Day: October 17, 2023

US expands export controls for AI semiconductor chips to China

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The United States Department of Commerce’s Bureau of Industry and Security (BIS) released a notice on Oct. 17 expanding the already existing export controls of artificial intelligence (AI) chips to China.  The BIS wrote that the newly released rules “reinforce” those put in place back in October 2022, with the goal of restricting China’s ability to “both purchase and manufacture certain high-end chips critical for military advantage.” Under Secretary of Commerce for Industry and Security Alan F. Estevez commented on the new controls sayin “Export controls are a powerful national…

Europe’s AML regulations come at a high cost — for your privacy and otherwise

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The European Union’s financial regulatory landscape is in flux with the introduction of multiple Anti-Money Laundering (AML) directives and related laws. These regulations, although designed to protect the financial system, come at a hidden, and sometimes steep, cost to consumers and financial institutions alike. It’s imperative to understand their wider implications, and to question whether the costs — both monetary and ethical — are simply too high. To name just a few, the AML Directive 5, MiCa and the Transfer of Funds Regulation have reshaped the European financial framework. These…

Bitcoin Market Cap Could Rise By $1 Trillion After Spot ETFs Launch: CryptoQuant

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CryptoQuant has revealed in its latest report that the Bitcoin market cap could rise by as much as $1 trillion after launching the spot ETFs. Bitcoin Could See A 165% Rise When The Spot ETFs Launch Yesterday, fake news of the approved iShares Bitcoin spot ETF took the sector by storm, as all cryptocurrencies observed sharp rallies. At the peak of this surge, BTC had approached the $30,000 level. However, when the market realized the truth about the announcement, the asset quickly retraced to the levels it was at before…

MOON, BRICK and DONUT Token Prices Plunge 60%-90% on Report of Community Points Windown

Moons (MOON), the native token of Reddit’s r/CryptoCurrency community, is lower by 85% on the news, while Bricks BRICK, distributed as a reward for contributions in the r/Fortnite subreddit, is down 67%. Donut DONUT the token that represents the community points of the r/ethtrader subreddit is off 66%. Source BrickCommunityDonutMoonPlungePointsPricesReportTokenWindown CryptoX Portal

Shiba Inu Whale Moves $32.4 Million In SHIB, Large Sell Incoming?

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Shiba Inu’s ecosystem hasn’t been spared from the crypto market volatility in recent weeks, as the price has been caught in a whirlwind of uncertainty in recent times. While investors are still wondering about the short-term outlook of the crypto, a Shiba Inu whale has gone ahead to move $32.4 million in SHIB tokens into an unknown wallet.  Whale Moves $32.4 Million Shiba Inu This whale transfer appears to have generated interest from SHIB investors, considering the relatively quiet environment within the Shiba Inu ecosystem. The sheer size of this…

Why Binance, Coinbase, Ripple and Other Crypto Firms Cite the ‘Major Questions’ Doctrine During Legal Imbroglios

Further, in a novel interpretation that has ruffled some feathers, the SEC said thus far the “major questions” doctrine has only applied to strike down “novel regulatory forays,” and most significantly, novel regulatory forays into areas of major “economic and political significance.” Coinbase, the SEC said, “does not have the vast economic or political significance.” Source

Crypto Exchanges Will Need To Register for Financial Services License Under New Australian Proposal

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The Australian government is floating a proposal that if implemented will require crypto exchanges to seek licensing from the country’s financial services and financial markets regulator to operate. According to the proposal, a digital asset intermediary must obtain an Australian financial services license granted by the Australian Securities and Investments Commission (ASIC) to “issue and deal in digital asset facilities.” The proposal says that digital asset intermediaries holding assets with a value not exceeding $5 million AUD ($3.18 million) are exempt from the Australian financial services license requirements. The proposal…

Fantom Foundation hot wallet hacked for $550K

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The Fantom Foundation, the developer of the Fantom network, has been hacked for over $550,000 worth of cryptocurrency. The foundation confirmed the attack on X (formerly Twitter), claiming that the loss represented less than 1% of its funds. The team also claimed that other users of Fantom wallets were compromised. pic.twitter.com/gShkT3C9XV — Fantom Foundation (@FantomFDN) October 17, 2023 Blockchain security researchers initially reported that the attacker stole approximately $7 million in crypto. The Fantom Foundation later released an official statement saying that some of the wallets labeled “Fantom: Foundation wallet”…

Fed Governor Bowman Says Benefits of U.S. Digital Dollar Is ‘Unclear’ But Risks Are Obvious

“We have seen a range of arguments in the public debate about issuing a CBDC, including addressing frictions within the payment system, promoting financial inclusion, and providing the public with access to safe central bank money,” said Bowman, one of seven members of the Federal Reserve Board that oversees U.S. payments systems and banking. “I have yet to see a compelling argument that a U.S. CBDC could solve any of these problems more effectively or efficiently than alternatives, or with fewer downside risks for consumers and for the economy.” Source…