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The UK Treasury Committee recommends regulating crypto trading as traditional gambling, with the Gambling Commission overseeing the industry. This proposal sparks conflict between the committee and the crypto industry, as the latter sees it as a step backward for the UK’s digital currency aspirations.

XRP’s price spiked over 7% and its 24-hour trading volume increased by 93% as the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) continues. Recent court decisions suggest a favorable outcome for Ripple, but the overall implications for the cryptocurrency space remain uncertain, with potential far-reaching effects on digital asset regulation.

New research reveals a link between celebrity endorsements of crypto projects and the likelihood of scams. The study found that celebrity-endorsed ICOs experienced a significant increase in scams up until 2019. Investors and celebrities need to better understand the risks and conduct due diligence before endorsing digital assets.

Hong Kong’s crypto hub ambitions face banking challenges, with limited SFC officers handling numerous applications and licensed crypto firms struggling to open local bank accounts. While regulators work to ease access, banking obstacles persist due to anti-money laundering concerns and transaction scrutiny. Industry players remain optimistic on future regulatory dialogues for practical solutions.

A UK regulatory panel suggests treating retail investing in unbacked cryptocurrencies like Bitcoin as gambling due to volatility and lack of intrinsic value. This approach could result in heavier taxes and compliance with gambling regulations, possibly hindering innovation and industry growth.

The UK Treasury Committee recommends regulating retail trading of unbacked crypto assets like Bitcoin and Ether as gambling due to their price volatility and lack of intrinsic value, potentially posing significant risks to consumers. The committee acknowledges potential benefits of cryptocurrencies in financial services and markets and supports developing a regulatory framework to mitigate risks.

OpenAI CEO Sam Altman proposes forming a government office for regulating AI technology, emphasizing the importance of safety standards, compliance, and independent audits. The debate continues on whether to create a new agency or strengthen existing regulatory authorities to balance technological advancements and societal protection.

The U.S. District Court recently denied the SEC’s motion to seal the controversial Hinman documents, emphasizing their status as “judicial documents” subject to public access. This decision impacted Ripple’s XRP price and raises questions about regulatory transparency and its effect on the crypto market.

In a Senate subcommittee session, OpenAI CEO Sam Altman testified before Congress, discussing the potential threats of generative AI models and the need for AI regulation. The speakers urged for immediate action, privacy protection, government oversight, and transparency. However, finding the right balance between controlling AI dangers and fostering innovation remains crucial to ensure a safe, responsible future.

The SEC has confirmed that Jump Trading secretly supported Terraform Labs, behind the failed algorithmic stablecoin TerraUST, a year before its collapse. The disclosure raises questions on the integrity and transparency of industry practices, highlighting the need for greater oversight and regulation in the crypto landscape.

The collapse of Signature Bank highlights the potential systemic risks posed by crypto-linked banking activities and the importance of stringent regulatory oversight. It serves as a cautionary tale about unchecked growth, inadequate risk management, and the need for proper risk management practices in the volatile and rapidly evolving crypto industry.

A recent Bloomberg report reveals that numerous influential crypto firms do not work with external auditors and independent boards, raising questions about transparency and professionalism in the cryptocurrency space. This lack of regulation persists despite the high-profile collapse of the FTX exchange and Alameda Research due to poor management and misappropriation of funds.

American billionaire Paul Tudor Jones highlights Bitcoin’s diminished appeal due to an unfriendly US regulatory landscape and lower inflation expectations. Despite this, Jones still values Bitcoin’s finite supply and keeps a small diversification in his portfolio.

OpenAI CEO Sam Altman testifies before U.S. Congress, advocating for AI regulation requiring safety standard compliance and system testing. However, concerns arise over potential over-regulation stifling innovation in the AI and crypto industries.