FameEX Morning Crypto News Recap | August 10, 2023

Bitcoin Mining Firm Riot Platforms Narrows Q2 Loss to $27.7 Million
In Q2, Riot Platforms, a Bitcoin mining firm based in Colorado, enhanced its financial performance by decreasing net losses to $27.7 million. This positive outcome was driven by heightened Bitcoin production and the successful attainment of peak hash rate capacity within that quarter.

New Cryptocurrency Oversight Initiative Revealed by Federal Reserve, Guidelines Issued for Stablecoins Backed by the Dollar
The Federal Reserve launched a program to strengthen supervision of crypto activities in its supervised banks, along with added guidelines for banks contemplating engagement with U.S. dollar-backed stablecoins in transactions, issuance, or possession.

SEC Intends to Contest Ripple-XRP Ruling — Requests Legal Proceedings Halt
The SEC has penned a letter to District Judge Analisa Torres, seeking endorsement for an interlocutory appeal in the SEC v. Ripple XRP case. Their request also intends to pause the district court proceedings temporarily while the appeal unfolds.

Russia Commences Trials of CBDC with Participation from 13 Banks
Starting on August 15, the Bank of Russia is set to initiate trials of its digital ruble central bank digital currency (CBDC) project. This testing period will involve 13 banks and a select group of their clients, according to an official statement from the Bank of Russia.

Universal Music and Google Considering Partnership to Combat AI Deep Fakes
Universal Music Group and Google are discussing licensing artist melodies and vocals for AI-generated songs to combat AI deep fakes. This collaboration between a major music company and a tech giant aims to tackle challenges in the field of AI-generated content, as reported by the Financial Times.

Projected 5-Year Growth: Stablecoin Market Cap to Surge by 2,140% Following PayPal's Entry
Predicting an impressive 2,140% growth in 5 years, Bernstein researchers foresee the stablecoin market cap reaching $2.8 trillion from the current $125 billion. This surge is driven by mounting interest from both crypto and non-crypto entities, demonstrated by PayPal's recent adoption of fiat-backed digital currencies.

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