RA George’s Post

Exploring PyUSD: A Deeper Dive (Part-2)❗ This analysis was conducted by the brilliant Abdul Mueed from Antematter. In the previous post, we discussed PyUSD and its similarities with BUSD. Let's have a quick look again ⤵ ➡ PyUSD Recap - Is PAXOS-issued - Maintains a 1:1 backing by USD - Operates under PayPal's control - Offers "Wipe and Freeze" functionality - Utilizes Ethereum's open-source blockchain - Falls under the purview of New York State Department of Financial Services. ➡ BUSD - Is PAXOS-issued - Maintains a 1:1 backing by USD - Operates under Binance's control - Offers "Wipe and Freeze" functionality - Utilizes Ethereum's open-source blockchain - Falls under the purview of New York State Department of Financial Services. -------------------------------------------------------------------------------------- Why was BUSD banned, and why isn't PyUSD banned? 🤔 ➡ Let's explore why BUSD minting was stopped! BUSD minting was halted due to NYDFS instructing Paxos to cease it, citing issues with Paxos' oversight of its relationship with Binance. The potential SEC charges, signaled by a Wells notice, suggest Paxos' BUSD might be deemed a security. Paxos disputes this, asserting BUSD isn't a security under federal laws. They plan to engage with the SEC and litigate if required. ➡ Paxos ended its relationship with Binance and stopped issuing the stablecoin on February 21, 2023. Now it's up to you to decide why BUSD is banned and PyUSD is not! 😉 -------------------------------------------------------------------------------------- Wishing you all a fantastic week ahead, beautiful people! 😍 #blockchain #cryptocurrency #technology #innovation

As the market trend shifted from crypto to AI, so does the SEC! Here's what's happening. . . . . Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), has announced a notable change in priority, shifting his focus from the realm of cryptocurrency to the domain of artificial intelligence (AI). Having previously voiced concerns and highlighted challenges within the cryptocurrency industry, Gensler now contends that AI is the technology that truly "merits the excitement" and warrants heightened regulatory attention. Gensler's fascination with AI traces back to 1997 when his interest was piqued after witnessing the renowned defeat of Russian chess grandmaster Garry Kasparov by IBM's supercomputer, Deep Blue. During his tenure as an Massachusetts Institute of Technology professor, Gensler immersed himself in the study of AI, co-authoring a significant paper in 2020 that underscored the potential risks associated with deep learning in the financial sector. His apprehensions about the potential ramifications of widespread automation through AI in the financial field have prompted a reevaluation of regulatory strategies. Gensler acknowledges that while AI has the potential to bring substantial benefits to financial institutions and their clientele through enhanced predictive capabilities, it also carries considerable risks that necessitate attention. Among Gensler's primary concerns is the potential misuse of AI to obfuscate accountability and responsibility in the event of failures. The coordination of AI models among major trading entities could result in heightened market volatility and instability, an issue that current regulatory frameworks may not be equipped to effectively manage. In response, Gensler has taken proactive measures by introducing one of the initial regulatory frameworks for AI in the financial sector. His proposition mandates that trading firms and money managers critically assess their use of AI and predictive data to detect any instances of conflicts of interest, particularly when the interests of clients clash with corporate profits. It's important to note, however, that this shift in focus doesn't signify a relaxation of the SEC's stringent stance on cryptocurrencies. During Gensler's tenure, the SEC has actively pursued legal actions against major crypto enterprises such as Ripple, Binance, and Coinbase. Multiple lawsuits are presently underway, indicating the SEC's unwavering commitment to prosecuting cryptocurrency companies engaged in fraudulent activities and scams. Gensler's emphasis on AI arrives at a pivotal juncture, as the technology rapidly advances in automating various facets of financial processes. Do you think that SEC will be bringing guidelines on AI or start on a fringe to sue AI companies like it did with crypto? #ai #sec #crypto #airegulations #artificialintelligence

We ask GPT-4: Where will Coinbase be five years from now? – Cryptopolitan: GPT-4 predicts Coinbase's expansion to countries including Singapore and Switzerland after establishing Coinbase International Exchange in Bermuda, diversification of its services to include more cryptocurrencies and financial products, and catering to institutional clients and market makers through tailored services. Coinbase plans to prioritize compliance with regulations, embrace technological progressions, such as cybersecurity measures and emerging technologies like quantum computing, to remain competitive, and fortify its standing in the stablecoin market with increased adoption of USDC, Coinbase and Circle's stablecoin. Coinbase may also consider a foray into the DeFi sector and CBDCs' distribution and exchange. - Artificial Intelligence topics! #ai #artificialintelligence #intelligenzaartificiale

US Securities and Exchange Commission (SEC) chairman Gary Gensler has announced a shift in focus from cryptocurrency to AI. This is an area where the SEC is not alone and other regulators around the globe are also worried. The European Union is proposing new regulation on artificial intelligence that contains very few prohibitions, but one of them is on the use of AI systems Another aspect of the use of artificial intelligence that concerns Chairman Gensler is bias, and this is a concern shared by other agencies like the Federal Trade Commission (FTC). Data used by platforms in their analytic models could reflect historical biases, and this could result in people not getting fair access and prices in the financial markets. While AI holds tremendous promise in revolutionising the industry, its unchecked growth could also lead to unforeseen challenges. By directing the SEC’s attention towards AI, Gensler aims to strike a balance between promoting innovation and safeguarding market integrity and investor interests. #openai #sec #crypto #regulatorycompliance #ftc #bardai #llm

SBF sentenced, Worldcoin hit with another ban order and big web3 pre-seed rounds are back Welcome to TechCrunch Crypto, formerly known arsenic Chain Reaction. This is the past variation of this newsletter. I privation to personally convey each of you for speechmaking this and if you would similar to enactment successful touch, you tin travel maine connected X here for aboriginal updates. With that said, the amusement goes on. This week, Sam Bankman-Fried, the erstwhile FTX CEO who was recovered blameworthy connected 7 counts related to wealth laundering and fraud successful November, was sentenced, Borderless Capital acquired CFT Capital, Worldcoin faces different prohibition successful Europe and more. Details below. This week successful web3 Sam Bankman-Fried gets 25 years successful situation for fraud and money-laundering astatine FTX Web3 concern steadfast Borderless Capital acquires CTF Capital to bring AI and quant expertise Worldcoin deed with different prohibition bid successful Europe citing risks to kids A caller web3 web is being built close present that wants to extremity Big Tech’s power of your data 0G Labs launches with whopping $35M pre-seed to physique a modular AI blockchain Crunching numbers This week the crypto marketplace prices were a spot much chipper, with the apical cryptocurrencies being greenish connected the week. Bitcoin was up 7.4% connected the week, astir $71,300 astatine the clip of publication. The second-largest crypto, ether, accrued 2.6% connected the week to $3,550, according to CoinMarketCap data. The total crypto marketplace cap accrued 6.4% during the aforesaid clip framework to $2.67 trillion. The latest pod Chain Reaction is doing a monthly bid diving into antithetic topics and themes successful crypto. This period we’re focusing connected blockchain and AI integrations. For this week’s episode, I interviewed Scott Dykstra, CTO and co-founder of Space and Time. Before diving into web3, Scott spent astir 8 years astatine the unreality analytics and information level Teradata wherever helium held roles of elder architect, manager of unreality solutions and worked his mode up to VP of the firm’s planetary cloud. As for Space and Time, the institution aims to beryllium a verifiable compute furniture for web3 that scales zero-knowledge proofs, oregon ZK proofs, connected a decentralized information warehouse. Zero-knowledge proofs are a cryptographic enactment utilized to beryllium thing astir a portion of data, without revealing the root information itself. Space and Time has indexed information some off-chain and on-chain from Ethereum, Bitcoin, Polygon, Sui, Avalanche, Sei and Aptos and is adding enactment for much chains to powerfulness the aboriginal of AI x blockchain. This occurrence is wrapping up Chain Reaction’s monthly bid diving into antith...

DIGEST 📑 Binance exchange will pay $2.7 billion to a U.S. regulator under a settlement agreement.  The court order ordered the largest cryptocurrency exchange to implement strict customer verification procedures and offset revenue from trading fees that regulators deemed illegal. A month after the former head of Binance's largest crypto exchange, Changpeng Zhao, pleaded guilty to violating anti-money laundering rules, the court approved a settlement agreement between the exchange and the Commodity Futures Trading Commission (CFTC) 📢 This development is a positive signal for the entire crypto industry, as it emphasizes the willingness of major players to comply with legislation and fight against illegal activities in the crypto sphere. It can also reduce risks for other companies and investors. It is important to note that this event should not be seen as a signal to reduce regulatory control over the crypto industry. On the contrary, it should encourage other countries and regulators to become more involved in developing and implementing cryptocurrency regulations and standards 📑 Developers of "strong AI" systems, which include ChatGPT, will have to comply with a number of requirements in the EU, such as providing up-to-date data on model training. General-purpose artificial intelligence systems will have to comply with basic requirements that will ensure the transparency of their work, Bloomberg reports with reference to a document developed in the European Union on regulation in this area. The fact that Brussels has reached a preliminary agreement on the world's first AI law was announced earlier by European Commissioner Thierry Breton 📢 This is important news affecting the development of artificial intelligence in Europe, which will provide greater transparency and oversight of these systems by regulators and the public. It could also help to promote more transparent and responsible approaches to the development and use of AI in Europe, which could attract more investment and innovation in this area 📑 Binance will stop supporting the ruble on its p2p platform. The exchange is calling for ruble assets to be transferred to the CommEX platform, to which it previously sold its Russian business. From January 31, 2024, Binance's P2P platform will stop supporting transactions with the ruble (RUB), including the following trading pairs: USDT/RUB, BTC/RUB, FDUSD/RUB, BNB/RUB, ETH/RUB, BUSD/RUB and RUB/RUB 📢 This move is apparently due to changes in the regulatory environment. Moving ruble assets to CommEX may provide new opportunities, but it also raises questions about Binance's long-term strategy for the Russian market. We'll keep an eye on developments as the changes may affect the cryptocurrency experience and portfolio of many #cryptotrading #crypto #comex #market #binance #development #ai #chatgpt #cryptonews #investing #innovation

⭐Embracing Web3: A Call for Rational Regulation and Decentralization⭐ In recent days, the crypto world has been rocked by news of the U.S. Securities and Exchange Commission (SEC) filing lawsuits against two major players in the field: Binance and Coinbase. The central allegations revolve around operating as unregistered brokers and exchanges, and the SEC suggests that these companies have not sufficiently segregated their operations to comply with U.S. regulations. ‼It's important to acknowledge that regulation is crucial in any industry to protect consumers, maintain market integrity, and prevent illicit activities. However, the approach to regulation needs to be thoughtful, nuanced, and in tune with the realities of the rapidly evolving crypto space. In the words of Binance, regulation should not be a "blunt weapon" but rather a tool for fostering growth, trust, and innovation. ✅ Web3, the decentralized internet, offers extraordinary possibilities that we are only beginning to explore. It promises to redefine power structures, democratize economic opportunities, and promote transparency like never before. However, its growth and potential can be significantly hampered by a regulatory approach that is not fully informed or forward-thinking. ❗This is a call to regulators and lawmakers worldwide: take the time to understand this new frontier. Don't regulate from a distance, but immerse yourselves in the potentials and intricacies of Web3. Remember, we're not only talking about financial transactions here; we're talking about the future of the internet, governance, identity, and so much more. ✅ We need to ensure that the regulatory frameworks put in place for cryptocurrencies and blockchain technologies are adequate, fair, and do not stifle innovation. As Coinbase's Chief Legal Officer, Paul Grewal, stated, the solution lies in legislation that allows fair rules to be developed transparently and applied equally. ✊Let's not forget that in the midst of these legal battles, companies like Coinbase and Binance are ready to fight not just for themselves, but for the entire industry. They represent a community that seeks clarity and fairness in how crypto regulations are shaped. ✅ Let's view these lawsuits not as setbacks, but as opportunities to get closer to establishing clear rules for the crypto space. In times like these, it's more important than ever to remember why we believe in the power of decentralization and the transformative potential of Web3. ⭐ The road ahead may be challenging, but the potential rewards are immense. Let's continue to innovate, push boundaries, and most importantly, engage in thoughtful, informed dialogue with regulators. The future of Web3 depends on it. #Web3 #Decentralization #CryptoRegulation #Binance #Coinbase

Ripple, Regulators,  and the nature of decentralized trust. The cryptocurrency community scored what appears to be a landmark win in the court of the SEC vs Ripple (the company). The court ruled that Ripple (the currency) does not meet the Howie test, which determines if a particular purchasable thing is a security and thus must be registered with the SEC and follow its rules. More specifically, Ripple (the token) is a security when offered to investment firms directly, but is not a security when offered to the general public through an exchange. The reasoning was that the investment firms knew they were investing in Ripple (the company) directly, but the exchange-using general public couldn't know that Ripple (still the company) was on the other side of the transaction, and so couldn't know that they were investing in it. The ruling is good news for Ripple holders, who have seen a steep appreciation in its price. One of the ironies of the SEC case is that its success would have wiped out of lot the very people it purported to be trying to protect.  It would have destroyed a company which is providing bona fide competition to the slow and expensive legacy interbank systems. Nevertheless, it seems to be fine parsing indeed.  If I buy IBM stock on the NYSE, I know I'm investing in IBM. Exactly who is on the other side of the trade irrelevant. The SEC has appealed the court’s decision, and I think they have a good chance of winning it.    Regardless of the outcome, it’s important to note that Ripple (the network) is entirely controlled by Ripple (the company).  This means that Ripple (all of it ) entirely lacks the decentralized trust property that is the hallmark of decentralized, autonomous systems, like Bitcoin and Ethereum. If Ripple was actually decentralized, there'd be no case, because there’d be no-one to sue.  The same is true about SEC’s suits against Coinbase and Binance.  These are conventional companies against which the SEC has brought conventional lawsuits for what appear to be conventional violations of conventional securities rules.   This is what they do - and should be doing, but the space needs more than just conventional action take by conventional regulators.  Decentralized, autonomous systems have resilience equal to the internet -  and the internet was specifically designed to survive nuclear war.  They are here to stay, and they are only going to get more powerful,  We need smart regulation that will both harness their potential and prevent their abuse. .  Alexander Dumas said “Money makes a good servant but a bad master”  The same is true of technology, and its in the nature of technology that it will always be ahead of legistlation.  That means of us in the space have to take the lead on good practice, and good governance. Let’s do it.