Hong Kong issues generative AI guidelines for consumer protection
The HKMA has introduced new principles for using generative AI, emphasizing governance, transparency and data protection in consumer-facing applications.
The HKMA has introduced new principles for using generative AI, emphasizing governance, transparency and data protection in consumer-facing applications.
The proposed settlement involves Mango DAO neither admitting nor denying wrongdoing and paying a $223,228 fine.
Top Democratic Party donor Ron Conway has split from pro-crypto Fairshake PAC after it pledged to back a Republican candidate without his knowledge.
Justin Sun and his associated companies are “not challenging the ‘common enterprise’ element of the Howey test,” ruled the New York District Judge.
According to CoinDesk, a federal judge has rejected a request from the U.S. Securities and Exchange Commission (SEC) in its ongoing securities fraud lawsuit against the Tron Foundation and its founder, Justin Sun. The case is being heard in the U.S. District Court for the Southern District of New York.The SEC had sought to force a pre-trial conference or require the filing of an additional response, accusing the Tron defendants of improperly advancing a new argument in their defense. The SEC claimed that the defence argued the sales of TRX and BTT did not meet the 'common enterprise' prong of the Howey Test, which is used to determine whether a transaction qualifies as an investment contract. This argument was allegedly introduced after the Tron defendants had already filed their motion to dismiss on May 30.Signed order denying SEC motion letter. Source: Courtlistener In response, Tron’s lawyers accused the SEC of attempting to create a controversy and urged the court to deny the SEC’s request. They reiterated that their defence is based on the belief that the sales of BTT and TRX fail the Howey test’s third prong, which involves the expectation of profits from the efforts of others. Tron’s attorneys argued that the SEC’s request for an additional reply document mischaracterized their argument.U.S. District Court Judge Edgardo Ramos sided with Tron’s lawyers, ruling to deny the SEC’s request. Ramos stated that since the defendants were not challenging the 'common enterprise' element of the Howey test, the SEC’s motion to strike the argument or for leave to file a sur-reply was denied.A representative for Tron declined to comment on the pending legal matters.
According to Odaily, market expectations for a Federal Reserve rate cut next month are growing stronger, with the Fed likely to meet these expectations. Wall Street veteran Peter Schiff has indicated that a rate cut in September is anticipated, primarily because the market is now counting on it. This expectation is cited as the reason for the rebound in U.S. stocks after a sell-off on Monday. Given that the possibility of a September rate cut has already been factored in by the market, Federal Reserve Chairman Jerome Powell has little reason not to deliver, as he consistently aims to meet market expectations and avoid surprises.
According to Odaily, Swiss bank analyst Ipek Ozkardeskaya has stated that the current decline of the US dollar is likely to be limited. This is because the Federal Reserve is not expected to cut interest rates as significantly as the market anticipates. Currently, the US dollar index has fallen to a seven-and-a-half-month low. Ozkardeskaya noted that market expectations for the Federal Reserve's September meeting and potential rate cuts for the remainder of the year are still too high. As a result, there is a possibility for the US dollar to rebound. She also mentioned that the potential for the euro and the British pound to rise against the US dollar should be limited.
According to PANews, the U.S. Department of the Treasury (DOT) released its semi-annual regulatory agenda on August 16, outlining upcoming federal efforts to create a fair regulatory environment for both cryptocurrencies and traditional fiat currencies. The Federal Reserve Board (FRS) and the Financial Crimes Enforcement Network (FinCEN) are planning to amend the definition of 'currency' under the Bank Secrecy Act (BSA) to enhance reporting requirements for financial institutions handling domestic and cross-border cryptocurrency transactions.The agenda states that these agencies aim to ensure that the revised proposal will apply to transactions involving convertible virtual currencies, which are mediums of exchange like cryptocurrencies that hold equivalent value to money or can substitute for money but lack legal tender status. Additionally, the proposal will extend reporting requirements to digital assets with legal tender status, including central bank digital currencies (CBDCs). The final notice for the proposed rulemaking is currently scheduled for release in September 2025, pending approval.
According to Odaily, the Australian Securities and Investments Commission (ASIC) revealed last Sunday that it coordinated the removal of over 600 cryptocurrency scams last year as part of a broader effort to combat online investment fraud. ASIC stated that it has helped dismantle 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks, and 615 crypto investment scams. These scams, which were often spread through fake news articles and deepfake videos of local public figures, resulted in an estimated $1.3 billion in losses last year.The regulatory body emphasized the importance of consumer vigilance regarding social media hyperlinks promoting online trading and cryptocurrency investments. ASIC noted that approximately 20 websites are shut down daily, as scammers continue to adapt and find new ways to lure victims. While there was a surge in crypto-related scams around the Bitcoin halving event in April, ASIC's data indicates that the number of such scams is decreasing month by month.
According to BlockBeats, market data on August 19 indicates that Wall Street is betting on Federal Reserve Chair Jerome Powell confirming an imminent rate cut at the Jackson Hole annual meeting. However, as the focus shifts from 'whether there will be a rate cut' to 'how much the rate cut will be,' stock traders might face disappointment.Steward Partners Global Advisory's Managing Director Eric Beiley stated, 'If traders hear about an imminent rate cut, the stock market will react positively. If they don't hear the desired information, it could trigger a massive sell-off.' The market fully expects the Federal Reserve to begin rate cuts at the September meeting. However, Powell's speech on Friday could easily keep the timing of the rate cuts under wraps. Given his cautious nature, he might reveal the extent of rate cuts in a vague manner after the Fed completes its easing measures. 'The market is confident that rate cuts are imminent,' Beiley added. If Powell does not emphasize this as the future path, it will be a significant surprise.