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FameEX Morning Crypto News Recap | April 12, 2023

2023-04-12 11:27:25

US SEC actively pursuing the expansion of its Crypto Assets and Cyber Unit
The SEC has posted a job listing for general attorneys in its Crypto Assets and Cyber Unit within the Division of Enforcement. The attorneys will be responsible for conducting fast-paced investigations into crypto-asset securities and cyber issues, drafting subpoenas or document requests, interviewing witnesses, evaluating evidence, and more. The positions will be located in New York, San Francisco, and Washington D.C. and will require expertise in the complex and evolving field of cryptocurrency regulation.

Alibaba Developing AI Rival to ChatGPT
Chinese e-commerce titan Alibaba is set to release its own AI chatbot assistant, named Tongyi Qianwen, which is comparable to OpenAI's ChatGPT. The chatbot will be integrated into Alibaba's tech ecosystem and will be launched soon, marking the company's entry into the global competition for AI technology.

98% of Inflows into Crypto Investment Products are Invested in Bitcoin, Signaling Dominance
In its latest "Digital Asset Fund Flows Report," CoinShares revealed that digital asset investment products received inflows of $57 million last week, returning them to a net positive position for the year. However, the report noted that trading volumes were low, totaling only $970 million for the week. This suggests that although there is a favorable outlook for digital asset investment products, the overall trading activity remains subdued.

Stablecoins Ranked as Unpopular Choice for Tokenized Currency in BIS Paper
Bearer instruments, including stablecoins, are reminiscent of pre-central bank "free banking" and pose inherent risks, as per a Bank of International Settlements (BIS) working paper. Tokenization is defined in the paper as the process of digitally representing claims that can be transacted via smart contracts. Although tokenized money, such as stablecoins, can serve as a bearer instrument that transfers claims without impacting the issuer's balance sheet, it also carries potential risks.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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