Nothing otherwise illegal is somehow rendered lawful by the right for people to transact freely: bad behavior is still policed, but not through arbitrary, centralized control over the means of exchange itself. And of course, we need to pursue the one practical route available to us to counteract the slide into financial panopticon: adopt and use cryptocurrency. Source
The guilty plea comes less than a month before the trial of Sam Bankman-Fried, the FTX founder, is set to begin. Bankman-Fried, who has pleaded not guilty to all of the charges against him, stands accused of orchestrating a multibillion-dollar fraud that ultimately culminated in FTX’s bankruptcy and the loss of funds for its customers. Source
Big businesses are able to act as “mini-governments” and impose their own rules on payment infrastructure, Rohit Chopra, director of the United States Consumer Financial Protection Bureau (CFPB), said at a fintech conference hosted by the Philadelphia Federal Reserve Bank on Sept. 7. As Big Tech continues to innovate, small firms may be squeezed out of the space, he added. The rapid development of consumer payment systems, particularly point-of-sale (POS) systems, has received little regulatory attention, in contrast to crypto assets, Chopra said: “Big Tech companies have crept into the…
Blockchain analytics site Lookonchain flagged recent transactions of two on-chain addresses allegedly owned by the Polygon Foundation. The platform reported that one of these wallet addresses had transferred large amounts of MATIC – the Polygon network’s native token – to Binance in the past two days. According to Lookonchain, the two addresses, tagged as “Polygon Foundation: 0x8d36” and “Polygon Foundation: 0xf957,” have collectively transferred nearly $6 million worth of MATIC to Binance over the past month, with more than half of the amount deposited onto the exchange in the last…
A judge ruled a California courtroom is the wrong venue since Egorov wasn’t living in the state when the alleged misdeeds took place. Source
Chinese technology corporation Tencent unveiled its “Hunyuan” artificial intelligence (AI) system, a multimodal large language model (LLM) similar to OpenAI’s ChatGPT, at the Global Digital Ecosystem Summit in Shenzhen on Sept. 7. Say hi to Hunyuan! Our large foundation model, unveiled at the Global Digital Ecosystem Summit. The platform is now available to enterprises in China, supporting a heap of functions, from image creation, copywriting, customer service and more. https://t.co/ifLfc9yCVQ #AI pic.twitter.com/wWhRfzl3km — Tencent 腾讯 (@TencentGlobal) September 7, 2023 Hunyuan marks Tencent’s entry into “foundational models,” so named for their…
Bitcoin (BTC) has officially dipped below the $26,000 level and is currently trading at $25,800, which coincides with its 200-week Exponential Moving Average (EMA). This EMA has served as a crucial support level, as it played a role in Bitcoin’s rebound on June 15, leading to its yearly high of $31,800. Bitcoin Consolidation Conundrum The current situation appears to be slightly different for BTC. On the one hand, Bitcoin has been experiencing an extended consolidation phase just above this significant level for over seven days. More concerning is that the…
After holding a roundtable to gather ideas, she said, the agency should set up a “program for a specific period of time that incorporates many of the components drawn from past pilot programs, including: registration and eligibility requirements, financial resources and other conditions, risk management, products and contract terms, and other requirements including disclosures and reporting.” Source
In an increasingly AI-driven world, blockchain could play a critical role in preventing the sins committed by apps like Facebook from becoming widespread and normalized. Artificial intelligence platforms such as ChatGPT and Google’s Bard have entered the mainstream and have already been accused of inflaming the political divide with their biases. As foretold in popular films such as The Terminator, The Matrix and most recently, Mission: Impossible — Dead Reckoning Part One, it’s already become evident that AI is a wild animal we’ll likely struggle to tame. From democracy-killing disinformation…
Seven leaders in decentralized finance (DeFi) have banded together to form the Tokenized Asset Coalition (TAC). The new advocacy group will work toward the adoption of public blockchains, asset tokenization and institutional DeFi, it announced Sept. 7. Aave Companies, Centrifuge, Circle, Coinbase, Base, Credix, Goldfinch and RWA.xyz are the coalition’s founding members, but membership is open to “any organization that shares our vision to create a unified financial system on the blockchain,” according to the TAC charter. Related: Coinbase CEO reveals top 10 crypto ideas he’s urging devs to work…