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FameEX Morning Crypto News Recap | September 21, 2023

2023-09-21 12:24:30

Record $307 Trillion in Global Debt Surges, Fueled by the United States and Developed Nations

Global debt has reached an unprecedented peak in the second quarter, as reported by the Institute of International Finance (IIF). This surge marks a reversal of a seven-quarter trend of declining global debt-to-GDP ratios and is anticipated to reach 337% by year-end. The data underscores growing concerns about the sustainability of global debt levels and their impact on the world economy.

Venmo Welcomes PYUSD, PayPal's New US Dollar Stablecoin

PayPal has introduced PYUSD, a stablecoin, on Venmo, expanding its digital currency offerings. The stablecoin is initially accessible to select Venmo users, with a full-scale rollout planned in the coming weeks. This move underscores PayPal's commitment to the growing digital currency market and its aim to provide wider access to cryptocurrency options for its user base.

SEC's Cryptocurrency Enforcement Head Indicates Increased Enforcement Activity: 'We Will Keep Pursuing Charges

David Hirsch, head of the SEC's Crypto Assets and Cyber Unit, has indicated an uptick in enforcement actions targeting companies that haven't complied with SEC registration requirements. He discussed this enforcement focus during an SEC forum in Chicago, emphasizing the agency's commitment to regulating crypto assets and exchanges.

Global Financial Consortium Identifies Deficiencies in Legislative Framework for Digital Euro

The International Financial Institute (IIF) has pointed out legislative gaps in the digital euro framework, notably the absence of provisions for governance and conflict of interest. Concerns arise from the European Central Bank (ECB) potentially holding conflicting roles as both regulator and operator without independent oversight.

Apple and Goldman Sachs Abandon Trading App Project

Apple and Goldman Sachs have abandoned their collaborative effort to develop a futures trading app, as reported by CNBC. Sources indicate that the project's infrastructure is nearly complete and ready for launch if Apple decides to proceed with its initial plan. It remains uncertain whether the app would have encompassed cryptocurrency futures trading as part of its offerings.

The Author's Guild Initiates Class-Action Lawsuit Against OpenAI

On September 19, The Author's Guild in the United States initiated a class-action lawsuit against OpenAI, which is supported by Microsoft. The lawsuit accuses OpenAI of using copyrighted material inappropriately during the training of its artificial intelligence (AI) models. This legal action highlights concerns regarding copyright infringement within AI development and its potential impact on content creators and intellectual property rights.

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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