Search Results for: RSI

“Russia’s Central Bank Digital Currency (CBDC) – the digital ruble – can play a significant role in curbing black market dollar trading, says former government official, Sergei Kalashnikov. It could minimize the chance of official currency entering the black market, adjust ruble’s value and impact dollar’s growth against it.”

Former FTX boss, Sam Bankman-Fried, faced legal complications over his request for temporary release, highlighting challenges in the technological logistics of preparing for trial with limited internet access in prison. Conversely, SEC Chair, Gary Gensler, revealed the agency’s use of AI for financial scrutiny, stirring both excitement and skepticism around potential benefits and concerns such as data privacy and transparency.

The United States Securities and Exchange Commission (SEC) is employing artificial intelligence for financial surveillance, confirmed SEC Chair, Gary Gensler. This technology aids in identifying patterns of market manipulation or fraudulent activities. However, questions about privacy, potential bias, and the need for transparency in the use of such technologies by regulatory agencies persist.

“The OneCoin fraud case highlights significant challenges for cryptocurrency regulations. As the line between privacy and security blurs, there’s a growing need for nuanced regulatory strategies and discernment in this evolving techno-finance landscape to prevent potential violations of user privacy.”

Gary Gensler, SEC Chair, aims to place cryptocurrencies under SEC’s regulatory oversight, citing widespread noncompliance within the crypto industry. However, recent US court decisions challenge a blanket crypto regulation, including exceptions for specific cryptocurrencies like XRP. These evolving regulatory scenarios have spurred concern about stifling innovation and driving away crypto businesses.

Blockchain’s potential to disrupt various industries is unlocking intriguing opportunities in the legal field; notably the advent of blockchain-based ‘personal growth bets’ through smart contracts. These contracts work as enforcers and monitors of self-improvement tasks but trigger debates on enforceability and legality.

Senator Sherrod Brown’s stern views on crypto industry as riddled with deceit and exploitation is affecting the future of crypto regulation in the U.S. Brown directs the Senate Banking Committee, highlighting troubling aspects like inadequate disclosure, interest conflicts, and high-risk bets in the industry. Without Brown’s approval, comprehensive crypto market oversight seems unlikely.

A U.S. federal judge delayed a sentencing hearing for radio host Ian Freeman, who allegedly created an illegal Bitcoin exchange used by scammers. Meanwhile, the DeFi Education Fund contests a patent claim by tech company True Return Systems. Also, DigiFT’s dETH0924 provides up to 4% APR, boosting Ethereum’s PoS mechanism, while crypto infrastructure provider Qredo integrated Circle’s USDC stablecoin into its wallet.

“Ex-CEO of lending giant Celsius, Alex Mashinsky, is battling an FTC case against him, arguing the allegations don’t prove fraudulent intent. Key issues involve the Gramm-Leach-Bliley Act requirements and whether Mashinsky, who had resigned, could violate the law. The outcome could set a crypto-lending regulatory precedent.”

“Luno, a crypto-platform under the Digital Currency Group, halts crypto-trading two days before the UK’s Financial Conduct Authority’s new rules take effect. Despite trading halt, the selling and withdrawal of funds will persist. New rules focus on clear, not misleading promotion of crypto trading. The adjustment aims to give potential investors better comprehension of the associated risks.”

Binance.US, the US companion exchange to Binance, strongly opposes the US Securities and Exchange Commission’s (SEC) ‘unreasonable’ demands for additional operational details. This disagreement, originating from allegations of customer funds diversion, reflects the growing tension between crypto businesses and regulators.

“In the case involving FTX Founder Sam Bankman-Fried, the DOJ argues proposed defense witnesses lack necessary expertise. The defense’s proposed expert witnesses, however, cover a range of expertise, from data analytics to law and may challenge DOJ’s testimonies, if needed. The case raises questions about law enforcement’s future interference in cryptocurrency matters.”

“SEC Chair, Gary Gensler, asserts that crypto assets are securities to be regulated by the SEC, despite recent legal disputes. He believes most crypto assets meet the Howey Test, a legal criterion determining if an asset is a security. Crypto companies and courts debate the future direction of crypto regulation.”