Stablecoins traded in the U.S. state of New York should be fully backed by certain assets, with these assets segregated from the issuers’ operational funds and attested to by an auditor regularly, according to new guidance issued by the state’s banking and finance regulator. The New York Department of Financial
Kevin Thomas, a New York state senator, has introduced a new bill amendment that would establish some offenses related to rug pulls and other frauds with virtual tokens as official crimes, a report says. The bill, SB S8839, would call for defining, penalizing and criminalizing frauds targeted at developers and projects
We continue with our brief survey of crypto and digital currency initiatives from around the globe, all of which are officially sanctioned to enhance national competitive advantage (in the event crypto overtakes the US dollar as the global reserve currency). It is the cumulative adoption rate of state-sanctioned crypto and digital currency legalization and regulation that will propel this innovative system for value exchange as a global currency standard. Today, we cover India, Argentina, and Russia.
Following is a brief survey of crypto and digital currency initiatives from around the globe, all of which are officially sanctioned to enhance national competitive advantage (in the event crypto overtakes the US dollar as the global reserve currency). It is the cumulative adoption rate of state-sanctioned crypto and digital currency legalization and regulation that will propel this innovative system for value exchange to the top as the official global currency standard.
Graphics giant Nvidia will no longer be spending $40 billion to acquire Arm, parent company SoftBank has announced, citing “significant regulatory challenges.” The news was first reported by the Financial Times. Nvidia will be paying $1.25 billion to SoftBank for failing to go through with the transaction, while Arm CEO Simon
The U.K. government has launched a new AI Standard Hub as part of its National AI Strategy that will aim to increase the U.K. contribution to the development of global AI technical standards. The new AI Standard Hub will create practical tools for businesses to develop AI systems, bring together
As regulators worldwide consider ways to police cryptocurrency, the U.S. reports use of crypto payments to enable illegal human and drug trafficking is on the rise. In its 80-page report “Virtual Currencies: Additional Information Could Improve Federal Agency Efforts to Counter Human and Drug Trafficking,” the Government Accountability Office (GAO),
It’s been a record year for the cryptocurrency market, which surpassed $3 trillion in value in November. Top cryptocurrencies like bitcoin and ether also hit all-time highs. This mainstream adoption led to an increased focus on cryptocurrency regulation from lawmakers. Throughout the year, they debated frameworks on investor protections, taxes, and
The Federal Trade Commission (FTC) is considering a wide range of options, including new rules and guidelines, to tackle data privacy concerns and algorithmic discrimination. FTC´s Chair Lina Khan, in a letter to Senator Richard Blumenthal (D-CT), outlined her goals to “protect Americans from unfair or deceptive practices online” and in
Artificial intelligence, and more specifically machine learning, is being deployed in the insurance space in some very exciting ways — from assessing underwriting risks to determining pricing to evaluating claims. But with these advances come sizable risks, some of which are already surfacing. Insurers need to take a proactive approach