FameEX Morning Crypto News Recap | November 1, 2023

Biden Administration's Historic Executive Order on AI Unveiled

President Joe Biden's executive order introduces regulations to sustain America's AI leadership, prioritizing citizen privacy protection and labor market impact assessment. These measures address the broader societal and economic implications of AI while ensuring the nation's competitive edge in the field.

Nigerian Fintech Firm Vella Finance Ends Crypto Services

Nigerian fintech company Vella Finance has halted its cryptocurrency-related services effective October 30, citing the challenges of concurrently providing cryptocurrency and banking services. The decision highlights the complex regulatory environment and operational complexities faced by fintech firms operating in both the cryptocurrency and traditional banking sectors.

GAO Asserts Congressional Oversight for Controversial SEC Guidance

The Government Accountability Office (GAO) has decided that the SEC's Staff Accounting Bulletin 121 should be subject to congressional review, a win for Senator Cynthia Lummis and crypto proponents. This bulletin, issued in March 2022, has been a point of contention among lawmakers who support cryptocurrencies.

Siemens and Microsoft Team Up to Promote AI Adoption in Industrial Sectors

Microsoft and Siemens have introduced an AI assistant aimed at professionals in manufacturing, healthcare, transportation, and infrastructure. This AI assistant promotes human-machine collaboration to enhance productivity. Both companies plan to develop additional AI assistants customized for these industries, demonstrating their commitment to advancing AI adoption in the industrial sector.

US Judge Rules Against Artists in Copyright Lawsuit Over AI-Generated Art

Artists received a setback as a US judge largely favored the dismissal of a class-action lawsuit against generative artificial intelligence (AI) companies, including Midjourney, DeviantArt, and Stability AI. The lawsuit, alleging copyright infringement, was primarily dismissed due to insufficient evidence, dealing a blow to artists' efforts in the copyright battle concerning AI-generated art.

Hong Kong Moves Forward with Central Bank Digital Currency (CBDC) Pilot, Enters Phase 2 of e-HKD Trials

The Hong Kong Monetary Authority (HKMA) is advancing to the second phase of its e-Hong Kong dollar (e-HKD) pilot program after completing a successful initial phase. This move represents a significant step forward in the HKMA's efforts to develop its central bank digital currency (CBDC).

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