Regulation

OpenAI, the parent company of the artificial intelligence chatbot ChatGPT, has launched an initiative to bring more democratic input to AI development.  In the official announcement on May 25, the company said it is preparing to award 10 grants worth $100,000 each toward experiments in setting up a “proof-of-concept,” democratic process for determining rules for

Crypto fintech firm Unbanked, which provides crypto custody and payments services, has become the latest firm to close shop while citing a harsh regulatory environment for crypto in the United States.  In a May 26 blog post, Unbanked co-founders Ian Kane and Daniel Gouldman said that when it first opened, it believed that building the company

Crypto exchange Gemini has selected Dublin as the headquarters for its European operations, amid a backdrop of crypto companies seeking expansion outside of the United States. On May 25, Cameron and Tyler Winklevoss, who founded Gemini in 2014, confirmed that they had selected Ireland as a base to grow the company’s services across Europe. In

The European Union’s financial watchdog has issued a statement reminding investment firms to make sure their clients are aware of the regulatory status of the products they are offering.  In an announcement, the European Securities and Markets Authority (ESMA) highlighted crypto assets and reminded companies that while regulation is on the way, crypto will remain unregulated

DeFi Dad has 152,100 Twitter followers. He’s a DeFi podcaster, head of portfolios at Fourth Revolution Capital and a prolific crypto YouTuber. Who is this guy anyway? Travis Blane, who is better known as “DeFi Dad” to his 152,100 Twitter followers, has been actively making crypto content since 2019. He’s also the head honcho of

Ethereum’s native Ether (ETH) token may be both a commodity and a security, the former commissioner of the United States Commodities Futures Trading Commission has claimed. Speaking on a May 23 episode of Laura Shin’s Unchained podcast, Dan Berkovitz, who is also the former general counsel at the Securities and Exchange Commission, said that it’s

Lawmakers in Japan have decided to enforce stricter Anti-Money Laundering (AML) measures to trace cryptocurrency transactions from June 1. On May 23, the Japanese parliament made the decision to roll out tougher AML procedures from next month, according to a report the same day from local media outlet Kyodo News. The move aims to bring

A restructuring plan for bankrupt Bitcoin (BTC) miner Core Scientific could be finalized by September and it expects to exit proceedings with an additional $46 million due to recent favorable market conditions. In a May 22 filing in a Texas Bankruptcy Court, Core Scientific’s lawyers said its liquidity position has improved considerably since it filed

A new bill mandating South Korean lawmakers and high-ranking government officials to declare their cryptocurrency holdings is expected to take effect within the next two months, said the floor leader of the country’s ruling party. On May 23, the Korean publication Yonhap News reported that People Power Party’s Representative Yun Jae-ok said the scheduled date

Just days after announcing that cryptocurrencies will “never be legalized” in the country, Pakistan’s Ministry of IT & Telecom drafted a policy to spur the growth of artificial intelligence (AI).  With the national AI policy, Pakistan aims to evolve into a knowledge-based economy by upskilling human capital on AI and allied technologies among other investments

The crypto community is being urged not to let their guard down despite a significant decline in crypto hacks during the first quarter of 2023 — with one firm warning it is most likely a “temporary reprieve, rather than a long-term trend.” 2022 was the biggest year for crypto hacking in history, with an estimated

United States President Joe Biden expressed opposition to a debt ceiling agreement with Republican leaders that would allegedly benefit crypto traders. Attending the Group of Seven (G7) Summit, Biden reportedly classified Republicans’ proposed terms as “unacceptable” during a press conference. “I’m not going to agree to a deal that protects wealth tax cheats and crypto

Latam Gateway, the payment provider for Binance in Brazil, has been granted a license by the country’s central bank to operate as a payment institution and electronic money issuer on May 19, according to local media reports. Brazil is among Binance’s top global markets, the exchange said in a previous announcement. Latam Gateway helps foreign

A nonfungible token (NFT) influencer has been served with a settlement demand via NFT – which casually dropped the “F bomb” several times – alleging that the influencer engaged in wire fraud “at a minimum,” on a recent $7 million token presale. Lawyer Mike Kanovitz, a partner at Loevy & Loevy, stated in a tweet

Top Stories This Week Hyperbitcoinization coming, says Bitcoin OG as ‘wholecoiners’ hit 1 million Bitcoin has crossed a significant threshold this month — there are over 1 million addresses that hold at least 1 BTC. Data from Glassnode shows an escalating pattern with regard to the amount of so-called Bitcoin “wholecoiners.” If the trend continues,

U.S. Republican Sen. Cynthia Lummis of Wyoming held a fireside chat with the founder and CEO of Chamber of Digital Commerce Perianne Boring during the Bitcoin 2023 event in Miami on May 19. The topics of discussion were the importance of Bitcoin to U.S. national and energy security and the upcoming legislation surrounding cryptocurrency, blockchain,

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The United States Department of Justice (DOJ) is on the lookout for DeFi hackers and exploiters who have stolen millions of dollars worth of assets. The DOJ’s

The international regulatory environment for cryptocurrency is improving, and the company is eyeing a retail expansion on the continent, Bakkt chief product officer Dan O’Prey said. On the whole, O’Prey saw positive long-term trends. Speaking to Cointelegraph’s U.S. News Editor, Sam Bourgi, at Bitcoin 2023, O’Prey described Bakkt as prioritizing its role as a “B2B2C”

The Paraspace NFT protocol saga over the whereabouts of the protocol’s fund took another turn on May 19 as co-founder Jay Yao resigned from his position in the company. Last Week, the NFT protocol made headlines over the missing funds and a barrage of accusations by chief executives and CEO against each other. The decision

Crypto needs to establish itself as a “brand-new” component of traditional finance, rather than try to squeeze itself into existing financial products, suggests the CEO of crypto exchange Bittrex Global. The company’s United States arm recently filed for Chapter 11 bankruptcy, announcing it intended to return customer funds and wind U.S. operations. It added it would