FameEX Morning Crypto News Recap | November 3, 2023

JPMorgan CEO Cautions About Lingering Inflation, Hints at Possible Fed Rate Increases

JPMorgan Chase CEO Jamie Dimon has warned that inflation could persist longer than expected due to extensive government stimulus. He anticipates additional interest rate hikes by the Federal Reserve, expressing a higher likelihood of such increases than some may anticipate.

PayPal Faces SEC Examination Regarding PYUSD Stablecoin, Complies with Document Request

PayPal is facing SEC scrutiny due to its PYUSD stablecoin launch. The company has disclosed that it received a subpoena from the SEC, which requested documents related to the stablecoin. PayPal confirmed its cooperation with the regulatory authority in its Form 10-Q for the third fiscal quarter.

Paypal Obtains FCA Registration in the UK, Allowing for the Return of Crypto Services in 2024

Paypal has obtained registration with the UK's Financial Conduct Authority (FCA), with the FCA's website verifying this on October 31. This milestone comes after Paypal's temporary suspension of cryptocurrency purchases in the UK, as the company intends to reintroduce these services in early 2024.

UK Government Remains Committed to Building Britain as a Leading Crypto Hub

The UK's Economic Secretary to the Treasury, Andrew Griffith MP, has reaffirmed the government's commitment to making the UK a global hub for crypto asset technologies. He stressed the need for regulatory clarity to encourage investment and innovation while safeguarding customers, fostering a conducive environment for crypto-related industry growth in the UK.

FCA Publishes Guidance on Compliance with New UK Crypto Asset Promotion Regulations

The Financial Conduct Authority (FCA) has issued guidance to aid crypto companies in adhering to the recently enacted UK regulations concerning the promotion of crypto assets. These rules, which took effect on October 8, have witnessed limited compliance thus far. The FCA's guidance is intended to offer clarity and support to firms engaged in crypto-related activities.

NIST Establishes AI Safety Institute Consortium After Biden's Executive Order

The United States National Institute of Standards and Technology (NIST) and the Department of Commerce have invited participation in the recently formed Artificial Intelligence (AI) Safety Institute Consortium. Members will engage in various activities including the development of measurement tools, policy recommendations, red-team exercises, psychological analysis, and environmental assessments related to AI safety.

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