Tuesday November 7, 2023
◾ The Bank of England issued a discussion paper on a proposed regulatory regime for stablecoins and its impact on the retail payments system. (BankofEngland)
◾ Meta (META) is banning political advertisers from using generative-AI advertising tools. (Reuters)
◾ Representative Tim Burchett (D-TN) proposed a bill to limit the “intrusiveness” of the SEC and defund the agency starting by reducing Chairman Gensler’s salary to $1. (Cointelegraph)
Government & NGO Actions
◾ The UK’s Financial Conduct Authority issued its own paper explores the proposed regulation around issuing and holding stablecoins that claim to maintain a stable value relative to a fiat currency by holding assets denominated in that currency. (BankofEngland)
◾ Kenya's National Assembly asked the Blockchain Association of Kenya to draft an initial proposal for a bill regulating virtual asset service providers. (X)
◾ Securities and Exchange Commissioner Mark Uyeda expressed criticism towards the agency's inability to develop a comprehensive legal framework for cryptocurrencies and digital assets, stating the agency opted for a piecemeal strategy, tackling issues through individual enforcement actions. (SEC.gov)
◾ The SEC's Inspector General has highlighted challenges the agency faces in recruiting qualified experts who are not invested in any digital assets. (SEC.gov)
Public Company Releases
◾ Iris Energy (IREN) mined 376 bitcoin (5.5 EH/s) last month. (Irisenergy)
◾ Hut 8 Mining (HUT) generated 112 bitcoin in October. (SEC.gov)
◾ Hut 8 Mining (HUT) said it is continuing to make progress its proposed business merger with US Bitcoin. (SEC.gov)
◾ BitDigital (BTBT) produced 111 bitcoin (2.0 EH/s) in October. (PRnewswire)
◾ DMG Blockchain Solutions (DMGI) mined 59.2 bitcoin with a 0.87 EH/s realized hashrate in October. (GlobeNewswire)
Restructuring, Losses and Legal News
◾ The Conflux foundation announced that multichain protocol ShuttleFlow will be shut down after 2 years of operation with the tech stack being transferred to Zero Gracity. (Conflux)
AI Announcements
◾ OpenAI is introducing customized versions of ChatGPT and announced its latest AI model, GPT-4 Turbo, will provides answers with context up to April 2023. (CNBC)
◾ OpenAI says it will pay legal fees for customers facing copyright claims (SFChronicle)
◾ Moody’s Analytics is launching an AI-enabled Digital Asset Monitor to signal the probability of a stablecoin depeg (±3% ) from a fiat currency in a 24-hour time horizon. (MoodysAnalytics)
◾ German industrial and financial corporations are providing $500 million into Aleph Alpha with the ambition of creating a competitive AI chatbot. (Bloomberg)
◾ The Screen Actors Guild is unwilling to accept the latest “best and final” contract offer from major Hollywood studios citing ongoing concerns over the user of AI. (Reuters)
Protocols, Applications & Business News
◾ Kraken is in the process of choosing a blockchain partner for the development of its proprietary Layer-2 protocol to compete with Coinbase’s (COIN) Base protocol. (CoinDesk)
◾ Crypto tax software provider Blockpit acquired rival package Accointing from Glassnodes. (X)
◾ Michigan based Frankenmuth Credit Union is the first financial institution in the state to offer cryptocurrency services to its members. (Michigansthumb)
◾ The Proof Group, part of the winning consortium for Celsius, is interested in relaunching FTX. (Bloomberg)
◾ Gemini’s CTO Pravjit Tiwana is leaving the firm. (Bloomberg)
Exchange, Custody and Product Updates
◾ Bitcoin Satoshi’s Vision (BSV) will be delisted from Coinbase (COIN) in January. (X)