Day: May 3, 2023

U.S. SEC Changes Its Mind on Officially Labeling Digital Assets in Hedge Fund Regulation

“The SEC is a regulator that requires transparency from its registrants, but it is continuing to withhold regulatory clarity by not defining digital assets,” said Anne-Marie Kelley, a partner at Mercury Strategies who was a longtime SEC official. She suggested the commission may have deleted the definition because “any recognition of digital assets uniqueness as a novel product weakens their litigation stance that digital assets are securities and subject to the SEC securities laws.” Source

Google DeepMind CEO Demis Hassabis says we may have AGI ‘in the next few years’

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Demis Hassabis, the CEO of Google DeepMind, recently predicted that artificial intelligence systems would reach human-level cognition somewhere between “the next few years” and “maybe within a decade.”  Hassabis, who got his start in the gaming industry, co-founded Google DeepMind (formerly DeepMind Technologies), the company known for developing the AlphaGo AI system responsible for beating the world’s top human Go players. In a recent interview conducted during The Wall Street Journal’s Future of Everything festival, Hassabis told interviewer Chris Mims he believes the arrival of machines with human-level cognition is…

State regulators crack down on fraudulent cryptos promoted as ‘Elon Musk AI Tokens’ and ‘TruthGPT Coin’

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The Texas State Securities Board, including several state regulators, have come together to issue cease-and-desist orders against Horatiu Charlie Caragaceanu and his organizations, The Shark of Wall Street and Hedge4.ai, for promoting two cryptocurrencies named TruthGPT Coin and Elon Musk AI Token. The orders seek to clamp down on what they claim is a fraudulent securities scheme attempting to capitalize on the growing buzz around artificial intelligence (AI). The TruthGPT Coin is being marketed as a cryptocurrency that utilizes an AI system called Elon Musk AI. The AI model can…

Robinhood returns to court to defend position in case brought by US state regulator

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Lawyers representing cryptocurrency and stock trading app Robinhood faced off against those for the Office of the Secretary of the Commonwealth of Massachusetts over the legality of a state regulation that could affect how the company markets itself to potential investors. Under Secretary of the Commonwealth of Massachusetts William Galvin, the office’s securities division filed a complaint against Robinhood in December 2020 alleging the platform illegally targeted inexperienced investors, claiming the practice was in violation of the state’s fiduciary duty standards. Galvin reportedly said at the time that Robinhood was…

Bitcoin BTC Price Falls Slightly After Fed Rate Hike

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In an email to CoinDesk, Michael Safai, managing partner of crypto trading firm Dexterity Capital, said that the latest Fed decision would likely lead to “mixed outcomes” for crypto traders. “While the language on future rate hikes was softened, the Fed left the door open by saying that future decisions will be macro data dependent. Inflation data is improving, but it still isn’t rosy enough to excite crypto traders,” Safai said in an emailed comment. Original

White House Pushes DAME Tax Proposal to Address Alleged Environmental Costs of Crypto Mining – Mining Bitcoin News

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On May 2, 2023, the Biden administration unveiled a blog post outlining the Digital Asset Mining Energy (DAME) tax, featured in the president’s comprehensive 182-page budget proposal for the fiscal year 2024. The DAME tax targets “making crypto miners pay for the costs they impose on others” regarding the environmental impact of crypto mining activities. Crypto Miners Could Face Gradually Increasing Tax With Biden’s DAME Proposal With the White House’s Council of Economic Advisors expressing alarm over the so-called climate crisis, Biden’s administration argues that crypto asset mining’s energy consumption…