Monthly Archives: May 2023

Dr. Paul Nolette named director of Les Aspin Center for Government … – Marquette Today

Posted: May 18, 2023 at 12:59 am

Dr. Paul Nolette, associate professor and chair of political science at Marquette, has been named the next director of the universitys Les Aspin Center for Government. Nolette, who joined the Political Science Department in the Klingler College of Arts and Sciences in 2011, will begin in his new role on June 1.

A nationally sought-after expert on state attorneys general and contemporary American politics, Nolette will lead the center, which provides academic and internship programming focused on the public policy making process through offerings in Washington, D.C., and Milwaukee.

The Les Aspin Center for Government is one of Marquettes premier and most unique academic programs, and Dr. Nolette is well positioned to continue its strong legacy and move it forward in new ways for the betterment of the students it serves, Provost Kimo Ah Yun said.

Dr. Nolette is a distinguished teacher-scholar with a national reputation for his expertise on state attorneys general, and his rapport with and commitment to students is outstanding, said Dr. Heidi Bostic, dean of the Klingler College of Arts and Sciences. A proven leader through his work as chair of the Department of Political Science, Dr. Nolette also has experience in Washington, D.C., and has established a strong relationship with many of our wonderful alumni and donors. He is an outstanding leader for the Aspin Center for Government as we look forward to the centers future flourishing in service to our students and Marquettes mission.

I am excited for this opportunity to serve as the director of the Les Aspin Center for Government, Nolette said. The Aspin Center has been life-changing for students interested in public policy and public service, and I am eager to explore new opportunities for research, internships, and academic programming that build upon the centers strengths. I look forward to working with college and university leaders, students and faculty, and our over 3,000 Aspin Center alumni on plans to provide an outstanding study away experience in our nations capital for the next generation of Aspin students.

About Dr. Paul Nolette (full bio online)

Nolettes teaching and research interests focus on the dynamics of contemporary American federalism, courts and public policy, and the interplay between politics and law. His book, Federalism on Trial: State Attorneys General and National Policymaking in Contemporary America (University Press of Kansas, 2015), examines how state litigators have used lawsuits against large corporations and the federal government to influence national policy. Nolettes research on the politics of state attorneys general has also appeared in Publius: The Journal of Federalism, Law and Social Inquiry, and Polity. He also has worked with the National Association of Attorneys General, the nonpartisan national organization for these state officials, on a variety of research projects.

Nolettes work on state attorneys general has been featured in numerous national media outlets,including National Public Radio, the New York Times, CBS Evening News, the Wall StreetJournal, the Washington Post, Los Angeles Times, the National Law Journal, the Boston Globe,Governing Magazine, BBC World Service, Politico, Law360, Time Magazine, and U.S. News &World Report and others. He is also a frequent guest on local media to discuss political developments in Wisconsin and nationally, including WDJT-TV (CBS 58), WTMJ-TV (NBC 4), WITI-TV (FOX 6), WISN-TV (ABC 12), WTMJ Radio, Wisconsin Public Radio, Wisconsin State Journal and others.

Nolette completed his Ph.D. in political science at Boston College prior to joining the Marquette faculty in fall 2011. He also received a law degree from the Georgetown University Law Center in 2004 and a Bachelor of Arts from Saint Anselm College in 2001. After law school, Nolette worked in a litigation law firm and later served as the legal counsel for the Labor and Workforce Development Committee in the Massachusetts House of Representatives.

About the Les Aspin Center for Government

The Les Aspin Center for Government provides academic and internship programming focused on the public policy making process. With offerings in Washington, D.C., and Milwaukee, the Les Aspin Center integrates theoretical and experiential approaches to generating knowledge and provides its students, faculty, and staff with the opportunity to contribute to ethical, substantive and innovative policy making work locally, domestically and internationally.

Over the past 35 years, more than 3,000 Les Aspin Center students have interned at nearly 100 congressional offices, the State Department, the Food and Drug Administration, the U.S. Secret Service, the White House, the Department of Defense, the Federal Communications Commission, nonprofit organizations, private firms, and offices for Wisconsin-based corporations.

At any given time, there are approximately 50 Les Aspin Center alumni working as professional staff members in Congress. Alumni also have tremendous opportunities to work at other levels of government throughout the country and world.

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Sen. Cramer Welcomes ND Witnesses, Discusses Water … – Kevin Cramer

Posted: at 12:59 am

***Click here for photos.***

WASHINGTON U.S. Senator Kevin Cramer (R-ND), Ranking Member of the Environment and Public Works (EPW) Subcommittee on Transportation and Infrastructure, held a hearing on the authorities available to the U.S. Army Corps of Engineers (Corps) for addressing water management issues.

He invited and introduced Ms. Jennifer Verleger, Chair of the Western States Water Council and North Dakota assistant attorney general, and Dr. Andrea Travnicek, Director of the North Dakota Department of Water Resources, to serve as witnesses. Both are knowledgeable about water resource management and Corps operationsin the state.

OPENING STATEMENT

***Click here to download video. Click here for audio.***

In his opening remarks, Senator Cramer covered cooperative federalism and states rights regarding water management, wins in the 2020 and2022 Water Resources and Development Act (WRDA), including the Western Water Cooperative Committee,and the Corps management of the Snake Creek Embankment. A transcript may be found here.

WITNESS QUESTIONING

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Senator Cramer first discussed the Corps onerous proposed Water Supply Rule, which, before its withdrawal in 2020, threatened to significantly limit states abilities to develop and administer their water resources.

Dig down on the legal objections to the [Water] Supply Rule in the first place, because history is instructive, said Senator Cramer. [Could you] give a little legal analysis as to why it was so objectionable?

By the Corps trying to usurp control over all of that water, that takes away the states ability to allocate the water in accordance with their state laws. Every state allocates their laws or their water somewhat differently, but generally, we all use the prior appropriation system in the West, responded Ms. Verleger. There are already mechanisms set up in place to allocate water between users, especially in times of shortage, and when the Corps comes in and tries to take control over the whole sink, that takes away the states ability to do any sort of regulation and that is contrary to state law and the Constitution.

Senator Cramer asked about therole and future impacts of the Western Water Cooperative Committee, which he and his colleagues established in the 2022 WRDA.

The Corps wasn't crazy about [the creation of the Western Water Cooperative Committee]. Their sense was, we can work with attorney generals, and we can work with governors in individual states. Tell me how you see the new committee working and why it might work better in getting better cooperation with the Corps, said Senator Cramer.

There's one person appointed by the governor and one person appointed by the Attorney General from each of the states, and those are supposed to be people who actually have technical expertise. These aren't meant to be political appointments, but people who are actually going to be able to dig down into the weeds with the Corps of Engineers, staffers, and discuss the problems and try to find solutions, said Ms. Verleger. They are required to report to Congress every year after we have the meeting. I expect it to be focused a lot on water supply issues, but I think we can broaden out from that and see where there's conflict.

He then questioned Dr. Travnicek about the Snake Creek Embankment, a project with which she has been highly engaged. She previously contacted Senator Cramer and North Dakota Governor Doug Burgum for access to corresponding economic data included in the Corps' draft Environmental Assessment (EA).

Thanks for your work on the Snake Creek Embankment, said Senator Cramer. [Could you] dig down on what an EA should include in terms of information?

We had requested seeing the data associated with the economic analysis and what that looked like, responded Dr. Travnicek. My team was able to dive in working with Garrison Diversion Conservancy District as well. We feel if there was an opportunity to make sure we're looking at this from a multiple purpose perspective, versus just [the Corps] dam safety, loss of life perspective, we would be above that 1.0 needed for the benefit-cost ratio to move forward with a structural fix versus an operational fix.

Finally, Senator Cramer reiterated the importance of preserving cooperative federalism as it relates to water management in western statesand ended on a note of optimism,highlighting the role of the Western Water Cooperative Committee moving forward.

This is where hope lies in my view: the Western Water Cooperative Committee, said Senator Cramer. The West together, while we aren't identical, we have similar concerns. That's why we created this committee that will answer to the Court and then to Congress. We will be able to be kept up-to-date on how they're responding, so we can hopefully make it crystal clear they're either meeting or not meeting [needs].

He posed a question to the two witnesses regarding whether they are hopeful about the Corps leadership. They confirmed they are.

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Utilities, Transmission, and the Grid: An Interview with Ari Peskoe – Brown Political Review

Posted: at 12:59 am

Ari Peskoe currently serves as the Director of the Electricity Law Initiative at the Harvard Law School Environmental and Energy Law Program. His work has primarily engaged with questions pertaining to electricity regulation at the federal and state levels. Peskoe has also litigated before the Federal Energy Regulatory Commission on landmark issues in electricity regulation such as the Western Energy Crisis.

Charlie Adams: In your paper, Is the Utility Transmission Syndicate Forever? you describe the unsavory extent to which investor-owned utilities wield monopolistic and anticompetitive power. How did we get to this point?

Ari Peskoe: Well, electric utilities are monopolists, and they were granted monopoly privileges by states about 100 years ago. When states allowed these monopolies, they were primarily concerned about local consumers access to reliable and affordable electricity. The monopoly model was designed to electrify America. You can think of it as a financing model that matches the private interests of utilities in terms of profiting from providing service with the public interests of reliable and expanding electricity. State regulators set rates that reimburse utilities for the costs of providing service and provide a profit margin on their infrastructure investments. This model de-risks investments and incentivizes the utility to build more infrastructure. As the physical electricity system expanded in the first half of the 20th century, it made sense for electric utility companies to connect to each other to provide more efficient and reliable service to consumers. But, the effect of those connections was the regionalization of companies dominance and control over the industry because you had local monopolists linking up with each other and controlling the operations and expansion of this essential infrastructure. This model might have made sense when investor-owned electric utilities were the primary players in the industry, but today, through a series of reforms by state governments and the federal government, we now have competition for the sale of power and the development of power plants and transmission infrastructure. These local monopolists can act anti-competitively in ways that harm consumers particularly, when we have companies that, if given a fair chance, can provide service that is just as reliable and is cheaper and cleaner for consumers.

CA: What role does federalism have in preventing or enabling progress on transmission?

AP: Right now, permitting transmission is done at a state-by-state level. There are some exceptions. For example, when the federal government owns land that your project is going to traverse, you need federal permission. So, transmission is already built around federalism because, for large-scale projects, the Federal Energy Regulatory Commission (FERC) regulates rates and planning processes that determine how utility rates are spent on transmission, but ultimately developers need state permission. So the question is, whats the right role for the states in these federally regulated processes?

FERC has put out a proposal that would give state regulators a greater role in the process of selecting projects and figuring out how those projects are going to be paid for. The idea is if you involve states earlier in the process, it will basically ensure that those projects are later permitted when they go before state permitting authorities. I think that the short history of the successful regional transmission development processes shows that states can play important roles in facilitating the development of major projects. At the same time, when we have large-scale projects with a clear national interest, such as those designed to move renewable energy across state lines from where it can be produced cheaply to where theres a higher energy demand, theres a good argument that maybe the federal government should be the only permitting authority. So, I dont think anyone has figured out what the optimal role is here for state regulators and for the federal government, but I think what is clear is that its very hard to change federal law in this area.

CA: If you were to design a new electric grid and regulatory scheme, taking influences from other countries, states, or existing elements in our system, what differences would you prioritize? What did we get right the first time?

AP: One of the differences between the United States and other parts of the world is disparate ownership. In the United States, there used to be hundreds of privately owned utilities that have since consolidated into what really amounts to a few dozen. We also have public power entities in which municipalities own their local utilities, and then there are rural cooperatives. In many other parts of the world, electricity was a government provided service controlled by the central government. Many countries have since liberalized through various free-market reforms and sold off the assets to various different types of companies. But our disparate ownership makes large-scale transmission development challenging because entities naturally look out for their own interests, and large-scale development may harm the parochial interests of utilities that still own power plants, which is the case in 35 states, for whom the transmission may harm their local generation monopolies.

If I were going to design something new but accept the fact that we have this diverse ownership mix, I think there has to be somebody with real authority at either the regional or the federal level to plan projects that meet 21st century clean energy and reliability challenges; there has to be somebody to figure out whos going to pay for those projects; and there has to be somebody to permit their construction. All three of those things must happen without having to worry about the political influence of the incumbent utilitiesthats really the key. Also, right now we dont have clean energy goals in this country. A lot of states have clean energy goals, but Congress has never enacted similar goals for carbon dioxide or renewable energy. So, I think my solution would be having a national goal to match the evolving energy mix, and creating new institutions at the regional or national level to develop transmission.

CA: Are you optimistic about FERCs appetite and ability to institute these reforms that might create something that looks closer than what youre imagining?

AP: What Id like to see FERC do is regulate utilities. A lot of the issues involving Regional Transmission Organizations (RTOs) grab most of the attention these days, but FERC has pretty expansive authority, as do state utility commissions, to investigate utility practices and ensure that rates are just and reasonable. This is a pretty broad standard. One of the reasons that I think utilities are not investing enough in large-scale regional projects is because its easier and faster for them to make money by rebuilding last centurys transmission system. Theres just a lot less oversight over small scale projects as compared to large-scale projectsthat limited oversight is both on the state permitting side and on the FERC-regulated side of things. Its just so much simpler for utilities to wreck and rebuild an existing line, and they can often justify doing so because a lot of the existing infrastructure across the country is very old and theres just no oversight over these decisions. Thats simply not how you regulate a utility: by just trusting their judgment, not reviewing their rates, and then not requiring a permit for their projects.

Theres an open proceeding right now at FERC overseeing more of these local projects, and Ive had the theory that if local projects were scrutinized in a way that utility projects have traditionally been scrutinized, then maybe that would remove this attractive nuisance of rebuilding last centurys grid and induce more development at the regional and interregional levels. So Im hopeful that FERC will take that issue seriously. Im also hopeful that FERC can push utilities to do more to consider all the benefits of larger scale transmission development. I think in some regions of the country, theres momentum for doing more on large-scale transmission development. In New England, states have been calling for more. In the middle of the country, in a region called the Midcontinent Independent System Operator (MISO), theres been some real progress on building large-scale transmission. A new FERC rule that requires utilities to consider the full range of benefits transmission offers to consumers can have some really positive effects in some parts of the country.

*This interview has been edited for length and clarity.

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Six months after elections, provincial governments are still incomplete – The Kathmandu Post

Posted: at 12:59 am

Six months following the last major polls, the provincial governments are yet to get a full shape.

In Lumbini, two ministers without portfolios have yet to be assigned ministries. Chief Minister Dilli Chaudhary of Nepali Congress has been trying to complete the government but to no avail. The Congress is yet to finalise its ministerial nominees, resulting in the delay.

On Monday, Chief Minister of Sudurpaschim Province Kamal Bahadur Shah flew to Kathmandu seeking the help of top leaders from parties including his Nepali Congress in expanding the provincial government. A week ago too, he was in the national capital to meet Prime Minister Pushpa Kamal Dahal and Congress chief Sher Bahadur Deuba. Four ministries are yet to be appointed in Sudurpaschim, even as the Maoist Centre has claimed three, Nagarik Unmukti Party two, and the Congress one ministry.

In Madhesh, the ruling partners see chances of forming a provincial government under a new leadership. Three coalition partnersthe Congress, the CPN (Unified Socialist) and the Loktantrik Samajbadi Partyare yet to join the government led by Chief Minister Saroj Kumar Yadav of Janata Samajbadi. Nonetheless, everyone is eying the chief ministerial position, further complicating government expansion.

The Bagmati government has only six of the 11 ministers. Chief Minister Shalikram Jammakattel has taken charge of three ministries. The provincial government remains incomplete due to the claim of the Congress to four more ministries and of the Unified Socialist to two.

The federal government is unveiling its policies and programmes on Friday. The budget for the new fiscal year will also be unveiled shortly. Nepals provincial politics is affected by the change of power equation at the centre. Provincial administrations that were destabilised by the break-down of the Maoist-UML alliance are yet to stabilise. Its been around three months since the Congress joined the coalition and the UML quit the Cabinet in Kathmandu.

Such a delay and inefficiency of provincial leaders to form governments on their own has weakened the federal system as all tiers of government should be autonomous and well-governed, say observers.

It is already too late. The focus should have been on making proper plans and policies, on improving revenue collection and budget spending, all of which the provincial governments have failed to do, said Krishna Prasad Sapkota, a local governance expert. Yet, the sole focus of our political parties continues to be making and breaking governments.

In the meantime, the provincial assemblies have not been getting business as the parties continue wrangling for power. Crucial tasks, such as budget implementation, remain unfinished.

Experts say the failure of provincial structures invites questions and suspicions over federalism, which would be in jeopardy if the provinces cannot function effectively.

According to Rudra Sharma, an expert on federalism, Nepal has to allow the provinces to perform effectively by amending and formulating laws in order to devolve power. The federal set-up outlined in the constitution is only skeletal, and for the federal structure to be successful, laws such as Civil Law should be enacted besides other legal amendments, said Sharma. Federalism and its implementation so far should deserve a thorough review.

The Gandaki and Karnali governments have taken full shape. Gandaki got all the ministers last Friday after Chief Minister Surendra Raj Pandey inducted four new onesthree from the Congress and one from the Maoist Centre.

In Karnali, the provincial government too took full shape after four ministers assumed offices last month. Three ministers from the Congress joined the provincial government, and one state minister from the Maoist Centre was promoted to minister.

There is a tie in Koshi between the UML-Rastriya Prajatantra Party alliance and the ruling alliance, at 46 assembly members each. The UML has 40 provincial lawmakers, Rastriya Prajatantra Party six, Nepali Congress 29, Maoist Centre 13, and Unified Socialist four. This has made the new government formation trickier.

Observers say provincial governments have been treated like satellites of the central government.

This is happening because of our election system. Like local governments, the provincial governments should also be elected for a fixed term of five years to prevent frequent government changes, said Sapkota, a local governance expert. If that happens, the disturbance and change at the centre will not impact provincial governments.

Coalition leaders agree that it is already too late to make provincial governments complete. Yet they are failing to seal power-sharing deals.

Keshav Jha, a Loktantrik Samajbadi Party leader, said the provincial governments should be given full shape at the earliest to keep the ruling coalition strong. More delays will lead to a serious problem, he said, expressing fears that the next year might likewise be spent discussing power-sharing.

The delays in appointing provincial ministers will have a direct impact on budget implementation and delivery.

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Six months after elections, provincial governments are still incomplete - The Kathmandu Post

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Bitcoin self-custody advocate explains why on-ramps are key to adoption – Cointelegraph

Posted: at 12:59 am

Software developer Jameson Lopp believes improving usability and the user experience of Bitcoin (BTC) self-custody solutions and making more avenues to acquire BTC will be key in the further adoption of the preeminent cryptocurrency.

The co-founder of Casahodl, whos aprominent figure in the Bitcoin and cryptocurrency space, spoke of the challenges in building self-custody solutions in an exclusive interview with Cointelegraph journalist Joseph Hall ahead of Miami Bitcoin Week.

Related: The Bitcoin transition: How hodlers can become changemakers and drive adoption

Lopp has a wealth of experience as a developer building a range of services and products in the cryptocurrency space but has largely been focused on the self-custody of digital assets in recent years. Casahodl offers a range of BTC self-custody solutions and is set to provide Ethereum support in 2023:

Lopp speculated that users typically buy an entry-level amount of Bitcoin on an exchange and leave their holdings in the respective wallet. He questioned whether some users are even aware that they can actually manage their own BTC holdings in a self-custodial wallet:

Nevertheless, Lopp added that cryptocurrency custodian service providers like exchanges offer a level of convenience and usability through web applications that is more user-friendly to industry newcomers.There is a relatively low barrier to entry, with the only friction point being Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements that many web users are becoming accustomed to.

Lopp added that the industry needs to create more on-ramps for people to acquire Bitcoin and drive economic activity with the cryptocurrency.He used the decentralized social media platform Nostr as an example of an ecosystem that has integrated the Bitcoin layer-2 Lightning Network protocol as a means to drive the use of BTC:

In countries like the United Kingdom, Bitcoin proponents and a range of industry leaders established a policy groupto foster education, investment, business and job creation for the ecosystem in April 2023.

Meanwhile, layer-2 infrastructure providers like Lightning have seen organic growth over the last year, with a steady increase in the amount of BTC locked up in Lightning channels.

Magazine: Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it?

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Litecoin, XRP and Other Altcoins Rise Wednesday as Blue Chip’ Bitcoin Hits a Lull – NBC Southern California

Posted: at 12:59 am

L.L. Bean has just added a third shift at its factory in Brunswick, Maine, in an attempt to keep up with demand for its iconic boot.

Orders have quadrupled in the past few years as the boots have become more popular among a younger, more urban crowd.

The company says it saw the trend coming and tried to prepare, but orders outpaced projections. They expect to sell 450,000 pairs of boots in 2014.

People hoping to have the boots in time for Christmas are likely going to be disappointed. The bootsare back ordered through February and even March.

"I've been told it's a good problem to have but I"m disappointed that customers not gettingwhat they want as quickly as they want," said Senior Manufacturing Manager Royce Haines.

Customers like, Mary Clifford, tried to order boots on line, but they were back ordered until January.

"I was very surprised this is what they are known for and at Christmas time you can't get them when you need them," said Clifford.

People who do have boots are trying to capitalize on the shortage and are selling them on Ebay at a much higher cost.

L.L. Bean says it has hired dozens of new boot makers, but it takes up to six months to train someone to make a boot.

The company has also spent a million dollars on new equipment to try and keep pace with demand.

Some customers are having luck at the retail stores. They have a separate inventory, and while sizes are limited, those stores have boots on the shelves.

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Litecoin, XRP and Other Altcoins Rise Wednesday as Blue Chip' Bitcoin Hits a Lull - NBC Southern California

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Exploring the top Bitcoin-friendly countries for cryptocurrency … – Missoulian

Posted: at 12:59 am

Cryptocurrencies, particularly Bitcoin, have gained significant traction in recent years as a decentralized form of digital currency that offers potential for financial freedom and innovation. With growing mainstream acceptance, it becomes crucial for cryptocurrency enthusiasts to explore the top Bitcoin-friendly countries where the legal status of Bitcoin is favorable and opportunities abound. This article will delve into the legal landscape tobuy Bitcoin with a debit cardin five countries that have emerged as havens for cryptocurrency enthusiasts: The United States, Japan, Switzerland, Malta and Singapore.

Country 1: United States

As the world's largest economy and a global financial hub, the United States has played a significant role in the adoption of Bitcoin. In the U.S., the legal status of Bitcoin is determined at the federal level, and it is recognized as property by the Internal Revenue Service (IRS). This means that Bitcoin transactions are subject to capital gains tax, and businesses that accept Bitcoin as payment are required to report it as income.

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However, despite the regulatory framework, the U.S. has witnessed a growing adoption of Bitcoin by businesses and consumers. Many major companies accept Bitcoin as a form of payment. Moreover, several states, such as Wyoming and New York, have enacted favorable regulations to attract Bitcoin-related businesses, making them popular destinations for cryptocurrency enthusiasts.

Country 2: Japan

Japan has a unique history with Bitcoin, having experienced a major cryptocurrency exchange hack in 2014 that led to regulatory reforms. Since then, Japan has become one of the most Bitcoin-friendly countries in the world. In April 2017, Japan recognized Bitcoin as a legal payment method, providing a regulatory framework for cryptocurrency exchanges to operate.

Japan's Financial Services Agency (FSA) has established a licensing system for cryptocurrency exchanges, ensuring compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. This has helped create a robust and regulated cryptocurrency ecosystem in Japan, with several major exchanges operating in the country. Additionally, Japan has witnessed the growing acceptance of Bitcoin among consumers, with many retailers and businesses accepting Bitcoin as payment.

Country 3: Switzerland

Switzerland has gained a reputation as a global hub for blockchain and cryptocurrency businesses thanks to its progressive approach to regulation. The Swiss Financial Market Supervisory Authority (FINMA) classifies cryptocurrencies as assets, and their regulation focuses on anti-money laundering (AML) and securities laws.

Switzerland has also implemented a favorable tax treatment for cryptocurrencies, making it attractive for Bitcoin investors. Bitcoin transactions in Switzerland are exempt from value-added tax (VAT), and capital gains tax is only applicable if Bitcoin is held as a business asset. This has encouraged the growth of a vibrant ecosystem of Bitcoin and blockchain companies in Switzerland, with the city of Zug, also known as "Crypto Valley," becoming a hub for blockchain innovation.

Country 4: Malta

Malta has emerged as a pro-cryptocurrency destination, aiming to become a global hub for blockchain and cryptocurrency businesses. Malta has enacted a comprehensive regulatory framework known as the Virtual Financial Assets (VFA) Act, which provides a regulatory framework for cryptocurrency exchanges, wallet providers and initial coin offerings (ICOs).

The VFA Act establishes a clear legal framework for cryptocurrencies, promoting transparency, investor protection and business innovation. Malta's favorable regulatory environment, along with its efforts to attract cryptocurrency businesses through tax incentives and grants, has led to the establishment of a vibrant cryptocurrency ecosystem in the country. Many major cryptocurrency exchanges have set up operations in Malta.

Country 5: Singapore

Singapore has emerged as a leading financial and technological hub in Asia, and it has also embraced Bitcoin and cryptocurrencies. In Singapore, the regulatory approach towards cryptocurrencies is pro-business and innovation friendly. The Monetary Authority of Singapore (MAS) has implemented a robust licensing regime for cryptocurrency exchanges and wallet providers, known as the Payment Services Act (PSA).

Under the PSA, cryptocurrency exchanges and wallet providers are required to obtain a license to operate in Singapore, ensuring compliance with AML and KYC regulations. Singapore has also implemented a Goods and Services Tax (GST) exemption for cryptocurrencies, making it more attractive for businesses and consumers to use Bitcoin for transactions.

Singapore has witnessed growing adoption of Bitcoin and other cryptocurrencies, with many businesses accepting Bitcoin as payment. The country has also seen the emergence of blockchain and cryptocurrency start-ups, supported by government initiatives to promote innovation in the fintech sector.

Conclusion

As the popularity and acceptance of Bitcoin continue to grow, it becomes crucial for cryptocurrency enthusiasts to be aware of the legal landscape in different countries. Whether it's the business-friendly environment of the U.S., the progressive regulations of Japan, the blockchain innovation in Switzerland, the comprehensive framework in Malta or the fintech hub of Singapore, these countries provide attractive options for cryptocurrency enthusiasts to explore and thrive in the world of Bitcoin.

If you're a cryptocurrency enthusiast looking for Bitcoin-friendly countries to explore, these five countries should be on your radar. From regulatory frameworks to tax treatment to business opportunities, these countries offer favorable environments for Bitcoin adoption and innovation.

Lee Enterprises newsroom and editorial were not involved in the creation of this content.

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The 3 Types of Cryptos That Could Outperform Bitcoin This Year – The Motley Fool

Posted: at 12:58 am

Even with its recent pullback from the $30,000 price level, Bitcoin remains one of the top-performing cryptos of 2023. It is up 65% this year, and it's hard to find any large market-cap coins that can top this.

But savvy investors know it's best not to put all your eggs into one basket. If you are looking to diversify your crypto portfolio, here are three types of digital coins that could outperform Bitcoin this year.

While Ethereum (CRYPTO: ETH) continues to be the dominant Layer 1 blockchain in the crypto world, there are plenty of up-and-comers that hope to dethrone it. Three rivals that stand out are Solana, Aptos, and Fantom. Both Solana and Aptos are up more than 100% this year, and Fantom is not too far behind, at 93%.

Image source: Getty Images.

Judging from their performance, investors are not entirely convinced that Ethereum is going to retain its dominant role in so many key blockchain sectors, ranging from non-fungible tokens (NFTs) to decentralized finance (DeFi). While The Merge helped to improve the speed, efficiency, and scalability of the core Ethereum blockchain, these blockchain rivals are still much faster and cheaper. That has huge implications in areas such as DeFi, where users are looking for near-zero fees and near-instantaneous settlement of transactions.

Of these Ethereum rivals, my personal pick is Solana, which has been out-innovating Ethereum of late. For example, Solana recently launched the first-ever mobile phone for a major blockchain network (the Saga) and has been exploring new initiatives to leverage all the hype and excitement around artificial intelligence, including a new plug-in for ChatGPT. For Solana to outperform Bitcoin, it will need to show that mobile crypto and crypto AI are sustainable, long-term growth catalysts.

If you are looking for a less risky way to outperform Bitcoin, then blockchain scaling solutions for Ethereum could be the answer. Simply stated, these scaling solutions sit on top of the main blockchain and help Ethereum process transactions faster and cheaper.

For that reason, they are referred to as Layer 2 solutions (i.e., they are the second layer on top of the base Ethereum layer). Each scaling solution uses its own form of proprietary technology to accomplish its goals, so it can sometimes be difficult to differentiate among these different solutions.

If you buy into the idea that these Layer 2 coins are essential to the future success of Ethereum, then there are a few key prospects to target, including Immutable, Optimism, and Polygon. The name that's probably most familiar to investors will be Polygon, which has been making waves recently with new NFT initiatives, including a high-profile partnership with Nike to create an entirely new NFT marketplace for digital sneakers.However, if you are craving maximum upside potential, a better pick might be Immutable, which is up a mind-blowing 99% this year.

Lastly, there are a growing number of cryptos that help people stake on Ethereum. Now that Ethereum has transformed from a proof-of-work blockchain into proof of stake, this is tremendously important. Crypto staking is suddenly big business, and investors are always looking for ways to earn the highest staking rewards possible.

The two big names to watch here are Lido DAO, which is up 95% this year, and Rocket Pool, which is up 157% this year.Both emerged from relative obscurity after The Merge due to the popularity of staking, and both now currently rank in the Top 50 cryptos in terms of market capitalization.

The common theme of all three categories of cryptos detailed above is that they somehow involve Ethereum. The first category, for example, includes all those capable of displacing Ethereum one day as the preeminent Layer 1 blockchain. The second category includes all digital currencies helping Ethereum scale bigger and faster. And the third category includes all cryptos that involve staking on Ethereum.

So if the prospect of picking winners and losers in niche areas of the blockchain space seems too daunting, the classic buy-and-hold crypto is Ethereum, which is up a not-too-shabby 52% this year.

But if you're looking for a little extra turbocharging for your portfolio, then my best picks would be Solana and Polygon. I'm long-term bullish on both of them, and I still regard both as best-in-class for their respective blockchain categories.

Dominic Basulto has positions in Bitcoin, Ethereum, and Polygon. The Motley Fool has positions in and recommends Bitcoin, Ethereum, Immutable X, Lido DAO, Polygon, and Solana. The Motley Fool has a disclosure policy.

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Bitcoin briefly falls below $26,000, posts worst week since November – CNBC

Posted: at 12:58 am

Bitcoin is facing a number of headwinds including low liquidity which is contributing to volatility. U.S. regulators are also heavily scrutinizing the crypto industry.

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Bitcoin traded at its lowest level since mid-March on Friday as volatility, driven by low liquidity, continued to hit cryptocurrency markets.

Bitcoin ended the day lower by 2.58% at 26,181.46 after briefly hitting a low of 25,833.34 the lowest level since March 17, according to Coin Metrics. The biggest crypto asset by market cap posted a weekly loss of 11.25%, making it its worst week since Nov. 11.

There are a number of issues facing crypto markets right now including low liquidity, a crackdown on the industry from regulators in the U.S. and macroeconomic worries.

Bitcoin is up around 59% this year but prices have remained volatile, with low liquidity exacerbating moves higher and lower.

ClaraMedalie, director of research atKaiko, said there has been a "notable drop in market depth" for bitcoin.

Market depth refers to a market's ability to absorb relatively large buy and sell orders. When market depth is low, then relatively small orders can cause the price of an asset to move up or down in a substantial way.

And the liquidity situation could be set to get worse after Bloomberg reportedthat Jane Street and Jump Crypto, two of the biggest crypto market makers, will take a step back from crypto trading in the U.S. as the country's regulators continue their crackdown on the nascent industry.

"While it is yet unclear the catalyst for today's sharp drop, the volatility is to be expected given the current state of liquidity, especially after larger market maker Jane Street and Jump Crypto revealed they were winding down their crypto exposure," Medalie said.

Liquidity has been a big issue for crypto markets since the closureof Silvergate and Signature Bank two key platforms that people used to buy into the crypto market.

Scrutiny from U.S. regulators on the digital currency industry has ramped up since the collapse of crypto exchange FTX last year.

The U.S. Securities and Exchange Commission warned American crypto exchange Coinbase in March over potential securities law violations. Coinbase CEO Brian Armstrong said the company is preparing for a years-long court battlewith the SEC.

Meanwhile, the Commodity Futures and Trading Commission alleged in March that crypto exchange Binance violated trading rules.

The crypto industry is in a battle with U.S. regulators, accusing the SEC and the U.S. government of not laying out clear rules.

Meanwhile, the bitcoin network itself has faced congestion in recent days with Binance last week forced to temporarily halt bitcoin withdrawals. Bitcoin transaction fees spiked this week and while they are coming down, they still remain at elevated levels. The original bitcoin network was not designed to handle high-volume transactions.

"Bitcoin's attempts to break through $30,000 have come undone amidst a triple whammy of congestion issues on the blockchain, liquidity constraints caused by the scaling back of top market-makers Jane Street and Jump Crypto, and ever-circling regulators," Antoni Trenchev, co-founder at Nexo, told CNBC via email on Friday.

CNBC's Tanaya Macheel and Gina Francolla contributed to this report.

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Can you recover stolen Bitcoin from crypto scams? – Cointelegraph

Posted: at 12:58 am

The process of recovering stolen Bitcoin (BTC) from cryptocurrency scams is difficult and complex. The prevalence of cryptocurrencies has led to an increase in scams and other fraudulent practices that prey on the gullible. Numerous people have suffered significant financial losses as a result of falling for different crypto scams, such as phishing, rug pulls and hacker attacks.

Although cryptocurrencies like Bitcoins decentralized and pseudonymous structure have some benefits, they also create major obstacles for recovering stolen funds. This article will delve into the various methods and potential avenues for recovering stolen Bitcoin and explore the important factors to consider in the process.

As already noted, there are many different types of decentralized finance (DeFi) scams, including phishing scams,rug pullsand social media scams. To trick and take advantage of gullible people, scammers use strategies such as impersonation, bogus websites and misleading investment possibilities.

These frauds have an enormous effect, leading to monetary losses, compromising personal data and diminishing confidence in the cryptocurrency sector. To avoid being a victim of fraud, it is crucial to be aware of these frauds and comprehend their strategies.

Related:DeFi Scams 101: How to avoid the most common cryptocurrency frauds

Due to the intrinsic properties of blockchain transactions, recovering stolen Bitcoin presents a number of difficulties. These transactions pseudonymity and anonymity make it challenging to track the flow of money and pin down the offenders.

Furthermore, jurisdictional issues and the decentralized nature of blockchain technology make the recovery process more challenging. Additionally, recovering the stolen Bitcoin is extremely difficult due to the technical challenges of locating and identifying stolen money.However, the avenues discussed below may help recover stolen BTC.

Victims of Bitcoin theft can report the occurrence to law enforcement organizations that focus on cybercrime. The likelihood of recovery is increased by collaborating closely with specialized task forces and specific cybercrime teams. Coordination across several jurisdictions is made possible by international collaboration and the presence of legislative frameworks, which speed up the recovery process.

Blockchain analysis is essential for retrieving Bitcoin that has been stolen. These methods and technologies aid in tracing the movement of money, locating addresses connected to the fraud, and spotting erroneous transactions.

Collaborating with cybersecurity companies experienced in blockchain investigation and forensic professionals improves the chances of finding and retrieving the stolen BTC. Untangling the complications of stolen Bitcoin and maybe recovering the funds for victims is made possible by combining technological know-how and investigation techniques.

The recovery of stolen Bitcoin depends heavily on exchanges and service providers. Authorities might start the recovery process by freezing the funds linked to the scam and working with reliable exchanges. To stop unauthorized transactions and improve user protection, exchanges must put more stringent security measures in place, including multi-factor authentication and strong Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.

Cryptocurrency scam victims may pursue compensation through civil litigation. To successfully navigate the legal process, it is crucial to work with legal professionals with experience in situations involving cryptocurrencies. Its crucial to keep in mind that civil action can be difficult and drawn out, and there might be difficulties in identifying and locating the con artists or recovering the stolen funds. Depending on the jurisdiction and applicable legislation, legal remedies may vary.

Related:How to mitigate the security risks associated with crypto payments

Prevention is the key to thwarting cryptocurrency fraud. People and organizations can better defend themselves from falling for such scams by increasing awareness and education about the hazards and typical fraudster tactics. Being a target of cryptocurrency scams can be greatly decreased by putting into use best practices for protecting Bitcoin holdings, such as using hardware wallets, updating software and exercising caution when doing online transactions.

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