Browsing:Market News

Safe AI top priority for EU legislators amidst Google CEO's AI development warning
1 year ago 1 min read

EU lawmakers advocate for ethical AI as Google CEO warns of hasty progress

A dozen European Union politicians have joined hands to call for the “safe” development of artificial intelligence (AI) and to push for universal rules around its development. This comes after Google’s CEO, Sundar Pichai, warned against releasing powerful AI technology before society had adapted to it. The EU Parliament member, Dragoș Tudorache, shared an open letter on Twitter on April 16, which urged the European Commission President Ursula von der Leyen and US President Joe Biden to convene a summit on AI and establish governing principles for the development, control, and deployment of the tech. The letter highlights the need

Do Kwon
1 year ago 1 min read

Terra’s Do Kwon Refuses to Comply with SEC’s Request for Singaporean Records

Do Kwon, the co-founder of Terra, has suffered a setback in his legal battle against the US Securities and Exchange Commission (SEC). United States District Judge Jed Rakoff has denied Kwon’s request to block the SEC from accessing records from the Monetary Authority of Singapore (MAS). Kwon is facing pressure from regulators and legal battles across the world, including his recent arrest in Montenegro. Prosecutors are investigating the source of funding for a Seoul-based law firm, Kim & Chang, which may result in further legal repercussions for Kwon. Additionally, South Korean prosecutors claim that Kwon converted illicit funds from LUNA

DeFi Platforms Brace for Regulatory Pressure Following SEC Chair Gensler's Testimony to House Financial Services Committee
1 year ago 2 mins read

SEC Chairman Gary Gensler Takes on DeFi Platforms in Testimony Before House Financial Services Committee

Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), will testify before the House Financial Services Committee on April 18, 2023, at 10:00 am ET. The hearing is titled “Oversight of the Securities and Exchange Commission,” and Gensler will share his personal views on crypto markets and regulation. He makes it clear that his comments reflect his own opinions and not those of the SEC Commissioners or staff. Gensler’s prepared remarks address the crypto market and emphasize that most crypto tokens are considered securities. He stresses the importance of compliance with securities laws, stating that “it’s the

Bybit Establishes Global Headquarters in Dubai
1 year ago 1 min read

Bybit Establishes Global Headquarters in Dubai

Crypto exchange Bybit has officially opened its global headquarters in Dubai, following the company’s announcement last year of its plans to establish itself in the emirate. This move demonstrates the exchange’s commitment to expanding its presence in the Middle East and North Africa (MENA) region, which has become an increasingly important hub for digital asset trading. Dubai’s strategic location, as well as its progressive approach to digital assets, make it an ideal location for Bybit’s global headquarters, according to Ben Zhou, CEO and co-founder of Bybit. “As one of the most progressive digital assets hubs in MENA and the world,

UAE's Federal Financial Regulator Launches VASP Licensing Application Process
1 year ago 1 min read

UAE’s Federal Financial Regulator Facilitates Licensing for Virtual Asset Service Providers

The United Arab Emirates (UAE) has taken a major step towards regulating the virtual asset sector with the announcement that the Securities and Commodities Authority (SCA) will begin accepting licensing applications from firms that provide virtual asset services. The move comes after the UAE’s Cabinet issued resolution number 111 of 2022, aimed at regulating virtual assets and creating an attractive investment environment for global companies and institutions operating in the virtual assets sector. According to the SCA, all virtual asset service providers operating in the UAE must obtain a license from the regulator, with the exception of those licensed in

Israel's Central Bank Looks to the Future with Digital Shekel Proposals
1 year ago 1 min read

Israel’s Central Bank Explores Possibilities of Issuing a Virtual Currency

Israel’s Central Bank is keeping a close eye on various scenarios that could impact its decision to issue a digital shekel (SHAKED). These scenarios include the widespread adoption of stablecoins and a decline in the use of cash, as well as significant technological developments in payment systems and competition in the domestic payment system. The Bank of Israel’s steering committee on the potential issuance of a digital shekel emphasized in a recent report that it has not yet decided to issue a central bank digital currency (CBDC). While 90% of the world’s central banks are examining CBDCs, only a few

MicroStrategy chairman Michael Saylor has revealed that the firm has converted its corporate email address to a Lightning address
1 year ago 1 min read

MicroStrategy embraces Bitcoin lightning network, converts company mail to lightning address

MicroStrategy chairman Michael Saylor has revealed that the firm has converted its corporate email address to a Lightning address, a move that reflects the company’s continued bullishness on Bitcoin. Saylor disclosed the development in a tweet on April 17, saying “people keep sending me 21 sats.” This means that people can now send BTC to Saylor using his email as an identifier. The integration uses the Lightning Address protocol, which replaces standard Lightning payment requests with internet identifiers such as email addresses. The Bitcoin lightning network adoption has grown in recent years, with the total value of assets locked on

US Senator Warren
1 year ago 1 min read

US Senator Warren’s Criticism of Bitcoin Mining Sparks Debate on Crypto Twitter

United States Senator Elizabeth Warren has blamed the Bitcoin mining industry for the increasing energy bills in American households, citing an unverified mainstream report. Crypto Twitter, however, was quick to challenge the allegations and dispel the misinformation. Senator Warren has been known for her critical stance on the crypto ecosystem, and the latest accusations against Bitcoin mining were based on a New York Times article. The report accused Bitcoin miners of exploiting electricity and indirectly burdening the public with rising energy costs. In response, Senator Warren urged the U.S. Environmental Protection Agency and Department of Energy to require cryptominers to

Babel, the Crypto Loan Provider, Secures Lengthened Creditor Protection in Singapore
1 year ago 1 min read

Singapore Grants Babel, the Crypto Lender, Extended Protection for Creditors

Babel Finance, a cryptocurrency lending firm, has been granted an extension on creditor protection by a court in Singapore. This will give the company an additional three months to repay debts to creditors such as Deribit, following the suspension of withdrawals in 2022. The extension will last until July 21, during which time Babel will be able to continue its restructuring plan via a new decentralized finance project called Hope. The Babel restructuring plan includes the issuance of new tokens, known as “Babel Recovery Coins,” which will enable the troubled lender to generate revenue for repaying as much as $800

ChipMixer Founder Accused of Laundering $3B in Bitcoin
1 year ago 1 min read

ChipMixer Founder on the Run From FBI After Being Accused of $3B Bitcoin Laundering

A Vietnamese man is still on the run and is now on the FBI’s most wanted list after being charged with laundering up to $3 billion in Bitcoin and cryptocurrency through the money-laundering service, ChipMixer. Minh Quốc Nguyễn, a cryptographic engineer with an electronic engineering background from Taiwan, was charged by the Justice Department (DoJ) last month with laundering money for ransomware scammers, darknet markets, fraudsters, and state-sponsored actors. Nguyễn created ChipMixer to help criminals bypass know-your-customer and anti-money-laundering measures. The DoJ alleges that the Russian military, state-sponsored North Korean hackers, and a recently-collapsed exchange, possibly the now-defunct FTX, all

The US SEC is reportedly investigating cryptocurrency exchange Bittrex over potential regulatory violations.
1 year ago 1 min read

US SEC Conducting Investigation of Bittrex Crypto Exchange for Possible Violations

The US Securities and Exchange Commission (SEC) is reportedly investigating cryptocurrency exchange Bittrex over potential regulatory violations. The Wall Street Journal recently reported that the Seattle-based exchange may have violated laws as an exchange, broker-dealer, and clearinghouse without first registering with the regulator. Bittrex, which previously announced that it would wind down its U.S. operations from April 30, claims to be cooperating with regulators and has not yet received any formal communication from the SEC regarding the investigation. The SEC has been increasing its scrutiny of the crypto industry in recent years and has taken enforcement action against several companies

SEC Chairman Gary Gensler
1 year ago 2 mins read

US Congressman Proposes Removing Gary Gensler as SEC Chair

In recent months, the U.S. Securities and Exchange Commission (SEC) has come under increasing political pressure for its regulatory approach to the cryptocurrency industry. The latest move against the SEC is a proposed bill by Ohio Representative Warren Davidson, which aims to oust SEC Chairman Gary Gensler and replace him with a director. The proposed legislation comes amid growing concerns from crypto industry advocates about what they view as overreach and extrajudicial crackdowns by the SEC. Commissioner Hester Peirce, also known as “crypto mom,” has been particularly vocal in criticizing the agency’s war on crypto. In response to SEC criticism,

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