Day: September 29, 2023

Circle weighs in on SEC vs. Binance case, argues stablecoins are not securities

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In a court filing, Circle argued that assets that are pegged to the U.S. dollar, like the Binance USD (BUSD) or its own stablecoin USDC, are not securities, partly because those who purchase the assets are not expecting any profit from acquiring them. According to Circle, payment stablecoins do not have the “features of an investment contract” on their own. Circle, the company that issued the USD Coin (USDC) stablecoin, has weighed in on the United States Securities and Exchange Commission (SEC) case against crypto exchange Binance, arguing that stablecoins…

Character.AI Eyes Impressive Funding at Over $5B Valuation

The potential deal might put the company’s value anywhere from $5 billion to $6 billion, Character.AI, an artificial intelligence startup founded by former Google employees, is in the early stages of discussions to secure substantial funding, possibly exceeding $5 billion in valuation, Bloomberg reported on Thursday, citing people familiar with the matter who wished to remain anonymous. According to the report, the company, having emerged as an early frontrunner in the realm of generative AI tools, has garnered substantial interest from potential investors, and these investors could put in additional…

Gemini to halt operations in the Netherlands by mid-November

New York-headquartered crypto exchange Gemini has decided to quit the Netherlands, following in the footsteps of crypto giant Binance. The company cites its inability to meet the regulators’ requirements but says it intends to return to the Dutch market.  In a letter to its Dutch users on Sept. 26, Gemini asks them to either withdraw their assets or transfer them to another wallet address, as by Nov. 17, the platform will suspend its operation in the Netherlands “due to requirements imposed by the De Nederlandsche Bank (DNB) on crypto exchanges.”…

$9 Trillion BlackRock Sees Bitcoin Spot ETF Approval Delayed, What This means

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In continuation of its recent wave of delays, the US Securities and Exchange Commission (SEC) has further delayed the Spot Bitcoin ETF application of the world’s largest asset manager, BlackRock.  SEC Request For Comments On BlackRock’s Bitcoin ETF Application In its release concerning BlackRock’s application, the SEC called for written comments on why the iShares Bitcoin Trust should be approved or disapproved. This move ultimately extends the period in which the Commission can decide on the proposed rule change, with the next deadline coming on January 15, 2024.  As part…

AMD Shares Surge Nearly 5% amid Praise from Microsoft CTO

The longstanding partnership between Microsoft and AMD has been a strategic alliance that has shaped the tech industry in various ways. A recent report has revealed that shares of Advanced Micro Devices Inc (NASDAQ: AMD) rose nearly 5% on Thursday following comments from Kevin Scott, the Chief Technology Officer of Microsoft Corp (NASDAQ: MSFT) about the chipmaker’s efforts to strengthen its position in AI, an arena long dominated by Nvidia Corp (NASDAQ: NVDA). With AMD’s stock up approximately 60% this year, investors are keeping a close eye on this tech…

New US bill to require firms to report off-chain transactions to CFTC

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A new bill in the United States aims to require cryptocurrency service providers to report all blockchain transactions to a government repository. On Sept. 28, U.S. Representative Don Beyer introduced the “Off-Chain Digital Commodity Transaction Reporting Act,” requiring trading platforms to report all transactions to a repository registered with the Commodity Futures Trading Commission. The new legislation aims to protect cryptocurrency investors from disputes, manipulation or fraud potentially stemming from transactions occurring off-chain or transactions that take place beyond the blockchain network. Unlike on-chain transactions, off-chain crypto transactions are not instantly logged…

VanEck Announces Upcoming Launch of Ethereum Futures ETF (EFUT)

VanEck will not invest in Ethereum directly since the product tracks Ether futures that are traded on the Chicago Mercantile Exchange (CME). A leading asset management firm with more than $80 billion in AUM, VanEck, is preparing to launch an Ethereum futures exchange-traded fund (ETF) amid heightened demand for the second-largest digital assets by institutional investors. According to the company, the new product will be called VanEck Ethereum Strategy ETF (EFUT), and will not invest in Ethereum directly. Instead, the EFUT will invest in standardized cash-settled Ethereum futures contracts that…

AI Firm AlphaSense Raises $150M in Series E Funding Round at Valuation of $2.5B

Earlier this year, AlphaSense closed a Series D funding round with $100 million. AlphaSense, an artificial intelligence (AI) company with years of experience in developing products that are used by the majority of S&P 500 companies, has announced the closure of a Series E funding round with $150 million secured at a total valuation of about $2.5 billion. According to the announcement, AlphaSense’s series E funding round was led by Bond, a global technology investment firm, with notable participation from Alphabet Inc (NASDAQ: GOOGL) backed CapitalG, Viking Global Investors, and…