Internet Security

Insecurity: Nigerians React To Nnamdi Kanu’s Newly Launched Security Outfit

Many people from the South-Eastern part of Nigeria have thrown their weight behind the creation of the Eastern Security Network by the leader of the Indigenous People of Biafra, Nnamdi Kanu. Kanu had, on Saturday, launched the regional outfit via a live Facebook broadcast, which he explained, was necessitated by the current security situation in…

Many people from the South-Eastern part of Nigeria have thrown their weight behind the creation of the Eastern Security Network by the leader of the Indigenous People of Biafra, Nnamdi Kanu.
Kanu had, on Saturday, launched the regional outfit via a live Facebook broadcast, which he explained, was necessitated by the current security situation in major parts of the country. 

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Nnamdi Kanu Launches Eastern Security Network, Says Not Different From Amotekun, Miyetti Allah

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At the beginning of the podcast, he said, “We have decided to take it upon ourselves to defend the land of Biafra. We are determined and persistent, and we are not going to stop until we eradicate every form of terrorism. We are going to defend our land from terrorism. We are sending a note of caution that any attempt to kill innocent people will be kindly reciprocated.” 
The development has since continued to dominate discussions on social media platforms. 
Checks by SaharaReporters revealed the initiative is backed by several people from the South East, particularly those supporting calls for self-determination and the creation of Biafra.
Some of them who commended the move also expressed their willingness to be part of the security outfit.
Trump Kelly said, “Eastern Security Network, that’s what I want to hear.”
Prince Frederick Michaels wrote, “The commands you have given shall stand firm, and we’ll support. Ikenga Biafra, go on sir, Almighty is with you.”
Nweri Fabian said, “Don’t worry, henceforth we join hands to research and refine 500 pieces of the chemical cylinder. It’s over for them.”
Innocent Mannix Ekeh, “I am overwhelmed that after this announcement, Nigeria will cease to exist.”
Vicky Okwuosa said, “We must do something significant to stop the unending slaughter of the innocent.”
Nnabuike Ebube said, “We have resolved to die in what we believe in.”
Merie Jim Mezie also said, “Security is zero in the contraption called Nigeria; therefore, Biafrans must defend themselves by all means possible.”

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Internet Security

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In what appears to be the most significant crypto breach of the year, fresh revelations have emerged shedding light on the extensive infiltration into the digital realm. PeckShield, a reputable blockchain security firm, has disclosed a substantial breach impacting FixedFloat, a prominent platform facilitating cryptocurrency and fiat exchanges…

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Congress seeks clarification from Yellen on crypto oversight plans, criticizes Howey Test

Share this article URL Copied Members of the US Congress have posed a list of questions in a recent letter to Treasury Secretary Janet Yellen in response to her call for enhanced oversight of crypto. Notably, they highlighted the limitations of the Howey Test in protecting consumers in the crypto market. The letter, signed by

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Members of the US Congress have posed a list of questions in a recent letter to Treasury Secretary Janet Yellen in response to her call for enhanced oversight of crypto. Notably, they highlighted the limitations of the Howey Test in protecting consumers in the crypto market.

The letter, signed by House Financial Services Committee Chair Patrick McHenry, House Agriculture Committee Chair Glenn Thompson, Rep. French Hill, and Rep. Dusty Johnson, seeks Yellen’s detailed explanation of how the regulatory framework should be shaped concerning digital assets, following her call earlier today.

Congress has requested clarification on the Securities and Exchange Commission’s (SEC) role. Notably, they have raised concerns about the effectiveness of the Howey Test, which is used to determine the classification of a transaction as an investment contract and, thus, a security. Congress is questioning whether the Howey Test is sufficient for providing adequate consumer protection.

The legislators have argued that the SEC’s retrospective application of the test does little to protect investors, stating:

“Chair Gensler has declared that “the vast majority of crypto tokens likely meet the investment contract test.” However, the final investment contract analysis is backwards looking, made by a court after the transaction in question has been completed. How does this reactive legal authority provide adequate protection for customers, in the absence of comprehensive legislation?”

Congress has also highlighted that the current regulatory framework does not cover a significant portion of the crypto-asset ecosystem, including Bitcoin and Ether. They have asked the Financial Stability Oversight Council (FSOC) whether these cryptocurrencies are considered securities. Led by Yellen, the FSOC brings together key financial regulators to monitor potential risks and safeguard the financial system.

Furthermore, Congressmen have expressed concern about regulatory gaps in spot markets for digital assets that are not considered securities. They are questioning if the Commodity Futures Trading Commission should expand its jurisdiction to include these spot markets, given its existing authority over certain aspects of non-security digital asset transactions. Congress expects to receive answers from Yellen by February 20.

Yellen has been actively advocating for stricter regulations after FTX’s collapse. In a testimony before the House Financial Services Committee on Tuesday, she warned of the risks associated with crypto platforms and stablecoins, urging Congress to enact stricter regulations for the crypto industry.

Share this article

Share this article

Members of the US Congress have posed a list of questions in a recent letter to Treasury Secretary Janet Yellen in response to her call for enhanced oversight of crypto. Notably, they highlighted the limitations of the Howey Test in protecting consumers in the crypto market.

The letter, signed by House Financial Services Committee Chair Patrick McHenry, House Agriculture Committee Chair Glenn Thompson, Rep. French Hill, and Rep. Dusty Johnson, seeks Yellen’s detailed explanation of how the regulatory framework should be shaped concerning digital assets, following her call earlier today.

Congress has requested clarification on the Securities and Exchange Commission’s (SEC) role. Notably, they have raised concerns about the effectiveness of the Howey Test, which is used to determine the classification of a transaction as an investment contract and, thus, a security. Congress is questioning whether the Howey Test is sufficient for providing adequate consumer protection.

The legislators have argued that the SEC’s retrospective application of the test does little to protect investors, stating:

“Chair Gensler has declared that “the vast majority of crypto tokens likely meet the investment contract test.” However, the final investment contract analysis is backwards looking, made by a court after the transaction in question has been completed. How does this reactive legal authority provide adequate protection for customers, in the absence of comprehensive legislation?”

Congress has also highlighted that the current regulatory framework does not cover a significant portion of the crypto-asset ecosystem, including Bitcoin and Ether. They have asked the Financial Stability Oversight Council (FSOC) whether these cryptocurrencies are considered securities. Led by Yellen, the FSOC brings together key financial regulators to monitor potential risks and safeguard the financial system.

Furthermore, Congressmen have expressed concern about regulatory gaps in spot markets for digital assets that are not considered securities. They are questioning if the Commodity Futures Trading Commission should expand its jurisdiction to include these spot markets, given its existing authority over certain aspects of non-security digital asset transactions. Congress expects to receive answers from Yellen by February 20.

Yellen has been actively advocating for stricter regulations after FTX’s collapse. In a testimony before the House Financial Services Committee on Tuesday, she warned of the risks associated with crypto platforms and stablecoins, urging Congress to enact stricter regulations for the crypto industry.

Share this article

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