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The European Commission has initiated a non-compliance investigation into tech behemoths Apple, Meta, Amazon, and Alphabet, under the Digital Markets Act (DMA). This move, announced on March 25, comes as the Commission suspects that these companies' measures may not effectively comply with their obligations under the DMA. Specifically, EU antitrust regulators are scrutinizing Alphabet's practices concerning "steering" in its Google Play store and self-preferencing on Google Search, Apple's rules on steering in the App Store and Safari's choice screen, as well as Meta's "pay or consent model." In addition to these focal points, the Commission is delving into aspects related to Apple's new fee structure for alternative app stores and Amazon's ranking practices on its marketplace. The companies have been instructed to maintain specific documents to monitor effective implementation and compliance with their obligations. The proceedings are allotted 12 months to conclude, with potential...

The Philippine Securities and Exchange Commission (SEC) has ordered the blocking of cryptocurrency giant Binance’s online presence within the country.

Last week marked a significant moment for artificial intelligence-focused altcoins, particularly with Nvidia's major announcements. At the NVIDIA GTC 2024 event, which included a segment dedicated to cryptocurrency, NEAR Protocol's co-founder Illia Polosukhin participated as a speaker. He discussed topics such as the development of AI models and the role of blockchain in this domain. During the Transforming AI panel, Nvidia's CEO Jensen Huang addressed themes like the digital economy and programmable money. Polosukhin highlighted the challenges and opportunities arising from the convergence of AI and blockchain, emphasizing the potential of decentralized open networks. NEAR Coin made an impression during the event, with a NEAR Coin official outlining their Web3 goals within the context of AI and cryptocurrency. Jensen praised NEAR, calling it "very cool." Polosukhin emphasized NEAR's large user base in the blockchain space, highlighting the integration of programmable money and value...

In a trial at the US District Court for the Southern District of New York, the US Securities and Exchange Commission (SEC) has portrayed Terraform Labs and its co-founder, Do Kwon, as central figures in a massive financial deception that left investors in dire straits after the collapse of Terra. The trial is crucial in developmenmoment in addressing one of the crypto industry's most significant crises. The SEC alleges that Terraform Labs and Kwon engaged in a multi-billion dollar crypto asset securities fraud, leading to a lawsuit filed in February 2023. Describing Terra as a "house of cards," the SEC's legal team asserts that Terra USD (USTC) failed to maintain its peg to the US dollar, causing billions of dollars in losses and contributing to broader market turbulence in 2022. Originally scheduled for January, the trial was postponed to March, partly due to expectations of Kwon's in-person defense, though he remains in Montenegro after the country denied his extradition to the US....

The DeFi Education Fund and Beba LLC have jointly initiated legal proceedings against the US SEC to clarify the status of airdrops as non-securities offerings. They argue that the SEC's regulatory actions pose an existential threat to the crypto industry and are an overreach of its power. The lawsuit aims to halt further enforcement actions and obtain a court declaration that airdropped tokens are not securities. Beba LLC's concern over potential SEC scrutiny prompted them to take legal action to establish that their BEBA token airdrop does not constitute a security. They argue that airdropped tokens are free, lack a shared enterprise, and do not entail a reasonable expectation of profit based on the efforts of others. This legal move reflects broader industry apprehension regarding the SEC's stance on digital assets. The lawsuit also accuses the SEC, under Gary Gensler's leadership, of violating the Administrative Procedure Act (APA) by adopting a policy that broadly categorizes...

The emergence of Decentralized Physical Infrastructure Networks (DePINs) marks a significant development for Web3, operating as blockchain-based marketplaces that bring together hardware service providers from various industries. One notable player in this space is Wifi Dabba, a DePIN-based internet service provider aiming to decentralize internet access. Wifi Dabba recently announced its plans to distribute over 100,000 devices throughout India, hosted on the Solana blockchain. This initiative aims to address the challenge of internet access in a country where a significant portion of the population remains unconnected. Despite India's status as a technology hub, millions still lack regular WiFi access, highlighting the urgency of projects like DePINs. Karam Lakshman, CEO of Wifi Dabba, emphasizes the importance of widespread internet access for fostering economic growth, especially in a country with a burgeoning tech sector and significant crypto holdings. The DePIN model...

In a recent development, Silvergate Bank faces a class action lawsuit brought forth by FTX users, who accuse the bank of aiding and abetting fraud in the stock market, particularly through its association with Alameda Research, an affiliated trading company. On March 20, Judge Ruth Bermudez Montenegro of the San Diego federal court denied Silvergate’s request to dismiss the lawsuit filed in June. The decision underscores the allegations that Silvergate was aware of FTX’s fraudulent activities but still profited from them, unjustly enriching itself at the expense of FTX users.

Estonia has introduced a comprehensive overhaul of its crypto regulation framework, signaling a significant departure from its previous approach and establishing stricter oversight measures for digital asset businesses. Starting from 2026, crypto firms will fall under the rigorous surveillance of the Financial Supervision Authority, marking a shift from the previous focus solely on anti-money laundering efforts.

The United Nations General Assembly has endorsed a resolution concerning artificial intelligence (AI), marking a global effort to shape the development of this transformative technology. Initiated by the United States and supported by 123 countries, including China, the resolution was unanimously adopted on March 2, demonstrating broad consensus among all 193 U.N. member nations.

Google has agreed to pay a fine imposed by the French government’s competition watchdog for a previous breach of European Union intellectual property (IP) laws related to its treatment of media publishers. The French competition authority raised concerns about Google’s AI service, Gemini (formerly known as Bard), alleging that it utilized content from local publishers and news agencies without proper notification and clearance.

The Riksbank has published its conclusive report on the ‘digital krona’ pilot project, focusing on end-user experiences and offline functionality. Released on March 20, the report delves into a new model for offline retail transactions, diverging from the one proposed in the pilot’s Phase 2, where offline transaction data was stored on mobile phones.

The Irkutsk Prosecution Service announced via Telegram that a 35-year-old crypto miner will face trial for allegedly stealing electricity in Cheremkhovo, a town in the Russian crypto mining hotspot of Irkutsk. This move comes amid a broader crackdown on illegal and quasi-legal crypto mining activities in the region.