Timestamps:
00:00 - Introduction
00:28 - Bitcoin HODLing Strong
02:59 - Winklevoss Slams Warren
04:55 - Crypto Law in Effect
07:36 - OKX Chooses Malta
10:54 - Cash App Leaves UK
12:46 - UK AI Regulation Plans
15:55 - NY AI Law Passed
18:47 - OpenAI’s Chip Talks
Bitcoin HODLing Strong:
According to a recent poll on Reddit, the creditors of the hacked Mt. Gox cryptocurrency exchange are not in a hurry to sell their Bitcoin payouts. Most Mt. Gox creditors plan to keep their Bitcoin, which they are set to receive or have already received almost 11 years after the hack. The Mt. Gox Insolvency subreddit is a hub for those affected by the 2014 collapse.
Winklevoss Slams Warren:
Tyler Winklevoss is one of the co-founders of Gemini. He announced a $500,000 donation to John Deaton's Senate campaign. Winklevoss criticized Senator Elizabeth Warren, calling her the "chief architect" behind Biden's anti-crypto agenda. He claimed Warren has veto power over Biden's regulatory nominees due to her 2020 endorsement, allowing her to control regulatory agencies. Winklevoss accused Warren of opposing crypto because she can't control it despite its potential to promote financial inclusion and fairness.
Crypto Law in Effect:
South Korea's first crypto regulatory framework is now in full effect. This framework was fast-tracked after the collapse of both the Terra ecosystem and FTX in 2022. The Virtual Asset User Protection Act was approved on July 18, 2024. It focuses on ensuring safety for cryptocurrency investors. The act imposes stricter requirements on digital asset exchanges.
OKX Chooses Malta:
Crypto exchange OKX has announced Malta will serve as its Markets in Crypto-Assets (MiCA) hub to ensure compliance with regulatory requirements in the European Union. Malta was chosen for its high regulatory standards and the firm’s existing team and infrastructure that’s already in the country.
Cash App Leaves UK:
Cash App is a popular payment application by Block. It will stop operations in the United Kingdom after six years of serving UK customers. The service will close on September 15. Users' funds will remain safe until they withdraw them, even after the service ends. They expressed regret over this decision, acknowledging its impact on customers, partners, and team members.
UK AI Regulation Plans:
The UK's new Labour government, under Prime Minister Keir Starmer, is looking into effective AI model regulation. King Charles outlined the new legislative agenda, which includes over 35 bills covering various areas such as housing and cyber security. The government plans to establish proper legislation for developers of powerful AI models.
NY AI Law Passed:
State lawmakers passed the Legislative Oversight of Automated Decision-making in Government Act last month. This makes New York the first state to limit how state agencies can use AI in decision-making processes. The LOADinG Act, as it’s called, requires agencies to disclose publicly when they use AI or automated decision-making systems.
OpenAI’s Chip Talks:
OpenAI is exploring the development of a new semiconductor chip with designers like Broadcom. This move seeks to reduce reliance on Nvidia and strengthen OpenAI’s supply chain. The company’s co-founder and CEO, Sam Altman, is leading efforts to secure the necessary components and infrastructure for running advanced AI models.
