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Elon Musk Unveils World’s Most Powerful AI Training Cluster

Elon Musk’s venture, xAI, has commenced training its large language model (LLM), Grok, on what he claims is the world's most powerful AI training cluster. On July 22, 2024, Musk announced that the Memphis Supercluster, located in Memphis, Tennessee, is equipped with 100,000 Nvidia H100 AI chips and has begun its training operations. Musk made this announcement on X (formerly Twitter), his other company. “Nice work by @xAI team, @X team, @Nvidia & supporting companies getting Memphis Supercluster training started at ~4:20am local time,” he posted. The Memphis Supercluster is designed to develop Grok, an AI system that can understand and respond to human language in highly advanced ways. This project aims to create what Musk calls "the world’s most powerful AI" by December 2024. The supercomputer's size and power are unprecedented, boasting more GPUs than some of the world's leading supercomputers, such as the Frontier supercomputer and Microsoft’s Eagle. Musk’s company, xAI, is...

Keith E. Cassidy Named Interim Acting Director of SEC’s Division of Examinations

The Securities and Exchange Commission, on 22 July 2024, announced that Richard Best, the Director of the Division of Examinations, will take leave from the agency to focus on his health, effective immediately. In response to this, Keith E. Cassidy, the Division’s Deputy Director, will serve as its interim Acting Director. Cassidy brings a wealth of experience to the role, having previously served as the National Associate Director of the Division’s Technology Controls Program (TCP), overseeing technology-focused examinations, the SEC’s CyberWatch program, and the Cybersecurity Program Office. Additionally, Cassidy is an infantry officer in the United States Marine Corps Reserve and has held various significant positions, including Director of the SEC’s Office of Legislative and Intergovernmental Affairs and Chief of Staff and Counsel at the Department of Justice’s Office of Legislative Affairs. “I wish Rich well as he takes time to focus on his health,” said SEC Chair Gary Gensler....

Marathon Digital Ordered to Pay $138 Million for Breach of Contract, Reflecting Challenges in Upholding Ethical Standards in Crypto Industry

According to a judgment dated July 19, 2024, a federal court jury in Los Angeles has awarded Michael Ho $138 million after finding Marathon Digital Holdings Inc., the largest Bitcoin mining company by market capitalization, guilty of breaching a Non-Disclosure/Non-Circumvention Agreement. Ho, the co-founder of US Bitcoin Corp and Chief Strategy Officer of Hut 8, had shared proprietary information about a large-scale energy supplier with Marathon, under the agreement that the firm would not bypass him. However, Marathon circumvented Ho and engaged directly with the supplier without compensating him for the proprietary information, leading to this substantial legal verdict. The lawsuit, initiated by Ho, detailed how Marathon Digital had agreed to utilize his strategy for developing a large-scale Bitcoin mining facility in North America but failed to honor the compensation terms. Despite the breach, Marathon Digital continues to lead the Bitcoin mining industry by market capitalization,...

Ethereum Exchange-Traded Funds Set to Launch Amid Market Optimism and Speculation

The much-anticipated launch of Ethereum exchange-traded funds (ETFs) in the United States will take place tomorrow, following the Securities and Exchange Commission's (SEC) final approval for trading on July 22, 2024. This event marks the introduction of Ethereum ETFs on major stock exchanges, including Nasdaq, the New York Stock Exchange (NYSE), and the Chicago Board Options Exchange (CBOE). Following the success of Bitcoin ETFs since their debut in January, there is significant interest in how Ethereum ETFs will perform. These funds offer a straightforward way for traditional investors to gain exposure to Ethereum through conventional stock exchanges, simplifying the process for those who might find the crypto market complex. However, experts advise caution in expecting immediate, overwhelming inflows. Greg Magadini, derivatives director at blockchain data provider Amberdata, noted the current lack of enthusiasm for Ethereum futures, suggesting that demand for Ethereum ETFs might...

Japanese Crypto Industry Urges Government for Immediate Tax Reforms

On July 19, 2024, the Japan Blockchain Association (JBA), an influential body representing leading Japanese crypto exchanges and blockchain companies, formally petitioned the government to implement significant tax reforms related to cryptocurrencies. The JBA aims for these changes to be in place ahead of the Financial Year 2025. The JBA emphasized that Japan's high tax rates on cryptocurrency profits are stifling citizens' ability to accumulate valuable digital assets. The association has urged Tokyo to align the tax rates on crypto profits with those applied to conventional financial assets like stock exchange-listed stocks. The JBA, which includes top blockchain firms and crypto projects such as bitFlyer, highlighted the urgency of reforming the nation's stringent tax laws. The organization has been vocal about the need to introduce new tax measures, pointing out that the current rules for crypto-related transactions are excessively complex and discourage investment. Under...

SEC Launches Interagency Securities Council to Bolster Enforcement Coordination Across Federal, State, and Local Agencies

The Securities and Exchange Commission (SEC) announced on July 19, 2024, the launch of the Interagency Securities Council (ISC) to enhance collaboration and enforcement efforts among federal, state, and local regulatory and law enforcement agencies. The ISC, which will meet quarterly, aims to discuss emerging scams, trends, frauds, and mitigation strategies to protect investors and strengthen regulatory cohesion. The ISC’s primary objective is to foster collaboration between various levels of government, providing a unified front in the fight against financial fraud. By inviting over 100 representatives from federal agencies, state attorneys general offices, state police, local police departments, and sheriff’s offices, the ISC seeks to enhance opportunities for case collaboration, share insights and guidance, and create a forum for cohesive action against securities fraud. “The Interagency Securities Council will help frontline investigators stay abreast of emerging threats and fact...

MAS Addresses Global IT Outage, Ensures Smooth Financial Operations

The Monetary Authority of Singapore (MAS) today, 19 July 2024, acknowledged a global outage impacting IT systems of various organizations worldwide, including those in Singapore. Despite this disruption, the Singapore Dollar (SGD) money market and foreign exchange market operated normally. In response to the outage, MAS requested major financial institutions to report any impact. These institutions reported minimal or no impact on their customers and key operations. While some experienced disruptions to internal systems used by staff, all critical systems remained unaffected. Notably, access to the Singapore Exchange’s (SGX) post-trade system was temporarily disrupted, but other essential trading and clearing services continued without interruption. MAS confirmed that its systems, including the MAS Electronic Payment System (MEPS+), which is the real-time gross settlement system for SGD payments, were not affected by the outage. As a precautionary measure, MAS extended the operating...

MAS Commits Up to S$100 Million to Boost Quantum and AI Capabilities in Financial Sector

The Monetary Authority of Singapore (MAS) announced on 18 July 2024 a substantial commitment of S$100 million under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) to enhance quantum and artificial intelligence (AI) capabilities within the financial sector. This initiative aims to advance innovation and adoption of quantum and AI technologies, providing significant support to financial institutions. Quantum technology, a rapidly advancing field with transformative potential, is poised to revolutionize the financial industry. Following the National Quantum Strategy announced by Deputy Prime Minister Heng Swee Keat in May 2024, MAS will establish a dedicated Quantum track under FSTI 3.0. This track will offer various grants to support financial institutions in developing quantum capabilities in Singapore. The Quantum track includes the Technology Centres Grant, providing funding up to 50% for establishing quantum computing and security innovation functions,...

IRS Enhances Identity Authentication Process for FATCA Registration

On 17 July 2024, the Internal Revenue Service (IRS) announced that it will enhance the identity authentication process for financial institutions registering under the Foreign Account Tax Compliance Act (FATCA). Effective 14 July 2024, taxpayers must sign in or register with one of the IRS’s credential service providers, Login.gov or ID.me, to access the FATCA Registration System. FATCA mandates that most U.S. taxpayers holding financial assets outside the U.S., as well as certain foreign financial institutions, report these assets and accounts to the IRS. Taxpayers who already have a Login.gov or ID.me profile can sign in to the FATCA Registration System as long as the email matches that of the responsible officer or point of contact on the FATCA registration. Those without an existing profile will need to create one to access the system. This new authentication requirement complies with the National Institute of Standards and Technology's digital identity guidelines. Creating a new...

SEC Awards Over $37 Million to Whistleblower, Bolstering Regulatory Compliance

On 17 July 2024, The Securities and Exchange Commission (SEC) announced an award exceeding $37 million to a whistleblower whose information significantly contributed to a successful enforcement action. This individual provided previously unknown information to the SEC, met with Enforcement staff, and identified potential witnesses and documents, thereby conserving valuable staff time and resources. “Today’s award illustrates the importance of the SEC’s whistleblower program, as the whistleblower’s information helped the agency return millions of dollars to harmed investors,” said Creola Kelly, Chief of the SEC’s Office of the Whistleblower. Payments to whistleblowers are made from an investor protection fund, established by Congress and financed entirely through monetary sanctions paid to the SEC by securities law violators. Whistleblowers are eligible for awards when they voluntarily provide original, timely, and credible information that leads to successful enforcement actions....

WazirX Faces $230 Million Security Breach Amid Regulatory Challenges

On 17 July 2024, Indian cryptocurrency exchange WazirX has revealed a major security breach resulting in the theft of over $230 million from one of its multisig wallets. The incident, involving Liminal’s digital asset custody services, has led to the immediate suspension of Indian rupee withdrawals as the company conducts a thorough investigation. In a statement posted on social media platform X, WazirX described the breach as a “force majeure event beyond our control,” while assuring users that efforts are ongoing to recover the stolen funds. The exchange also disclosed that crypto withdrawals had already been halted prior to the incident. WazirX has blocked some deposits and reached out to concerned wallets in an effort to recover the funds. The compromised WazirX wallet address was identified as 0x27fD43BABfbe83a81d14665b1a6fB8030A60C9b4. The breach was detected in a multisig wallet that has been utilizing Liminal’s custody and wallet infrastructure since February 2023. This...

OKX Announces Withdrawal from Nigerian Market Amid Regulatory Crackdown

Cryptocurrency exchange OKX has informed its Nigerian clients that they have until 16 August 2024 to close their positions as the exchange ceases operations in the African country due to local regulatory challenges. The announcement came in an emailed statement dated 17 July 2024, which was obtained by CryptoSlate. OKX stated that starting 16 August, users will no longer be able to open new positions or use services on the platform, except for withdrawals and closing existing positions. The exchange assured users that their funds remain safe and accessible but must be withdrawn by 30 August 2024. After this date, users will need to contact customer support to take any further action on their accounts. This decision has sparked concern among Nigerian cryptocurrency users, who voiced their displeasure on social media platform X. In response, OKXHelpDesk explained that the platform cannot provide KYC (know your customer) services to Nigerian users, adding: “Any updates regarding...

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