CoinQue Chronicles
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IMF executives are considering an 85% increase in electricity prices for crypto mining, while Nasdaq ISE scales back on Bitcoin and Ethereum options trading. The US government is moving $600 million worth of Bitcoin, and Binance has settled with Brazilian authorities for $1.76 million. Additionally, Argentina plans to integrate AI into its police forces. Keep reading for more details.
Nasdaq ISE Pulls Back on Bitcoin and Ethereum Options Trading
Nasdaq ISE (International Securities Exchange) has withdrawn proposals to list and trade options on spot Bitcoin and Ethereum exchange-traded funds (ETFs), according to filings with the SEC. The exchange withdrew the proposals stating that no comments were received after the proposal was published in the Federal Register on August 12, 2024. Read more?
IMF Execs Float Raising Crypto Mining Electricity Prices by 85%
Two executives from the International Monetary Fund (IMF) say increasing the average crypto mining electricity costs globally by as much as 85% through taxes could put a huge dent in carbon emissions. A tax of $0.047 per kilowatt hour “would drive the crypto mining industry to curb its emissions in line with global goals. Read more
US Government Moves $600 Million Worth of Bitcoin
Data provided by Arkham Intelligence indicates that 10,000 BTC, worth around $600 million, have been transferred to Coinbase Prime, the institutional arm of the popular cryptocurrency exchange. These BTC originated from a wallet identified as “U.S. Government: Silk Road DOJ Confiscated Funds” suggesting a connection to the DOJ’s earlier seizure of assets from the dark web market. Read more
Binance Agrees to $1.76M Settlement with Brazilian Authorities
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Binance, the largest crypto exchange, has finally reached a settlement with Brazilian regulators for $1.76 million over unlicenced derivatives trading allegations. This comes after an investigation into the exchange, which lasted a year regarding its activities in Brazil. The Brazilian Securities and Exchange Commission (CVM) asked Binance to halt its derivatives trading services in the country. Read more?
?Argentina Plans to Integrate AI into Police Forces
Argentina is planning to incorporate AI into its police force and use it to predict and prevent crimes before they happen. Human rights advocates have kicked against this plan over complaints of mass surveillance and misuse of private information. Further worsening the matter, Argentina also has a dark history of state repression. Read more?
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Coinbase's ￡3.5 Million Fine: A Wake-Up Call for Crypto Compliance
The UK’s Financial Conduct Authority (hashtag#FCA) has issued a ￡3.5 million fine to CB Payments Ltd, a subsidiary of Coinbase, due to serious compliance and risk management failures. This landmark action, the first of its kind under the Electronic Money Regulations 2011, highlights the regulatory challenges facing crypto exchanges in the UK. ?Read more
?Is AI Training on Copyrighted Music Fair Use? Suno’s Bold Claim?
In a groundbreaking development, AI music startup Suno is under scrutiny for training its models on copyrighted music, asserting this practice as "fair use." This claim has sparked a heated debate in the music industry, raising critical questions about copyright law, artists' rights, and the future of AI in music. Suno, alongside AI music company Udio, is being sued by major record labels like Sony, Universal, and Warner Music for alleged copyright infringement. Read more?
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