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FameEX Morning Crypto News Recap | September 15, 2023

2023-09-15 12:10:10

Paul Krugman Asserts: 'Remarkable Disinflation' Signals Victory in the Battle Against Inflation

Nobel laureate economist Paul Krugman recently assessed the US economy, highlighting "remarkable disinflation." He argued that the data suggests the "war on inflation" has been victorious without causing a recession, as initial concerns about persistent inflation have proven unfounded.

Singapore's Monetary Authority Imposes 9-Year Ban on Founders of Three Arrows Capital

The Monetary Authority of Singapore (MAS) has imposed nine-year bans on Three Arrows Capital (3AC) founders Zhu Su and Kyle Davies, preventing their involvement in regulated financial activities in Singapore. This action follows an MAS investigation that revealed several securities law violations by the now-defunct cryptocurrency hedge fund and its directors.

Transparency Report Unveils Support for PayPal's PYUSD Stablecoin

PayPal's stablecoin, PYUSD, has been in operation for 38 days. Paxos, the token's issuer, has released a transparency report on its reserves. Similar to leading stablecoins, PYUSD is backed by cash reserves and U.S. Treasury reverse repurchase agreements, ensuring its stability.

IMF Report Warns of Escalating Risks Posed by Generative AI in the Financial Sector

A recently published report on the IMF Publications website underscores the growing presence of artificial intelligence (AI) in the financial industry. The report sounds a warning about the potential risks linked to the latest AI advancements within the financial sector, highlighting the need for careful consideration and regulation as AI continues its expansion in this critical domain.

Witnesses Before House Financial Services Committee Present Various Anti-CBDC Arguments

During a House of Representatives subcommittee hearing on the "digital dollar dilemma," five expert witnesses voiced opposition to the creation of a U.S. central bank digital currency (CBDC) or digital dollar, sparking a wave of disapproval in Congress on September 14.

EU Unveils Initiative to Expedite Supercomputer Access for AI Startups

European Union President Ursula von der Leyen has unveiled an initiative aimed at providing AI startups with faster access to European supercomputers. She highlighted the importance of AI and referred to a global AI community open letter that calls for enhanced regulatory oversight to address concerns about the risks associated with AI.

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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