Bitstamp to Halt U.S. Trading of Seven Tokens
• Bitstamp has announced that it will no longer offer U.S. trading of seven tokens identified as securities by the SEC in Coinbase and Binance cases.
• US prosecutors are expected to issue a superseding indictment against Sam Bankman-Fried next week in connection with these cases.
• The Federal Reserve has created a ‘Novel Activities Supervision Program’ to oversee new financial technologies, while the Hong Kong securities regulator warns unlicensed virtual asset trading platforms may face steep fines and imprisonment.
Tim Cook: AI and Machine Learning are Part of ‚Virtually Every Product‘ Apple is Building
Apple CEO Tim Cook recently stated that artificial intelligence (AI) and machine learning are part of “virtually every product” Apple is building today. He also noted that AI technology had become increasingly important in creating personalized user experiences on Apple devices, as well as helping users stay connected, informed, and secure online.
FTX Law Firm Hit with Class Action Over Alleged Role in FTX Cover Up
A class action lawsuit was filed against high-profile law firm Fenwick & West for allegedly abetting FTX in monumental fraud and misuse of customer funds by providing services which allowed FTX to grow exponentially while aware of improper activities. The complaint states that Fenwick provided services to the FTX Group entities which enabled them to commit fraud on an enormous scale, misleading customers about their investment risks, hiding losses incurred due to irresponsible activities, and transferring customer funds without authorization or proper disclosure.
Superseding Indictment Expected Against Sam Bankman-Fried
US prosecutors are expected to issue a superseding indictment against crypto entrepreneur Sam Bankman-Fried next week in connection with ongoing investigations related to Coinbase and Binance cases involving several tokens identified as securities by the SEC . It is believed that this could be linked to allegations made against him regarding fraudulent activities such as misusing customer funds or hiding losses through transactions made without proper disclosure or authorization from customers.
Federal Reserve Creates Novel Activities Supervision Program
The Federal Reserve has created a ‘Novel Activities Supervision Program’ (NASP) designed to oversee new financial technologies including cryptocurrencies like Bitcoin and Ethereum . The NASP will focus on understanding how emerging technologies may impact existing regulations , monitoring market developments for potential risk factors , and ensuring compliance with applicable laws . Additionally , the program will involve engaging with industry stakeholders such as fintech firms , regulators , academics , consumer advocates , law enforcement agencies , etc., for further analysis .