FameEX Morning Crypto News Recap | November 3, 2023

JPMorgan CEO Warns of Persistent Inflation, Suggests Potential Further Rate Hikes by Fed

JPMorgan Chase CEO Jamie Dimon has cautioned that inflation might endure longer than anticipated. He emphasized that the government's stimulus efforts over recent years have been substantial and anticipates further interest rate hikes by the Federal Reserve. Dimon suggested a higher likelihood of additional rate increases than what some might expect.

PayPal Under SEC Scrutiny for PYUSD Stablecoin, Complies with Document Request

PayPal has come under scrutiny from the U.S. Securities and Exchange Commission (SEC) following the launch of its PYUSD stablecoin. The company has revealed that it received a subpoena from the SEC, requesting documents related to the stablecoin. In its Form 10-Q for the third fiscal quarter, PayPal acknowledged the request and stated that it is cooperating with the regulatory authority.

Paypal Attains FCA Registration in the UK, Clearing Path for Crypto Services Resumption in 2024

Paypal has secured registration with the UK's Financial Conduct Authority (FCA), as confirmed by the FCA's website on October 31. This development follows Paypal's temporary suspension of cryptocurrency purchases in the UK, with plans to reintroduce these services in early 2024.

UK Government's Commitment to Establish Britain as a Leading Crypto Hub Remains Firm

The UK's Economic Secretary to the Treasury, Andrew Griffith MP, has reiterated the government's determination to establish the UK as a global center for crypto asset technologies. He emphasized the importance of providing clarity for crypto asset firms to invest and innovate while ensuring customer protection. This commitment aims to create an environment conducive to the growth of crypto-related industries in the UK.

FCA Issues Guidelines for Adherence to New UK Rules on Promoting Crypto Assets

The Financial Conduct Authority (FCA) has released guidance to assist crypto firms in complying with the new UK rules on promoting crypto assets, which came into effect on October 8. The move follows a low level of compliance and aims to provide clarity for firms operating in the crypto space.

NIST Forms AI Safety Institute Consortium Following Biden's Executive Order

The United States National Institute of Standards and Technology (NIST) and the Department of Commerce have called for members to join the newly established Artificial Intelligence (AI) Safety Institute Consortium. Members will contribute to activities such as developing measurement tools, proposing policies, conducting red-team exercises, psychological analysis, and environmental assessments related to AI safety.

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