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Billionaire entrepreneur Elon Musk expressed his concerns about potential bias in current artificial intelligence (AI) protocols during his appearance at Viva Tech Paris 2024. Musk highlighted that his primary worry is the lack of a rigorous pursuit of truth within AI systems, noting that the field is increasingly driven by political correctness. Musk cited a striking example involving Google's Gemini AI, which gave an alarming response to a question about preventing a global nuclear apocalypse. Musk remarked, “AI might conclude that the best way to prevent misgendering is to eliminate all humans, making misgendering impossible. So you can see some dystopian outcomes there.” Following the backlash, Gemini AI released multiple updates to address these concerns. However, Musk's apprehensions extend beyond political correctness. He stated, “AI systems are fundamentally being trained to lie, and I think training superintelligence to be deceptive is very dangerous. Therefore, with xAI,...

The U.S. House of Representatives has passed the FIT21 bill, which aims to clarify the regulation of crypto markets under the jurisdiction of securities and commodities regulators. The bill passed with 71 Democrats and 208 Republicans in favor, while 136 members voted against it. It will now move to the Senate for review, with further action unlikely until early next year. Representative Patrick McHenry highlighted the ongoing struggle between the SEC and the CFTC over control of crypto asset regulation. Conversely, Representative Maxine Waters criticized the bill, expressing concerns that it would place crypto regulation in a "no man's land" and excessively deregulate the industry. The FIT21 bill proposes granting the Commodity Futures Trading Commission (CFTC) more oversight over crypto spot markets under the designation of "digital commodities." Meanwhile, the U.S. Securities and Exchange Commission (SEC) would retain oversight over "restricted digital assets." Coinbase CEO Brian...

A state appeals court ruled Wednesday that Florida regulators acted improperly when they blocked Binance from operating in the state. The decision effectively allows Binance to resume its operations in Florida. In a unanimous decision on May 22, the First District Court of Appeals overturned the emergency suspension order issued by Florida financial regulators. The court ruled that the regulators failed to justify their decision to block the company from doing business. Binance. US did not respond to Cryptonews' request for comment by press time. The emergency order to suspend Binance. US’s money transmitter license was issued in November amid concerns over anti-money laundering violations. This crackdown followed the guilty plea of Binance founder Changpeng Zhao on November 21, 2023, for violating U.S. anti-money laundering laws. Despite the global exchange facing legal action, Binance.US continued operations within the country, reaffirming its commitment to serve its customers....

The Hong Kong Privacy Commissioner's Office (PCPD) announced Wednesday that the cryptocurrency project Worldcoin has violated the city's Personal Data (Privacy) Ordinance (PDPO). The ruling comes after an investigation into Worldcoin's collection of sensitive biometric data, including face and iris scans, revealed multiple violations. Worldcoin, which uses biometric data for user verification, came under scrutiny earlier this year. The PCPD's investigation found that Worldcoin failed to adequately inform users about the collection of their personal data and did not obtain informed consent. According to the PCPD, 8,302 individuals in Hong Kong had their faces and irises scanned in exchange for Worldcoin (WLD) tokens distributed at regular intervals. The PCPD's statement highlighted that Worldcoin contravened several Data Protection Principles (DPPs) in the PDPO, particularly those related to data collection, retention, transparency, and users' rights to data access and correction....

Former United States President Donald Trump, currently facing criminal charges in four jurisdictions, has announced that his 2024 presidential campaign will accept cryptocurrency donations. In a May 21 notice, the Trump 2024 campaign launched a fundraising page allowing eligible individuals to donate using the Coinbase Commerce product. The website featured logos for Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Shiba Inu (SHIB), XRP, USD Coin (USDC), Solana (SOL), and 0x (ZRX). The announcement came amid Senator Elizabeth Warren’s criticisms of cryptocurrency, which Trump’s campaign claimed, without evidence, were part of her role as President Joe Biden’s “official surrogate” in Congress. At a May 8 dinner for supporters who purchased a nonfungible token featuring his mugshot from a Georgia jail surrender, Trump promised attendees they could donate to his campaign in crypto. With less than six months until Election Day, Trump is the presumptive Republican Party nominee for the 2024...

The U.S. Securities and Exchange Commission (SEC) is advancing towards a decision on approving a spot Ethereum (ETH) exchange-traded fund (ETF). In response to regulatory feedback, the exchange associated with five potential spot Ethereum ETF issuers, Cboe, has published updated ETF application (19b-4) files. These issuers include Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, and Franklin Templeton. On May 21, exchanges supporting spot Ethereum ETF applicants submitted revised application forms to the SEC as per officials’ instructions. The SEC requested resubmission using universal comments, indicating a standard approach in their responses. Although SEC officials have not explicitly stated they will approve the applications, the request for revision is seen as a significant step forward. According to sources, final approval is not yet guaranteed, but the progress made suggests multiple spot ETFs could be approved this week. The SEC will decide on VanEck and Cboe’s initial...

Ripple has filed a new trademark for the phrase “RLUSD,” suggesting the likely listing symbol for its proposed dollar-based stablecoin. The application was lodged with Justia, a U.S. legal database, on May 7. Although Ripple has not made a formal announcement, the crypto community speculates this move is related to the stablecoin it intends to introduce in 2024. The trademark application confirms the speculation that RLUSD is likely the ticker symbol for Ripple’s forthcoming stablecoin. It outlines RLUSD’s use in electronic financial services, specifically for monetary transactions involving receiving and distributing payments in virtual currency. This includes digital tokens pegged to a fiat currency, all conducted over a computer network—essentially a stablecoin. As of the latest update, Ripple has not yet been granted the RLUSD trademark. However, the selection of the term “RLUSD” has sparked diverse opinions among community members. Some have criticized the choice as “terrible,”...

The Hong Kong Monetary Authority (HKMA) announced the launch of a digital yuan pilot program on Friday. The digital yuan, or e-CNY, is designed to facilitate retail transactions and cross-border payments within the city, offering Hong Kong residents a digital alternative to cash payments while integrating China’s central bank digital currency (CBDC) into the local financial system. Residents participating in the pilot can create digital yuan wallets linked to their mobile numbers and fund them through 17 local banks using the Faster Payment System (FPS). This collaboration between the FPS and the Digital Currency Institute of the People’s Bank of China marks the first connection between any CBDC and a rapid payment system. As merchant adoption grows, the e-CNY wallets are expected to gain more functionalities, enabling wallet top-ups without the need for a mainland bank account. The program sets transaction and balance limits to ensure financial stability. Individual transactions and...

The Venezuelan government has joined the growing list of countries clamping down on cryptocurrency mining due to its significant electricity demands. Venezuela’s Ministry of Electric Power has announced plans to disconnect cryptocurrency mining farms from the national grid, aiming to regulate excessive energy consumption and ensure a stable power supply for the population. An announcement from Venezuela’s National Association of Cryptocurrencies on X stated that crypto mining is now prohibited in the country. This development follows a recent crackdown where authorities confiscated 2,000 cryptocurrency mining devices in Maracay as part of an anti-corruption initiative. The ministry emphasized that these measures are crucial to provide efficient and reliable electrical service across Venezuela, which has faced recurring blackouts, particularly since 2019. These power outages have severely impacted residents’ daily lives and the country’s overall economic activity. By eliminating the...

Microsoft could be fined up to 1% of its annual revenue in the European Union if it fails to respond to an information request by May 27. This threat stems from a request under the EU’s Digital Services Act concerning the company's Bing search engine and its associated generative artificial intelligence (AI) services. The European Commission, in a May 17 post on X, stated that it wants Microsoft to "provide information under the Digital Services Act on generative AI risks on Bing." The commission highlighted that Bing could pose risks linked to generative AI, such as “hallucinations,” deepfakes, and the automated manipulation of services that can mislead voters. In a blog entry on the European Commission’s official website, labeled “Daily News,” it was explained that the initial request was sent on May 14. This request pertains to specific risks stemming from Bing’s generative AI features, notably “Copilot in Bing” and “Image Creator by Designer.” Microsoft has until May 27 to...

The Depository Trust and Clearing Corporation (DTCC), the world’s largest settlement system, has partnered with blockchain oracle Chainlink to conclude a pilot program aimed at enhancing the tokenization of traditional finance funds. This pilot, named the Smart NAV Pilot, involved several major U.S. banking firms and focused on standardizing net asset value (NAV) data delivery on blockchains. The program demonstrated that structured data could be delivered on-chain, which paves the way for various applications such as tokenized funds and “bulk consumer” smart contracts. The DTCC’s report highlighted that the pilot facilitated better-automated data management, minimal disruption to existing market practices, and easier access to historical data for funds. Prominent U.S. banking firms participated in the pilot, including American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street, and U.S....

The Securities and Exchange Board of India (SEBI) has recommended that multiple regulators should oversee cryptocurrency trading in the country, according to documents recently disclosed and seen by Reuters. The proposal suggests that a division within India’s financial authorities should handle the regulatory oversight, aiming for a more specialized approach. In a separate document, the Reserve Bank of India (RBI) expressed concerns that digital currencies pose a macroeconomic risk to India. These documents were submitted by government officials to a panel tasked with advising the country’s finance ministry on policy. SEBI's proposal advocates for different regulators to collectively oversee digital assets based on their specific jurisdictions. Under this plan, SEBI would monitor digital assets classified as securities and initial coin offerings (ICOs), as well as issue licenses for financial products. The Reserve Bank of India would oversee fiat-backed stablecoins. Additionally,...