After a period of relative calm, the United States Securities and Exchange Commission (SEC) kicked off its summer crypto crackdown by targeting two major exchanges, Binance and Coinbase. A total of 13 charges have been filed against Binance. One of the allegations in the suit claims that funds from Binance and Binance.US were commingled into an account controlled by the Changpeng Zhao-associated company, Merit Peak. As for Coinbase, the SEC claims it has been offering unregistered securities and was never registered as a broker, securities exchange or clearing agency.
Many in the crypto industry have been puzzled by the allegations against Coinbase, primarily because it is a publicly-traded company and received a previous green light from the regulator. Ripple CEO Brad Garlinghouse said the latest string of lawsuits is an attempt by the SEC to “distract” from the agency’s “FTX debacle.” The crypto space has seen sell-offs in tokens and stocks, services halted, and heightened uncertainty in recent days, but these events may also bring something that the industry is eager for — legal clarity.
In other news, Brazil’s Mercado Bitcoin cryptocurrency exchange received a payment provider license from the country’s central bank, allowing the company to launch its fintech solution, MB Pay. MB Pay will provide Brazilian users with specific digital banking services using crypto assets held on the exchange, such as digital fixed-income investments, staking, and other financial transactions. A debit card offering a crypto off-ramp for users is expected to go live soon.
Apple’s newly revealed mixed-reality headset, the Apple Vision Pro, distinguishes itself by labelling its technology the first “spatial computer” rather than focusing on the metaverse concept. Apple’s marketing emphasizes “spatial” and “spatial computing,” distancing itself from words such as “metaverse,” “AR,” and “VR.” The headset is set to launch in the U.S. in early 2024, with a retail price of $3,499, before expanding internationally.
Lastly, the European Union is targeting fake news generated by artificial intelligence. EU officials believe companies deploying generative AI tools should label their content to combat disinformation. This comes as the EU prepares its forthcoming Artificial Intelligence Act, which will be a comprehensive set of guidelines for the public use of AI and the companies deploying it. Major tech companies, including Google, Microsoft, and Meta Platforms, have already signed onto the EU’s 2022 Code of Practice on Disinformation.
Source: Cointelegraph
