The United States Department of Commerce’s Bureau of Industry and Security (BIS) released a notice on Oct. 17 expanding the already existing export controls of artificial intelligence (AI) chips to China. The BIS wrote that the newly released rules “reinforce” those put in place back in October 2022, with the goal of restricting China’s ability…
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The European Union’s financial regulatory landscape is in flux with the introduction of multiple Anti-Money Laundering (AML) directives and related laws. These regulations, although designed to protect the financial system, come at a hidden, and sometimes steep, cost to consumers and financial institutions alike. It’s imperative to understand their wider implications, and to question whether…
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Federal Reserve Board governor Michelle Bowman shared her views on financial innovation in a speech at Harvard Law School on Oct. 17. Bowman has spoken several times on the topic, and her position seems to be growing more bearish. Bowman spoke at length about central bank digital currency (CBDC) and stablecoin. She also considered “unified…
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Lawyers representing former FTX CEO Sam “SBF” Sam Bankman-Fried conducted their cross-examination of Nishad Singh, pressing the former engineering director on events leading to Alameda Research using funds from the crypto exchange. According to reports from the courtroom on Oct. 17, Singh admitted “there was a lot” he didn’t remember from June to July 2022…
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Bitcoin (BTC) is destined to hit $128,000 or more by the end of 2025, multiple analytics models suggest. Uploading his latest BTC price estimates to X on Oct. 17, popular trader and analyst CryptoCon deduced a two-year target of around $130,000. Multiple BTC price forecasts converge on $130,000 in 2025 Bitcoin market participants are diverging…
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Cryptocurrency exchange Binance.US has updated its terms of service, hinting that direct withdrawals in the U.S. dollar are no longer supported on the platform. Binance.US updated its terms of service on Oct. 16, significantly modifying the section about the “BAM Fiat Wallet,” referring to Binance US services related to USD custody. In the updated terms,…
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Russia’s largest telecommunications firm, MTS, claims it will launch an advertising service targeting Russian Telegram users, but the social messaging application denies it has any agreements in place. The company made the announcement on Oct. 17, outlining the launch of advertising services for clients targeting the audience of specific channels, categories, interests and geolocation. MTS…
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Cryptocurrency investors in Europe are not yet protected under European Union cryptocurrency asset market rules and it will take some time for the protections to take effect. Europe’s securities regulator, the European Securities and Markets Authority (ESMA), on Oct. 17 issued a statement about the transition to the European crypto regulations known as Markets in…
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The Basel Committee on Banking Supervision of the Bank for International Settlements (BIS) released a consultation paper on Oct. 17, proposing to make it compulsory for banks to disclose their crypto exposure. The Basel Committee comprises central banks and financial authorities from 28 jurisdictions and is a forum for regulatory cooperation on banking supervisory matters.…
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Bitcoin (BTC) passing $28,000 hints at bullish sentiment, but reclaiming it for good is essential, analysis says. In an X post on Oct. 17, Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, described the $28,000 mark as a “critical milestone” for BTC price. Glassnode: “Keep an eye out” for $28,000 After snap…
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