FameEX Morning Crypto News Recap | November 1, 2023

Biden Administration Releases Groundbreaking Executive Order on AI

President Joe Biden has issued an executive order aimed at setting new rules and standards for AI companies to maintain America's leadership in the field. Additionally, the order focuses on protecting citizen privacy and assessing the impact of AI tools on the national labor market, addressing key aspects of AI's role in society and the economy.

Nigerian Fintech Startup Vella Finance Discontinues Crypto-Related Offerings

Nigerian fintech firm Vella Finance has ceased its cryptocurrency-related services as of October 30, according to co-founder Tolu Adedayo. The decision was based on the challenges of offering both cryptocurrency and banking services simultaneously. Vella Finance's move reflects the complex regulatory landscape and operational difficulties faced by fintech firms operating in the cryptocurrency space alongside traditional banking services.

Government Accountability Office (GAO) Asserts Congressional Oversight for Controversial SEC Guidance

The Government Accountability Office (GAO) has determined that the Securities and Exchange Commission's (SEC) Staff Accounting Bulletin 121 should undergo congressional review, a victory for crypto-friendly Senator Cynthia Lummis. The bulletin, issued in March 2022, has faced criticism from lawmakers supportive of cryptocurrencies.

Siemens and Microsoft Collaborate to Drive AI Adoption in Industrial Sectors

Microsoft and Siemens have unveiled a generative AI assistant designed for professionals in manufacturing, healthcare, transportation, and infrastructure industries. The AI assistant aims to facilitate collaboration between humans and machines while improving productivity. Additionally, the companies announced plans to develop more AI assistants tailored for these specific sectors.

US Judge Delivers Setback to Artists in Copyright Lawsuit Regarding AI-Generated Art

In a blow to artists, a US judge has mostly ruled in favor of dismissing a class-action lawsuit against generative artificial intelligence (AI) companies, including Midjourney, DeviantArt, and Stability AI. The lawsuit, which accused these firms of copyright infringement, was dismissed due to a lack of evidence, dealing a setback to the artists' copyright fight against AI-generated art.

Hong Kong Advances Central Bank Digital Currency (CBDC) Pilot, Progressing to Phase 2 of e-HKD Trials

The Hong Kong Monetary Authority (HKMA) is set to move forward with phase two of its e-Hong Kong dollar (e-HKD) pilot program. This decision follows the successful completion of phase one, marking progress in the development of the HKMA's central bank digital currency (CBDC) initiative.

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