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Apple Vision Pro And The First-Scaler Playbook [video]

By
Ndubuisi Ekekwe
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1

Spatial computing. This is a new basis of competition, making others look lost in the world of VR/AR. As our learners begin a new edition of Tekedia Mini-MBA today, they would have studied one of our Week 1 courses where I noted that in consumer business, what matters is First-scaler and not just First-mover (in other words, the first to scale, not necessarily first to market, wins).

Yes, many came before Apple in music before iPod; when it came, Sony Walkman faded. When the iPhone came,Blackberry faded. When Apple Watch came, Pebble faded. And now, with Vision Pro, expect Meta Quest and others to make way!

Apple rarely pioneers a product category. But it has a great heritage of quickly learning from others, and then coming up with category-shaping products, triggering disruption at scale. Vision Pro looks cool. It will scale and just like that, Apple will own this category. Why? Most VCs will stop funding startups in this category!

 

Binance Responds to SEC’s Security Violation Suit

By
Paul Ugbede Godwin
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0

Binance is the world leading crypto exchange by market capitalization and daily trading volumes, the company was founded in 2017 by Changpeng Zhao, its present chief executive officer. Binance has been facing challenges with US regulators in previous years as to the classification of security’s asset on its exchange and on how crypto industry regulations should be managed. This latest SEC’s court filing against Binance is going to shape how the industry operates positively and negatively.

Press Statement from BINANCE

We are disappointed that the U.S. Securities and Exchange Commission chose to file a complaint today against Binance seeking, among other remedies, purported emergency relief.  From the start, we have actively cooperated with the SEC’s investigations and have worked hard to answer their questions and address their concerns.

Most recently, we have engaged in extensive good-faith discussions to reach a negotiated settlement to resolve their investigations.  But despite our efforts, with its complaint today the SEC abandoned that process and instead chose to act unilaterally and litigate.  We are disheartened by that choice.

While we take the SEC’s allegations seriously, they should not be the subject of an SEC enforcement action, let alone on an emergency basis. We intend to defend our platform vigorously.  Unfortunately, the SEC’s refusal to productively engage with us is just another example of the Commission’s misguided and conscious refusal to provide much-needed clarity and guidance to the digital asset industry.

Today’s action is another in a line of examples where, as with other crypto projects facing similar suits, the Commission has determined to regulate with the blunt weapons of enforcement and litigation rather than the thoughtful, nuanced approach demanded by this dynamic and complex technology. Unilaterally labeling certain tokens and services as securities – even ones over which other U.S. authorities have asserted jurisdiction – only compounds these problems.

Perhaps most surprising, the SEC’s actions undermine America’s role as a global hub for financial innovation and leadership.  Digital asset laws remain largely undeveloped in much of the world, and regulation by enforcement is not the best path forward.  An effective regulatory framework demands collaborative, transparent, and thoughtful policy engagement—a path the SEC has abandoned.

And, to be clear: any allegations that user assets on the Binance.US platform have ever been at risk are simply wrong, and there is zero justification for the Staff’s action in light of the ample time the Staff has had to conduct their investigation.  All user assets on Binance and Binance affiliate platforms, including Binance.US, are safe and secure, and we will vigorously defend against any allegations to the contrary.

Rather, the SEC’s actions here appear to be in service of an effort to rush to claim jurisdictional ground from other regulators—and investors do not appear to be the SEC’s priority.  Because of our size and global name recognition, Binance is an easy target now caught in the middle of a U.S. regulatory tug-of-war.

It seems based on these developments that the SEC’s goal here was never to protect investors; if that were truly the case, the Staff would have thoughtfully engaged with us on the facts and in our efforts to demonstrate the safety and security of the Binance.US platform.  The SEC’s real intent here, instead, appears to be to make headlines.

We will continue to cooperate with regulators and policymakers in the U.S. and across the globe because that is the right thing to do.  And Binance remains committed to productive engagement to ensure the next generation of cryptocurrency regulation fosters innovation while implementing and ensuring important consumer protections. Because Binance is not a U.S. exchange, the SEC’s actions are limited in reach.  Still, we stand with digital asset market participants in the U.S. in opposition to the SEC’s latest overreach, and we are prepared to fight it to the full extent of the law.

We will work alongside industry partners to defend this important technology from misguided lawsuits.  And we will maintain our unceasing efforts to deliver a safe and trusted platform for our users that holds true to our core value of furthering the freedom of money.

Nigeria Labour Congress Suspends Planned Strike Following Court’s Restraining Order, Meeting with Government

By
Samuel Nwite
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0

The Nigeria Labour Congress has suspended its planned nationwide industrial action, following a judgment by the National Industrial Court on Monday, and a meeting with the federal government.

The NIC had issued an order restraining the NLC and the Trade Union Congress (TUC) from embarking on any form of strike.

The court, presided by Justice O.Y. Anuwe, on its ruling on an ex-parte application filed by the federal government and the Attorney General of the Federation, held that the defendants should shelve the planned industrial action pending the hearing and determination of the motion of notice dated June 5, 2023.

In his ruling, Justice Anuwe ordered that the NLC and TUC (the defendants) be served with the originating processes, the motion on notice, and the order of the court.

The judge held that any industrial action will affect the education, health, and other sectors of the economy thereby affecting the nation at large.

The 2023 Western African Senior School Certificate Examination (WASSCE) started on May 8 and is expected to end on June 23, 2023, according to the West African Examination Council (WAEC).

The judgment according to the court’s document reads: “The urgency enumerated in the affidavit of urgency and in counsel’s submission reveals a scenario that may gravely affect the larger society and indeed the well-being of the nation at large.

“Counsel has pointed out that students of Secondary Schools nationwide, especially those writing WAEC exams will be affected; the tertiary institutions who have only just resumed after a long ASUU strike will also be affected, not leaving the health sector, amongst other sectors; and above all, the economy of the nation.

“In my view, this is a situation of extreme urgency that will require the intervention of this court.”

Background of the story

On Friday, the NLC and the TUC had declared an indefinite nationwide strike billed to commence on Wednesday, unless the federal government reverses its decision to end fuel subsidy or provide palliatives to mitigate the impact. President Bola Tinubu announced the removal of fuel subsidy on Monday last week.

Against this backdrop, negotiations have been ongoing between the government and organized labour. But it has yielded no result as Wednesday nears even after the federal government promised to review the minimum wage upward.

To avert a nationwide strike, which experts warned would exacerbate the country’s wobbly socio-economic situation; the federal government had approached the National Industrial Court with a prayer to restrain the defendants from embarking on strike.

But following the meeting with the federal government, the parties agreed to establish a joint committee to review the proposal for any wage increase or award and establish a framework and timeline for implementation.

The outcome of the meeting was announced by the former Speaker of the House and newly appointed Chief of Staff to the President, Femi Gbajabiamila, late Monday night.
The outcome is as follows:

“The Federal Government, the TUC, and the NLC would review World Bank Financed Cash transfer scheme and propose the inclusion of low-income earners in the program.

“The Federal Government, the TUC, and the NLC to revive the CNG conversion program earlier agreed with Labour centers in 2021 and work out detailed implementation and timing.

“The Labour centers and the Federal Government to review issues hindering effective delivery in the education sector and propose solutions for implementation.

“The Labour centers and the Federal Government to review and establish the framework for completion of the rehabilitation of the nation’s refineries.

“The Federal Government to provide a framework for the maintenance of roads and expansion of rail networks across the country.

“All other demands submitted by the TUC to the Federal Government will be assessed by the joint committee.

“Consequently, the parties agreed follows:

“The NLC to suspend the notice of strike forthwith to enable further consultations

“The TUC and the NLC to continue the ongoing engagements with the Federal Government and secure closure on the resolutions above

“The Labour Centres and the Federal Government to meet on June 19, 2023, to agree on an implementation framework.”

Securities and Exchange Commission (SEC): What It Is and What It Does

By
Paul Ugbede Godwin
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3

The Securities and Exchange Commission (SEC) is a U.S. federal agency that regulates the securities markets and protects investors. The SEC was created by the Securities Act of 1933 and the Securities Exchange Act of 1934, which were passed in response to the stock market crash of 1929 and the Great Depression. The SEC’s mission is to promote fair and efficient markets, facilitate capital formation, and enforce federal securities laws.

The SEC has five commissioners who are appointed by the president and confirmed by the Senate. One of them is designated as the chair, who is the head of the agency. The commissioners serve staggered five-year terms and no more than three of them can belong to the same political party. The current chair is Gary Gensler, who took office in April 2021. The SEC has four main divisions and 23 offices that carry out its functions. The divisions are:

Division of Corporation Finance: This division oversees the disclosure and registration of securities offerings, such as initial public offerings (IPOs), mergers and acquisitions, and periodic reports by public companies.

Division of Trading and Markets: This division regulates the activities of broker-dealers, exchanges, clearing agencies, transfer agents, and other market participants. It also sets standards for market integrity, investor protection and fair competition.

Division of Investment Management: This division regulates the investment management industry, including mutual funds, exchange-traded funds (ETFs), investment advisers, and other investment products and services.

Division of Enforcement: This division investigates and prosecutes violations of federal securities laws, such as fraud, insider trading, market manipulation, and accounting irregularities. It can bring civil actions in federal courts or administrative proceedings before an administrative law judge. It can also refer cases to the Department of Justice for criminal prosecution.

The SEC also has several offices that provide support and guidance to the divisions and the public. Some of these offices are:

Office of the General Counsel: This office serves as the chief legal adviser to the SEC and represents the agency in litigation and other legal matters.

Office of Compliance Inspections and Examinations: This office conducts examinations of registered entities, such as broker-dealers, investment advisers, and mutual funds, to assess their compliance with federal securities laws and regulations.

Office of Investor Education and Advocacy: This office provides information and assistance to investors and responds to their complaints and inquiries. It also conducts outreach programs to educate investors about their rights and responsibilities.

Office of Economic Analysis: This office provides economic analysis and research to support the SEC’s rulemaking, enforcement, and examination activities. It also evaluates the economic impact of SEC actions on the markets and investors.

The SEC plays a vital role in maintaining the stability and efficiency of the US exchange and security market, the latest fiasco with major crypto exchanges and protocols is generating intense criticism from crypto enthusiasts and policy makers as this scenario will determine crypto usage in the United States.

SEC Claims Binance Implemented Tia Chi Plan

By
Paul Ugbede Godwin
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0

The US Securities and Exchange Commission (SEC) has filed a lawsuit against Binance, the world’s largest cryptocurrency exchange by trading volume, accusing it of violating US securities laws and deceiving US investors. The lawsuit, which was filed on June 5, 2023, alleges that Binance and its CEO Changpeng Zhao (CZ) implemented a plan to evade US regulation and operate an unlicensed securities exchange in the US.

According to the SEC, Binance devised a scheme called the “Tai Chi plan”, which involved creating a separate entity called Binance.US that would act as a decoy for US regulators and enforcement actions, while Binance continued to serve US customers through its main platform. The SEC claims that Binance and CZ controlled Binance.US behind the scenes, and that Binance.US was not independent or compliant with US laws.

According to a 2020 Forbes report, which cited a leaked document from 2018, the Tai Chi plan was a strategy devised by Binance to create a separate entity in the US that would act as a decoy for regulators and law enforcement, while the main exchange would continue to serve US customers through VPNs and other methods. The plan also involved moving funds between the two entities and using influencers and lobbyists to sway public opinion and regulatory decisions.

The SEC also alleges that Binance mixed billions of dollars in customer funds and secretly transferred them to a separate company controlled by CZ, putting customer assets at risk. The SEC says that Binance failed to disclose these transfers to its customers or regulators, and that it violated anti-money laundering and investor protection rules.

The SEC is seeking injunctive relief, disgorgement of ill-gotten gains, civil penalties, and a permanent ban on Binance and CZ from operating in the US. The SEC says that its action is necessary to protect US investors and markets from fraud and manipulation by unregulated entities.

Binance has denied the allegations and vowed to vigorously defend itself in court. Binance says that the allegations are “simply wrong” and that it has always complied with applicable laws and regulations. Binance also says that all customer assets on Binance and Binance affiliate platforms, including Binance.US, are safe and secure.

The SEC alleges that Binance and CZ knowingly allowed US customers to access Binance.com through various means, such as using virtual private networks (VPNs) to mask their IP addresses or using third-party intermediaries to transfer funds. The SEC also alleges that Binance and CZ failed to implement adequate anti-money laundering (AML) and know-your-customer (KYC) policies and procedures, and mixed billions of dollars of customer funds with their own funds in offshore accounts.

The SEC is seeking injunctive relief, disgorgement of ill-gotten gains, civil penalties, and permanent bans on Binance and CZ from engaging in any securities-related activities in the US. The SEC also wants Binance and CZ to register Binance.US as a securities exchange and comply with all applicable laws and regulations.

The lawsuit is the latest in a series of regulatory actions against Binance by various authorities around the world. Binance has faced scrutiny from regulators in China, Japan, UK, Germany, Italy, Singapore, Canada, Brazil, Thailand, Cayman Islands, and Hong Kong over its compliance with local laws and regulations. Binance has also been sued by several customers who claim that they lost money due to technical glitches, hacks, or unfair practices by the exchange.

The SEC has been cracking down on what it considers unregistered securities offerings and fraudulent schemes in the crypto space, such as initial coin offerings (ICOs), decentralized finance (DeFi) protocols, stablecoins, and lending platforms. The SEC has also been pursuing enforcement actions against individuals and entities that promote or facilitate these activities, such as influencers, brokers, exchanges, and custodians.

The outcome of the lawsuit could have significant implications for the future of crypto regulation in the US and globally. The SEC’s case could set a precedent for how other regulators treat crypto exchanges and platforms that operate across borders and jurisdictions. The lawsuit could also affect the growth and innovation of the crypto industry, as well as the adoption and acceptance of cryptocurrencies by mainstream investors and institutions.

 

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