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Tom Emmer seeking nomination to become US House Speaker

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In a surprising move, pro-Bitcoin US Congressman Tom Emmer has announced his intention to run for the position of Speaker of the House, the highest-ranking member of the House of Representatives. Emmer, who represents Minnesota’s 6th congressional district, is a vocal advocate for cryptocurrency and blockchain technology, and has sponsored several bills to promote innovation and regulatory clarity in the sector.

Emmer’s announcement comes amid growing uncertainty and division within the Republican Party, which currently holds a slim majority in the House. The current Speaker, Kevin McCarthy, has faced criticism from some of his colleagues for his handling of the January 6th Capitol riot and his relationship with former President Donald Trump.

Emmer, who is a member of the conservative Freedom Caucus, has expressed his support for Trump and his policies, but has also shown willingness to work across the aisle on issues such as infrastructure and cybersecurity.

Emmer’s bid for the speakership is seen as a long shot by many political observers, as he faces competition from more senior and influential figures within the party, such as Steve Scalise, Liz Cheney, and Jim Jordan. However, Emmer has argued that he is the best candidate to unify the party and advance its agenda in the face of a hostile Democratic administration and Senate. He has also highlighted his leadership role in the National Republican Congressional Committee (NRCC), which is responsible for electing Republicans to the House.

One of Emmer’s main selling points is his vision for a more innovation-friendly and pro-growth economic policy, which includes embracing cryptocurrency and blockchain technology. Emmer has been one of the most active members of Congress in this field, co-chairing the Blockchain Caucus and introducing legislation such as the Blockchain Regulatory Certainty Act, the Safe Harbor for Taxpayers with Forked Assets Act, and the Securities Clarity Act. Emmer has also praised Bitcoin as a “decentralized” and “democratized” form of money that empowers individuals and challenges the status quo.

Emmer’s pro-Bitcoin stance has earned him the support and admiration of many prominent figures in the crypto industry, such as Jack Dorsey, Brian Armstrong, and Michael Saylor. Emmer has also received donations in Bitcoin and other cryptocurrencies from his supporters, making him one of the first federal candidates to do so. Emmer has stated that he believes that cryptocurrency is “the future of money” and that he wants to make the US “the global leader” in this field.

If elected as Speaker, Emmer would have significant influence over the legislative agenda and priorities of the House, as well as over committee assignments and rules. Emmer has indicated that he would use his position to advance pro-crypto legislation and to oppose any attempts by the Biden administration or the Securities and Exchange Commission (SEC) to impose excessive regulation or taxation on the industry. Emmer has also said that he would seek to educate his fellow lawmakers and the public about the benefits and potential of cryptocurrency and blockchain technology.

Emmer’s announcement has been met with mixed reactions from both sides of the political spectrum. Some have praised him for his boldness and vision, while others have questioned his qualifications and motives. Some have also expressed concern about his alignment with Trump and his views on other issues such as immigration, health care, and foreign policy. Emmer’s pro-Bitcoin stance has also drawn criticism from some environmentalists, who claim that Bitcoin mining consumes too much energy and contributes to climate change.

Emmer’s campaign for the speakership is expected to be an uphill battle, as he will need to secure the support of at least 218 members of the House, which is more than half of the total number. Emmer will also have to contend with possible challenges from other candidates within his party, as well as from the Democrats, who may try to influence the outcome by voting for or against certain candidates. The election for the speakership will take place after the midterm elections in November 2022, which will determine the composition of the House for the next two years.

Following the successful motion to vacate the speakership of Kevin McCarthy of California on October 3, 2023, the members of the U.S. House of Representatives began holding an intra-term election for speaker of the House on October 17. McCarthy had previously been elected on January 7, 2023, after fifteen rounds of voting in the January speakership election at the start of the 118th Congress.

GBTC’s Chances of ETF Conversion Might be Impacted by Lawsuit, as Coinbase Confident of Spot BTC Approval

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One of the most anticipated events in the crypto space is the approval of a Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). Many investors hope that a Bitcoin ETF would boost the adoption and liquidity of the leading cryptocurrency, as well as lower the barriers to entry for retail and institutional investors.

One of the main contenders for a Bitcoin ETF is Grayscale Bitcoin Trust (GBTC), the largest digital asset manager in the world with over $40 billion in assets under management. GBTC is a trust that holds Bitcoin and issues shares that trade on the secondary market. GBTC shares are currently trading at a significant discount to the net asset value (NAV) of the underlying Bitcoin, meaning that investors can buy GBTC shares for less than the value of the Bitcoin they represent.

However, GBTC faces a major challenge from a lawsuit filed by Digital Currency Group (DCG), the parent company of Grayscale. DCG is suing GBTC’s sponsor, Grayscale Investments LLC, for breach of contract and fiduciary duty. The lawsuit alleges that Grayscale Investments failed to fulfill its obligations to convert GBTC into an ETF when it became feasible, and instead pursued a self-serving agenda that harmed DCG and GBTC shareholders.

The lawsuit claims that Grayscale Investments had an exclusive agreement with DCG to convert GBTC into an ETF when certain conditions were met, such as regulatory approval, market demand, and operational readiness. The lawsuit also claims that Grayscale Investments had a fiduciary duty to act in the best interests of GBTC shareholders and to maximize the value of their shares.

However, according to the lawsuit, Grayscale Investments breached its contract and fiduciary duty by delaying and obstructing the ETF conversion process, and by engaging in activities that conflicted with DCG’s interests and harmed GBTC shareholders. For example, the lawsuit accuses Grayscale Investments of:

Creating new products that competed with GBTC and diluted its market share.

Charging excessive fees that eroded GBTC’s NAV and widened its discount.

Failing to address the regulatory and operational issues that prevented an ETF conversion.

Refusing to cooperate with DCG’s efforts to facilitate an ETF conversion.

Rejecting DCG’s proposals to resolve the discount issue, such as a share buyback or a distribution of Bitcoin to shareholders.

The lawsuit seeks damages from Grayscale Investments for the losses suffered by DCG and GBTC shareholders, as well as an injunction to compel Grayscale Investments to comply with its contractual and fiduciary obligations and to expedite the ETF conversion process.

The outcome of this lawsuit could have significant implications for GBTC’s chances of becoming an ETF. On one hand, if DCG wins the lawsuit, it could force Grayscale Investments to speed up the ETF conversion process and address the discount issue, which could benefit GBTC shareholders and increase their confidence in the product. On the other hand, if Grayscale Investments wins the lawsuit, it could maintain its control over GBTC and continue to pursue its own agenda, which could further alienate GBTC shareholders and widen the discount.

Alternatively, the lawsuit could also lead to a settlement between DCG and Grayscale Investments, which could result in a compromise solution that satisfies both parties and advances the ETF conversion process. However, this would depend on the willingness and ability of both parties to negotiate in good faith and reach an agreement.

In any case, the lawsuit adds another layer of uncertainty and complexity to GBTC’s ETF prospects. It also highlights the challenges and risks involved in investing in GBTC, which is not a direct exposure to Bitcoin but rather a derivative product that depends on various factors such as fees, premiums, discounts, regulations, contracts, and lawsuits. Investors who are interested in GBTC should be aware of these factors and conduct their own due diligence before making any investment decisions.

Coinbase is “confident” the SEC will approve a spot Bitcoin?ETF

Coinbase, the largest cryptocurrency exchange in the U.S., has expressed its confidence that the Securities and Exchange Commission (SEC) will soon approve a spot Bitcoin exchange-traded fund (ETF). A spot Bitcoin ETF would allow investors to buy and sell shares of a fund that holds Bitcoin directly, rather than through futures contracts or other derivatives.

Coinbase’s chief legal officer, Paul Grewal, said that the company has been in “active and productive” discussions with the SEC about its spot Bitcoin ETF proposal, which it filed in July. He said that Coinbase believes that a spot Bitcoin ETF would provide more transparency, liquidity, and efficiency to the market, as well as lower costs and risks for investors.

Grewal also said that Coinbase is “encouraged” by the recent approval of several Bitcoin futures ETFs by the SEC, which he said are “an important step forward” for the industry. However, he argued that a spot Bitcoin ETF would offer more benefits to investors and the market than a futures-based one, which involves additional fees and complexities.

“We are confident that the SEC shares our goal of ensuring that American investors have access to the best products to invest in cryptocurrencies, and we look forward to continuing our constructive dialogue with the agency to make a spot Bitcoin ETF a reality,” Grewal wrote.

Coinbase is not the only company that is pursuing a spot Bitcoin ETF in the U.S. Several other firms, including Fidelity, VanEck, and Valkyrie, have also filed applications with the SEC, but none have received approval yet. The SEC has repeatedly delayed or rejected spot Bitcoin ETF proposals in the past, citing concerns about market manipulation, fraud, and custody issues.

However, some analysts believe that the SEC’s stance may be changing, as the agency has shown more openness to cryptocurrency regulation and innovation under its chairman, Gary Gensler. Gensler has said that he is “intrigued” by Bitcoin and other cryptocurrencies, but also stressed the need for more investor protection and oversight.

The approval of a spot Bitcoin ETF in the U.S. would be a major milestone for the cryptocurrency industry, as it would potentially attract more institutional and retail investors to the market. It would also likely boost the price and adoption of Bitcoin, which is currently trading at around $29,931.

Egyptian President ‘astonished’ by World’s Silence on Collective Punishment in Gaza’; Israel is withdrawing its diplomats from Turkey

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Egypt’s president Abdel Fattah el-Sisi has expressed his dismay at the lack of international response to the humanitarian crisis in Gaza, where Israel has imposed a blockade since 2007. In a televised speech, el-Sisi said he was “astonished” that the world was silent about the “collective punishment” of the Palestinian people in Gaza, who are suffering from shortages of food, water, electricity and medicine.

El-Sisi said that Egypt, which shares a border with Gaza, has been trying to mediate between Israel and Hamas, the Islamist group that controls the enclave, to reach a lasting ceasefire and lift the siege. He said that Egypt has also been providing humanitarian aid to Gaza, including opening its Rafah crossing to allow the passage of goods and people.

El-Sisi urged the international community, especially the United Nations, to take action to end the suffering of the Gazans and to support the efforts to achieve peace and stability in the region. He said that Egypt supports the two-state solution, which would grant an independent state to the Palestinians alongside Israel, with East Jerusalem as its capital.

Egyptian President Abdel Fattah El-Sisi called on the international community, especially the United Nations, to intervene in the Gaza Strip and end the humanitarian crisis there. He also expressed his support for the efforts to achieve peace and stability in the region and urged all parties to respect the ceasefire agreement.

El-Sisi said that Egypt is committed to helping the people of Gaza and facilitating the reconstruction process. He praised the role of Egypt in mediating between Israel and Hamas and stressed the importance of dialogue and cooperation to resolve the conflict. He also reiterated his support for the two-state solution and the rights of the Palestinian people.

El-Sisi’s statement reflects his concern for the situation in Gaza, which has been under siege by Israel for more than a decade. The recent escalation of violence in 2023 resulted in hundreds of casualties and widespread destruction. The UN has warned that Gaza is facing a humanitarian catastrophe, with shortages of food, water, electricity and medical supplies.

El-Sisi’s statement also shows his desire to play a leading role in the region, and to enhance Egypt’s relations with both Israel and the Palestinian Authority. Egypt has a strategic interest in maintaining stability and security in the region and preventing further escalation of violence. Egypt also hopes to boost its economic and diplomatic ties with Israel, while maintaining its support for the Palestinian cause.

He also called on the Palestinian factions to unite and reconcile, saying that their division only serves the interests of their enemies. He said that Egypt is ready to host a dialogue between the Palestinian groups to end their disputes and form a national unity government.

El-Sisi’s speech comes amid renewed tensions between Israel and Hamas, which have exchanged rocket fire and airstrikes in recent weeks. The violence has raised fears of another war in Gaza, which has already witnessed four conflicts since 2008, resulting in thousands of deaths and widespread destruction.

Israel is withdrawing its diplomats from Turkey

In a surprising move, Israel has announced that it is withdrawing its diplomats from Turkey, citing security concerns and diplomatic tensions. This decision comes amid growing hostility between the two countries, which have been allies for decades.

The Israeli Foreign Ministry said in a statement that it has instructed its embassy staff in Ankara and its consulate staff in Istanbul to return to Israel as soon as possible. The statement did not specify how long the withdrawal would last but said that it was a “temporary measure” until the situation improves.

The statement also said that Israel regrets the deterioration of relations with Turkey and hopes to restore them to their previous level of cooperation and friendship. It added that Israel values its ties with the Turkish people and will continue to provide consular services to Israeli citizens in Turkey through other channels.

Israel and Turkey have a long and complex history of relations, which have gone through several phases of cooperation and confrontation. The two countries established diplomatic ties in 1949, shortly after Israel’s creation, and became strategic allies in the Middle East, sharing common interests and threats.

The relations reached their peak in the 1990s, when the two countries signed several agreements on military, economic, cultural, and intelligence cooperation. They also coordinated their policies on regional issues, such as the Arab Israeli peace process, the Kurdish question, and the Iranian nuclear program.

However, the relations began to deteriorate in the 2000s, as Turkey’s ruling Justice and Development Party (AKP) adopted a more Islamist and nationalist agenda and shifted its foreign policy from a pro-Western orientation to a more assertive and independent stance. The AKP also sought to increase Turkey’s influence and leadership in the Muslim world, and to challenge Israel’s role and legitimacy in the region.

The relations reached a breaking point in 2010, when Israeli commandos killed nine Turkish activists on board a ship that was trying to break the Israeli blockade of Gaza. Turkey expelled the Israeli ambassador, suspended military and trade ties, and demanded an apology and compensation from Israel. The two countries normalized relations in 2016, after Israel met Turkey’s demands, but the trust and friendship were never fully restored.

The relations have continued to deteriorate since then, as new disputes and conflicts have emerged over various regional issues, such as the Israeli-Palestinian conflict, the Syrian civil war, the Libyan civil war, the Eastern Mediterranean gas dispute, and the normalization of ties between Israel and some Arab states.

The relations reached a new low last week, when Turkish President Recep Tayyip Erdogan called Israel a “terrorist state” and a “murderer of children” in a speech at the United Nations General Assembly. He also accused Israel of “ethnic cleansing” and “apartheid” against the Palestinians.

In response, Israeli Prime Minister Naftali Bennett called Erdogan’s remarks “antisemitic” and “hypocritical” and said that Turkey was “the last country that can preach to Israel”. He also said that Erdogan was “obsessed” with Israel and should focus on solving his own problems.

The withdrawal of diplomats is the latest escalation in a series of disputes between Israel and Turkey, which have been strained by several issues, including the Israeli-Palestinian conflict, the Turkish invasion of northern Syria, and the Turkish support for Hamas and other Islamist groups.

Turkey has repeatedly condemned Israel for its policies and actions in the occupied territories and has accused it of committing war crimes and human rights violations. Turkey has also expressed solidarity with the Palestinians and has hosted several Hamas leaders in Ankara.

However, the reconciliation was short-lived, as new tensions emerged over various regional issues. The withdrawal of diplomats is likely to further damage the prospects of cooperation between Israel and Turkey, which have shared interests in areas such as energy, trade, tourism, and security.

The withdrawal of diplomats is also likely to have implications for the wider Middle East, where both countries play influential roles. The move could affect the balance of power and alliances in the region, and could create new challenges for the United States, which considers both countries as strategic partners.

SERAP Takes Legal Action to Prevent Nigerian Lawmakers From Receiving N57.6 Billion Worth of SUVs

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The Social-Economic Rights and Accountability Project (SERAP) has taken legal action by urging the Federal High Court in Lagos to prevent Nigerian legislators from procuring and taking delivery of 360 SUVs worth N57.6 billion, pending the hearing and determination of the applications for injunction filed by the organization.

SERAP filed a lawsuit after it received a report that the Nigerian Senate leader Godswill Akpabio and the speaker of the House of Representatives Tajuden Abbas are planning to splash N40 billion on 465 exotic bulletproof vehicles.

Reports reveal that each SUVs will cost taxpayers at least N160 million. In a letter dated 21 October 2023, the organization urged the presidency to exercise his executive powers to refrain the lawmakers from taking delivery of the planned procurement of bulletproof SUVs.

The letter reads in part,

Allowing the National Assembly to go ahead and purchase and take delivery of the SUVs would prejudice the outcome of the suit pending in court and make a mockery of the rule of law. Unless you exercise your executive powers and discharge your constitutional oath of office act as recommended, the lawmakers would go ahead to procure and take delivery of the N57.6 billion vehicles, and thereby present the court with a fait accompli.

“It would invariably hamstring the ability of the court to do justice in the pending suit and applications for an injunction. Stopping the leadership of the House of Representatives and members from going ahead to procure and take delivery of the SUVs, pending the hearing and determination of the applications for injunction would be entirely consistent with the notions of the rule of law, judicial independence, and integrity and the public interest.

Exercising your constitutional powers in this matter would promote the effective administration of justice and maintaining the integrity of the claims against the lawmakers. Allowing the House of Representatives to procure and take delivery of the 360 SUVs for its members and the Senate to go ahead with its planned purchase of close to 500 SUVs while the applications for injunction are pending before the court would be detrimental to the rule of law and the public interest. We would therefore be grateful if the recommended measures are taken upon the receipt and/or publication of this letter.”

SERAP further stated that the Tinubu-led administration must uphold the rule of law and the integrity of the judicial process as demanded under the United Nations Convention against Corruption and human rights treaties to which Nigeria is a state party.

Founded in 2004, SERAP has remained dedicated to promoting transparency and accountability in the use of Nigeria’s natural resources. The organization believes that Nigeria’s large natural resource base should be used to meet the basic needs of its population.

Notably, also reacting to the Nigerian lawmakers proposed procurement of exotic SUVs, public affairs analyst Marcus Ijioma said the National Assembly is becoming quite expensive, and suggested that the ‘subsidy’ on that arm of government be removed.

“It’s time to remove subsidy from National Assembly, we can no longer subsidize their lifestyle,” he said.

Avert the Brink of a Third World War

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We preach peace. We preach unity. We preach diversity. We proclaim humanity first. Yet, we create weapons with the intent of harming one another. From the First World War to the Second, we lost millions of people and destroyed properties in the name of the same humanity we claim to prioritize above all else. World War II resulted in over 70-85 million casualties, encompassing both soldiers and civilians. Entire cities were reduced to rubble, and economies were left in ruins. The Marshall Plan, spearheaded by the United States, played a critical role in the reconstruction of war-torn Europe and the revival of its economy.

Korean War (1950-1953) led to an estimated 2.5 million casualties, with countless civilian lives disrupted. The war left the Korean Peninsula divided, with North and South Korea taking separate paths in terms of political and economic development. Vietnam War (1955-1975) resulted in an estimated 1.3 to 3.9 million casualties, and it had long-lasting socioeconomic consequences. The war disrupted the country’s agricultural sector and left a legacy of environmental damage due to the widespread use of herbicides like Agent Orange.

The ideological and political rivalry between the United States and the Soviet Union during the Cold War led to numerous proxy conflicts around the world, from the Middle East to Latin America. These conflicts caused considerable instability and hindered socioeconomic development in many nations. The Gulf War (1990-1991), which centred on Iraq’s invasion of Kuwait, resulted in thousands of casualties and had economic repercussions for both Iraq and Kuwait. The war disrupted oil production and distribution, impacting the global economy.

The Balkans (1990s) conflicts in the Balkans, including the breakup of Yugoslavia, resulted in numerous casualties and devastating consequences for the region. Ethnic cleansing, displacement, and war crimes left deep scars on the socioeconomic fabric of the affected countries. The wars in Afghanistan and Iraq, which followed the 9/11 attacks, have caused substantial casualties and long-lasting economic impacts in the affected regions. These conflicts continue to shape the political and economic landscape of the Middle East.

As posited earlier, these conflicts, with their immense human costs and socioeconomic disruptions, underscore the urgent need for global leaders to pursue peaceful resolutions to conflicts and prioritize cooperation and diplomacy over the devastating consequences of war.

Dear Global Leaders,

I write to you today not as a representative of any nation, but as a concerned global citizen. It has been nearly eight decades since the end of the Second World War, a conflict that reshaped our world and left an indelible mark on humanity. Since then, we have witnessed a relentless struggle for power, control, and influence on the international stage. The consequences have been dire, and I implore you to consider the profound implications of our actions.

In the wake of the war, a few nations emerged as the most powerful, and they have wielded their influence over the socioeconomic and political materials that shape our world. The smaller nations, however, have not resigned themselves to obscurity. They have fought back, often at great cost, striving to secure their place in geopolitics.

We must acknowledge the staggering human and material casualties that have occurred in the past three decades across various regions of the globe. Lives have been lost, families torn apart, and entire communities devastated. The very fabric of our shared humanity has been strained.

The question that haunts us all is whether a Third World War will spell the end of our world. The prospect of such a conflict is too dreadful to contemplate. The destructive power at our disposal today is incomprehensible, and the consequences of such a war would be catastrophic for all of us, regardless of our borders.

As global leaders and managers of political institutions, it is your responsibility to prevent such a catastrophe. We cannot continue on a path of perpetual conflict and dominance. We must seek alternatives, work towards cooperation, and prioritize peace. It is not only a moral imperative but an existential one.

Let us remember that the world is not a chessboard for powerful nations to play upon. It is a shared home for all of humanity. We must strive for a world where smaller nations have the opportunity to rise, to prosper, and to have their voices heard.

I beseech you to put the interests of humanity before those of your individual nations. Work together to find solutions to the complex challenges we face, rather than perpetuating division and strife. Let us build a world where conflicts are resolved through diplomacy, not warfare, and where cooperation prevails over competition.

The future of our world hangs in the balance, and the choices you make today will shape the destiny of generations to come. I implore you to lead us towards a world of lasting peace, where every nation, big or small, can find its place in geopolitics.

Yours sincerely,

A Concerned Global Citizen