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December 8, 2023

A Republican lawmaker in Tennessee has introduced legislation to implement age-verification requirements to protect kids from being exposed to pornography.

The “Protect Tennessee Minors Act,” sponsored by state Rep. Patsy Hazlewood (R), would mandate pornography distributors put in place age-verification measures to ensure minors in the Volunteer State are barred from accessing sexually explicit content.

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“Exposing children to pornography is a form of child sexual abuse and exploitation that can severely damage a childs intellectual development and emotional well-being,” said Hazlewood, chair of the House Finance, Ways, and Means Committee. “It can lead to difficulty in forming and maintaining positive relationships. This legislation will apply the same safeguards and restrictions to the online world that we already have in place in the physical world. The standard should be the same.”

The legislative proposal is similar to laws already in place in Utah and Virginia, where the largest pornography distributor Pornhub is inaccessible.

Pornhub blocked Virginians’ access to its platform in retaliation to the commonwealth’s law requiring the site implement an age-verification system. Pornhub has claimed the statute violates users’ privacy.

As CBN Digital reported, there are serious legal concerns with Pornhub and other pornography distributors, not least of which are problems with child sexual abuse material or child pornography circulating online.

Hazlewood’s legislation would require companies like Pornhub to match a user profile image to a verified government-issued I.D. Sites that don’t follow through with the requirement would be charged with Class C felonies, up to 15 years in prison, and $10,000 fines.

“My top priority is the safety and health of my children,” said Jacob Levy, a Tennessee-based tech industry executive. “Pornography is a societal disaster. Modernizing existing laws to require age verification will protect children from it and help the internet stay digital, not degenerate.”

***As the number of voices facing big-tech censorship continues to grow, please sign up forFaithwires daily newsletterand download theCBN News app, developed by our parent company, to stay up-to-date with the latest news from a distinctly Christian perspective.***

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US regulator mulls guidance for tokenized deposit insurance, stablecoins

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US regulator mulls guidance for tokenized deposit insurance, stablecoins

The acting chair of the Federal Deposit Insurance Corporation (FDIC), the regulatory body overseeing banks in the US, is reportedly considering guidance for tokenized deposit insurance and plans to launch an application process for stablecoins by year’s end.

Acting FDIC Chair Travis Hill, who has made bullish statements about tokenization in the past, told the Federal Reserve Bank of Philadelphia’s Fintech Conference on Thursday that the regulator will eventually release guidance around tokenized deposit insurance, according to reports.

The FDIC protects depositors in the event of a bank failure and insures money in accounts at banks that are insured by the regulator.

 “My view for a long time has been that a deposit is a deposit. Moving a deposit from a traditional-finance world to a blockchain or distributed-ledger world shouldn’t change the legal nature of it,” Hill said, as reported by Bloomberg.

Strong interest in tokenization

Regulators and Wall Street have shown serious interest in the real-world asset (RWA) tokenization sector this year.

Excluding stablecoins, the total value of tokenized real-world assets surpassed $24 billion in the first half of the year, with private credit and US Treasurys making up the bulk of the market, according to a report by RedStone.