Month: March 2023

Center for AI accuses ChatGPT creator of violating trade laws

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The Center for Artificial Intelligence and Digital Policy (CAIDP) has filed a complaint with the United States Federal Trade Commission (FTC) in an attempt to halt the release of powerful AI systems to consumers. The complaint centered around OpenAI’s recently released large language model, GPT-4, which the CAIDP describes as “biased, deceptive, and a risk to privacy and public safety” in its March 30 complaint. CAIDP, an independent non-profit research organization, argued that the commercial release of GPT-4 violates Section 5 of the FTC Act, which prohibits ”unfair or deceptive…

SEC Takes Action Against Crypto Trading Platform Beaxy and Its Executives – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission (SEC) has filed charges against crypto trading platform Beaxy and its executives. Additionally, the regulator alleged that the cryptocurrency exchange’s founder raised $8 million in an unregistered crypto token offering and “misappropriated at least $900,000 for personal use, including gambling.” SEC Charges Crypto Exchange Platform Beaxy The U.S. Securities and Exchange Commission (SEC) announced Wednesday that it has filed charges against crypto asset trading platform Beaxy, its founder, and its executives. SEC Chairman Gary Gensler commented: We allege that Beaxy and its affiliates performed…

DAO treasuries top $25 billion for the first time: DeepDAO

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Decentralized autonomous organization (DAO) treasuries are rapidly growing having just surpassed a major milestone, according to DeepDAO. According to figures from the DAO data platform, on March 31, total assets for all decentralized autonomous organizations reached a record $25.1 billion. The treasury is the total sum of assets the DAO may use at its own discretion. It excludes DAO-managed but unowned assets such as staking accounts and reward fees. Around $22 billion of that total is liquid with around $3.5 billion set aside for vesting, according to DeepDAO. Remarkably, assets…

Polls suggest Elizabeth Warren’s anti-crypto army strategy may not pay off

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The United States Senator for Massachusetts Elizabeth Warren is making her “anti-crypto” agenda one of the centerpieces of her re-election campaign, despite polls suggesting the majority of Americans think crypto is a key innovation for the future. In a March 30 Tweet, Warren suggested she was fighting to put “government on the side of working families,” and prominently quoted a Politico headline that said: “Elizabeth Warren is building an Anti-crypto Army.” The ‘Pro-crypto Army’ took to Twitter to lambast the Senator. Popular YouTuber Coin Bureau ridiculed the strategy, saying, “Imagine…

Economist Peter Schiff Warns of US Dollar Devaluation and ‘Biggest Economic Disaster’ in History – Economics Bitcoin News

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Economist Peter Schiff has warned of “the biggest economic disaster” in U.S. history. He stressed that we are on the cusp of a financial crisis and “it’s going to be much bigger than the last.” In addition, he said the U.S. dollar is being debased in order to fund the bank bailouts. Peter Schiff Foresees ‘Biggest Economic Disaster’ in US History Economist and gold bug Peter Schiff shared his warnings about the U.S. economy, the banking crisis, and where inflation is headed on NTD News Monday. Commenting on Federal Reserve…

Citi says trillions in assets could be tokenized by 2030

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Investment bank Citi is betting on the blockchain-based tokenization of real-world assets to become the next “killer use case” in crypto, with the firm forecasting the market to reach between $4 trillion to $5 trillion by 2030. That would mark an 80-fold increase from the current value of real-world assets locked on blockchains, Citi explained in its “Money, Tokens and Games” March report. “We forecast $4 trillion to $5 trillion of tokenized digital securities and $1 trillion of distributed ledger technology (DLT)-based trade finance volumes by 2030,” the firm’s analysts…

Sushi Swap CEO Says He No Longer Feels ‘Inspired’ Amid U.S. Regulators’ Crypto Crackdown

To fund the expected battle, Grey last week proposed the community reserve $4 million of the protocol’s treasury funds for a “Sushi DAO Legal Defense Fund.” The fund, which is almost as much as the DAO’s annual operating expenses, received swift backlash on the community’s Discord channels, becoming a sticking point on Thursday’s call. Source CEOCrackdownCryptoFeelsInspiredLongerRegulatorsSushiSwapU.S CryptoX Portal

SEC Needs New Tools, Expertise, and Resources to Regulate Crypto Industry – Regulation Bitcoin News

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U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a congressional hearing that the securities regulator “requires new tools, expertise, and resources” to combat misconduct in the crypto space. “We’ve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class,” he stressed. SEC Chair Gary Gensler on Budget Request and Crypto Regulation The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, testified on his agency’s Fiscal Year (FY) 2024 budget…