AI technology has undoubtedly revolutionized various industries, including the financial sector. However, with great innovation comes the potential for abuse. Recently, US SEC chair Gary Gensler has raised concerns about the practice of “AI washing” and its implications on securities laws. This article delves into the issue of AI washing, the SEC’s response to such
Regulation
The Asia Pacific region (APAC) has long been known for its progressive regulatory stance in key jurisdictions. Singapore, for example, was one of the first countries to implement stablecoin regulation, showcasing its commitment to fostering a secure crypto ecosystem for investors. This move has set clear standards and provided a blueprint for others to follow,
Grayscale recently made amendments to its regulatory filing, indicating its intention to convert its Ethereum Trust to a spot exchange-traded fund (ETF). The company’s updated filing on March 15 provides a stronger case for the conversion in several ways. One of the key points in the updated filing is the emphasis on market surveillance and
Recently, two US Senators, Jack Reed and Laphonza Butler, raised concerns about the approval of crypto ETF proposals, specifically focusing on Ethereum. They pointed out the lack of sufficient trading volumes and integrity in cryptos like Ethereum, which could pose risks for retail investors. The Senators advised the SEC to tighten its scrutiny on Bitcoin
The Securities and Futures Commission (SFC) in Hong Kong recently issued a public warning regarding the unlicensed operations of MEXC exchange within its jurisdiction. The SFC emphasized that MEXC, a virtual asset trading platform targeting Hong Kong investors, is not licensed by the regulatory body. As a result, MEXC has been added to the list
The Securities and Futures Commission (SFC) in Hong Kong recently raised concerns about Bybit, placing it on its list of suspicious virtual asset trading platforms. The SFC highlighted that Bybit is operating without the necessary license required to conduct regulated activities in Hong Kong. This warning specifically targets 11 products offered by Bybit, including futures
The blockchain analytics firm Elliptic recently uncovered that the North Korea-backed hacker group Lazarus has once again resorted to using the sanctioned crypto mixer Tornado Cash to obscure its transactions. This surprising move comes after the group had stopped using the crypto mixer last year following US government sanctions. These sanctions were a result of
Tether, a major stablecoin issuer, recently took a significant step in fighting against fraudulent schemes by collaborating with the US Department of Justice and the FBI. The joint effort resulted in the seizure of $1.4 million USDT associated with a tech support scam network that targeted vulnerable elderly individuals. The scammers exploited deceptive pop-up advertisements
The Biden administration recently unveiled its proposed budget for the year 2025, which includes provisions aimed at regulating digital assets. These proposed measures are anticipated to result in an additional $10 billion in tax revenue by 2025. The main objective of these regulations is to close existing loopholes that have allowed wealthy crypto investors to
Wyoming has taken a progressive step towards recognizing blockchain-based decentralized autonomous organizations (DAOs) as legal entities. The recently passed bill, known as the Decentralized Unincorporated Nonprofit Association Act (DUNA), signifies a significant development in the regulatory landscape for DAOs. This legislation allows eligible nonprofit organizations to establish governance systems utilizing distributed ledger technology (DLT), such