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FameEX Morning Crypto News Recap | November 24, 2023
2023-11-24 12:21:20
Congressman Demands Gensler's Removal Following SEC's Dual Lawsuits Against a Crypto Exchange in 10 Months
U.S. Congressman Rep. Davidson is pushing for congressional approval of his proposed legislation that would result in the removal of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler from his position. Rep. Davidson made the plea via a social media platform, emphasizing the timely need to pass the SEC Stabilization Act to remove Gensler from office.
South Korea Plans to Enlist 100,000 Citizens for CBDC Testing in 2024 The Bank of Korea (BOK) plans to include 100,000 South Korean citizens in its central bank digital currency (CBDC) pilot. During a three-month testing period starting approximately in September to October 2024, participants will have the opportunity to make purchases with deposit tokens as part of the CBDC initiative. Italian Authorities Launch Inquiry into Online AI Data Scraping The Italian Data Protection Authority has initiated an inquiry into data collection practices for training AI algorithms, specifically focusing on security measures to prevent third-party "web scraping" of personal data from public and private websites. The investigation aims to ensure safeguards against data harvesting by AI algorithm manufacturers' "spiders." US 5th Circuit Court Calls for Regulation on the Use of AI by Lawyers in Legal Filings The US 5th Circuit Court is considering a regulation proposal requiring attorneys and unrepresented litigants to confirm if AI was used to create legal filings. They must affirm either human review of AI-generated text accuracy or state no AI was utilized in their court submissions, ensuring precision in AI-assisted legal work. Singapore Enforces Fresh Regulations: Crypto Trading Restrictions Now Operational Singapore has introduced stricter regulations to curb retail speculation in cryptocurrency assets. These measures prohibit individual investors from borrowing for trading and prevent digital payment token service providers from offering incentives for retail trading, including financing, margin, or leverage transactions, as reported by Bloomberg. RBI Explores Strategies to Simplify Digital Currency Payments Like Cash The RBI and NPCI aim to enhance digital payments' ease with Central Bank Digital Currency (CBDC). A sandbox for startups has been launched by the RBI to explore various CBDC use cases. Presently, daily transactions are in the tens of thousands, falling short of the year-end target of over one million CBDC transactions. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
