from Abu Dhabi-backed MGX.
▪️ Warren has raised alarm about the GENIUS Act, which aims to establish a US regulatory framework for stablecoins.
▪️ She alleges the bill could facilitate financial profiteering by Trump and his associates, labeling it as a move that “greenlights corruption“.
US Senator Elizabeth Warren has raised major red flags about Donald Trump’s association with the crypto industry and the recent $2 billion deal backed by the United Arab Emirates, calling it a pathway to huge corruption. As a result, she has urged the US Senate to stop the crypto legislation and the GENIUS Act, ahead of this week.
Senator Warren Attacks USD1 Stablecoin
In her fresh attack on the Trump family, Massachusetts Senator Elizabeth Warren referred to the newly launched USD1 stablecoin, backed by short-term US Treasuries. This stablecoin has been issued by Donald Trump’s DeFi project, World Liberty Financial.
The global stablecoin market currently surpasses $245 billion in circulation. According to CoinGecko, USD1 ranks seventh among stablecoins, with most being backed by short-term US Treasuries and other real-world debt instruments.
World Liberty’s USD1 will play a pivotal role as the settlement currency for MGX’s $2 billion investment in Binance, the global cryptocurrency exchange.
Abu Dhabi’s sovereign wealth fund is backing MGX, with Witkoff publicly announcing the deal last week during a crypto convention in Dubai, seated alongside Eric Trump.
Stop Crypto Legislation aka GENIUS Act
Senator Elizabeth Warren has been actively questioning Donald Trump’s association with the crypto industry, adding that the President and his peers are filling up their pockets by bending the rules.
While referring to the crypto legislation aka the GENIUS Act last week, which seeks to establish the first US regulatory framework for stablecoins, Senator Warren said:
“This is a bill that would make it even easier for the president and his family to profit off their own stablecoin and oversee their own financial company.”
While further questioning the Senate’s inaction in a Trump-associated crypto deal, Senator Warren called it “corruption in plain sight”. She warned that by advancing related legislation, lawmakers are effectively “greenlighting the grift.”
The GENIUS Act bill, sponsored by Senator Bill Hagerty (R-TN), gained bipartisan backing in March when it passed the Senate Banking Committee and is set for a floor vote this week.
@ Newshounds News™
Source: CoinSpeaker
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CARDANO JOINS LINUX FOUNDATION’S CONFIDENTIAL COMPUTING CONSORTIUM
Cardano has become the newest member of the Linux Foundation’s Confidential Computing Consortium (CCC), a move that places the open-source blockchain alongside tech giants like Microsoft and Amazon in the fast-growing arena of hardware-based data protection.
The announcement came during a one-hour “Midnight Booth” fireside chat at Consensus, where Charles Hoskinson (CEO of Input Output) and Eran Barak (CEO of the Midnight development company) laid out how confidential computing will anchor Cardano’s privacy-first sidechain, Midnight.
“We just recently joined the Confidential Computing Consortium… We’re right there with Microsoft and Amazon with Nitro,” Hoskinson told the audience.
Cardano’s Entry into Hardware-Based Privacy
The CCC sets cross-industry specifications for enclave-based security. Cardano’s membership signals an intent to align Midnight’s zero-knowledge roll-ups and DID (Decentralized Identifier) stack with emerging hardware security standards rather than relying purely on cryptographic approaches.
“Midnight basically clicks into all of those different things… you actually get paid for sharing these things as opposed to it all goes to the Magnificent Seven,” said Hoskinson, referencing dominant Big Tech firms.
Cardano Takes Next Step in Secure Blockchain
Hoskinson traced the inspiration for Midnight to “a bar in Tel Aviv” during Eurocrypt 2018, where a debate on zero-knowledge proofs matured into a new sidechain project featuring:
- A Stark-based execution engine (“Kachina”)
- A dual-token economic model:
- “Knight” for governance
- “Dust” for metered capacity
- Selective-disclosure controls using W3C DIDs
“Enterprise adoption hinges on hardware-rooted trust,” said Barak.
“Confidential computing supplies that final layer.”
Why Confidential Computing Matters
“When you think about protecting your data, you really need to protect the data and the metadata,” said Barak.
By joining the CCC, Cardano gains influence in shaping:
- Chipset specifications
- Enclave attestation protocols
- Open-source reference code
Midnight aims to become the secure foundation that enables AI to access private data without violating user rights.
Regulatory Design: The Two-Asset Model
The session highlighted Midnight’s design that splits volatile and stable components:
- “Knight” = value-accruing governance token
- “Dust” = stable, non-speculative usage token
“You get your cake and eat it, too… developers can pay in Bitcoin or Ether or Solana… end users won’t notice they’re using a different system,” said Hoskinson.
This sidesteps common regulatory concerns seen in privacy coins like Monero, by separating consensus incentives from fee mechanisms.
Hardware-Backed Privacy for Compliance
Confidential computing strengthens blockchain privacy at the hardware level:
- Enclave-based execution seals wallet keys, ZK circuits, and DID registries
- Cryptographic attestation allows regulators to verify compliance
“Selective disclosure is an absolute necessity,” Hoskinson emphasized.
“Disclosure rules can be embedded in smart contracts, and exchanges decide compliance.”
Looking Ahead: Tokenized Assets and Enterprise Use
Cardano’s CCC membership coincides with a growing push toward tokenizing real-world assets, a market Hoskinson estimates at:
- $10+ trillion today
- $100 trillion in the future
Midnight must interoperate with both legacy financial venues (e.g., NYSE) and on-chain liquidity pools.
“You want broker-dealers, compliance, circuit breakers, and blockchain tech… Midnight is the only way to really do that,” he said.
2,000+ Builders Already on Midnight
Barak reported over 2,000 testnet developers building projects including:
- Dark-pool trading prototypes
- Encrypted medical record systems
- Jet engine carbon-credit tracking
Because code/state is encrypted, even IO’s team cannot inspect what is deployed—ensuring privacy-first development.
“If we finally bring blockchain technology with privacy businesses actually need, the innovation is just unbelievable,” Barak concluded.
@ Newshounds News™
Source: Bitcoinist
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