Fintech Frontiers: Key Moves in Crypto and Tech This Week
Get the inside scoop on the groundbreaking innovations and market shifts in crypto and AI that are redefining the boundaries of technology.
Donald Trump Advocates for Crypto, Criticizes Biden and Gensler Anti-crypto Activities
U.S. Republican Presidential candidate Donald Trump has declared his support for cryptocurrency, positioning it as a key differentiator from his opponent, President Joe Biden, whom he criticized for lacking understanding in this area.
Trump promised to end the perceived hostility by Gensler towards crypto in the U.S. and foster an environment that retains crypto businesses domestically.
US House Passes Bill to Overturn SEC Guidance on Bank Ownership of Crypto
The United States House of Representatives has passed a bill aimed at overturning controversial Securities and Exchange Commission (SEC) guidance that restricts banks from owning cryptocurrencies.
The bipartisan bill, known as H.J. Res 109, seeks to revoke the SEC’s Special Accounting Bulletin (SAB 121), which mandates banks to include their customers’ crypto assets on their balance sheets, unlike traditional securities.
Tom Brady Roasted for FTX Promotion on Netflix
During Netflix’s “The Roast of Tom Brady” on May 6, comedians and former teammates poked fun at Tom Brady, focusing on his career, 2021 divorce from Giselle Bündchen, and his role in promoting the bankrupt crypto exchange FTX.
Binance CEO Claims Nigerian Officials Proposed Secret Crypto Settlement
Reports indicate that in early 2024, Nigerian officials attempted to coerce Binance representatives into a secret cryptocurrency settlement. Binance CEO Richard Teng provided details on the ongoing detention of Tigran Gambaryan, a former IRS agent and head of the company’s financial crime compliance, on May 7.
Jack Dorsey Steps Down from Bluesky Board
Jack Dorsey, the founder of Twitter and a pivotal figure in social media innovation, announced over the weekend that he has stepped down from the board of Bluesky, the open-source social network project he helped to initiate. Bluesky is designed as a direct competitor to X (formerly Twitter), a platform where Dorsey also served as CEO.
Dorsey’s departure from Bluesky’s board was disclosed in a rather understated manner — a reply to a user’s query on X, amidst discussions related to his philanthropic efforts through his Start Small initiative.
AI Deepfakes Cloud Post Met Gala Reactions
Fake AI-generated images of celebrities went viral on social media during the Met Gala, sparking widespread reactions from fans after the event.
Among the deepfakes were images of stars like Katy Perry and Rihanna, misleading millions into believing they were actual appearances at the Gala.
Buffett Equates AI with Nukes After Deepfake Encounter
During Berkshire Hathaway’s annual shareholder meeting in Omaha, Nebraska, co-founder Warren Buffett addressed the topic of AI deepfakes and their role in scams.
During the meeting, Buffett criticized AI deepfakes for aiding scammers, comparing the damage they cause to those of Nuclear Weapons. As of April 2024.
SEC Issues Wells Notice to Robinhood Crypto
Robinhood Crypto, the cryptocurrency division of the popular brokerage firm Robinhood Markets, has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), as reported on May 4.
According to a Form 8-K filed by the company, this notice indicates that SEC staff has made a preliminary determination to recommend an enforcement action against Robinhood Crypto, alleging violations of securities laws.
