KEY POINTS

  • Two blockchain bills were introduced and incorporated into the Consumer Safety Technology Act
  • The bills aim to study the use of blockchain to fight fraud
  • The bills also instruct relevant departments to ensure that the United States remains as a key leader in the blockchain space

Two blockchain-related bills introduced by Rep. Darren Sotto, D-FL, were rolled into another bill called the Consumer Safety Technology Act, which sets out the rules, instructions and guidelines on how to use blockchain technology to combat fraud while at the same time ensuring that the United States remains a leader in the blockchain space.

The two acts — the Digital Taxonomy Act and Blockchain Innovation Act — filed by Rep. Sotto was incorporated into the Consumer Safety Technology Act which, according to news outlet Decrypt. It is concerned about protecting the public against digital asset-related scam and the fighting of fraud through the use of blockchain.

As a standalone bill, the Digital Taxonomy Act requires the Federal Trade Commission (FTC) to train and allocate resources to identify and guard against deceptive practices involving digital tokens. It also instructs the commission to produce a report to the House Committee on Energy and Commerce and the Senate Committee on Commerce, Science and Transportation discussing the efforts it took to combat digital assets-related fraud.

Citing that blockchain is important to American innovation, it instructs the FTC to provide recommendations so that the United States will remain competitive in the field.

The second bill called the Blockchain Innovation Act requires the Secretary of Commerce to produce, in collaboration with FTC and other departments, a report on how to use blockchain to fight fraud.

According to Rep. Sotto, blockchain has an incredible potential for innovation and economic growth.

“I believe our government needs to support that growth,

G&G Independent Insurance (G&G) in Fayetteville, Ark., has acquired the Little Rock-based agency, Arkansas Insurance Advisors (AIA).

The transaction became effective on Sept. 25, 2020.

Founded in 2015, AIA is an independent insurance agency that focuses on ensuring clients have the proper insurance coverage at a competitive price in Central Arkansas. As a part of the transaction, AIA’s employees will join G&G’s operations and continue to work out of their existing location in Little Rock.

G&G Independent Insurance is a full service independent insurance agency located in Fayetteville, Ark. G&G was founded, and is operated, with a commitment to providing clients the best possible protection, at the most affordable price. G&G offers a wide variety of coverage including auto insurance, home insurance, motorcycle insurance, flood insurance, life insurance, commercial insurance and more.

Source: G&G Independent Insurance

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As many as 50,000 airline workers could be furloughed starting Thursday morning after Congress failed to pass a last-minute deal to extend coronavirus relief aid to the embattled industry.

American Airlines CEO Doug Parker confirmed late Wednesday that his airline would go ahead with 19,000 layoffs — or 14 percent of its pre-pandemic workforce — but said it would “reverse” them if an agreement were reached.

“Tomorrow, we will begin the difficult process of furloughing 19,000 of our hardworking and dedicated colleagues,” Parker wrote in a memo to staff members. “I am extremely sorry we have reached this outcome. It is not what you all deserve.”

United Airlines confirmed that it will cut thousands of jobs, telling employees in a letter: “We regrettably are forced to move forward with the process of involuntarily furloughing about 13,000 of our United team members. We implore our elected leaders to reach a compromise, get a deal done now, and save jobs.”

At stake are the jobs of close to 50,000 pilots, flight attendants, baggage handlers, counter agents and other airline and airport personnel.

A provision of the CARES Act, which President Donald Trump signed in March, covered nearly 75 percent of airlines’ payroll expenses, with the stipulation that airlines not let any workers go until Oct. 1. The provision expires Wednesday night.

House Democrats have proposed an overall coronavirus relief package that would include an extension of the protections, but Senate Republicans have yet to agree. Substantial progress on the deal could not be made before the time limit, Treasury Secretary Steven Mnuchin told Fox Business on Wednesday night.

Talks on the larger package will continue Thursday, he said, adding, “There’s money for airlines.”

However, those talks could come too late for many in the industry.

“Tomorrow, tens of thousands of essential aviation

The Daily Beast

‘Dangerous Megalomaniac’: Seagram’s Heiress Sentenced to 81 Months in NXIVM Sex Cult Case

For years, Seagram’s liquor empire heiress Clare Bronfman dedicated her time—and millions—to NXIVM as its operations director and one of its largest donors, going to extreme lengths to protect the self-help group and its leader.But on Wednesday, the 41-year-old was sentenced to 81 months in prison for her role in the purported cult that branded women and manipulated them into master-slave relationships.“I’m immensely grateful and privileged that people all over the world are praying for me because they know my goodness,” Bronfman said just before she was sentenced for conspiracy to conceal and harbor illegal aliens for financial gain, and fraudulent use of identification. “It doesn’t mean I haven’t made mistakes, I have made mistakes.”Prosecutors had asked the judge to give her a 60-month sentence, arguing she had shown continued loyalty to NXIVM’s founder Keith Raniere and made “obsessive” attempts to investigate and intimidate possible critics of NXIVM. NXIVM Cult Leader’s Jailhouse Call to Disciples: ‘The Judge Needs to Know He’s Being Watched’U.S. District Judge Nicholas Garaufis believed she deserved even more than that. He gave her nearly seven years in prison, a $500,000 fine, and $96,605 restitution to be paid to one of the victims.“Ms. Bronfman’s crimes were not committed in a vacuum,” Garaufis said. “They were committed in connection with her role in NXVIM and her close relationship with Raniere, and I believe that it would be inappropriate for me to consider them divorced from that context.”Bronfman, wearing a dark face mask with a flower pattern, appeared shocked by the sentence. She was taken into custody and will be housed at the Metropolitan Detention Center in Brooklyn, where Raniere is being held.“I am shocked, relieved, and surprised—this is a meaningful win for

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SINGAPORE, Oct 1 (Reuters)Singapore Telecommunications Ltd STEL.SI appointed an insider as its new group CEO on Thursday amid a challenging time for the industry, saying its current chief will retire in January after 13 years at the helm.

Singtel said its board had chosen Yuen Kuan Moon, the CEO of its Singapore consumer business, to replace Chua Sock Koong, 63, who will stay on as a senior adviser to the chairman to assist with the transition.

Yuen, 53, has been with Singtel since 1993 and is also its group chief digital officer.

He takes over as the company, which gets the bulk of its business outside Singapore, has been hit by intensifying competition in overseas markets such as India and Australia.

At a virtual news conference on Thursday, Chairman Lee Theng Kiat said Yuen was chosen after a global search that considered internal and external candidates after Chua last year flagged her desire to retire.

Lee said Yuen’s “years of honed experience in the company’s core telecom business and his more recent focus on transforming the group digitally for growth, make him extremely well placed to lead Singtel forward in an era of disruption.”

Singtel shares traded 1.7% higher on Thursday, in line with the broader market .STI. They are still languishing near 12-year lows, down about 36% so far this year.

In the year ended March, Singtel’s net profit plunged about 65% to the lowest in more than two decades. It did not provide forecasts for the current year, citing uncertainty due to the COVID-19 pandemic.

(Reporting by Anshuman Daga in Singapore Anushka Trivedi in Bengaluru; Editing by Muralikumar Anantharaman and Stephen Coates)

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