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The Biden administration released a new roadmap to “mitigate cryptocurrencies’ risks” on January 27th, and the same day the Board of Governors of the Federal Reserve System announced the decision to deny cryptocurrency-friendly Custodia Bank membership in the Federal Reserve System. Later in that same afternoon, American Banker reported that the Federal Reserve Bank of Kansas City also denied Custodia Bank’s application for a master account.

While the events were certainly a disappointment for shareholders of Custodia Bank, they were widely expected and there are glimmers of hope for digital asset market participants. The decisions for Custodia were specific to the bank, and not rejections of cryptocurrency. The tone from the White House blog appears to be more cautious than previous communications, but the positive message was that they “have spent the past year identifying the risks of cryptocurrencies and acting to mitigate them.” This approach is unlikely to satisfy cryptocurrency proponents who want clear leadership within the crypto markets so that it can continue to grow within the regulatory structure that makes the U.S. the world leader in financial markets.

White House Blog Does Not Designate Leader

The administration wrote that their “focus is on continuing to ensure that cryptocurrencies cannot undermine financial stability, to protect investors, and to hold bad actors accountable.” These are laudable and non-controversial goals, but the conflicts will arise because there will continue to be considerable disagreements on the methods used to accomplish those objectives.

The administration has instructed agencies to “ramp up enforcement where appropriate and issue new guidance where needed.” This is a half-measure. There will be few that disagree that new guidance is necessary, and that enforcement against bad actors is a good thing. The important question left unanswered is who is in charge?

One strength of the American financial services industry is the overlapping system of regulatory agencies with multiple points of oversight. This feature of our system can also be a weakness when it is unclear who should be taking a leadership position. The Federal Reserve appears to be taking the lead for the interaction of digital assets and banking, and that is a great step forward. The administration should also clarify which agency they believe should take point for broader regulation, and then support that agency with the full weight of the executive branch.

The Commodity Futures Trading Commission (CFTC) is working with bitcoin and ethereum as commodities, and they are seeking to regulate the entire space. Similarly, the Securities and Exchange Commission is seeking to become the lead regulator for the asset class – with the exception of those assets designated commodities. The digital asset class is so broad that certain assets are commodities, and other are clearly securities. It is the great section in the middle that requires additional attention, and most likely specific rules and regulations to address the characteristics of the asset class.

Existing Laws Work

The White House called for Congress to act, but outside of providing greater budgets for the regulatory agencies it is unclear what new legislation is required. The laws in the U.S. regarding financial services were purposely written broadly enough to accommodate future innovations, including cryptocurrency, and the agencies have the ability to expand rulemaking to accommodate new innovations. Perhaps the quickest way for the administration to meet their stated objectives is to continue to make clear who they support to be in charge.

At the beginning of last month, on January 3, the big three banking regulators issued a joint statement on crypto-asset risks to banking organizations. The Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) listed a number of key risks, and cautioned that “risks that cannot be mitigated or controlled do not migrate to the banking system.” This is the same message coming from the White House.

Perhaps to most important part of the release, at least to Custodia Bank, was that statement that “issuing or holding as principal crypto-assets that are issued, stored, or transferred on an open, public, and/or decentralized network, or similar system is highly likely to be inconsistent with safe and sound banking practices.”

That announcement was effectively a prohibition against banks holding cryptocurrencies on the balance sheet as an asset, or issuing a bank stablecoin. The Federal Reserve rejection noted Custodia Bank’s “novel business model and proposed focus on crypto-assets presented significant safety and soundness risks.”

As the banking regulators evolve their understanding of the risks and benefits of digital assets that policy will likely be modified, but for now it does effectively close out any efforts of chartered banks to expand into the stablecoin market.

The evolutionary pathway for the existing financial services industry to embrace digital assets will include various authorities in the U.S. who are normally slow and cautious. This approach has served well in the past, but in a digital world where everything is moving faster than ever, a greater sense of urgency would be welcome. There will be no “right” answer for how mitigate or control every risk and hence no best way to regulate cryptocurrency. Nevertheless, the market will welcome a strong voice from the administration to provide leadership.

Like any good witch or wizard-to-be, you’ll no doubt have looked up what Hogwarts house you want sorted into in Hogwarts Legacy. You can choose yourself, let the Sorting Hat have a go at choosing for you or, if you’re really into Harry Potter, take the Sorting Hat and Wand quizzes over on the Harry Potter fan club site.

If you have a character you made and are very fond of, you can import your pre-sorted house and wand type into Hogwarts Legacy. You’ll need a Harry Potter fan club (opens in new tab) and Warner Bros games account (opens in new tab) to be able to do this, so let’s get started.

How to import your Hogwarts house and wand

Once you’ve retaken the House Sorting quiz on the Harry Potter fan club a bunch of times until you get the house you really want—I see you, Gryffindor simps—and gone through the wand-choosing process, you can import both into Hogwarts Legacy. You’ll be able to link accounts by scanning a QR code and logging into your Harry Potter fan club and WB Games accounts. Doing this will add your house and wand type to the game, though you are able to discard both during the story if you wish.

On top of that, you’ll also receive the Beaked Skull Mask and House Fan-atic School Robes which will make you look like the house’s biggest hero worshipper.

Hogwarts Sorting Hat

When you approach the Sorting Hat and have an imported house, it’ll ask you a question and either response leads you to your chosen house. Of course, you have the option to renege on your fan club self and choose another house, if you’ve decided that being a humble Hufflepuff might be more fun.

While the sorting process in the books is a personalised affair with lots of different questions, choosing your house in Hogwarts Legacy is pretty simple. The hat will ask you a couple of questions, but it seems to boil down to whether you answer: Daring, Curiosity, Loyalty, or Ambition , representing Gryffindor, Ravenclaw, Hufflepuff, and Slytherin respectively. The hat will then present your proposed house. The good news is that even if you get a house you don’t want, you can immediately choose a different one at the end of the sorting process. Houses don’t seem to affect loads in Hogwarts Legacy beyond some of the characters you meet, access to a particular common room, and certain robes you’re able to get.

The wand chooses the wizard

When you reach Hogsmeade and get to meet Ollivander to get your wand, you’ll be given the wand you imported. However, you can change its core, design, and more, so you’re not stuck with a rubbish old phoenix feather core instead of that dragon heart string one you’ve always wanted. It’s the same with a non-imported wand—Ollivander might “suggest” you’ve found the right wand, but feel free to change it up.

A MOTHER and her seven children horrifically died in a house fire after a faulty tumble dryer ignited during the night, investigators believe.

The family were killed in the blaze that erupted shortly after midnight at their townhouse in Charly-sur-Marne, 50 miles east of Paris .

Nearly 80 firefighters battled to douse the blaze as the mum and her kids were trapped on the upper floor.

Rescuers are said to have struggled to get their ladders to reach the top windows of the home on the narrow street.

Fire chief Jean-Claude Ouguel said: “The house was completely destroyed. Only the side walls remain.”

The sole survivor of the tragic incident is the woman’s husband and father of three of the children, who suffered severe burns.

Police fear he unknowingly sealed the brood’s fate by telling them to stay upstairs while he went to investigate the smoke.

The property’s electric window shutters were also blocked due to a power outage, leaving them with no way to escape from the fumes.

The children – five girls and two boys aged between two and 14 – died from asphyxiation, local prosecutor Julien Morino-Ros said.

He revealed that the deadly fire appeared to have been caused by a faulty tumble dryer situated on the ground floor.

There was no initial information about the type of tumble dryer involved, or its manufacturer or service history.

It is thought that the family may have put the appliance on in the early hours of the morning, when electricity costs are cheaper.

Mr Morino-Ros confirmed that – in line with judicial procedure in such cases – a criminal enquiry had been opened for manslaughter.

Sylvie Corré, the wife of the owner of the rented property, said of the tragedy: “I hope with all my heart that those who died did not feel any pain, or see anything.

“We were there in the street all night and watched the horror.”

She explained that the father worked for her family’s champagne firm, describing him as an “excellent employee.”

Slyvi said the couple were in their 40s and – along with their children – were very popular in the area.

The father spent a night in hospital, and his condition later on Monday was described as “stable and not life-threatening.”

The official cause of the fire has not yet been determined, however, the French Public Prosecution Service has launched an investigation.

The fatal inferno, which also damaged neighbouring properties, was eventually extinguished after several hours.

ONE DIY whizz has revealed how she transformed her council home in just a few days on the cheap – and people are loving the results.

Natasha Lawson, who posts under the username @ natashalawson20 on TikTok , has recently been on a journey to give her home a makeover .

So far, the DIY enthusiast has managed to do up her kitchen with £1.50 bargain buys from Primark and now pleased her 31.5k fans with a brand new toilet.

Sharing the Before and After in a video , Natasha said she was really keen to start with the floor – as prior to the makeover, there was none.

Armed with the vinyl that had been left over prom the second bathroom, Natasha set off to work.

”I just thought I’d just use that up. So I just measured the length of the bathroom.

”Bare this in mind, I am not a professional at all,” the young woman chuckled.

”I think I’ve done this once before and I do not know what I’m doing. I am not looking for perfection.”

Once she had managed to do all the right measurements and cut the pieces to fit, Natasha grabbed a flooring adhesive from Wickes.

”I just sprayed it on, left it for about two or three minutes, just so it gets quite tacky.”

To ensure it sticks properly, Natasha also shared a clever hack – placing heavier items on top, such as small plant pots, so the vinyl wouldn’t lift up.

For those keen to give their homes a new look, the DIY whizz warned: ”It absolutely stinks. So if you’re gonna use it, open the window.”

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Seeing how great the flooring looked after Natasha’s work, people were stunned – many insisted it was great for a first attempt.

One fan commented: ”t’s better than a bare floor and it cost you very little. It’s a good job sweetheart. Well done.”

A second agreed, writing: ”If no one has said it “well done you”.”

”so what if its not perfect, looks better than before,” someone else penned.

”well done misses you’ve done an amazing job I wouldn’t even know where to start,” another TikTok fan chuckled.

To brighten up her kitchen, Natasha used strip lights from Primark – and they cost her less than £2.

The social media user explained to her followers: “Bargain of the month for me, head over to Primark.”

She then showed how she used them, as she explained it was all part of the process of “turning my council house into a home.”

Natasha continued: “So I’m going to put you all on to something.

“You know those kitchen counters you see on Instagram and stuff like that? And how they have the light underneath?

“Well, £1.50 from Primark – it’s LED strips and it’s battery powered and they just come off and have a double sticky tape.”

The footage then cuts to Natasha putting the lights under her kitchen cabinets, saying that the two-metre long lights didn’t feel overly sticky, but worked a treat.

She continued: “It literally just peels off and it just looks amazing.

“You can barely even see the wire that’s got the batteries attached, as it’s see through so you can’t see it.

“Three double A batteries but you can cut it down to size as well.

“My kitchen doesn’t have much lighting so this really made the place look ten times’ better.”

Natasha’s followers were quick to agree, as one of them said they couldn’t believe how little she had paid, as they’d forked out £89 per strip from a local kitchen company.