Welcome to this week’s crypto, finance and tech news summary. Stay updated with the latest developments and trends shaping the digital world. Let’s dive in!
Millions Fooled by Deepfake of Fashion-Forward Pope, Sparking Alarm Over Misinformation Dangers
A deepfake video featuring Pope Francis wearing Balenciaga clothing fooled millions of people, highlighting the potential dangers of realistic manipulated media. The video, created by an unknown artist, quickly went viral, raising concerns about the potential misuse of deepfake technology for spreading misinformation or propaganda, and emphasizing the need for public awareness and digital media literacy.
Read more on the blinged-up Pope fake
Fake ultra personalised content is spreading evermore, as expected when the tech to do it becomes cheap and more refined.
Technologies like Splitchain can help prove sources are who they claim.
This guy even created a fake version of himself giving a fake lecture.
And of course, the chorus of anti-AI, as with all disruptions, it’s here too. The cat’s out of the bag
Experts cry-out for halting further AI development
Some are saying this won’t be enough
Nasdaq to Launch Crypto Custody Service by June 2023
Nasdaq is reportedly planning to launch its own cryptocurrency custody service by the end of Q2 2023, as the company seeks to expand its offerings in the crypto space. The service will enable institutional investors to securely store and manage their cryptocurrency assets. The move is seen as a significant step towards mainstream adoption of cryptocurrencies, as it will make it easier for institutional investors to invest in the asset class. The development is also expected to boost investor confidence in cryptocurrencies, as Nasdaq is a well-established and reputable financial institution. Additionally, the launch of a custody service by Nasdaq is likely to encourage other traditional financial institutions to enter the crypto custody space, which could further enhance the institutionalization of the crypto industry.
Google Strives for Web3 Innovation
Google is looking to innovate and add new products to serve the specific needs of the crypto community, rather than simply selling what it already offers. The company launched Google Cloud’s Blockchain Node Engine and announced a cloud partnership with Coinbase to explore what it means to take crypto for payment. Google’s head of Google Cloud Platform for web3, James Tromans, sees a lot of progress and opportunity in the bleeding edge of where people are building in the crypto space. Investment in the crypto space is continuing to expand.
CFTC Charges Binance and Its Founder with Regulatory Violations
The US Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Binance Holdings Ltd, the world’s largest cryptocurrency exchange, and its CEO, Changpeng Zhao, for alleged violations of US regulations. The CFTC alleges that Binance illegally offered derivatives trading to US customers without registering with the agency, failed to implement anti-money laundering procedures, and violated reporting and record-keeping requirements. The lawsuit seeks civil monetary penalties and trading bans against Binance and Zhao. Binance has not yet commented on the lawsuit.
Ticketmaster Debuts NFT-Gated Ticket Sales
Ticketmaster, the world’s leading ticketing company, has partnered with blockchain platform ConsenSys to introduce NFT-gated ticket sales for Avenged Sevenfold’s upcoming tour. The NFTs will act as digital collectibles, giving fans access to exclusive content such as backstage meet-and-greets, soundcheck access, and other VIP experiences. This move is seen as a significant step towards the mainstream adoption of NFTs, as Ticketmaster is a well-established and reputable company. It also opens up new revenue streams for artists and promoters by creating unique experiences for fans. Moreover, the use of blockchain technology can help combat ticket scalping and fraud by providing a transparent and immutable record of ticket ownership. This development is expected to boost the adoption of NFTs in the entertainment industry and encourage other ticketing companies to explore similar use cases.
“We asked the SEC for reasonable crypto rules for Americans. We got legal threats instead.” — Coinbase
Reply from U.S. regulator:
“SEC’s Gensler Insists Clear Rules for Crypto Market ‘Already Exist’”
“But the regulator says that the digital asset industry is still “rife with noncompliance.””
As many have covered before on the regulative landscape, incl the US’s SEC. These bodies claim things fall under existing rules and processes. But when companies try to go that route, they get little to no response from the SEC, forcing them to go ahead without approval. Cycle repeats. Can’t play both sides. Regulate or don’t.
Hong Kong Regulators Aim to Improve Financing Opportunities for Crypto Firms
Hong Kong regulators are hosting a meeting to bridge the gap between cryptocurrency firms and banks, fostering better understanding and cooperation between the two sectors. This initiative is expected to bring positive outcomes for the crypto industry, such as increased access to banking services, enhanced regulatory compliance, and overall growth and stability in the market.
This follows Dubai, who are also embracing the world of crypto, aiming to become hubs for the industry.
Governance Tokens Could Carry Legal Liability, US Judge Warns
The bZx decentralized autonomous organization (DAO) is facing a class-action lawsuit over potential liabilities stemming from a series of flash loan exploits that occurred in 2020. The lawsuit, which alleges negligence, misrepresentation, and unjust enrichment, has sparked a debate on the legal accountability of decentralized organizations and the responsibilities of their governing members.
A US judge ruled that bZx DAO is plausibly a general partnership, making token holders potentially liable for the group’s obligations following a $55 million hack.
“The New York Couple Behind El Salvador’s Bitcoin Experiment”
New York-based Max Keiser and Stacy Herbert, who created a financial news show on Russian state television, are now key advisers to the Salvadoran government on its adoption of Bitcoin. The couple are investing in Bitcoin ventures in El Salvador and are founding backers of a crypto exchange managing the country’s sovereign debt sale linked to Bitcoin called the “Volcano Token bond.” Despite the high-profile involvement, Bitcoin use remains scarce in El Salvador, with cryptocurrencies making up less than 2% of foreign remittances. The country’s Bitcoin experiment has not alleviated its poverty or provided the necessary funding for government spending.
The Wrap Up
New custody services, legal developments and growing fake content are setting the stage for further disruption and expansion.
As we continue to observe these exciting changes, the doors for the Zucoins/SplitChain network are gradually opening, presenting an immense potential for the future of digital assets.
These recent developments also underscore the importance of building robust, secure systems and assessing each situation to make well-informed decisions for the long-term potential of Splitchain.
Thank you for staying updated with our Weekly Crypto, Finance, and Technology News Summary. We look forward to keeping you informed on the latest developments in the coming weeks!
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All the best,
Peter
MyZucoins