Internet Security

‘Security law could be used to target the press’

The chairman of the Hong Kong Journalists Association, Chris Yeung, on Saturday said he’s extremely concerned that freedom of the press here could be further restrained, after Police Commissioner Chris Tang warned that the national security law could be used to tackle “fake news”. The police chief has, for the second day in a row,…

The chairman of the Hong Kong Journalists Association, Chris Yeung, on Saturday said he’s extremely concerned that freedom of the press here could be further restrained, after Police Commissioner Chris Tang warned that the national security law could be used to tackle “fake news”.

The police chief has, for the second day in a row, accused a newspaper he didn’t name of linking children who attended the police college open day on Thursday to “black violence”.

Tang’s repeated criticism came after Apple Daily ran a side-story on its front page on Friday, saying children who attended the open day were given toy guns to play with, inside a mock-up of an MTR carriage.

A photo showing such a scene went viral on social media, and the newspaper noted that many people said it reminded them of the shocking violence meted out by police officers on people at Prince Edward MTR Station on August 31, 2019.

Addressing the media on Saturday, Tang again accused the newspaper of inciting hatred and dividing society, adding that while there are currently no laws to tackle the dissemination of “fake news”, the force can address the issue by considering whether those involved have breached the national security law or committed acts of incitement.

In response, the chairman of the Journalists Association said he’s very worried that the national security law would be “weaponised” to target the press.

Yeung said the police chief was wrong to accuse Apple Daily of spreading fake news, as the pro-democracy newspaper had published a genuine photo.

“This is not a fake photo. It’s a real photo. Being debated was about how the photo was being handled by the newspaper. But that’s a matter of judgement and different editorial treatment common in different media,” he said.

“If he [Chris Tang] thinks its fake [news], spell it out. Which part is fake?” he questioned.

Yeung added that it’s likely that the force may soon start to target media outlets or journalists for publishing news that it doesn’t like.

“Based on the commissioner’s logic, it might happen because he argued a photo could be divisive and could fuel hatred towards the police and that could fall into the national security law. That’s a very worrying example because the way different media handle pictures or their coverage is entirely based on their professional judgement,” he said.

“The case he was referring to, the way Apple Daily handled the picture, in fact could have happened to many media outlets… if his logic applies, it will affect almost everyone in the media.”

Yeung said the association has been demanding a proper dialogue with the government on various issues affecting press freedom, adding that discussions should be based on “facts and reason”.
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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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