Working – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Mon, 11 Aug 2025 17:27:24 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.7 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 Working – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 Files by Google is working on a built-in text file viewer https://earlybirdsinvest.com/files-by-google-is-working-on-a-built-in-text-file-viewer/ https://earlybirdsinvest.com/files-by-google-is-working-on-a-built-in-text-file-viewer/#respond Mon, 11 Aug 2025 17:27:24 +0000 https://earlybirdsinvest.com/files-by-google-is-working-on-a-built-in-text-file-viewer/
Google Files app logo on smartphone with manila folder and colorful background Stock photo 3

Edgar Cervantes / Android Authority

TL;DR

  • Google’s file manager for Android is working on integrating a viewer for text files.
  • Evidence first appeared in Files by Google version 1.8436.793259964.0-release but the tool is not yet active.
  • When available, it should let you view text files and copy data out, but won’t support editing.

Android, as a platform, was never designed to be one-size-fits-all, and that’s a huge part of its appeal. Some users will go their whole lives never thinking twice about their phones’ file system, because they really don’t need to — but for those who do care about where all their data lives, and how it’s organized, we have tons of fantastic file manager apps. Those include Files by Google, and we’re starting off this week by checking out what looks like a new feature in the works for Google’s own solution.

A good developer really knows their user, and we are getting exactly those kind of synergistic vibes from this find. The sort of person who’s likely to be frequently using a file manager on Android may not be a developer themselves, but they’re probably the type of user who feels comfortable navigating the same circles. And that often means dealing with text file documentation.

Rather than the sort of rich text you’re used to from Google Docs or any other full-featured word processor with font size and style options, and all the formatting choices you could ever dream of, plain ASCII text files endure to this day, with their broad compatibility being a big reason why — pretty much every computer ever made will be able to make sense of them.

Looking at the changes in the 1.8436.793259964.0-release build of Files by Google, we’ve identified work on a basic viewer for text files.

While it’s not yet accessible, we were able to get an early look at the tool in action. Functionally, it’s quite limited, but we’re also not sure it really needs to be doing anything more to be useful.

Files will let you open text files and view them directly in the app. You can select text, and copy it to the clipboard… and that’s about it. There’s no search function, and certainly no text-entry or editing tools — this is for viewing text files, and maybe copying some lines out of them. This probably sounds like either nothing in the world to you, or a super-useful addition for quickly checking out stuff like README files. Like we said: The devs here absolutely know who they’re making this for.

It’s not like we couldn’t just open a text file in a dedicated editor app, or you could go with another file manager that already has a text viewer built-in, but we will be plenty happy to see Files by Google getting one, too.

⚠ An APK teardown helps predict features that may arrive on a service in the future based on work-in-progress code. However, it is possible that such predicted features may not make it to a public release.

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Why isn’t the Taproot Transaction Builder (BuildTaproottx using @cmdcode/tapscript) working as expected? https://earlybirdsinvest.com/why-isnt-the-taproot-transaction-builder-buildtaproottx-using-cmdcode-tapscript-working-as-expected/ https://earlybirdsinvest.com/why-isnt-the-taproot-transaction-builder-buildtaproottx-using-cmdcode-tapscript-working-as-expected/#respond Wed, 06 Aug 2025 23:50:26 +0000 https://earlybirdsinvest.com/why-isnt-the-taproot-transaction-builder-buildtaproottx-using-cmdcode-tapscript-working-as-expected/

I wrote the following function to build and sign a Taproot (P2TR) transaction using @cmdcode/tapscript: My intention is to support spending on both key and script paths.

The problem is that it doesn’t work as expected.

Script-Path spending often fails validation (e.g. block error, invalid witness, or failed script execution).

Can someone review my code and point out what’s wrong with my logic or implementation? I especially appreciate the advice on how to fix performance improvements in script path failures and key path cases.

import { Address, Signer, Tap, Tx } from '@cmdcode/tapscript';

protected buildTaprootTx(
  senderKey: { publicKey: Uint8Array; privateKey: Uint8Array },
  utxos: Array<{ txid: string; vout: number; value: number }>,
  recipient: string,
  amountSat: number,
  feeSat: number,
  mode: 'key' | 'script' | 'both',
  scriptLeaves: Array = (),
  opReturnData?: Uint8Array | string,
  changeAddr?: string
): string {
  // ... (full code as in my gist, see link below)
}

Complete code

question:

  • What am I doing wrong, especially when it comes to script path spending?

  • Is there a better way to configure or optimize features for performance and accuracy?

  • If you find any obvious bugs or misconceptions in how you use TapRoot key/Script Path Logic, please point them out.

Code reviews, suggestions, or references to practical examples are highly appreciated. thank you!

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This week’s Crypto Asia: Metaplanet bets on Korea, and Binance is working with India’s FIU https://earlybirdsinvest.com/this-weeks-crypto-asia-metaplanet-bets-on-korea-and-binance-is-working-with-indias-fiu/ https://earlybirdsinvest.com/this-weeks-crypto-asia-metaplanet-bets-on-korea-and-binance-is-working-with-indias-fiu/#respond Sun, 20 Jul 2025 16:57:22 +0000 https://earlybirdsinvest.com/this-weeks-crypto-asia-metaplanet-bets-on-korea-and-binance-is-working-with-indias-fiu/

Recent developments have created complex drawings of Asian cryptography. On the one hand, established companies are doubling their regulated digital assets. Meanwhile, law enforcement is tackling a surge in wrench attacks and criminal misuse of cryptocurrency.

Metaplanet, the Japanese Ministry of Bitcoin Treasury, has gained control of South Korean publicly listed software company SGA. If confirmed, SGA can acquire Bitcoin as part of a broader digital strategy.

According to an article published on July 15, 2025, the company’s CEO Simon Gerovich has joined a consortium with Hong Kong-based Moon, Bangkok’s Cliff Capital, Taipei’s crypto-centric venture capital firm, Solaventure company, Solaventure and Bitcoin-focused investment and advice company.

Although Gerovich is listed as an independent investor, the move is consistent with Metaplanet’s Bitcoin accumulation strategy by converting traditional companies into bitcoin-related entities and using them as a means of Bitcoin exposure in regional capital markets.

Both the SGA Committee and the South Korean Financial Services Committee have approved the issuance of 58 million shares to the consortium, but the final agreement is still pending.

Explore: Best Meme Coins to Invest in July 2025 ICOS

Asian Cryptocurrence is facing security crisis as wrench attacks and bitcoin theft rise

A recent report released by ChainAlysis on July 17, 2025 showed that wrench attacks targeting crypto holders in the APAC region spiked in 2025. Compared to 2021, the worst year before in such cases, the attack has almost doubled, with 35 cases reported so far.

Moreover, these are not siloed events. The APAC region witnessed a wave of wrench attacks and crypto theft, with over $2.17 billion stolen from the Crypto platform in the first half of 2025, beyond 2024.

Retail wallet theft accounted for almost 25% of funds stolen in 2025, and attacked Japan, Indonesia, South Korea and the Philippines the most violently. Criminals specifically target Bitcoin holders when chasing large wallet yields.

The surge in crypto influx has created criminal groups that exploit the anonymous nature and liquidity of asset classes by carrying out lures, house invasions, emergency situations and ransom attacks.

Explore: Top 20 Cryptos to Buy in July 2025

India’s FIU is investigating Binance over cross-border terrorist financing

The Indian Financial Information Unit (FIU) is actively adjusting to identify Indian private wallets, particularly in sensitive areas such as Jammu and Kashmir, where cryptocurrency may be received from Pakistan.

As reported by local publications on July 15, 2025, FIU believes that individuals are using these private wallets as a source of funding to implement illegal activities and terrorist financing in India.

These wallets are not tied to centralized exchanges, and authorities find them difficult to monitor and track.

According to the publication, investigators are investigating the vinanence on this issue as it is the most used exchange in the region for cross-border crypto transactions.

“Binance is working with FIU and we suspect that some of these are linked to terrorist financing as crypto transactions between Pakistan’s J&K (Jammu and Kashmir) and the border regions have increased in recent months.”

This follows an exchange that resumed operations in India after a $2.25 million penalty was settled to restore FIU compliance after the December 2023 suspension.

Explore:12+ Hottest Encryption Presale to Buy Now

VCI Global strengthens Asian crypto with regulated bitcoin investment vehicles

On July 15, 2025, Malaysia-based diversifying holdings company VCI Global acquired another Malaysian company, V Capital Fund Management, to offer Bitcoin investment options to Asian institutions and luxury investors.

The VCIG Bitcoin Fund, launched through Labuan (Federal Territories of Malaysia), offers an internationally recognized offshore financial centre and provides a flexible regulatory environment that knows the benefits of strong money laundering (AML) and customer (KYC) compliance and tax.

The move reflects the industry’s trends for widespread adoption of digital assets by established financial companies, filling traditional funds into digital assets.

With Asia’s regulated crypto investment options still limited, VCIG Bitcoin Fund is looking to improve the crypto infrastructure in the region. The fund aims to increase liquidity, enhance custody solutions and attract participation from a wide array of asset managers in family-owned offices and institutions.

Explore: 20+ next ciphers that will explode in 2025

Key takeout

  • Metaplanet has joined Moon, Cliff Capita, Solaventure and UTXO Management and consortiums to promote Bitcoin accumulation strategies in Asia.

  • In the APAC region, wrench attacks have doubled compared to 2021 figures, with 35 cases reported so far

  • India’s FIU is investigating two-ways regarding moving suspicious cross-border cryptography into private wallets

  • VCI Global launched the VCIG Bitcoin Fund to provide investment options to Asian institutions and high-end investors

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These fully working Mac emulators will waste hours of your day https://earlybirdsinvest.com/these-fully-working-mac-emulators-will-waste-hours-of-your-day/ https://earlybirdsinvest.com/these-fully-working-mac-emulators-will-waste-hours-of-your-day/#respond Tue, 15 Jul 2025 00:33:41 +0000 https://earlybirdsinvest.com/these-fully-working-mac-emulators-will-waste-hours-of-your-day/

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US Lawmakers Working On Senate’s Version Of Crypto Market Structure Bill https://earlybirdsinvest.com/us-lawmakers-working-on-senates-version-of-crypto-market-structure-bill/ https://earlybirdsinvest.com/us-lawmakers-working-on-senates-version-of-crypto-market-structure-bill/#respond Thu, 19 Jun 2025 08:40:17 +0000 https://earlybirdsinvest.com/us-lawmakers-working-on-senates-version-of-crypto-market-structure-bill/

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

As crucial crypto-related legislation advances in the US Congress, lawmakers are evaluating introducing a digital assets market structure bill in the Senate in the coming weeks, which could add “another layer of complexity” to the uncertain surrounding digital assets legislation in the US.

US Senate To Introduce Crypto Market Structure Bill

The US Senate Banking Committee will hold a subcommittee hearing next week on a potential crypto market reform. The hearing, named “Exploring Bipartisan Legislative Frameworks for Digital Asset Market Structure,” is scheduled for Tuesday, June 24, and will be led by Senator Cynthia Lummis.

Journalist and podcast host Eleanor Terret reported that lawmakers are working on principles for the Senate’s version of a crypto market structure bill, which will be the focus of the upcoming hearing.

crypto

Subcommittee hearing scheduled for June 24. Source: Senate Banking Committee

Terret shared that Republican Senator Tim Scott recently told her, “He’s hoping to hold a full committee hearing within the next month,” which would likely follow the release of a discussion draft.

The news follows the uncertainty surrounding the House of Representatives’ version of the crypto market structure legislation. A Tuesday report from Unchained claims that US President Donald Trump’s goal of passing the market structure bill by the August recess is in “serious jeopardy.”

According to the report, a spokesperson for Senator Scott, who is Chair of the Senate Banking Committee, said in an email that a markup session for the Digital Asset Market Clarity (CLARITY) Act of 2025 will not happen until the fall, despite the senator’s plan to hold a hearing session on the legislation in July.

Notably, the bill passed both the House Financial Services and House Agriculture Committees’ markups last week with bipartisan support, advancing to the full House floor vote.

However, negotiations over the language used in the bill have reportedly hit a wall, as bipartisan lawmakers have proposed standard language to address Democrats’ concerns about potential conflicts of interest by the President, Vice President, Congress Members, and their families, which the White House allegedly pushed back.

Terret noted that the introduction of the Senate’s version of the bill would add another layer of complexity as two separate legislative texts would be moving through four different Congressional committees.

Stablecoin Legislation Could Face Challenges

Meanwhile, the Senate passed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in a 68-30 vote on Tuesday afternoon. The bill, now headed to the House, is also expected to face some uncertainty in Congress’s lower chamber.

The bill, introduced by Republican Senator Bill Hagerty in February, aims to develop a framework for stablecoins to fall under the Federal Reserve Rules, establishing a “safe and pro-growth” regulatory framework to advance innovation.

According to Terret, the bill faces multiple challenges, including having to reconcile with the House’s version of the bill, the STABLE Act, and having some House leaders “pushing to package the stablecoin framework with some version of the CLARITY Act,” as it could allegedly improve the odds of both bills clearing Congress before the August deadline.

Speaking off the record, a House lawmaker told Terret that advancing both bills is a priority, as passing just the GENIUS Act without the market structure bill could slow broader crypto legislation.

“I just don’t buy the idea that passing one builds momentum for the other,” the congress member affirmed. Nonetheless, lawmakers remain optimistic about the odds of both crypto bills passing in the coming months.

crypto, bitcoin, btc, btcusdt

Bitcoin (BTC) trades at $104,419 in the one-week chart. Source: BTCUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

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Don’t panic: Google is still working on splitting Quick Settings, but it’ll be optional https://earlybirdsinvest.com/dont-panic-google-is-still-working-on-splitting-quick-settings-but-itll-be-optional/ https://earlybirdsinvest.com/dont-panic-google-is-still-working-on-splitting-quick-settings-but-itll-be-optional/#respond Wed, 28 May 2025 19:08:39 +0000 https://earlybirdsinvest.com/dont-panic-google-is-still-working-on-splitting-quick-settings-but-itll-be-optional/
Android 16 Beta 3 dual shade hero image

Mishaal Rahman / Android Authority

TL;DR

  • Google is developing a new, optional split design for Android’s Quick Settings and notifications panels, separating them into distinct pages.
  • This “separate” view will require swiping from the top right for Quick Settings and top left for notifications, contrasting with the current “combined” view.
  • While the feature’s release is uncertain, it’s actively being developed and might appear in a future Android 16 quarterly update.

Google is set to roll out a major overhaul to Android’s user interface this year, introducing the company’s new Material 3 Expressive design to the OS. As part of this redesign, Google is revamping Android’s Quick Settings panel to add Material 3 Expressive flair and deliver several functional improvements. The company showcased these Quick Settings changes earlier this month, even inviting users to test them in the Android beta program. However, Google didn’t reveal that its work on the Quick Settings panel isn’t finished, as it plans another significant revamp, possibly slated for an upcoming quarterly release of Android 16.

During The Android Show: I/O Edition, Google showcased the Quick Settings revamp slated for release later this year. This updated Quick Settings panel introduces background blur, resizable tiles, one-click toggles for Bluetooth and Modes, a cleaner tile editor, and a redesigned brightness slider. The revamped panel is live in the Android 16 QPR1 Beta 1 update that Google released last week, but this is only part of the picture. Google is actually quietly working on an entirely different version of the Quick Settings panel: one that’s separated from the notifications panel.

Last year, I uncovered evidence that Google was preparing to separate Android’s notifications and Quick Settings panels. The company’s goal was to divide them into distinct pages, thereby creating more room for both notifications and Quick Settings tiles. This approach mirrors the design many OEMs, such as Samsung, Xiaomi, and OnePlus, currently feature in their Android builds.

When Google announced Material 3 Expressive earlier this month, many assumed the company had abandoned the split panel design because it wasn’t showcased during The Android Show and isn’t present in the Android 16 QPR1 beta. However, we’ve recently found strong evidence suggesting the split panel design is still in active development. More importantly, evidence indicates it will likely be an optional feature.

While digging through the Android 16 QPR1 Beta 1 release, we spotted strings indicating Google plans to add a new “Notifications & Quick Settings” option under Settings > Notifications. This page will allow users to switch the panel design from the current “combined” view to the new “separate” view. Notably, the “combined” view is labeled “classic.”

The “combined” panel, accessed by swiping down anywhere from the top of the screen, merges notifications and Quick Settings into a single interface, as its name implies. Conversely, the new “separate” panel divides notifications from Quick Settings, requiring a swipe down from the top right to open Quick Settings and from the top left to access notifications.

Code

Notifications & Quick Settings
Panels
Separate
Swipe down from the top right to open Quick Settings. Swipe down from the top left to open notifications.
Combined (classic)
Swipe down from the top of your screen to access the classic panel that combines notifications and Quick Settings.

The image below illustrates the anticipated look of the new Notifications & Quick Settings page in Android. Note that neither this page nor the split design itself is currently live in Android 16 QPR1 Beta 1. Furthermore, the animation displayed on this page is a placeholder, as Google has yet to develop a custom version.

Android 16 QPR1 notifications & Quick Settings panel feature

Mishaal Rahman / Android Authority

While the rollout timing for this new split panel design remains unknown, we now know it hasn’t been abandoned. This feature could arrive with the other Material 3 Expressive changes in the Android 16 QPR1 release, or potentially later, such as in Android 16 QPR2.

When it does arrive, its availability across all devices is uncertain. A special footer message, appearing only on foldable devices, notes that the “combined” panel is limited to the outer screen. Although we haven’t seen any indication that this split panel design will be exclusive to foldable phones, this message could suggest that possibility.

Code

Combined (classic) view is limited to the outer screen of your foldable device

Furthermore, it’s unclear whether this split panel design will be enabled by default. We hope it won’t be, considering the negative reaction when Samsung implemented a similar default in One UI 7. We’ll be sure to update you if we learn more about Google’s split panel design.

Got a tip? Talk to us! Email our staff at news@androidauthority.com. You can stay anonymous or get credit for the info, it’s your choice.
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Occidental Petroleum Continues Working Toward Capturing This Potential $5 Trillion Future Market Opportunity https://earlybirdsinvest.com/occidental-petroleum-continues-working-toward-capturing-this-potential-5-trillion-future-market-opportunity/ https://earlybirdsinvest.com/occidental-petroleum-continues-working-toward-capturing-this-potential-5-trillion-future-market-opportunity/#respond Tue, 20 May 2025 03:04:37 +0000 https://earlybirdsinvest.com/occidental-petroleum-continues-working-toward-capturing-this-potential-5-trillion-future-market-opportunity/

Occidental Petroleum (OXY -1.74%) believes carbon capture and storage (CCS) will eventually become a massive market. The oil company estimates it could be a $3 trillion to $5 trillion global industry in the future. It’s not alone in that view. Oil giant ExxonMobil (XOM -1.68%) estimates that there could be a $4 trillion market for capturing and storing carbon dioxide by 2050.

Both oil companies are working toward capturing this potentially multitrillion-dollar market opportunity. Occidental recently signed a deal with a potential partner to develop what could be its next direct air capture (DAC) facility in Texas. The company’s early leadership in carbon capture and storage puts it in a strong position to capture a meaningful portion of what looks like a massive opportunity.

A person looking at icons representing falling carbon dioxide emissions.

Image source: Getty Images.

Building a carbon removal powerhouse

Occidental Petroleum and its subsidiary 1PointFive signed an agreement with XRG, the investment company of Abu Dhabi’s ADNOC, to evaluate a joint venture to develop a DAC facility in South Texas. As part of the deal, XRG will consider investing up to $500 million into a facility that could capture 500,000 tonnes of carbon dioxide per year.

The oil company noted that the announcement follows several significant milestones in developing DAC technology. That includes progress on constructing its first DAC facility in West Texas. The STRATOS facility is on track to begin commercial operations this year. That facility would also capture up to 500,000 tonnes of carbon dioxide per year. It’s partnering with investment giant BlackRock, which agreed to invest $550 million into the project.

Occidental was also awarded up to $650 million in funding from the U.S. Department of Energy to help support the development of its South Texas DAC hub. The initial 500,000-tonnes-per-year DAC facility would only be the beginning of this hub. The site has the potential to support up to 30 million metric tons of carbon dioxide removal each year through DAC facilities. Meanwhile, the site has about 165 square miles of acreage that has the potential to store up to 3 billion tonnes of carbon dioxide in underground saline formations.

Commercializing a nascent industry

Occidental Petroleum has also been working to commercialize its DAC technology to make money from its investments. A major aspect of its strategy has been selling carbon removal credits to companies seeking to reduce their carbon footprints. For example, it signed an agreement with Microsoft last July to sell 500,000 metric tons of carbon dioxide removal credits over six years to support the technology giant’s carbon removal strategy. That was the largest single purchase of carbon removal credits enabled by DAC technology. These credits will support Occidental’s STRATOS DAC facility. The oil company has signed agreements to sell carbon credits to several other companies, including AT&T, Amazon, and TD.

The oil company has also signed other commercial agreements related to carbon capture and storage. In 2022, the company signed an agreement with SK Trading International to supply it with up to 200,000 barrels of net-zero oil for five years. Occidental will inject about 100,000 tonnes of captured carbon dioxide into the ground, offsetting the entire lifecycle emissions of this crude oil — that is, extraction, transportation, shipping, refining, and use.

Occidental also recently signed a 25-year agreement with fertilizer maker CF Industries (CF -0.21%) to store 2.3 million metric tons of carbon dioxide per year at its Pelican Sequestration Hub in Louisiana. This agreement will support a low-carbon ammonia production facility that CF Industries and its joint venture partners are building in Louisiana.

ExxonMobil signed two similar agreements with CF Industries in recent years. Last year, it agreed to transport and permanently store 500,000 metric tons per year of carbon dioxide captured at a complex in Mississippi, which will reduce the site’s emissions by 50%. In 2022, Exxon signed a landmark commercial agreement with CF Industries to store up to 2 million tonnes per year from a facility in Louisiana. CF Industries is one of six commercial customers Exxon has lined up in recent years, representing 16 million tons of carbon dioxide per year.

Occidental and Exxon believe these commercial agreements are only the beginning. Occidental thinks it could eventually make as much in earnings and cash flow from CCS as it currently does from oil and gas. Meanwhile, Exxon believes CCS could be a multibillion-dollar business for the company. Furthermore, given the long-term contracted nature of its CCS projects, the technology will help reduce its earnings volatility in the future.

Slowly taking steps toward capturing a potentially massive opportunity

Occidental Petroleum continues to make progress in growing its CCS platform. It’s working on lining up funding partners such as XRG and agreements to commercialize its DAC facilities and sequestration hubs. This strategy could create a lot of value for investors in the future if CCS grows as big as the company believes it will become. It makes Occidental a more compelling long-term investment opportunity in the oil patch.

John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Matt DiLallo has positions in Amazon. The Motley Fool has positions in and recommends Amazon and Microsoft. The Motley Fool recommends Occidental Petroleum and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

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Apple is working on a new Vision headset made for the Mac https://earlybirdsinvest.com/apple-is-working-on-a-new-vision-headset-made-for-the-mac/ https://earlybirdsinvest.com/apple-is-working-on-a-new-vision-headset-made-for-the-mac/#respond Mon, 14 Apr 2025 13:43:49 +0000 https://earlybirdsinvest.com/apple-is-working-on-a-new-vision-headset-made-for-the-mac/

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Working Through the Riddles of Tokenized Securities https://earlybirdsinvest.com/working-through-the-riddles-of-tokenized-securities/ https://earlybirdsinvest.com/working-through-the-riddles-of-tokenized-securities/#respond Thu, 10 Apr 2025 16:10:50 +0000 https://earlybirdsinvest.com/working-through-the-riddles-of-tokenized-securities/

In the Ancient Greek tale of Oedipus, great rewards awaited travelers able to solve difficult riddles, but a powerful sphinx posed the riddles and devoured those who failed to solve them. Similarly, in ancient crypto times, circa 2017, blockchain technology stood to revolutionize finance and other fields. But two challenges stood in the way of this technology enjoying its full potential: (1) securities laws that don’t easily map onto decentralized systems, and (2) a securities regulator hostile to digital assets, which often posed grave risks to those who tried to solve the first challenge.

Today, the sphinx has resolved to be more helpful, but the riddles remain. The Securities and Exchange Commission’s (“SEC”) Crypto Task Force has stated that the agency’s previous regime created “an environment hostile to innovation” and has committed to working with industry participants to craft sensible regulations. While promising, significant challenges remain. U.S. securities laws are a mix of statutes passed by Congress and rules adopted by the SEC. The Task Force has signaled the SEC’s willingness to make the latter more workable through new rules and exemptions. Statutes, however, present most of the challenges and only Congress, not the SEC, can change them.

Below is a primer on the more common riddles currently facing developers of tokenized securities.

Regulatory Considerations

For tokenized securities, the developer creates on-chain tokens that each represent a share of equity in a company or other security, or another asset that offers the right to cashflows. This tokenization can open up possibilities—such as instantaneous settlement, share fractionalization, and daily dividend payments—that make the product more efficient or functionally diverse than its TradFi counterpart.

Even though the SEC may be more receptive to ideas for tokenized securities, it doesn’t have the authority to change statutes. Tokenized securities projects, therefore, will still need to solve or avoid the riddles these statutes present.

The Investment Company Act

If a token gives its holder economic exposure to assets that the developer has pooled, that token project could be an investment company covered by the Investment Company Act, which regulates companies, like mutual funds, that invest in securities and let investors get exposure to those investments through shares that they issue.

This riddle existed well before crypto, and most opted to navigate it by avoiding being classified as an investment company in the first place. That’s because the requirements imposed by the Investment Company Act don’t work well with business models that involve more than the buying and selling of securities. There are substantial restrictions on debt and equity raises, borrowing, and even business with affiliates. For those unable to avoid triggering these requirements, there are exemptions that may be available.

Broker-Dealers Under the Securities Exchange Act

Anyone who buys and sells securities for others or stands ready to buy and sell securities for their own account may be a broker or dealer. There is no bright line rule for qualifying as a broker-dealer, but the SEC and courts consider as indicia whether you provide liquidity, charge a fee related to the trade price, actively find investors, or play a role in holding customer funds or securities.

While there’s no practical way to trade digital assets as a broker-dealer currently, the SEC could use its existing authority to chart a realistic path for doing so. In the best case, that will take time and still come with some compliance obligations.

Exchanges Under the Securities Exchange Act

While it may not look like a traditional securities exchange, a platform using smart contracts to bring together orders for tokenized securities from multiple buyers and multiple sellers for matching and execution could qualify as one, depending on its structure.

Currently, only broker-dealers can trade on exchanges, and exchanges can’t hold customer accounts or custody customer securities. Even if the SEC is able to rework these rules, some requirements would no doubt persist.

Security-Based Swaps Under the Securities Exchange Act

If a tokenized security gives its holder exposure to the economic performance of one or more securities, it may have crossed over into the complicated world of security-based swaps. Generally, tokens that provide for the exchange of future payments based on the value of a security (or events relating to that security) without conveying ownership rights are likely to be swaps. Security-based swaps are under the joint jurisdiction of the SEC and the Commodity Futures Trading Commission. The requirements for them are many, with the most notable being rules prohibiting retail investors from purchasing swaps.

AML and KYC

Companies involved in trading or transferring tokenized securities also need to consider the applicability of anti-money laundering and know-your-customer laws. Compliance requirements depend on the role being played in the transactions but can include collecting and verifying the name, birthdate, and address of customers.

The Riddles Must Be Worked Through, Not Around

Solving these riddles is not an end in itself. When designing any tokenized securities project, developers make choices based on the economics, the technology, and the regulatory framework. These areas are intertwined, as the technology can make the economics possible and decide where a project falls within the regulatory framework. But because these considerations are so interrelated, developers should analyze them holistically from the beginning. Leaving regulatory considerations for the end can turn into a game of Jenga where problematic parts are removed only to topple the benefits of and objectives for the economics and technology. The riddles posed today aren’t merely obstacles to the many advantages of blockchain technology, but crucial parts of the answer.

The opinions expressed in this article are those of the author(s) and do not necessarily reflect the views of Skadden or its clients.

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Austin University (UATX) is working to host Satoshi Papers Symposium in partnership with the Texas Bitcoin Foundation, Bitcoin Policy Institute and Unchained https://earlybirdsinvest.com/austin-university-uatx-is-working-to-host-satoshi-papers-symposium-in-partnership-with-the-texas-bitcoin-foundation-bitcoin-policy-institute-and-unchained/ https://earlybirdsinvest.com/austin-university-uatx-is-working-to-host-satoshi-papers-symposium-in-partnership-with-the-texas-bitcoin-foundation-bitcoin-policy-institute-and-unchained/#respond Fri, 28 Feb 2025 07:02:32 +0000 https://earlybirdsinvest.com/austin-university-uatx-is-working-to-host-satoshi-papers-symposium-in-partnership-with-the-texas-bitcoin-foundation-bitcoin-policy-institute-and-unchained/

Austin University (UATX) is working to host Satoshi Papers Symposium in partnership with the Texas Bitcoin Foundation, Bitcoin Policy Institute and Unchained

press release

Austin University (UATX) is working hard at the Texas Bitcoin Foundation (TBF), Bitcoin Policy Institute (BPI), Unchained and Asset Management to host Satoshi Papers Symposium, an academic conference celebrating the launch of TBF’s first book. Satoshi’s paper: Reflection on the post-Bitcoin political economy.

Sato’s Essaypublished by BPI and edited by TBF Executive Director and fellow BPI Natalie Smolensky, takes inspiration from 18th-century American debates between federalists and anti-federalists about the role of government in protecting individual and community freedom. The book features open exchange of ideas among scholars about the relationship between money and nation in the post-Bitcoin world.

Sato’s Essay Natalie Smolensky, founder and executive director of the Texas Bitcoin Foundation, said:

Bitcoin Policy Institute, a DC-based policy think tank, will be releasing the book’s publication imprint Sato’s Essay.

“Starting a Publication Imprint is a natural next step for BPI as we continue to advance the Bitcoin Policy Intellectual Foundation. Sato’s Essay “We’re looking forward to seeing you in the future,” said Grant McCarty, co-founder of BPI.

Atsoshi Papers Symposium, which will be held at the UATX campus on April 16, 2025, features presentations by the authors of the atsoshi Papers Symposium. Sato’s Essay He is also a BPI fellow, including Avik Roy, Josh Hendrickson, Craig Warmke and Natalie Smolenski. Faculty at Austin University discuss the discussions the authors have in their books.

“Austin University is committed to a fearless pursuit and rigorous debate of truth about ideas that shape our world,” says Chad Tebnott, Austin University’s SVP of Progress and Communications. “Satoshi Papers Symposium is a perfect example of its commitment, bringing together scholars and students to explore the economic and political implications of Bitcoin. We are honored that UATX will be the platform for convening for this important conversation.”

The symposium independently encourages student participation. Thanks to generous donations from Strive Asset Management, a financial services company co-founded by Vivek Ramaswamy, all students in UATX’s first class will receive copies of Sato’s Essay An invitation to participate in discussions during the symposium.

Matt Cole, CEO of Strive, said: In light of the inevitable volatility that characterizes the early lives of rapidly monetizing new assets, deep education is essential for investors to build and maintain convictions in their allocations. Sato’s Essay It is an important contribution to Bitcoin education and we are honored to partner with holding the symposium. ”

The symposium is generously supported by Unchained, Bitcoin’s Austin native financial services company.

“We’re looking forward to seeing you in the future,” said Joe Kelly, Unchained co-founder and CEO and director of Texas Bitcoin Foundation. Sato’s Essay It challenges you to think critically about economic sovereignty. By allowing individuals to control their own Bitcoin, we ignore it and create something real. We are proud to support this symposium and the broader efforts to ensure economic freedom for future generations. ”

Unchained will hold public receptions, book sales and signatures Sato’s Essay At Bitcoin Commons on the evening of April 16th.

About Austin University

Austin University (UATX) is a new private, nonprofit, nonprofit university in Austin, Texas, dedicated to fearless pursuit of truth. Its innovative faculty curriculum combines rich inheritances from the past with the most persuasive ideas and initiatives of the present. Each student will undertake a four-year Polaris project to build, create and discover something that will serve humanity. Austin University’s first freshman class began its journey in the fall of 2024. Find out more at uaustin.org.

About the Texas Bitcoin Foundation

The Texas Bitcoin Foundation (TBF) is a public charity dedicated to research and education on Bitcoin and the political and economics. Founded in 2021 by Natalie Smolensky, the foundation brings together academics in disciplines around the world to explore the social and political influence of decentralized digital technologies. For more information, please visit txbitcoinfoundation.org.

About Bitcoin Policy Research Institute

The Bitcoin Policy Institute (BPI) is a nonpartisan, nonprofit think tank located in Washington, DC. It is dedicated to educating policymakers and the public about Bitcoin and disruptive digital technologies, providing research-based insights to inform US sound policies. For more information, please visit btcpolicy.org.

About Unchained

UNChained is the most trusted name in Premium Bitcoin Financial Services, protecting over 100,000 BTC through a joint custody model that combines institutional-grade security with white glove services for the wealthy, families and businesses. Find out more at Unchained.com.

About efforts

Co-founded by Vivek Ramaswamy in 2022, Strive is a financial services company with a mission to maximize the value of its clients through incompatible capitalism. The company has grown rapidly to manage its $1.7 billion assets since the launch of its first fund in August 2022, and is directly competing with the world’s largest financial institutions by strengthening Americans’ sole focus on maximizing shareholder value. With an effort, he recently launched the Wealth Management Business Unit to provide true financial freedom, including a coordinated integration of Bitcoin into the everyday American portfolio. For more information, please visit strive.com.

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