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On May 1, 2023, the California Department of Financial Protection and Innovation (DFPI) seized First Republic Bank, placing it into Federal Deposit Insurance Corporation (FDIC) receivership. According to reports, this move came after the bank’s financial troubles made it insolvent and unable to meet its obligations. Following the seizure, JPMorgan
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The fall of Signature Bank (SBNY) has been linked to a combination of executive mismanagement and insufficient intervention by federal regulators, exacerbating the bank’s exposure to risks in the crypto industry and the ripple effects from
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“What does it mean to work collaboratively?” Boring asked. To the SEC, the answer doesn’t matter, when a group of people organize to build a potentially valuable system, it “triggers our laws,” she added. At least on stage, Boring didn’t seem confident this different definition cold be explained away –
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Under Giancarlo's watch as chairman, the U.S. Commodity Futures Trading Commission in 2017 approved regulated futures contracts tied to bitcoin (BTC), and, to this day, they remain the only fully regulated crypto product traded in the U.S., he said during a speech Wednesday at CryptoX's Consensus 2023 event. Source
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OpenAI faces another hurdle in its quest to continue doing business in the European Union as German authorities have launched an inquiry into the company’s privacy practices and GDPR compliance. As reported by AFP, regulators in Germany are demanding answers concerning the company’s intentions and ability to comply with the strict
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Mira Murati, the chief technology officer at OpenAI, believes government regulators should be “very involved” in developing safety standards for the deployment of advanced artificial intelligence models such as ChatGPT. She also believes a proposed six-month pause on development isn’t the right way to build safer systems and that the industry
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Several areas, Gün Sirer said, need to improve in order to get the next billion users into crypto, such as scalability, ease of use and adaptability. However, when asked about the feasibility of the secret sharing technology known as zero-knowledge proofs (ZKP) to reach that scale, he was skeptical. Original Source
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ALSO: CryptoX columnist Daniel Kuhn considers the European Parliament's passage of crypto rules, which come as U.S. regulatory agencies seem to be backtracking in their efforts to find an effective regulatory approach. Source
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The solution is called the “internet financial system,” or IFS, which combines the best of DeFi and traditional finance (TradFi) in one unified network. An idea championed first by Chris Burniske, IFS is built on open crypto rails and preserves blockchain’s most important attributes such as decentralized settlement, self-custody, transparency
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In a fireside chat during the Hong Kong Web3 Festival, Changpeng Zhao (CZ), CEO of Binance, expressed that it is important for crypto regulators to have a deep understanding of the industry to facilitate proper crypto regulations. The fireside chat was moderated by Deng Chao, the CEO of Hashkey Capital.According
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