TOP CRYPTO UPDATES FROM THE WEEK
The demand for clarity in crypto regulation continues in a week filled with Bills, suits and Challenges
House Committee Approves Bill to Restrict FED’s U.S. CBDC Plans
The House Financial Services Committee has approved a bill aimed at halting progress toward creating a U.S. Central Bank Digital Currency (CBDC).
This move has sparked debates in Congress, with discussions centering on concerns about stifling innovation and the potential impact on U.S. competitiveness in the global financial landscape.
Binance Challenges SEC: Seeks Dismissal
Binance, the leading cryptocurrency exchange, and its CEO Changpeng “CZ” Zhao have formally approached the US court, seeking to dismiss the lawsuit brought forth by the SEC.
In their comprehensive 60-page petition, they assert the regulatory body has overstepped its authority. Lawyers for Binance emphasize that the SEC has been misinterpreting securities laws in their bid to oversee the crypto sector.
Federal Reserve pauses interest rate hikes as inflation and economy slow down
The federal reserve has paused interest rates hike today after a series of hikes to curb inflation over the year.
The Fed concluded on Wednesday that the situation had improved enough for it to take a wait-and-see approach.
Senator Elizabeth Warren’s Crypto Bill Gains Support Among US Lawmakers
Nine U.S. lawmakers have expressed their support for the Digital Asset Anti-Money Laundering Act, which was recently reintroduced in Congress by Senators Elizabeth Warren, Roger Marshall, Joe Manchin, and Lindsey Graham.
This bill has raised concerns among experts who view it as a direct attack on the privacy and personal freedom of cryptocurrency users.
Citigroup Launches Digital Token Service
Citigroup, the American Multinational investment bank has launched a new token service.The service offers a solution that converts customer deposits into digital tokens, allowing for instant fund transfer around the world.
Citi plans to use their private Blockchain to achieve the new service, and will require customers to set up a new wallet.
Thailand Taxes Overseas Crypto Income
In a significant move, Thailand’s Revenue Department has revealed its plan to tax all overseas earnings, including from crypto, for anyone residing in Thailand for more than 180 days.
Starting on January 1, 2024, this policy particularly aims at residents engaged in foreign stock market transactions, cryptocurrency trades, and those with offshore accounts. This marks a notable shift, as previously, only remitted income within the year of earning faced taxation.
Elon Musk’s SpaceX Sue the US Government
Elon Musk’s SpaceX has sued the US government, stating that the DOJ’s accusation of refusing to hire refugees and asylees violates the constitution.
The lawsuit also questioned the appointment of judges who hear cases involving employment bias against immigrants.
Authors Sue OpenAI Over Copyright Infringement
Prominent authors, including George R.R. Martin, have united with the Authors Guild in a class action lawsuit against OpenAI, citing copyright violations in ChatGPT’s training.
They claim their copyrighted material was used without consent, with ChatGPT producing subpar ebooks mimicking specific authors. Seeking compensation for lost opportunities and market encroachment, they also aim for a permanent injunction against OpenAI.