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FameEX Morning Crypto News Recap | April 17, 2023

2023-04-17 11:43:15

US Congress to Introduce Draft Bill for a New Stablecoin
Recently, a new draft bill has been introduced in the United States to regulate stablecoins, and non-registration as a stablecoin issuer may lead to imprisonment for up to five years and a fine of $1 million. This bill was published a few days before an anticipated hearing on the subject, scheduled to be held on April 19.

Elon Musk Warns of AI's Destructive Potential for Civilization Again
Elon Musk has cautioned that the possibility of generative artificial intelligence (AI) turning against humans and causing the downfall of civilization is a serious concern. Despite the efforts of tech companies to create AI to aid humans, there is apprehension about the potential risks it poses. Musk, who holds the positions of CEO at Tesla and Twitter, has stressed the importance of regulating and approaching AI development with prudence.

US Securities and Exchange Commission Reviews Decentralized Crypto Platforms as Potential Exchanges, Encourages Public Input
The US Securities and Exchange Commission (SEC) has announced a plan to expand the definition of an "exchange" to include decentralized cryptocurrency platforms, such as DeFi platforms. As a result, the SEC's current exchange regulations would also apply to these platforms if the proposal is accepted. After facing backlash from crypto companies claiming that the proposal was ambiguous and aimed at regulating DeFi platforms, the SEC has decided to invite public feedback on the matter.

SEC Commissioner Voices Concerns Over Cryptocurrency Regulation Strategy

Hester Peirce, a Commissioner at the US SEC, has expressed dissatisfaction with the agency's inflexible regulatory stance towards emerging technologies and novel business models, including those within the crypto industry. According to Peirce, this approach stifles innovation and unfairly penalizes entrepreneurs who are unable to meet current regulatory requirements, rather than collaborating with them to develop workable solutions.

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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