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The Bank for International Settlements is sounding the alarm on crypto exchanges, warning they're quietly becoming shadow banks. Platforms offering stablecoin yields and DeFi earn products are providing bank-like services without deposit insurance, regulatory oversight, or the safety nets that protect everyday savers. The BIS says that gap is a systemic risk worth taking seriously.
Shifting to surveillance, two members of the House have introduced the Surveillance Accountability Act, which would require government agencies to obtain a warrant before using artificial intelligence tools to access Americans' personal data. Representatives Thomas Massie and Lauren Boebert are targeting legal loopholes that have long allowed warrantless data collection to slip through unchallenged. It's a rare bipartisan-adjacent push on digital civil liberties.
And in Turkey, parliament has passed a bill banning children under fifteen from social media entirely. Platforms operating there would be required to enforce age verification, build in parental controls, and respond faster to harmful content. It's one of the most sweeping child online protection laws passed anywhere this year, and other governments are watching closely.
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