FameEX Afternoon Crypto News Recap | April 19, 2023

SEC Labels DASH, ALGO, and OMG as 'Unregistered Securities
https://www.fameex.com/en-AU/news/crypto-trending-news-2023041903
Bittrex has been accused by the SEC of selling some crypto asset tokens as securities and investment contracts. The SEC has recently categorized several crypto assets as securities, such as LUNA and UST in a case against Terraform Labs, and Ethereum in a lawsuit initiated by the New York attorney general against Kucoin. These cases have alleged unregistered securities sales, highlighting the regulatory concerns surrounding the classification of crypto assets.

ChatGPT to Get AI Boost from Microsoft's New In-House Chip
Microsoft has been working on creating its own AI chips since 2019 in response to the rising expenses of in-house and OpenAI projects, according to a report by The Information. This development is anticipated to decrease Microsoft's dependence on Nvidia's GPUs. The hardware project was confidential until now, and the decision to pursue in-house AI chip development suggests a change in approach for Microsoft.

Gary Gensler Refuses to State Whether Ethereum is a Security at SEC Hearing
During an oversight hearing, the SEC Chair Gary Gensler confirmed that the SEC considers Bitcoin a commodity but did not classify Ether. The U.S. House Financial Services Committee's chair, Patrick McHenry, criticized the SEC and its leadership for its handling of digital assets during the same hearing.

European Union Establishes AI Research Hub to Study Big Tech's Algorithmic Practices
The European Commission has initiated a research unit to analyze the influence of AI-driven algorithms employed by major technology companies, including Google and Meta. This research unit will have the responsibility of auditing the algorithms used by leading online platforms and search engines, such as Facebook and Google.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.