Sam Altman, the CEO of OpenAI and co-founder of Worldcoin, recently testified before Congress alongside IBM’s chief of trust, Christina Montgomery, and NYU professor Gary Marcus. The Senate judiciary subcommittee session represented Altman’s first official appearance before Congress, giving senators the opportunity to question the OpenAI CEO concerning his company’s views on regulation. ‘If this…
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The European Council has approved updated rules that extend tax reporting requirements to include transfers of crypto assets. This is the eighth version of the Directive on Administrative Cooperation (DAC), which is a set of procedures for automatic information sharing between European governments for tax purposes. DAC8 was proposed in December and approved on May…
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The Democratic Party in the United States has expressed its intent to back the Securities and Exchange Commission’s total authority over crypto in a memo that circulated among committee members prior to a hearing. The documents were shared on social media, causing backlash from members of the crypto community. On May 10, the documents were…
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Bitcoin (BTC) surfed $27,000 on May 16 as traders stayed buoyant about upside continuation. BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView $24,000 BTC price still in play, says trader Data from Cointelegraph Markets Pro and TradingView showed BTC/USD still focusing on the $27,000 mark, having dipped to $26,870 after the daily close. Still lacking…
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European Union Council members have given the final green light on the highly-anticipated Markets in Crypto-Assets (MiCA) legislation following a voting process on May 16. 27 Finance ministers representing the EU’s member states voted in favor of passing the MiCA bill as well as amendments to a number of regulations and directives relating to the new…
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The 2022 crypto bank runs — caused by the failure of multiple ecosystem giants — have had a lasting impact on the crypto industry. A new research report from the Federal Reserve Bank of Chicago (FRBC) has identified several key factors and catalysts that accelerated last year’s crypto crisis. The report identified that withdrawals by crypto whales…
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The Bitcoin Cash (BCH) network underwent a major upgrade, allowing developers to create tokens with the same properties as BCH. These are called “CashTokens,” and they can be issued by anyone using the network. The network successfully upgraded the blockchain at the BCH block height of 792,772. According to BCH developer Jason Dreyzehner, the new…
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President of the Minneapolis Federal Reserve Bank Neel Kashkari participated in a fireside chat at the Minnesota Transportation Conference & Expo on May 15. While he spoke mostly about topics unrelated to cryptocurrency and blockchain, he gave a blunt assessment of central bank digital currency (CBDC) during the Q&A after his presentation. “We’re studying it,”…
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On May 15, European cryptocurrency investment firm CoinShares published its latest “Digital Asset Fund Flows Report,” which revealed that digital asset investment products experienced another week of consecutive outflows, with a total of $54 million exiting the market. This brings “the total outflow to US$200m, representing 0.6% of total assets under management (AuM),” CoinShares reported. …
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Bitcoin’s price (BTC) broke below its 55-day resistance at $27,000 on May 12, down 12.3% in 30 days. But, more importantly, it decoupled from the S&P 500 index, which is basically flat from 30 days ago, and 15% below its all-time high. Bitcoin price in USD (right) vs. S&P 500 futures (left), 12-hour. Source: TradingView…
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