Golden Osiris

About Golden Osiris

The failure to secure passage of the bill is a stinging defeat for both crypto-connected prediction operators and the CFTC, which has fully embraced the advance of digital assets under Chairman Michael Selig. Interest groups and political action committees had spent countless hours and millions of dollars lobbying for the legislation.

In statements, op-eds and media interviews since his appointment, Selig had pounded the table for a federal crypto framework. As the IGA’s Bean alluded to, the Clarity Act would have given the agency a number of new duties and authorities related to the new assets at a time when the commission’s existing workload has been cause for concern. There are typically five sitting CFTC commissioners at any given time, but Selig is currently the lone sitting commissioner with no other nominations submitted.

Selig recently hosted a meeting of the CFTC’s so-called Innovation Advisory Committee, which featured extensive discussion about crypto from leading CEOs. The committee’s charter says members pledge to “provide advice and recommendations” on several topics, including crypto assets and blockchain technology.

What is Golden Osiris?

Operators and companies linked to them are also prohibited from acquiring, licensing, or exploiting rights to sporting events held in the country. In the area of ​​administrative penalties, the rapporteur’s text incorporates the new infractions into the existing sanctions system in Law 14.790 of 2023, which provides for fines of up to BRL2 billion ($392.8 million). 

One of the main changes made by Vieira is the creation of the crime of promoting unauthorised betting operators. The penalty is one to five years imprisonment. This may be increased by one-sixth to two-thirds when the promotion is done by a digital influencer, athlete, or well-known person, due to their greater ability to reach the public. 

The rapporteur also added a rule designed to prevent the immediate movement of professionals between companies in the sector and bodies responsible for authorising, classifying, regulating and overseeing betting. Anyone who has maintained a significant link with an operator or representative entity of the market will be barred, for 24 months, from assuming certain regulatory functions. A quarantine period of the same duration will also apply in the reverse movement, for the transition from the regulatory body to the private sector. 

About Golden Osiris

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