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On April 26, according to the Wall Street Journal, in order to simplify the negotiations on reciprocal tariffs, US negotiating officials plan to use a new framework developed by the Office of the United States Trade Representative (USTR), which lists major categories of negotiations, such as tariffs and quotas, non-tariff trade barriers, digital trade, product origin principles, economic security and other commercial issues. In these categories, US officials will put forward specific requirements for individual countries, but people familiar with the matter emphasized that this document may also be adjusted at any time. People familiar with the matter said that the United States initial plan is to negotiate with 18 major trading partners in turn over the next two months. The initial plan is to alternately participate in the talks with six countries per week for three weeks (six countries in the first week, another six countries in the second week, and another six countries in the third week) until the deadline of July 8. If US President Trump does not extend the 90-day suspension period he set by then, those countries that cannot reach an agreement will begin to face reciprocal tariffs.On April 26, after the United States announced additional tariffs on goods from many countries, Peruvian business people expressed concerns that the US governments extreme measures would disrupt the global trade order and may even trigger a global economic recession. Alvaro Barrenechea Chavez, vice president of the Peruvian-Chinese Chamber of Commerce, said that the negative impact of the US tariff policy has begun to emerge and hoped that the US government would rethink. Recognizing the importance of countries working together to promote development, I think this is the best way to become a true "world citizen."Market news: Musks xAI company plans to raise about US$20 billion in a financing round.Conflict situation: 1. Ukrainian top commander: Russia tried to use air strikes as a cover to increase ground attacks, but was repelled by Ukraine. 2. Ukrainian Air Force: Russia launched more than 103 drones in the night attack on Ukraine. 3. Local officials said Ukraine launched an attack in the Belgorod region of Russia, killing two people. 4. The local governor said that Russia launched an attack on the Dnipropetrovsk region of Ukraine, killing one person and injuring eight people. Peace talks: 1. Trump: ① The situation between Russia and Ukraine is gradually becoming clear, and they are "very close" to reaching an agreement. ② Ukraine is unlikely to join NATO. ③ Ukraine has not yet signed the rare earth agreement and hopes that the agreement can be signed immediately. ④ It is foreseeable that the United States will conduct commercial cooperation with Ukraine and Russia after reaching an agreement. 2. Russian Foreign Minister: Russia is "ready to reach an agreement on Ukraine." 3. Russian Presidential Assistant Ushakov: Russia and the United States will continue to maintain active dialogue. 4. Russian Presidential Assistant: Putin discussed the possibility of resuming direct negotiations between Russia and Ukraine with the US envoy. 5. The differences between the United States, Europe and Ukraine are clear. The documents show that European countries and Ukraine have raised objections to some of the US proposals to end the Russia-Ukraine conflict. 6. Market news: As part of the peace agreement, the United States asked Russian President Putin to abandon the demilitarization requirement. Other situations: 1. President of Hungarys OTP Bank: We hope to return to all business areas in Russia after the (Russia-Ukraine) conflict ends. 2. Ukrainian President Zelensky: US ground forces are not necessary for Ukraine. 3. Trump said Crimea will remain in Russia, Zelensky: Never recognize it. Agreeing with Trumps view, Crimea cannot be recovered by force. 4. NATO Secretary-General Rutte met with Trump and senior US officials to discuss defense spending, NATO summit, and the Ukrainian conflict.Rising global trade risks, overall policy uncertainty and the sustainability of U.S. debt top the list of potential risks to the U.S. financial system, according to the Federal Reserves latest financial stability report released on Friday. This is the first time the Fed has conducted a semi-annual survey on financial risks since Trump returned to the White House. 73% of respondents said that global trade risks are their biggest concern, more than double the proportion reported in November. Half of the respondents believe that overall policy uncertainty is the most worrying issue, an increase from the same period last year. The survey also found that issues related to recent market turmoil have received more attention, with 27% of respondents worried about the functioning of the U.S. Treasury market, up from 17% last fall. Foreign withdrawals from U.S. assets and the value of the dollar have also risen on the list of concerns.

New York Senator Introduces Bill To Criminalize Crypto Fraud

Skylar Shaw

Apr 28, 2022 09:46

The rise of the crypto realm brought both benefits and drawbacks, and while the public recognized the benefits of the technology, criminals recognized how to use it to commit crimes.


As a consequence, hackers, fraudsters, and exploiters have appeared in the crypto realm, preying on naive investors and defrauding them of millions of dollars.

There Are No Longer Any Rug Pulls

Senator Kevin Thomas of New York presented legislation in the state senate today that would criminalize crypto crimes and impose penalties.


Thomas, who is also the Chairman of the Consumer Protection Committee, filed a bill titled – An act to alter the criminal legislation in regard to the establishment of certain crimes pertaining to crypto fraud.


The bill's main emphasis is on rug pulls, which are presently causing havoc on the bitcoin business, according to the proposed law.


Rug pulling is a circumstance in which a project seems to be genuine but is really handled by a person or individuals who destroy the business after enough investors engage and then flee with all of the money put in the project.


"Famous instances include Squid Game Coin ($SQUID), which began at a price of $0.016 per coin, soared to roughly $2,861.80 per coin in only one week, and then crashed to a price of $0.0007926 in less than five minutes following the rug pull," the bill said, citing the Squid Games-inspired token SQUID as the precedent for the legislation. 


To put it another way, the SQUID founders made a 23,000,000% profit on their investment, while their investors were duped out of millions. Prosecutors will have a clear legal framework in which to prosecute these sorts of crimes under this measure."


However, the actual penalties and budgetary repercussions have yet to be determined, and will be after the law is enacted.

Crypto-Crimes are on the Rise

Rug pulls may seem like legend, but they still exist, and they were single-handedly responsible for $2.8 billion in crypto-crime.


However, over time, these rug pullers have shifted their attention from classic token scamming to DeFi initiatives, notably NFTs.


Last year, the NFT market boomed, with many new NFT collections appearing on a regular basis. Investors bought these NFTs out of fear of missing out, and in one case, they lost $1.3 million.


The Frosties NFT project, which deceived its investors on January 11 when its 8,888 NFTs abruptly lost all value, was the first significant rug pull of 2022.


According to sources, the project's Twitter and Discord accounts, as well as its website, mysteriously vanished. An anonymous invader had taken $1.1 million (ETH) and $4,000 worth of Ether tokens in the previous two days, it was subsequently discovered.


Thus, although criminalizing rug pulls may put a stop to it, it still leaves a loophole for other crimes, which must be criminalized as quickly as possible.



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