FameEX Morning Crypto News Recap | November 24, 2023

2023-11-24 15:14:45

Congressman Calls for Gensler's Ouster After SEC Files Two Lawsuits Against a Crypto Exchange in 10 Months

Congressman Rep. Davidson is actively advocating for the approval of his proposed legislation, which seeks to remove SEC Chairman Gary Gensler from his role. Rep. Davidson used a social media platform to make his appeal, underscoring the pressing necessity of passing the SEC Stabilization Act to effect Gensler's dismissal from office.

South Korea's Ambitious 2024 CBDC Testing Initiative Targets 100,000 Citizens

The Bank of Korea (BOK) intends to involve 100,000 South Korean citizens in a central bank digital currency (CBDC) pilot. Over a three-month testing phase, set to commence around September to October 2024, participants will have the chance to use deposit tokens for making purchases as part of the CBDC initiative.

Italian Regulators Initiate Probe into Online AI Data Scraping
The Italian Data Protection Authority has launched an investigation into data collection practices for AI algorithm training, with a focus on security measures against third-party "web scraping" of personal data from public and private websites. The inquiry aims to safeguard against data harvesting by AI algorithm creators' "spiders."

US 5th Circuit Court Advocates for AI Regulation in Legal Filings by Lawyers
The US 5th Circuit Court is contemplating a regulation proposal that mandates attorneys and unrepresented litigants to confirm the use of AI in creating legal filings. They must verify human review for AI-generated text accuracy or assert no AI involvement in their court submissions, aiming to ensure the accuracy of AI-assisted legal work.

Singapore Rolls Out New Regulations: Crypto Trading Restrictions in Full Effect
Singapore has implemented stringent regulations to deter retail speculation in cryptocurrency assets. These rules forbid individual investors from using borrowed funds for trading and prohibit digital payment token service providers from providing incentives for retail trading, encompassing financing, margin, and leverage transactions, according to a report by Bloomberg.

RBI Investigates Methods for Streamlining Digital Currency Payments Similar to Cash
The RBI and NPCI are working to improve the convenience of digital payments through Central Bank Digital Currency (CBDC). RBI has introduced a startup sandbox to explore diverse CBDC use cases. However, daily CBDC transactions currently number in the tens of thousands, falling short of the year-end target of exceeding one million transactions.

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

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