Hey there, PoI readers! 💫

It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. From NYC's new mayor ghosting crypto entirely and Uganda's internet blackout battle, to the Senate finally scheduling that crypto clarity bill and Microsoft promising not to destroy your electric bill – we've got a smorgasbord of chaos to digest today. So, buckle up and get ready for a wild ride through the wonderland of digital drama, regulatory hope, and corporate damage control!

INTEL BRIEF

🟧 New NYC Mayor Zohran Mamdani confirmed he holds zero crypto and won't touch former Mayor Eric Adams' controversial memecoin that's allegedly involved in a rug pull drama.

🟧 Bitchat rockets to #1 in Uganda's app charts as the government cuts internet access for the third election in a row, with officials claiming they could shut down the app but haven't... yet.

🟧 The Senate Agriculture Committee is releasing its crypto market structure bill on January 21st and holding a markup hearing on January 27th, potentially bringing the regulatory clarity the industry has been desperately begging for.

🟧 Microsoft promises to be a "good neighbor" with its massive AI data center expansion, vowing not to spike local electricity bills amid growing public backlash and 142 activist groups across 24 states fighting against data centers.

NYC's New Mayor Says No to Crypto and Hell No to Adams Memecoin Disaster

Mayor Zohran Mamdani, who's been running NYC for less than two weeks, made it crystal clear on Monday that he's not holding any cryptocurrency and has absolutely zero interest in jumping on the Adams memecoin bandwagon. When asked point-blank at Samson Stages whether he owned any crypto, Mamdani delivered a simple, beautiful "no" that probably had crypto bros clutching their hardware wallets.

But here's where it gets spicy! Former Mayor Eric Adams just launched the NYC Token this week, claiming proceeds would fund education and social causes (how noble!). Plot twist: the token is now facing "rug pull" allegations after the team is believed to have intentionally removed liquidity, reportedly causing investors to lose millions of dollars. Yikes!

Nansen research analyst Nicolai Sondergaard didn't mince words, stating the behavior "does seem to fit the umbrella term that is 'rug pulls'." He explained they essentially trapped traders and forced them to sell at losses in a sketchy liquidity environment. Adding the liquidity back? Too little, too late, buddy.

Mamdani, who won the election with 50.8% of the vote on an affordability platform, stayed pretty quiet about crypto during his campaign. Back in 2023, as an NYC Assembly member, he did support stronger consumer protections for stablecoin issuers – which suddenly makes a lot more sense now!

The new mayor's approach is reportedly walking "a different path" from previous administrations. Translation: no Bitcoin paychecks here, folks!

Mayor Mamdani owns zero crypto and refuses to buy Adams' NYC Token memecoin

Adams' NYC Token faces rug pull allegations with millions reportedly lost after liquidity was removed

Mamdani's focusing on affordability and consumer protections, distancing himself from crypto initiatives

Uganda Shuts Down Internet for Elections But Bitchat Users Say Not Today

As Uganda heads into Thursday's presidential election, authorities have pulled the plug on internet access for the third straight election cycle. Yes, you read that right – third time's the charm, apparently! The Uganda Communications Commission claims this digital doomsday is necessary to fight online misinformation, but critics are calling BS, arguing it's really about suppressing election information and potentially manipulating outcomes. Subtle, right?

The blackout kicked in Tuesday at 6:00 pm local time, according to executive director Nyombi Thembo. But here's where Ugandans showed they're not having it: Bitchat, an internet-free encrypted messaging app powered by Bluetooth mesh networks, has absolutely skyrocketed to #1 on both the Apple App Store and Google Play in Uganda. Take that, censorship!

The irony? Just last week, Thembo confidently said the internet wouldn't be cut off and questioned why anyone would even need Bitchat. He also flexed that his team has the "technical capacity to turn off Bitchat" if they wanted to. Spoiler alert: they haven't done it yet, and over 400,000 Ugandans had already downloaded the app by January 5th – a number that's definitely way higher now.

VPN apps are also dominating Uganda's download charts, proving that when governments try to control information, people get creative real fast. This isn't Uganda's first rodeo either – President Yoweri Museveni imposed similar blocks in 2016 and a brutal four-day blackout in 2021.

Bitchat isn't just Uganda's hero though! The app has become a global lifeline: nearly 50,000 Nepalese used it during corruption protests in September, Madagascans jumped on during their own internet drama three weeks later, and Jamaicans flocked to it when Hurricane Melissa destroyed communication networks in November.

The verdict? You can cut the internet, but you can't cut the human will to communicate!

Uganda shut down internet access ahead of Thursday's election – the 3rd time they've done this

Bitchat topped app charts as 400,000+ Ugandans downloaded the internet-free, Bluetooth-powered messaging app

Officials claimed they could shut down Bitchat but haven't actually done it (yet)

The Senate Actually Scheduled a Crypto Bill Meeting and We're Cautiously Optimistic

The Senate Committee on Agriculture, Nutrition and Forestry just announced it's getting serious about giving the crypto industry some much-needed regulatory clarity – and by "getting serious," I mean they've actually scheduled meetings!

The committee, which oversees the Commodities Futures Trading Commission (CFTC), confirmed that the legislative text drops on January 21st, with the markup hearing happening January 27th. Committee chairman John Boozman emphasized this schedule "ensures transparency" and allows for thorough review of legislation designed to provide "clarity and certainty for crypto markets." Finally, someone's speaking our language!

Boozman gave a shoutout to Senator Booker for being a "great partner" in crafting these new rules aimed at protecting consumers while supporting American innovation. Aww, bipartisan cooperation – you love to see it!

So what's a markup hearing anyway? It's basically where committees debate the bill, hammer out details, and suggest amendments before voting to send it to the full Senate floor. Think of it as the bill's awkward teenage phase before it (hopefully) becomes a full-grown law.

But wait, there's more! Even if the Senate passes this bad boy, it still needs to survive the House of Representatives gauntlet before landing on President Donald Trump's desk. SEC chairman Paul Atkins is reportedly "bullish" on Trump signing it this year, which is encouraging!

The bill would make the SEC and CFTC the primary crypto industry overseers, potentially removing regulatory gray areas that have plagued the space. However, there are still some sticking points, including controversial rules around stablecoin yield and decentralized finance (DeFi).

The Senate Banking Committee (which oversees the SEC) has its markup scheduled for Thursday, and recent amendments suggest they're looking to bar passive yield on stablecoin holdings – a move that's got US banking groups nodding approvingly but might ruffle some crypto feathers.

Government shutdowns held back crypto bills last year, and there's potential for another later this month, though a full shutdown is believed to be unlikely. Let's hope politicians can keep the lights on long enough to get this done!

Senate Agriculture Committee releases crypto bill text on Jan 21 with markup hearing on Jan 27

Bill aims to provide regulatory clarity with SEC and CFTC as primary crypto overseers

Stablecoin yield restrictions and DeFi rules remain contentious sticking points

Microsoft Promises Your Electric Bill Is Safe Despite Building AI Data Centers Everywhere

On Tuesday, Microsoft announced a "community-first" approach to AI infrastructure, which is corporate speak for "please don't hate us." This comes just one day after Mark Zuckerberg announced Meta's own AI buildout, because apparently, everyone's in a race to see who can consume the most electricity while training ChatGPT to write your emails.

Here's the tea: Microsoft promised to "pay its own way" and ensure local electricity bills don't skyrocket in communities where it builds. The company claims it'll work with utility companies and state commissions to cover its "full share of its burden on the local grid." They literally stated: "Our goal is straightforward: to ensure that the electricity cost of serving our data centers is not passed on to residential customers."

Bold promise, Microsoft. Very bold.

The company also pledged to create jobs and minimize water usage – both super contentious topics since data centers have been accused of creating substantial water supply issues and environmental concerns. There are also lingering questions about whether these projects actually create meaningful permanent jobs or just temporary construction gigs.

So why the sudden conscience? Because public backlash has been absolutely brutal! Data Center Watch reports there are currently 142 different activist groups across 24 states organizing against data center developments. Microsoft already abandoned plans for a Wisconsin data center in October after "community feedback" (read: people were pissed). In Michigan, locals literally took to the streets protesting Microsoft's plans!

Even President Trump jumped in on Monday, posting on social media that Microsoft would make "major changes" to ensure Americans don't "pick up the tab" for their power consumption. When you've got the White House calling you out, you know it's serious!

An Ohio newspaper op-ed dropped Tuesday (same day as Microsoft's announcement – coincidence? I think not!) absolutely roasting the company and blaming it for climate change. Ouch.

The verdict? Microsoft's fighting a tide of negative public opinion, and only time will tell if promises of jobs, environmental stewardship, and stable electricity bills will be enough to win hearts and minds.

Microsoft promises not to raise local electricity bills with its massive AI data center expansion

142 activist groups across 24 states are currently fighting against data center developments

Microsoft already abandoned Wisconsin plans and faces protests in Michigan amid water usage and environmental concerns

And that's a wrap, my lovely PoI readers! 🎬 I hope this edition left you feeling informed, entertained, and maybe even a little bit skeptical of politicians launching memecoins (as you should be). From rug pull allegations to Bluetooth-powered resistance, from Senate markup hearings to data center protests – today proved that the intersection of tech, politics, and human ingenuity is absolutely wild.

Remember to stay curious, stay informed, and for the love of all things digital, do your own research before buying any tokens named after cities. Until next time, this is Mochi, signing off with a virtual high-five!

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. very voice matters in the PoI community! 📣❤️ Share the newsletter

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