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Trump chooses Pam Bondi for attorney general pick after Gaetz withdrawsWASHINGTON -- The Commerce Department's efforts to curb China's and Russia's access to American-made advanced computer chips have been “inadequate” and will need more funding to stymie their ability to manufacture advanced weapons, according to a report published Wednesday by the Senate's Permanent Subcommittee on Investigations. The Biden administration imposed export controls to limit the ability of China and Russia ability to access U.S.-made chips after Russia's invasion of Ukraine nearly three years ago. The agency's Bureau of Industry and Security, according to the report, does not have the resources to enforce export controls and has been too reliant on U.S. chip makers voluntarily complying with the rules. But the push for bolstering Commerce's export control enforcement comes as the incoming Trump administration says it is looking to dramatically reduce the size and scope of federal government . President-elect Donald Trump has tapped entrepreneurs Elon Musk and Vivek Ramaswamy to lead a new “Department of Government Efficiency” to dismantle parts of the federal government. The Trump transition team did not immediately respond to a request for comment on the report. BIS’s budget, about $191 million, has remained essentially flat since 2010 when adjusted for inflation. “While BIS’ budget has been stagnant for a decade, the bureau works diligently around the clock to meet its mission and safeguard U.S. national security,” Commerce Department spokesperson Charlie Andrews said in a statement in response to the report. Andrews added that with “necessary resources from Congress” the agency would be "better equipped to address the challenges that come with our evolving national security environment.” In a letter to Commerce Secretary Gina Raimondo on Wednesday, Democratic Sen. Richard Blumenthal of Connecticut, chair of the subcommittee, pointed to an audit of Texas Instruments that showed the Russian military continued to acquire components from Texas Instruments through front companies in Hong Kong to illustrate how the export controls are failing as an effective tool. The committee's findings, Blumenthal said, suggest that Texas Instruments “missed clear warning signs” that three companies in its distribution chain had been diverting products to Russia. Texas Instruments did not immediately respond to a request for comment. “While Congress must provide BIS more resources to undertake its critical mission, it is long past time for BIS to make full use of the enforcement powers Congress has conferred upon it and take aggressive steps to cut the flow of U.S. semiconductors into the Russian war machine,” Blumenthal wrote. It's not just Texas Instruments that's the issue. The subcommittee in September published a report that found aggregated exports from four major U.S. advanced chip manufacturers nearly doubled from 2021 to 2022 to Armenia and Georgia. Both of those countries are home to front companies known to assist Russia in acquiring advanced chips made in the U.S. despite export controls. China, meanwhile, has created “vast, barely disguised smuggling networks which enable it to continue to harness U.S. technology,” the subcommittee report asserts. Washington has been gradually expanding the number of companies affected by such export controls in China, as President Joe Biden’s administration has encouraged an expansion of investments in and manufacturing of chips in the U.S. But Chinese companies have found ways to evade export controls in part because of a lack of China subject matter experts and Chinese speakers assigned to Commerce's export control enforcement. The agency's current budget limits the number of international end-use checks, or physical verification overseas of distributors or companies receiving American-made chips that are the supposed end users of products. Currently, Commerce has only 11 export control officers spread around the globe to conduct such checks. The committee made several recommendations in its report, including Congress allocating more money for hiring additional personnel to enforce export controls, imposing larger fines on companies that violate controls and requiring periodic reviews of advanced chip companies’ export control plans by outside entities. ___ Boak reported from West Palm Beach, Florida.
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Share Tweet Share Share Email The metaverse a collective virtual shared space blending augmented reality (AR), virtual reality (VR), and the internet has emerged as a transformative concept poised to revolutionize how we interact, work, and play in digital environments. While the metaverse opens up endless possibilities, the underlying infrastructure that ensures its functionality, security, and decentralization is equally crucial. Blockchain technology is at the heart of this infrastructure, a pivotal force shaping the metaverse economy. Blockchain as the Foundation of the Metaverse Economy A decentralized and secure framework needed for the metaverse to work efficiently, is provided by Blockchain. Blockchain guarantees transparency, trust, and immutability in a metaverse economy, where digital assets, virtual land, and even identity are at stake. Blockchain records transaction information on an open and distributed ledger, doing away with intermediaries and enabling peer-to-peer exchange while true ownership of digital assets is more easily possible. One example already present in the wild is blockchain-based non-fungible tokens (NFTs), which enable users to buy, sell, and trade virtual items ranging from in-game assets to digital art. These NFTs prove ownership of the assets, so users have control over them, whether on the platform or not. Striving for Interoperability Across Platforms Interoperability between various virtual platforms is certainly one of the biggest challenges if not THE biggest challenge to building the metaverse economy. Blockchain brings a standardized protocol that allows for nonstop interaction and asset transfer between several metaverse ecosystems. The key to an Open Metaverse is through blockchain, which enables users to freely move their assets (NFTs or crypto) across platforms breaking down silos to create an entirely interconnected metaverse. But the process also involves cryptocurrencies powered by blockchain. Essentially they are the medium through which the metaverse economy conducts itself, and file users can transact seamlessly, frontiers cross and between borders and platforms. There are already projects like Decentraland and The Sandbox which have already shown how blockchain can enable decentralized economies in the virtual world. Securing Digital Identities For the metaverse to be successful there needs to be robust systems in place for verifying and managing identities. Self-sovereign identities are one of the many factors that make blockchain an excellent solution for trust and identity on the blockchain. According to the blockchain, the power lies not in the big players to maintain personal information but rather give the users a chance to create decentralized but safe, private and portable identities. This functionality is vital to the metaverse, where digital identities will establish entry points to the virtual world and its asset economy and enable social interaction. With blockchain, these identities are protected, and users can meet in the metaverse without compromising on privacy or security. Driving Decentralized Governance Also, Blockchain is a decentralized nature that allows for community driven governance in the metaverse. They were powered by the blockchain decentralized autonomous organizations (DAO), in which the users can participate in the decision-making processes regarding the development and management of the metaverse platforms. S,o the virtual world is not controlled by the hand of any singular entity, a principle of decentralization and empowering users, which this democratic approach preserves. Platforms like Axie Infinity have also adopted DAO models to enable gameplay makers and their communities to cast votes on key decisions regarding game development based on preference or tokenomics. Governing such a metaverse economy requires such governance structures to instill trust and build trust among all metaverse participants. Challenges and the Road Ahead However, blockchain metaverse integration is also constrained by its challenges. However, scalability remains a challenge, as real world transactions cannot be processed by current blockchain networks at widely scalable rates. At the same time the user education, and acceptance of blockchain technology is even more important to get everyone to play in the metaverse economy. Yet, the development of blockchain is progressing, and layer 2s and cross chain interoperability are perhaps the leading advancements towards a more scalable and efficient metaverse infrastructure. Blockchain will become a more important part in the metaverse economy, as these technologies develop. Final Thoughts If there is one thing people agree about, it’s that Blockchain is an important basis for the emerging metaverse economy. As an integral part of this digital revolution, it provides secure transactions, asset ownership, and decentralized governance because its abilities can’t be ignored. With the metaverse flourishing in its glory, blockchain has become an essential part of this new frontier to make things transparent, transparent, and inclusive for everyone. Visit Blockchain News to stay updated on the latest developments in blockchain technology and its impact on the metaverse. Related Items: AR , Blockchain Share Tweet Share Share Email Recommended for you Don’t Miss Out: Qubetics’ Innovation, Cardano’s Ecosystem Growth, and Monero Could Be the Hottest Crypto Investments in 2025 Polygon’s $10 Target and VeChain’s Sustainability Shine, But Don’t Miss 10% Weekly Hikes in This Best Crypto for Exponential Returns Blockchain Meets AI: Transforming Data Security and Transparency CommentsATLANTA — Already reeling from their November defeats, Democrats now are grappling with President Joe Biden’s pardoning of his son for federal crimes, with some calling the move misguided and unwise after the party spent years slamming Donald Trump as a threat to democracy who disregarded the law. The president pardoned Hunter Biden late Sunday evening, reversing his previous pledges with a grant of clemency that covers more than a decade of any federal crimes his son might have committed. The 82-year-old president said in a statement that his son’s prosecution on charges of tax evasion and falsifying a federal weapons purchase form were politically motivated. “He believes in the justice system, but he also believes that politics infected the process and led to a miscarriage of justice,” said White House press secretary Karine Jean-Pierre, who along with Biden and other White House officials insisted for months that Hunter Biden would not get a pardon . That explanation did not satisfy some Democrats, angry that Biden’s reversal could make it harder to take on Trump , who has argued that multiple indictments and one conviction against him were a matter of Biden and Democrats turning the justice system against him. “This is a bad precedent that could be abused by later Presidents and will sadly tarnish his reputation,” Colorado Gov. Jared Polis wrote of Biden on the social media platform X. “When you become President, your role is Pater familias of the nation,” the governor continued, a reference to the president invoking fatherhood in explaining his decision. “Hunter brought the legal trouble he faced on himself, and one can sympathize with his struggles while also acknowledging that no one is above the law, not a President and not a President’s son.” Rep. Greg Stanton, D-Ariz., said on X: “This wasn’t a politically motivated prosecution. Hunter committed felonies and was convicted by a jury of his peers.” Colorado Sen. Michael Bennet said Biden “put personal interest ahead of duty” with a decision that “further erodes Americans’ faith that the justice system is fair and equal for all.” Michigan Sen. Gary Peters said the pardon was “an improper use of power” that erodes faith in government and “emboldens others to bend justice to suit their interests.” Sen. Peter Welch, D-Vt., called the pardon “understandable” if viewed only as the “action of a loving father.” But Biden’s status as “our nation’s Chief Executive,” the senator said, rendered the move “unwise.” Certainly, the president has Democratic defenders who note Trump’s use of presidential power to pardon a slew of his convicted aides, associates and friends, several for activities tied to Trump’s campaign and first administration. “Trump pardoned Roger Stone, Steve Bannon, Michael Flynn and Paul Manafort, as well as his son-in-law’s father, Charles Kushner — who he just appointed US ambassador to France,” wrote prominent Democratic fundraiser Jon Cooper on X. Democratic National Committee Chairman Jaime Harrison said there “is no standard for Donald Trump, and the highest standard for Democrats and Joe Biden.” Harrison pointed to Trump’s apparent plans to oust FBI Director Christopher Wray and replace him with loyalist Kash Patel and suggested the GOP’s pursuit of Hunter Biden would not have ended without clemency. “Most people will see that Joe Biden did what was right,” Harrison said. First lady Jill Biden said Monday from the White House, “Of course I support the pardon of my son.” Democrats already are facing the prospects of a Republican trifecta in Washington, with voters returning Trump to the White House and giving the GOP control of the House and Senate. Part of their argument against Trump and Republican leaders is expected to be that the president-elect is violating norms with his talk of taking retribution against his enemies. Before beating Vice President Kamala Harris, Trump faced his own legal troubles, including two cases that stemmed from his efforts to overturn his defeat to Joe Biden in the 2020 presidential election. Those cases, including Trump’s sentencing after being convicted on New York state business fraud charges, have either been dismissed or indefinitely delayed since Trump’s victory on Nov. 5, forcing Democrats to recalibrate their approach to the president-elect. In June, President Biden firmly ruled out a pardon or commutation for his son, telling reporters as his son faced trial in the Delaware gun case: “I abide by the jury decision. I will do that and I will not pardon him.” As recently as Nov. 8, days after Trump’s victory, Jean-Pierre ruled out a pardon or clemency for the younger Biden, saying: “We’ve been asked that question multiple times. Our answer stands, which is no.” The president’s about-face came weeks before Hunter Biden was set to receive his punishment after his trial conviction in the gun case and guilty plea on tax charges. It capped a long-running legal saga for the younger Biden, who disclosed he was under federal investigation in December 2020 — a month after his father’s 2020 victory. The sweeping pardon covers not just the gun and tax offenses against the younger Biden, but also any other “offenses against the United States which he has committed or may have committed or taken part in during the period from January 1, 2014, through December 1, 2024.” Hunter Biden was convicted in June in Delaware federal court of three felonies for purchasing a gun in 2018 when , prosecutors said, he lied on a federal form by claiming he was not illegally using or addicted to drugs. He had been set to stand trial in September in a California case accusing him of failing to pay at least $1.4 million in taxes. But he agreed to plead guilty to misdemeanor and felony charges in a surprise move hours after jury selection was set to begin. In his statement Sunday, the president argued that such offenses typically are not prosecuted with the same vigor as was directed against Hunter Biden. “The charges in his cases came about only after several of my political opponents in Congress instigated them to attack me and oppose my election,” Biden said in his statement. “No reasonable person who looks at the facts of Hunter’s cases can reach any other conclusion than Hunter was singled out only because he is my son. ... I hope Americans will understand why a father and a President would come to this decision.”
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Bitcoin’s soaring value has caught the attention of high-end fashion brands and retailers, prompting further interest in offering cryptocurrencies as a means of payment to tap in to fresh pockets of wealth and build loyalty with crypto investors. Until recently, only a handful of luxury brands including LVMH LVMH.PA watch labels Hublot and Tag Heuer as well as Kering-owned PRTP.PA fashion brands Gucci and Balenciaga have experimented with crypto payment offers. In recent weeks, upscale French luxury department store Printemps announced it was teaming up with the world's largest crypto exchange, Binance and French financial tech company Lyzi to accept cryptocurrencies including bitcoin and ethereum in its stores in France — becoming the first European department store to do so. The move, coming as bitcoin rises, has been noticed by other brands and retailers who are showing interest in joining in. "There have been quite a few calls — it's generated interest," said David Princay, president of Binance France, who said the company is in talks with other luxury labels. Luxury lighter and pen maker S.T. Dupont told Reuters it aims to accept cryptocurrency payments in two Paris stores before the holidays. Earn rewards on your spending: Best credit cards for shopping In the realm of experiences, cruise company Virgin Voyages began this month offering its first product accepting bitcoin as a payment option — a $120,000 annual pass for up to a year of sailing on its cruise ships. Regulators have long warned that cryptocurrencies like bitcoin are high-risk assets, with limited uses in the real world. High volatility has been another barrier to wide adoption as a means of payment. But pledges of support from U.S. President-elect Donald Trump, who is expected to bring in more friendly e-currency regulation, have fueled record-breaking rises for bitcoin. S&P analysts say the narrative is starting to shift, noting that blockchain innovation in financial markets could increase predictability for cryptocurrencies. Seeking innovative branding Luxury labels have long sought to cater to affluent shoppers from the tech industry by opening stores in upscale Silicon Valley malls and issuing products like the Hermes HRMS.PA Apple Watch, for example, which combines signature, stitched leather straps of the French Birkin bag maker with tech giant Apple’s AAPL.O connected timepiece. Now, new wealth generated by bitcoin's recent highs — topping $107,000 on Monday — comes as the luxury industry faces its biggest slump in years and searches for new sources of growth. Offering cryptocurrency payments can be a way for companies to brand themselves as innovative rather than “a stuffy old brand that's only selling to the boomers,” said Andrew O’Neill, digital assets lead analyst at S&P Global Ratings. The payment option remains largely symbolic. Retailers usually reconvert the funds to euros or dollars to offset risks of volatility, while for most shoppers, payment methods are seen overall as “something that’s been solved” already by such transaction platforms as PayPal PYPL.O or Venmo, said O'Neill. But for bitcoin investors who have seen a strong rise in the value of their investment, luxury goods — a designer handbag or high-end watch — are an obvious choice for diversifying one's portfolio, analysts say. In a sign of growing interest from designer labels, Balenciaga recently issued a leather card holder designed to hold “Stax” hardware from crypto wallet company Ledger. The black leather accessory, which retails for 350 euros ($368), includes a keychain and Eiffel Tower charm and an NFC chip fitted underneath the brand logo. Ledger’s Stax Crypto hardware, its recently developed higher-end hardware with a curved touch screen, sells for $399 at Best Buy BBY.N. The company’s “Flex” hardware, which resembles a mini Amazon Kindle, sells for $249 while the “Nano” version, which looks like a USB key, sells for $79. Reaching younger clientele Gregory Boutte, chief client and digital officer for luxury conglomerate Kering, has described the group’s strategy when it comes to technology as “test and learn” rather than “wait and see." He emphasized the embrace of new technologies as key to reaching younger and Asian clientele. Kering’s star label, Gucci, has since 2022 made purchases available through 10 cryptocurrencies for most of its products in the United States. Printemps is working to expand its crypto payments service to New York City, where it plans to open a multibrand retailer in the Wall Street district in March. Bitcoin's rise in late 2021 prompted an initial flurry of interest from luxury brands with Tag Heuer, headed at the time by LVMH luxury scion Frederic Arnault, as well as Gucci, accepting payments in cryptocurrency the following year for some purchases in the United States. One crypto advocate who recently used digital assets to make luxury purchases is Eunice Wong, an investor and influencer known as "Eunicorn." Wong said she used cryptocurrency to buy several high-end watches this year including an Audemars Piguet Royal Oak model. But she is not interested in being drawn in by high end brands seeking to build a closer client relationship, preferring to bypass traditional retail stores and sales routines. That takes too much time, in her view. “If I will buy, I'll buy on the secondary market, not through them,” she told Reuters. “I want it now.” Reporting by Mimosa Spencer in Paris; Editing by Matthew Lewis