Monday June 5, 2023

This afternoon at 1PM EST Apple (AAPL) will hold the keynote for its Worldwide Developers Conference.  It is expected that the company will use this event to end years of speculation and formally introduce its AR/VR Headset. 

The rumor mill is expecting the unit will offer dual AR and VR 4k displays that will be alterable with a crown-like dial.  It is also expected that the headset will have a separate battery pack that will last 2 hours and it will be controllable through hand jesters and not include hand controllers like the competitive released models.  The expected price tag has risen over the past week from $3,000 to $4,000 which is considerably more expensive than rival units.   

For those of you who know me, I am an apple fanatic.  I have been known to line up for day one releases and excitedly beta test new software.  I have been waiting for this announcement like a child waiting for Christmas morning. 

This announcement is much more than another headset introduction.  The latest Meta Quest or PlayStation VR head sets have shown improvement but mixed reality headsets have failed to offer a killer-app or become a must have piece of hardware.  Most people who have tried similar headsets have loved it but if you ask them where their headsets are, they will probably admit they are gaining dust on a closet shelf. 

This afternoon the tech world is expecting the next iPhone, iPad or Apple Watch.  We are looking for both hardware design and fit, and features.  We are waiting to see what Apple believes we want or as Steve Jobs would say, what we need.  It may not have all the features people are looking for – Apple’s previous innovations developed over time. The question is whether Apple will be able to create a new market category. This headset is the future, definitely the short to mid-term future, of mixed reality and the Metaverse. I can’t wait.

◾  Representatives Patrick McHenry (R-NC) and Glenn Thompson (R-PA) introduced a bill that would allow crypto securities to be traded on alternative trading systems and more clearly delineate the authority between the SEC and the CFTC on crypto issues. (CNBC)

◾ The UK Parliament’s Crypto and Digital Asset Group published a comprehensive report on the need for urgent regulation of the crypto and digital asset industry in the UK.  (Crptouk)

◾  The Central Bank of Kenya says the issuance of a CBDC “may not be a compelling priority in the short to medium term” but it will continue to monitor CBDC developments to inform future assessments. (Twitter)

Government & NGO Actions

◾ European Commission deputy head Vera Jourova is calling for AI companies to label generative content.  (Reuters)

Public Company Releases

◾ CleanSpark (CLSK) mined 609 bitcoin in May selling 77% of its production to fund operations.  (Cleanspark)

◾ Cathedra Bitcoin (CBIT) agreed to a strategic partnership to deploy mobile data centers and bitcoin mining machines at 360 Mining’s off-grid location in Texas.  (Businesswire)

Restructuring, Losses and Legal News

◾  FTX is objecting to Genesis’s desire to extend its court mediated settlement talks for an addition two weeks. (Bloomberg)

◾ A Montenegro court re-released Do Kwon on house arrest after his attorneys were able to provide more financial details on the Terraform Labs founder. (Forkast)

◾ New York’s Metropolitan Museum of Art agreed to return two donations totaling $550k to FTX. (Courtlistener)

AI Announcements

◾ Alphabet (GOOGL) announced an artificial intelligence update for search within Gmail that will now deliver “top results” for queries. (CNBC)

◾ OpenAI has launched a $1 million initiative to boost and quantify AI-powered cybersecurity capabilities and to foster high-level AI and cybersecurity discourse. (OpenaI)

Protocols, Applications & Business News

◾ JP Morgan (JPM) is working with six Indian banks to introduce a blockchain-based platform to settle interbank dollar transactions.  (Bloomberg)

◾ Mitsubushi Financial Group introduced Progmat Coin, a blockchain-based platform to launch Japanese yen-pegged stablecoins.  (Cryptomode) 

◾ Reuters is reporting that Binance controlled key bank accounts of its supposedly independent affiliate Binance.US in 2019 and 2020. (Reuters)

◾ E-commerce marketplace Mercado Libra has been approved to issue electronic money in Brazil.  (Valor.globo)

◾ Crypto insurer Evertas is offering a single $420 million policy for custodians or exchanges through Arch Insurance International. (Reuters)

◾ Blockchain analytics firm Elliptic is integrating ChatGPT into their off-chain intelligence and research gathering efforts.  (Elliptic)

Metaverse Briefings & Activations

◾ Sony’s chief executive said streaming video games over the internet remains “very tricky” and “the technical difficulties are high.”  (FT)