Web3 industry leaders have launched a non-profit organization called the Decentralized AI Society (DAIS), dedicated to tackling the probability of the monopolisation of the Artificial Intelligence (AI) industry, the chair of DAIS, Michael Casey told CoinDesk in an interview on the sidelines of Token 2049 on Tuesday. Source
The DePIN sector, which stands for decentralized physical infrastructure, could help existing networks scale and innovate, but several risks including unclear regulations could stifle growth, said the Wall Street credit ratings agency Moody’s Ratings on Tuesday in its inaugural report about the sector. Source
“Relationship investment scams, including those involving crypto asset investments, pose a risk of catastrophic harm to retail investors, and the threat is increasing rapidly as these scams become more popular with fraudsters,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement in a press statement. “In these two cases, we allege that fraudsters created fake crypto ecosystems that displayed false information to investors. Our allegations serve as a reminder to the public to be on heightened alert about potential scams involving investment opportunities promoted by strangers on social…
Stablecoin market cap recently hit $175 billion, as demand for crypto’s greatest product grows. The utility and significance of USD-pegged stablecoins is often lost on crypto natives in Western countries. However, stablecoins have proven to be crucial products for people in emerging markets, whether they are avoiding hyperinflation of their native currency, or avoiding predatory remittance fees. Source
That’s why my new project isn’t paying them. (And who is Professor Crypto, anyway?) Source
“Because Prager’s audits of FTX were conducted without due care, for example, FTX investors lacked crucial protections when making their investment decisions. Ultimately, they were defrauded out of billions of dollars by FTX and bore the consequences when FTX collapsed,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, in a press statement. Source
Many crypto users and investors haven’t been thrilled with Ethereum’s token (Ether) performance over the last two years. With many positive drivers, like successful technology upgrades, scaling solutions, restaking, and the recently approved spot Ether ETFs, most expected these factors to significantly increase demand for the largest smart contract platform’s token. But ether’s price hasn’t delivered. Source
“Because many sanctions authorities authorize the imposition of sanctions on non-US persons – not ordinarily subject to US jurisdiction – for engaging in material transactions with an SDN, many non-US persons will now refuse to transact with Ly, irrespective of jurisdictional considerations,” said Brendan Hanifin, a Chicago-based partner at law firm Ropes & Gray. “Given the primacy of the U.S. dollar in international financial transactions, the practical effect of the SDN designation will be to cut off Ly’s access to most of the global financial system.” Source
Two of the leading U.S. lawmakers seeking crypto oversight legislation, Rep. Patrick McHenry (R-N.C.) and Sen. Cynthia Lummis (R-Wyo.), are maintaining their position that a chance remains for a bill to clear Congress before the year is out. Source
The use of stablecoins in Brazil has already led large regional companies to recently launch initiatives in the segment. In August, Mercado Pago, the digital bank unit of Latin America’s largest company, Mercado Libre (MELI), introduced a stablecoin in Brazil tied to the U.S. dollar, called Meli Dollar. Source