FameEX Morning Crypto News Recap | October 24, 2023
Elon Musk, Tesla CEO, Advocates 'Extensive Deregulation' Following His SEC Reform Prediction
Elon Musk, the billionaire CEO of Tesla and SpaceX, is advocating for "comprehensive deregulation" in response to actions taken by the U.S. Securities and Exchange Commission (SEC), which he believes are limiting progress. This follows his prediction of a "comprehensive overhaul" of the SEC, which he believes has a 100% probability of occurring.
People’s Bank of China Governor Pledges to Restrict Cryptocurrency Speculation
The new governor of China's central bank, Pan Gongsheng, has pledged to curb speculation linked to cryptocurrency transactions within the country. He outlined this commitment in a report outlining measures aimed at maintaining stability in China's financial market and mitigating potential risks associated with cryptocurrencies.
New Data Poisoning Tool Aims to Penalize AI for Unauthorized Art Scraping
Researchers at the University of Chicago have created 'Nightshade,' a tool allowing artists to 'poison' their digital art to thwart AI training on their work. By altering images in a way that corrupts datasets used for AI training, artists can protect their creations from unauthorized use.
IRS Proposes Extensive Data Collection Measures for Crypto Users
The IRS is planning to implement regulations that would compel cryptocurrency service providers to collect extensive user data, encompassing personal details like names and Social Security numbers. This proposal is driven by the IRS's desire to improve tax compliance and enhance its ability to monitor cryptocurrency transactions, marking a significant step in the regulation of the cryptocurrency industry in the United States.
US Congress Stalls on Crypto Legislation Amid House Speaker Vacancy
Since the removal of House Speaker Kevin McCarthy on October 3, no legislation, including crypto-related bills, has made significant progress in the United States Congress. This unusual situation represents the first time in U.S. history that the legislative body has lacked elected leadership, with no clear plan to fill the vacant position.
Chinese Digital Yuan CBDC Utilized in Historic Cross-Border Oil Transaction
PetroChina International made history on October 19 by purchasing 1 million barrels of crude oil using the digital yuan (e-CNY) for the first time. This transaction was in response to a call from the Shanghai Municipal Party Committee and Municipal Government to integrate the Chinese central bank digital currency (CBDC) into international trade, signifying a significant advancement for the digital yuan, as reported by China Daily.
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