Three news to start your week: August 5
Justice Department Trial Program Offers Millions for Tips on Fraud, Bribery
(The Wall Street Journal)
The Justice Department has recently introduced a program that provides a significant financial incentive for whistleblowers who come forward with crucial information about financial crimes, bribery, or healthcare fraud. This initiative allows individuals to potentially receive up to 30% of any assets forfeited by a company due to the information provided, presenting a compelling opportunity for whistleblowers to take action.
In the United States, whistleblower rewards have become increasingly prevalent, with regulatory agencies such as the US Securities and Exchange Commission and the Internal Revenue Service awarding millions of dollars to individuals whose disclosures lead to substantial fines and penalties.
While eagerly welcomed by whistleblowers and their legal representatives, the Justice Department's program also raises questions about its unique contribution in light of existing programs.
Trump vows to sack SEC boss and end 'persecution' of crypto industry
(Financial Times)
Donald Trump has made a bold declaration to put an end to the "persecution" of the crypto industry, remove the chair of the Securities and Exchange Commission from his position, and grant freedom to a convict whom the community reveres as a martyr.
During his address at the Bitcoin 2024 conference in Nashville, Tennessee, the Republican candidate directly appealed to cryptocurrency enthusiasts and pledged to halt the Biden administration's ongoing "crusade" against Bitcoin.
"I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris' anti-crypto crusade will be over," Trump declared confidently.
With thunderous applause from approximately 5,000 attendees, Trump stated, "On day one, I will fire Gary Gensler," sending a clear message that he intends to take decisive action on behalf of the crypto industry.
This show of support from the crypto community towards Trump comes amidst a challenging period for the industry, as it has faced intense scrutiny and regulatory pressure from the SEC. Gensler himself deemed the crypto field as "rife with fraud and manipulation" earlier this year.
Meta to pay Texas $1.4 billion for using facial recognition technology without users' permission
(The Texas Tribune)
Facebook's parent company, Meta, has agreed to pay Texas a staggering $1.4 billion to resolve a lawsuit accusing it of unauthorized use of personal biometric data.
The lawsuit, launched in 2022 by Texas Attorney General Ken Paxton, alleged that Meta had been employing facial recognition software on Facebook user photos without obtaining the consent of users based in Texas.
In a groundbreaking development, Paxton's office announced that this settlement is the largest ever obtained by a single state and sets a precedent for privacy-related cases tackled by state attorneys general. Over five years, Meta will make payments to fulfill the settlement. The attorney general's office has not disclosed the details of whether these funds will be allocated to the state's general fund or distributed in another manner.
