Daily Archives: September 4, 2021

Self-Injecting Pill Could Allow Oral Delivery of Monoclonal Antibody and Other Protein Drugs – Genetic Engineering & Biotechnology News

Posted: September 4, 2021 at 6:07 am

MIT engineers, in collaboration with scientists from Brigham and Womens Hospital and Novo Nordisk, are developing a drug capsule technology that could allow the oral delivery of monoclonal antibodies, or other large protein-based drugs that normally have to be injected, for diseases ranging from cancer, to rheumatoid arthritis, to Crohns disease. The new technology is a type of self-injecting capsule, called a liquid-injecting self-orienting millimeter-scale applicator (L-SOMA), which is swallowed, and then effectively injects the liquid medication directly into the stomach wall. In large animal preclinical models, investigators used the technology to deliver four commonly injected medications, including a monoclonal antibody.

Although it is still early days, we believe this device has the potential to transform treatment regimens across a range of therapeutic areas, said Ulrik Rahbek, vp at Novo Nordisk, who, together with Giovanni Traverso, PhD, the Karl van Tassel career development assistant professor of mechanical engineering at MIT and a gastroenterologist at Brigham and Womens Hospital, is co-senior author of the teams published paper in Nature Biotechnology. The ongoing research and development of this approach mean that several drugs that can currently only be administered via parenteral injections (non-oral routes) might be administered orally in the future. Our aim is to get the device into clinical trials as soon as possible, Rahbek noted.

The new L-SOMA technology is described in a paper titled, Oral delivery of systemic monoclonal antibodies, peptides, and small molecules using gastric auto-injectors.

While oral drug delivery is a simple, noninvasive way for patients to take their medicines, most large protein drugs cant be given orally because enzymes in the digestive tract break them down before they can be absorbed. This means that monoclonal antibody therapeutics, and other biologic drugs commonly have to be injected, which isnt so convenient, the authors noted. Oral administration provides a simple and noninvasive approach for drug delivery. However, due to poor absorption and swift enzymatic degradation in the gastrointestinal tract, a wide range of molecules must be parenterally injected to attain required doses and pharmacokinetics their injection-based method of administration often causes healthcare professionals to delay their initiation in favor of less effective oral medications. And patients themselves generally prefer pills, and say their quality of life can be affected when they are prescribed an injectable medication.

Although new technologies for oral delivery of biologic drugs are in development, they have their limitations, which means that they cant be used for some widely used biologics, such as pre-prandial insulin. We recognize today that pills are the preferred route of drug administration, not only for patients, but also for health care providers, Traverso said. If we can make it easier for patients to take their medication, then it is more likely that they will take it, and healthcare providers will be more likely to adopt therapies that are known to be effective Our group focuses on developing systems that make it easier for patients to receive their medications.

Traverso and colleagues have been working on different strategies to deliver biologic drugs orally. In 2019, they developed a capsule that could be used to inject up to 300 g of insulin. The pill, about the size of a blueberry, has a high, steep dome inspired by the leopard tortoise. Just as the tortoise is able to right itself if it rolls onto its back, the capsule is able to orient itself so that its needle can be injected into the lining of the stomach. In theoriginal version, the tip of the needle was made of compressed insulin, which dissolved in the tissue after being injected into the stomach wall.

The new L-SOMS technology described in theNature Biotechnology report maintains the same shape, allowing the capsule to orient itself correctly once it arrives in the stomach. However, the researchers redesigned the capsule interior so that it could be used to deliver liquid drugs, and in larger quantitiesup to 4 mg. This contrasts with their original version, the SOMA, which injects solid medications, but does not work with liquid drugs.

The L-SOMA technology would allow the delivery of liquid medications that need to be absorbed more quickly, or that are challenging to formulate as solids. Delivering drugs in liquid form can also help them to reach the bloodstream more rapidly, which is necessary for drugs like insulin and epinephrine, which is used to treat allergic responses.

The researchers designed their device to target the stomach, rather than later parts of the digestive tract, because the amount of time it takes for something to reach the stomach after being swallowed is fairly uniform from person to person, Traverso suggested. Also, the lining of the stomach is thick and muscular, making it possible to inject drugs while mitigating harmful side effects.

We recognized the potential of liquid injections to readily distribute within the stomachs submucosal plane, thereby accommodating larger dosing volumes than solid dosage forms, the authors commented. Additionally, the increased surface area of interaction between the formulation and the tissuewhen compared to a solid-dose pellet enables accelerated drug pharmacokinetics and pharmacodynamics. Moreover, by targeting the stomach rather than the small intestine, the capsule circumvents the 14 h required for gastric emptying.

The new delivery capsule is filled with fluid and also contains an injection needle and a plunger that helps to push the fluid out of the capsule. Both the needle and plunger are held in place by a pellet made of solid sugar. When the capsule enters the stomach, the humid environment causes the pellet to dissolve, pushing the needle into the stomach lining, while the plunger pushes the liquid through the needle. When the capsule is empty, a second plunger pulls the needle back into the capsule so that it can be safely excreted through the digestive tract.

To evaluate the pills efficacy, researchers tested the L-SOMA devices in pigs, dosing each with one of four treatments, including insulin, epinephrine, adalimumab (a monoclonal antibody used to treat rheumatoid arthritis, Crohns disease, and other autoimmune diseases), and a semaglutide-like GLP-1 analog (an anti-diabetic medication). They then collected blood samples from each of the animals and found that the L-SOMA pill delivered medications at comparable levels to those given with an injection. Delivery of monoclonal antibodies orally is one of the biggest challenges we face in the field of drug delivery science, Traverso said. From an engineering perspective, the ability to deliver monoclonal antibodies at significant levels really transforms how we start to think about the management of these conditions.

They also found that repeated treatments with the L-SOMA dosed with insulin induced the same results, suggesting it may be effective to give multiple, subsequent doses using L-SOMA. The pill achieves a maximum drug plasma concentration similar in magnitude to the standard-of-care subcutaneous injection as quickly as 30 min after dosing and delivers with a calculated absolute bioavailability of up to 80% within a timespan of hours, the team continued. They also found no signs of damage to the stomach lining following the injections, which penetrate about 4.5 mm into the tissue.

The MIT team is now working with Novo Nordisk to further develop the system. Going forward with a view to human testing, the researchers acknowledged that significant clinical development will be required to evaluate safety and effectiveness. Nevertheless, they concluded, These multi-day dosing experiments and oral administration in awake animal models support the translational potential of the system Here we show that the L-SOMA can carry and deliver a broad range of drugs across a range of molecular weights via an oral capsule. In doing so, it can provide a less intrusive route of administration for drugs that are otherwise limited to injectables.

The investigators anticipate that in the future, patients may be able to orally take a diverse array of medications that were once only available via needle. Additionally, because of the L-SOMAs injectable nature, scientists believe that it has the potential to administer vaccines, including the COVID-19 vaccine as well as potentially others.

Traverso and his collaborators continue to explore whats possible with the device. Through the application of fundamental engineering, the type of drugs we can deliver orally is being transformed, Traverso said. It changes how we think about managing different conditions. This technological advancement could apply to chronic conditions that require regular dosing or to systems that are more episodic. Mass administration of an otherwise injectable drug also becomes much easier if it can be given orally.

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Poseida Therapeutics Presents Preliminary Results from Phase 1 Trial of P-PSMA-101 at the 6th Annual CAR-TCR Summit – Yahoo Finance

Posted: at 6:07 am

Encouraging data confirming activity in a solid tumor indication presented on first nine patients at low dose cohorts in ongoing autologous CAR-T trial in metastatic castrate-resistant prostate cancer

Three patients showed a greater than 50% decline in prostate-specific antigen (PSA) and concordant PSMA-PET imaging results, including one patient at lowest dose with evidence of complete tumor elimination

Favorable safety profile with modest overall rates of CRS and no neurotoxicity observed

Company to host webcast today to further review results at 11:00am ET

SAN DIEGO, Aug. 31, 2021 /PRNewswire/ -- Poseida Therapeutics, Inc. (Nasdaq: PSTX), a clinical-stage biopharmaceutical company utilizing proprietary genetic engineering platform technologies to create cell and gene therapeutics with the capacity to cure, today announced preliminary results from its Phase 1 clinical trial of P-PSMA-101, the Company's solid tumor autologous CAR-T product candidate to treat patients with metastatic castrate-resistant prostate cancer (mCRPC). These data will be presented at the 6th Annual CAR-TCR Summit virtual meeting at 10:00am ET today in a presentation entitled, "P-PSMA-101 is a High-Tscm Autologous CAR-T Targeting PSMA Producing Exceptionally Deep and Durable Responses in Castration-Resistant Metastatic Prostate Cancer."

Poseida Therapeutics (PRNewsfoto/Poseida Therapeutics, Inc.)

"We are excited about the preliminary data from our Phase 1 trial of P-PSMA-101, which provides further evidence of the effectiveness of our CAR-T platform for solid tumor cancers," said Eric Ostertag, M.D., Ph.D., Chief Executive Officer of Poseida, who will present at the CAR-TCR Summit. "To date, other CAR-T therapeutics have not had much success outside of hematologic malignancies. The deep and durable responses in our trial demonstrate that CAR-T products have the potential to work well against solid tumors, even at low doses, when using the appropriate technology platform."

Efficacy:

Story continues

As of the cutoff date, the study had enrolled a total of nine patients with mCRPC: five patients at Dose A who each received a single treatment of 0.25X10E6 cells/kg (an average of about 20M cells), and four patients at Dose B, who each received a single treatment of 0.75X10E6 cells/kg (an average of about 60M cells). All patients received a lymphodepletion regimen consisting of 30 mg/m2 fludarabine + 300 mg/m2 cyclophosphamide. Patients were heavily pre-treated, having received an average of six prior lines of therapy with a median time since diagnosis of 6.4 years.

Key findings included:

- Five patients dosed showed measurable declines in PSA levels- Three patients treated showed a greater than 50% decline in PSA levels and had concordant improvements in PSMA-PET imaging- One patient demonstrated evidence of complete tumor elimination and remains in a durable response of greater than five months at the time of this presentation

"This innovative Poseida PSMA-directed CAR T cell platform has demonstrated a robust anti-tumor response in patients with metastatic castration resistant prostate cancer," commented Susan F. Slovin, M.D., Ph.D., Associate Vice Chair of Academic Administration at Memorial Sloan Kettering Cancer Center and investigator on the trial. "This is the first time that I have seen such impressive responses with an immunotherapy product. The responses of my patients in the trial are far beyond my expectations."

Safety and Tolerability:

P-PSMA-101 demonstrated a favorable safety and tolerability profile. After a previously reported case of Macrophage Activation Syndrome (MAS) exacerbated by patient non-compliance, only three cases of possible Cytokine Release Syndrome (CRS) were observed, which were all low grade (1/2) and were managed well with early treatment. No cases of neurotoxicity (CRES/ICANS) were observed as of the cutoff date.

The Phase 1 trial is an open label, multi-center, 3+3 dose-escalating study designed to assess the safety of P-PSMA-101 in up to 40 adult subjects with mCRPC. The primary objectives of this study are to determine the safety, efficacy, and maximum tolerated dose of P-PSMA-101. Additional information about the study is available at http://www.clinicaltrials.gov using identifier: NCT04249947.

"We believe the key to success in solid tumors is a product with a high percentage of desirable stem cell memory T cells (Tscm)," said Matthew Spear, M.D., Chief Medical Officer of Poseida. "In this study, we have demonstrated that a high-percentage Tscm CAR-T product can home to the bone marrow and, in at least one case, completely eliminate tumor. This bone marrow homing property may be particularly important for bone avid diseases such as prostate adenocarcinoma. Importantly, the favorable tolerability associated with our Tscm CAR-T products has carried over to prostate cancer where we have so far seen manageable cytokine release syndrome and no neurotoxicity."

Company-Hosted Conference Call and Webcast Information

Poseida's management team will host a conference call and webcast today, August 31, 2021 at 11:00am ET. The dial-in conference call numbers for domestic and international callers are (866) 939-3921 and (678) 302-3550, respectively. The conference ID number for the call is 50220147. Participants may access the live webcast and the accompanying presentation materials on Poseida's website at http://www.poseida.com in the Investors section under Events and Presentations. An archived replay of the webcast will be available for 30 days following the event.

Additional CAR-TCR Summit Highlights

Presentation: "Developing CAR-T Cells for Multiple Myeloma: From Autologous to Allogeneic"Session Date/Time: Wednesday, September 1, 2021, 4:00pm ETPresenter: Matthew Spear, M.D., CMO, Poseida Therapeutics

This presentation will outline Phase 1 and 2 development of the Company's lead autologous P-BCMA-101 CAR-T therapy and insights that were used to develop a fully allogeneic version, P-BCMA-ALLO1 that is expected to enter the clinic soon. The presentation will be part of the afternoon session on the Clinical Management Track.

Presentation: "Advancing Nonviral Manufacturing for Multi-Product Allogeneic T-Cell Therapies"Session Date/Time: Wednesday, September 1, 2021, 4:30pm ETPresenter: Devon Shedlock, Ph.D., SVP Research & Development, Poseida Therapeutics

This presentation will discuss how Poseida's piggyBac DNA Delivery System, Cas-CLOVER Site-specific Gene Editing System and Booster Molecule are used to manufacture multi-product, fully allogeneic T-cell therapies. The Company will also discuss how efficient multiplexed Cas-CLOVER gene editing exhibits low to no off-target editing or translocations as determined by next-generation sequencing, and how the Company's Booster Molecule helps to protect against the "allo tax," maintaining a favorable high-stem cell memory T cell (Tscm) product and enabling up to hundreds of doses in a single manufacturing run. This presentation will be part of the afternoon session on the Manufacturing Track.

Presentation: "Developing 'Off-the-Shelf' CAR-T Cells for Bone Marrow Transplant Conditioning"Session Date/Time: Thursday, September 2, 2021, 9:00am ETPresenter: Nina Timberlake, Ph.D., Associate Director, Research (Gene Therapy), Poseida Therapeutics

This presentation will discuss leveraging the piggyBac DNA Delivery System and Cas-CLOVER Site-specific Gene Editing System to generate off-the-shelf fully allogeneic CAR-T cells to specifically target hematopoietic cells in the bone marrow. This potential therapeutic could be used as a non-myeloablative conditioning regimen for hematopoietic stem cell transplant or as a therapeutic for the treatment of acute myeloid leukemia (AML). The presentation will occur as part of the conference's Focus Day, "CAR-TCR Beyond Oncology: Fundamental Biology & Mechanisms of Action Beyond Oncology."

The full presentations at the CAR-TCR Summit will be made available on Poseida's website at their respective session times.

About Poseida Therapeutics, Inc.

Poseida Therapeutics is a clinical-stage biopharmaceutical company dedicated to utilizing our proprietary genetic engineering platform technologies to create next generation cell and gene therapeutics with the capacity to cure. We have discovered and are developing a broad portfolio of product candidates in a variety of indications based on our core proprietary platforms, including our non-viral piggyBac DNA Delivery System, Cas-CLOVER Site-specific Gene Editing System and nanoparticle- and AAV-based gene delivery technologies. Our core platform technologies have utility, either alone or in combination, across many cell and gene therapeutic modalities and enable us to engineer our wholly-owned portfolio of product candidates that are designed to overcome the primary limitations of current generation cell and gene therapeutics. To learn more, visit http://www.poseida.com to connect with us on Twitter and LinkedIn.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the potential benefits of Poseida's technology platforms and product candidates, Poseida's plans and strategy with respect to developing its technologies and product candidates, and anticipated timelines and milestones with respect to Poseida's development programs. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Poseida's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with development and regulatory approval of novel product candidates in the biopharmaceutical industry and the other risks described in Poseida's filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Poseida undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Cision

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Texas is about to pass a new law Republicans say will stop censorship of conservatives on Facebook, Twitter – USA TODAY

Posted: at 6:06 am

Trump sues Facebook, Twitter over 'blacklisting and canceling'

Claims that tech companies are biased against conservatives have emerged as a top issue to rally the GOP base ahead of the 2022 midterm elections.

Associated Press, USA TODAY

Texas is on the verge of passing a new law that would crack down on social media companies Republicans say are censoring conservative speech.

The legislaturepassed the bill. It now heads to the desk of Gov. Greg Abbott, a Republican who has publicly backed it and is expected to sign it.

The new law, passed in the final days of the second special session called by Abbott,would allow any Texas resident banned from Facebook, Twitter or Google's YouTube for their political views to sue the companies. The state attorney general also wouldbe able to sue on behalf of a user or a group of users.

It is similar to a Florida law that was blocked by a federal judge one day before it was set to take effect.

Trade groups representing the technology industry have pledged to challenge it as unconstitutional.

By ignoring the First Amendment, the Texas Legislature has chosen to abandon its own conservative and constitutional values in order to put the government in control of speech online," saidCarl Szabo, vice president and general counsel of NetChoice.

Dozens of states are considering legislation that targets how social media platforms regulate speech, though few have gotten this far.

Such bills resonatewith conservatives who believe their First Amendment rights are violated when posts are labeled or removed or when they are banned for violating the policies of social media platforms. Former President Donald Trump's suspensions from the major platforms spurred the new bills.

The First Amendment protects people from censorship by the federal government, not from content moderation decisions by private companies.

Social media companies say they don't target conservatives, only harmful speech that violates their rules.

Texas House Democrats warned during a hearing last week that the new law would stop social media companies from taking down harmful content.

They offered amendments that would have allowed the removal of posts promoting Holocaust denial, terrorism and vaccine disinformation, but were defeated.

"When you force social media platforms to pull their referees, the bad guys are going to throw more fouls on the court, said Adam Kovacevich, CEO of Chamber of Progress, a tech industry coalition that includes Facebook and Google. Unfortunately this law is only going to put more hate speech, scamsand misinformation online, when most people want a safer, healthier Internet."

Florida was the first state to push through legislation whenGov. Ron DeSantis, a Trump ally, signed a bill in May that penalizes social media companies for removing or barring the speech of politicians.

However, afederal judge temporarily blocked the new law after NetChoice and the Computer & Communications Industry Association lobbying groups that represent Facebook, Google and other tech giants sued. DeSantis is appealing.

Both Abbott and DeSantis are widely seen as possible GOP 2024 presidential contenders coming from big states with large electoral votes. Abbott is facing his first challenging Republican primary to be re-elected governor.

Big Techs efforts to silence conservative viewpoints is un-American, un-Texan and unacceptable and pretty soon its going to be against the law in the state of Texas, Abbott said at a news conference announcing similar legislationin March.

Conservative think tank The Heartland Institute recently estimated that 70 bills in 30 states are challenging big tech censorship.

The Republican claim that powerful tech companies are biased against and "cancel" conservatives is emerging as a top issue to rally the base in the 2022 midterm elections.

The GOP is betting it will boost voter registration, turnout and fundraising as it tries to retake the U.S. House and Senate, political observers say. It also could help Republicans at the state level.

"It's an issue that Republican state legislators know will energize and agitate their base,"Ari Cohn, free speech counsel for tech think tank TechFreedom, told USA TODAY.

Trump, who was suspended from the major social media platforms after the Jan. 6 insurrection, escalated his war with Big Tech in July when he filed suit against Facebook, Google and Twitter and their CEOs, claiming the companies violated his First Amendment rights.

Trump and Republicans fundraised off the lawsuit, though legal experts say it has virtually no chance of success.

The perception that tech companies and the billionaire CEOs who run them are biased against conservatives has been around for a long time, but intensified as Trump made social media abuses a major plank of his administration and reelection campaign.

After he lost the presidency, Trump vilified tech companies for labeling or removing posts that spread falsehoods about the outcome of the presidential election.

Complaints of ideological bias come from across the political spectrum, but its difficult to prove social media platforms are targeting any one group. Tech companies disclose little about how they decide what content is allowed and what is not.

Researchers say theyve found no evidence to support GOP grievances that social media companies stifle conservative voices.

If anything, they say, social media platforms amplify the voices of conservatives, shaping the worldviews of millions of voters.

But for some conservatives, the 2020 election proved Big Tech's ideological bias. They point to tech companies throttling the spread of a New York Post article which made uncorroborated claims about Hunter Bidens business dealings, the Trump social media bans and the takedown of Parler, a social media platform popular with the political right.

Nine in 10 Republicans and independents who lean toward the Republican Party say its at least somewhat likely that social media platforms censor political viewpoints they find objectionable, up slightly from 85% in 2018, according to an August report from the Pew Research Center.

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Texas is set to pass a new law banning Facebook from censoring conservatives – The Verge

Posted: at 6:06 am

Texas is one step closer to enacting a law that would make it more difficult for social media companies to moderate political content. Both Texas House and Senate approved the bill earlier this week, sending it to Gov. Greg Abbotts desk.

The bill would make it unlawful for social media companies with more than 50 million users, like Facebook and Twitter, to censor users and content based on political views or geographic location. This includes moderation actions like banning, deplatforming, or demonetizing users and removing posts.

The bill initially failed in a special session earlier this year when Democrats fled the state to stall the passage of controversial partisan bills, including measures to ban abortions once a fetal heartbeat is detected and new voting restrictions. The social media censorship bill was revived in July in a second special session. It was approved in the House on Monday and the Senate late Tuesday evening.

Its unclear when Abbott may sign the bill. His office did not immediately respond to requests for comment from The Verge.

Texas is the second state to push through a bill aimed at combating the alleged censorship of conservatives online. In May, Florida Gov. Ron DeSantis signed a similar measure that would fine platforms for banning political candidates. The law was blocked by a Florida US District Court judge in June. The judge wrote that much of the bills text was wholly at odds with accepted constitutional principles.

The Texas bill could face a similar fate, according to experts. While the language in Texass bill is different, the outcome will be the same because the First Amendment protects against government intrusion into editorial discretion, Ari Cohn, TechFreedom counsel, said in a statement Wednesday.

The bill was widely opposed by Democrats, but many did not attend the vote as they protested other controversial measures led by Republicans.

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On editing, censorship and sobriety in writing – Chicago Daily Herald

Posted: at 6:06 am

By Jim Slusher

When we think about freedom of speech, it sometimes becomes important to discuss the difference between editing and censorship.

The debate has special relevance for people who bristle at the actions of social media companies like Twitter and Facebook that set standards of conduct for people wanting access to their platforms and that may restrict or block access to users the companies believe violate them. We deal with such issues at times even at our own level as we try to moderate civil and responsible discussions in the comments sections of our stories online.

But the distinction can reach -- and frankly does to some degree almost daily -- to the level of letters to the editor the newspaper publishes. It was, indeed, the centerpiece of a rather unpleasant conversation I had recently with a letter writer who complained that we were "censoring" him by refusing to publish without any changes a letter he submitted. We questioned some matters of fact as he described them, and we were concerned about accusations and condemnations of specific individuals we could not easily confirm. Although he acknowledged that "it's your newspaper and you can print or not print anything you want," he repeatedly condemned us (me, to be specific) for our "censorship" of his views.

I contended, and contend here, that we were not "censoring" him. We were insisting that he edit his writing to conform to certain minimum levels of civility and precision. We were willing to publish the letter if edited reasonably, but not in its present form. This may seem much like arm wrestling over semantics, but it's an important distinction. Certainly, the writer could find another outlet for expressing his ideas if he did not like the editing we required. We just felt it would not be responsible for us to present the letter in our publication. Is that censorship or editing? Perhaps it depends on your frame of reference.

And here I must add that regular readers of our letters to the editor will note that our standards of civility and precision are decidedly lenient. We want to allow a generally free and open conversation about issues that energize people in our communities, so we are very generous in what we permit. We do, however, insist on some levels of decorum and verifiability.

I have hanging in my office a framed poster of an Ernest Hemingway quote I find fundamental to good writing of any kind. "Write drunk," it declares in large type enclosed in a prominent dark circle. Then, added pointedly below, it says simply "edit sober."

It is probably useful -- not to mention cathartic -- for us to let our ideas flow with intemperate fervor on topics about which we care passionately. But once we have poured all that sputum and bile onto the page, it behooves us all to return to our thoughts with a little sober reflection to spruce up or clear away the messy parts.

When it comes to writing, which is a very intimate activity, we may not always be able to recognize objectionable elements in our own work. This I know from personal experience. But we should not assume that those who come after us to do the cleaning are out to censor or repress our ideas. Often, they just want to edit them to make them clearer and, well, more palatable for others to read.

jslusher@dailyherald.com

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Tabcorp: Banks should be responsible for online gambling credit card bans – Gambling Insider – In-depth Analysis for the Gaming Industry

Posted: at 6:06 am

Australian gambling company Tabcorp says it will not oppose the banning of credit card use on online gambling platforms, but says that banks should be responsible for enforcing the ban, as reported by ZDNet.

Appearing before the Parliamentary Joint Committee on Corporations and Financial Services, Tabcorp CEO David Attenborough said that the financial sector is best equipped to implement such a ban, given its infrastructure and customer data available.

I'm not sitting here saying I accept a ban on credit cards for gambling. I'm saying if the committee decides it's going to ban it, we're not going to oppose it for online wagering, said Attenborough.

The CEO added that only 14% of online wagering transactions use a credit card, with the majority of that group using it responsibly and for convenience.

Commenting on the potential ban of credit card use, Attenborough noted: If that is the solution the committee chooses to do, we will support that, but that legislation needs to be applied to the financial sector because they're best set up to be able to implement that.

If we got more information from the banks that a card was suspect, we could shut it down, he added. If the banks notified us that this was a problem, we would be able to stop dealing with that problem, but this flow of information doesn't happen.

While the use of credit cards in online wagering with Tabcorp is declining, Attenborough did admit that a problem gambler can always find ways of getting around blocks or bans, suggesting that a national regulator is the only way of fixing the issue.

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Regulations affecting gambling industry’s growth in India: All you need to know – Free Press Journal

Posted: at 6:06 am

The overall gaming industry in India is expected to grow exponentially in the upcoming years. The gambling sector also plays a major role in the expansion of the overall gaming industry in the country. When we take a look at the factors that will affect the growth of this sector, we will notice that changes in the regulations are also a major contributor to the development of the gambling scene.

Based on the results from a recent report of Beyond the Tipping Point: A Primer on Online Casual Gaming in India, the gaming field in the country is expected to reach INR 290 billion ($3.91 billion) by 2025. Compared to this years market size of INR 136 billion ($1.83 billion), these estimates show an expected growth of 113%. It should be noted that these numbers include casual gaming, casino and card gambling, and fantasy sports.

Factors that Have Affected the Growth of the Gaming Industry

It was not that long ago when the gaming sector in India was exclusively reserved for players who owned expensive consoles. Nowadays, however, with the deeper integration of online and mobile gaming, the sector is enjoying a huge expansion. Currently, there are over 400 gaming companies or start-ups that have generated enough products to surpass the console-based sector in India.

As games can now easily be accessed online and on various handheld devices, there has been a huge surge in the number of active online players between the ages of 18 and 24. This age group represents about 60% of all online gamers in the country, contributing to the increasing popularity of online gaming in India.

Another factor that also fuelled the growth of the gambling sector and the overall gaming industry is the global pandemic. As the whole country was forced to lockdown due to the disturbingly increasing numbers of Covid cases, more people resorted to online gaming. A certain gaming platform soared to newer heights as it enjoyed more than 100,000 new users every day during that period. Meanwhile, many brick-and-mortar casinos started their online platforms, catering to the players who were constantly stuck at home.

Online gambling has also earned the attention of Indian players as it offers localized content that can be easily accessed. Many virtual casinos cater specifically to the preferences of Indian players, providing games like Andar Bahar, Rummy, Teen Patti, and Texas Holdem Poker. Often the live-dealer versions of these games are hosted by dealers who are fluent in local languages, allowing Indian players to fully immerse themselves in the gameplay.

Online gambling requires making virtual payments with ease and still feel protected while doing so. As the fintech payment solutions in India are constantly developing, ensuring players smoother and more secure transactions, this has also contributed to the increasing popularity of online gambling. Indian players can handle their online casino accounts via solutions such as Google Pay, PayTM, and other digital payment methods that many find convenient to use.

Regulations that affect the Gambling Industry Growth

One of the regulations that contributed to the growth of the local gaming industry is the ban on well-developed international iGaming companies. This type of legal action gave Indian gaming companies more opportunities to develop and grow their presence on the local online gaming scene. The government of India has launched its Armanirbhar Bharat program to help the country become more self-sufficient. Supporting the local gaming industry and the development of games inspired by Indian culture is also a part of that program.

Another factor that will play a major role in the future development of the gambling industry in India is the legal framework that regulates the sector. As there is no common consent to the way gambling should be regulated in the country, different states have their own gambling laws and regulations. The majority of the states are still following the outdated Public Gambling Act of 1867. Not only is that law incapable of regulating online gambling as it did not exist back in the day, but it also lacks a clear definition of games of skill.

While most states have deemed bets on horse races and fantasy sports legal, many states do not permit playing Rummy and Poker as they fall under the category of skill-based games. This is not the case across all states in India, however, as they do not consider them as games of skill. This lack of legal unity can significantly slow down the growth of the gambling industry in the country. This is why there is a serious need for change in the current laws regulating the gambling in India.

There have been some signs of a possible implementation of a unified legal framework. In December 2020, the governments policy think tank NITI Aayog proposed a centralized legal framework to regulate fantasy sports platforms in India. Rather than focusing only on fantasy sports, the policy institute was asked to introduce a self-regulatory body that will oversee the entire skill-based gaming industry in the country.

Estimates for the regulated gambling market in India by 2025 predict annual income of $1.4 billion from direct and indirect taxes. These numbers are enough to motivate policymakers to review the current gambling laws and introduce a legal framework that is up-to-date with the developing gaming sector in the country.

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Cryptocurrency prices today: Bitcoin near $50,000; ether, dogecoin surge 10%. Latest rates – Mint

Posted: at 6:05 am

Cryptocurrency prices today surged with Bitcoin trading near $50,000, days after it broke back above the psychologically important mark last month for the first time in three months. The world's largest cryptocurrency by market capitalization jumped 6% to $49,678.59, as per CoinDesk. Bitcoin prices are up 71% this year (year-to-date), though, far away from its record just below $65,000 in April.

Ether, the coin linked to ethereum blockchain and the second largest crypto, rallied over 9% to 3,769.62 Meanwhile, dogecoin prices gained 10% to $0.30, whereas, Cardano was up 8% at $2.98. Other cryptocurrencies like XRP, Stellar, Uniswap, Litecoin also surged in the range of 5-10% over the last 24 hours.

Global cryptocurrency exchange Binance's founder and chief executive officer Changpeng Zhao said that its US arm could have an initial public offering in the next three years, The Information reported on Wednesday. "Binance.US is just going to do what Coinbase did," Zhao said, according to the report.

Meanwhile, investors continued to pour into digital funds based on altcoins, such as ether and cardano, even as bitcoin funds logged their eighth straight week of outflows last week, digital asset manager CoinShares said. Altcoins is a cumulative term to define cryptocurrencies that came after bitcoin.

Bitcoin hit a record of almost $65,000 in April, driven by a tide of liquidity, fast-money bets and optimism about growing demand from institutional investors. Supportive views from billionaire Elon Musk and the direct listing of digital-currency platform Coinbase Global Inc. also fueled optimism.

(With inputs from agencies)

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Will PayPals adoption of bitcoin make cryptocurrency more mainstream? – New Scientist News

Posted: at 6:05 am

By Matthew Sparkes

Will the cryptocurrency be more widely used now that PayPal accepts it in the UK?

mundissima / Alamy

PayPal has two decades of experience in online payments and manages 403 million user accounts. So, it caused ripples when it announced on 23 August it would allow UK customers to buy and sell four cryptocurrencies: bitcoin prices rose to a three-month high. But will this and last Octobers roll-out in the US push cryptocurrencies into the mainstream, or is it just another blip in the short but volatile history of decentralised money?

Customers in the US who have bought cryptocurrencies through Paypal log in twice as often as those who havent, says Jose Fernandez da Ponte at PayPal. We expect digital currencies to play an important role in consumer payments over the longer term, he says.

Public interest in bitcoin and other cryptocurrencies is certainly growing, but only a minority have bought in. AYouGov survey revealed that by August 2019, just 3 per cent of people in the UK owned any cryptocurrencies. By July 2021 that had risen to 8 per cent.

Giving millions of existing PayPal customers the ability to buy at the click of a button has enormous potential for increasing those numbers, but access to the currency isnt the only limiting factor.People need a way to spend it.

A handful of large companies, such as Microsoft, have begun accepting bitcoin as payment, and others such as electric car company Tesla have done so at times too. And while several other retailers, including grocery stores, coffee shops and hardware stores, have systems to accept cryptocurrency in some countries, using only this form of payment day-to-day would be no easy task.

PayPal users in the UK wont be able to use cryptocurrency to buy goods or services they can only buy, hold and sell the currency. But in the US, the company offers the ability to use balances for payments anywhere that accepts PayPal. This effectively allows hundreds of thousands of retailers to accept cryptocurrencies without having to make any changes or accept any risk, and receive US dollars from PayPal as normal.

This is vital, as the risk for businesses is high, says Carol Alexander at the University of Sussex, UK. Cryptocurrencies are dominated by huge speculation and rampant manipulation, she says.

Organised groups are able to cause swings in cryptocurrency values with coordinated buying or selling and, unlike the traditional financial services sector, there is little regulation to stop it. So, if you take bitcoin as payment directly, it may plummet in value before you convert it.

I cant see this as the moment crypto goes mainstream. The widespread market abuse needs addressing first, says Alexander.

Cryptocurrencies are decentralised systems with no official oversight, so regulation is difficult. Registered companies that deal in them are finding themselves under increasing scrutiny. In June, the UKs Financial Conduct Authority ruled that Binance Markets Limited, one of the worlds largest cryptocurrency exchanges, had to cease regulated trading in the UK.

There are still hurdles to overcome before cryptocurrency can truly break into the mainstream,including its exorbitantenergy use, volatility and complexity.

But some are still confident that the technology offers enough benefits, such as protection from inflation, a degree of anonymity and low fees for large payments, that widespread adoption is inevitable.

Nigel Green at financial services firm deVere Group is confident that cryptocurrencies will replace traditional money and, although that moment is still some way off, he says PayPals announcement is yet another example that exposes cryptocurrency deniers as being on the wrong side of history.

This is a major step forward towards the mass adoption of digital currencies, he says. More and more payment companies will naturally follow their lead.

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Interested In Cryptocurrency? Here Is A 10-Point Guide On Investing – NDTV Profit

Posted: at 6:05 am

As the cryptocurrency market is extremely volatile, it is always smart to start small

Cryptocurrency has become very popular among investors. Not only has the crypto market seen an increase in investors, but it has also started to gain acceptance in many organisations as an alternate mode for payment to fiat currency. Many top companies have begun to offer their customers the option of paying for their products using cryptocurrencies. However, despite all this cryptocurrency is still a highly volatile asset class that is also decentralised. So, it is important for all investors to keep the following points in mind before investing.

1) Research thoroughly

As is the case in all money-related matters, it is important to do an adequate amount of research before you invest. Read all about the different types of cryptocurrencies before picking the one you choose to invest in. Read all there is to know on blockchain technology to understand how the cryptocurrency market functions.

2) Verify all information

As the crypto market is decentralised and unregulated, there are several scammers and fraudsters aboard. Do not blindly fall for investment schemes that promise great returns. Always verify before trusting.

3) Start small

As the saying goes, never put all your eggs in one basket. It applies to investments as well. As the cryptocurrency market is extremely volatile, it is always smart to start small. And pick only one type of cryptocurrency and stick to it until you feel confident enough to understand the market. Invest small amounts of money.

4) Rely on your own research

The cryptocurrency market is new for everyone. So, do not fall for the investment strategies of so-called market experts or social media influencers. Rely on your own research and chalk out your own strategy based on your personal finances.

5) Patience is key

The volatility of the cryptocurrency market knows no bounds. So, it is important to remain patient despite all the swings that occur. Keep your cool always as it will help to make good decisions.

6) Create a new email ID

All cryptocurrency trades take place via various platforms that require you to create an account using an email ID. It is always best to create a separate one only for cryptocurrency trades and investments. This is to avoid any risk of a data breach.

7) Understand cryptocurrency wallets

Cryptocurrency can be stored in an online wallet as well as an offline wallet. For new investors, an online wallet is best. However, it runs the risk of being hacked. Read up on both wallets and choose one that best suits you.

8) Do not store all your money in a mobile wallet

While having mobile wallets is extremely convenient, they also carry the risk of being hacked and stolen. Hence, it is always best to not have all your cryptocurrency stored in a mobile wallet.

9) Read all about tax on cryptocurrency

As cryptocurrency is unregulated in many countries, trading in it could draw heavy taxation. Read all the information relating to taxes on crypto investments in your country before you begin investing.

10) Do not blindly jump on the crypto bandwagon

Yes, cryptocurrency is very popular and has several people diving right into investing and trading in it. But that does not mean you should too. Do not blindly jump on to the cryptocurrency bandwagon. Assess and take stock of your own personal finances before making a move.

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