Regulation

In the race for market supremacy among artificial intelligence (AI) firms, a coalition of technology leaders spearheaded by IBM and Meta established the AI Alliance. Rather than competing, these companies aim to collaborate, emphasizing their commitment to fostering transparent innovation and responsible development in artificial intelligence. In a joint statement, IBM and Meta outlined the

Four United States senators have written to Federal Trade Commission (FTC) Chair Lina Khan requesting information on efforts taken by the FTC to track the use of artificial intelligence (AI) in scamming older Americans. In the letter addressed to Khan, U.S. Senators Robert Casey, Richard Blumenthal, John Fetterman and Kirsten Gillibrand highlighted the need to

Société Générale, France’s third-largest bank, has debuted its native euro-pegged stablecoin, making it one of the first European banking giants to venture into the stablecoin market. The EUR CoinVertible (EURCV) stablecoin will debut on the Luxembourg-based Bitstamp crypto exchange, the Financial Times reported. EURCV will be fully backed by the euro, allowing bank customers to participate

DEBT Box and other defendants in a Securities and Exchange Commission lawsuit want the case tossed after the court found the agency lied to secure a temporary restraining order against them. “The SEC got this case wrong. Badly wrong,” lawyers for Digital Licensing Inc., which does business as DEBT Box, told Utah federal court Judge

Elon Musk’s X-linked AI modeler xAI has an agreement for the private sale of $865.3 million in unregistered equity securities, according to a filing with the United States Securities and Exchange Commission (SEC) made on Dec. 5. xAI filed the SEC’s Form D to allow it to engage in the private sale of securities without

The United States Securities and Exchange Commission (SEC) has delayed its decision on whether to approve or disapprove of a spot Ethereum exchange-traded fund, or ETF, offering from asset manager Grayscale. In a Dec. 5 notice, the SEC said it would designate a longer period on whether to approve or disapprove of a proposed rule

The New Jersey General Assembly may consider a bill that would decide when a digital asset or virtual currency is a security under state law.  All virtual currencies issued and sold to institutional investors would be considered securities in the U.S. state of New Jersey under the bill introduced by Democratic Assemblyman Herb Conaway, Jr.

Representative Patrick McHenry, chair of the United States House Financial Services Committee and a proponent of many pieces of crypto-focused legislation, will be retiring from Congress. In a Dec. 5 statement, McHenry said he would not seek reelection to the U.S. House of Representatives and is expected to leave Congress in January 2025. He will

Lawyers representing the United States Securities and Exchange Commission (SEC) requested the judge in its civil case against Terraform Labs and co-founder Do Kwon determine whether certain crypto assets are securities rather than a jury. In a Dec. 4 filing in U.S. District Court for the Southern District of New York, the SEC argued that

A bill defining crypto assets as securities and featuring the capital gains tax on them made it through the Parliamentary Committee. It will be introduced to the lower chamber of Parliament as a next step.  As the Kenyan newspaper Business Daily reported on Dec. 4, the Capital Markets (Amendment) Bill, 2023, has been approved by

The Singaporean government released its updated national strategy for artificial intelligence (AI) 2.0 on Dec. 4, in which it outlined how it plans to embrace innovation and tackle the challenges coupled with the technology.  Singapore structured its AI strategy into three distinct systems, consisting of ten “enablers,” which drive those systems and then 15 action

Taiwan’s principal financial regulator, the Financial Supervisory Commission (FSC), is considering allowing crypto exchange-traded funds (ETFs) in the country, but only after analyzing the product’s development in other markets worldwide. At the moment, the FSC considers itself to be “in the exploratory phase.”  According to a Dec. 5 report in the Taiwanese newspaper, the Commercial

Smart contract development firm Thirdweb reported a security vulnerability that potentially “impacts a variety of smart contracts across the Web3 ecosystem.” On Dec. 4, Thirdweb reported a vulnerability in a commonly used open-source library that could impact certain pre-built smart contracts, including some of its own. However, Thirdweb’s investigations concluded that the smart contract vulnerability has

The Criminal Investigation (CI) Unit of the United Internal Revenue Service (IRS) reported an increase in the number of investigations around digital asset reporting. In its annual report released on Dec. 4, the IRS investigative arm said it had initiated more than 2,676 cases in which it had identified more than $37 billion related to

Last week, His Majesty’s Revenue and Customs (HMRC) presented an unpleasant Christmas surprise to hodlers in the United Kingdom, demanding they declare any crypto holdings they failed to report in the last four, six or even 20 years. The tax authority also reminded taxpayers of the interest, charged daily from the date tax is due

The ‘Stand With Crypto’ campaign launched by cryptocurrency exchange Coinbase plans to bring candidates for the 2024 United States Presidential Election together to discuss blockchain technology and digital assets. According to its website as of Dec. 4, Stand With Crypto confirmed that Republican candidates Asa Hutchinson and Vivek Ramaswamy, as well as Democratic candidate Dean

Two brothers, responsible for the theft of $8.5 million from decentralized finance (DeFi) protocol Platypus, were allowed to walk free with no repercussions by a French court.  On Feb. 16, hackers managed to drain and move $8.5 million from Platypus through a flash loan attack, forcing the protocol to suspend trading services until a resolution

Financial regulators in South Korea released an update on Dec. 4 asking users to report any unlicensed cryptocurrency exchanges offering services to users in the region.  The Digital Asset Exchange Association (DAXA) and the Financial Intelligence Unit (FIU) of South Korea collaborated on the initiative. DAXA includes five of the major virtual asset exchanges operating

South Africa’s principal financial regulator, the Financial Sector Conduct Authority (FSCA), reviewed 128 applications from crypto service asset providers (CASPs) but intends to discuss only 36 during its next meeting in December.  The numbers were published on Nov. 30 by the South African news outlet My Broadband. According to the publication, the FSCA plans to

The United States needs to formally investigate using proof-of-work networks such as Bitcoin (BTC) to protect the country from cyber-inflicted warfare, according to Jason Lowery, a member of the United States Space Force. In a four-page letter to the U.S. Defense Innovation Board on Dec. 2, Lowery explained that while Bitcoin is mostly seen as a “monetary