• Bitstamp will stop U.S. trading of seven tokens identified as securities by the SEC in Coinbase and Binance cases.
• US prosecutors will issue a superseding indictment against Sam Bankman-Fried next week.
• The Federal Reserve has created a Novel Activities Supervision Program to oversee new financial technologies, and Hong Kong regulators have warned unlicensed virtual asset trading platforms may face steep fines or imprisonment.
BitStamp Will Stop U.S Trading of Tokens
Bitstamp announced that it will be halting U.S. trading of seven tokens identified as securities by the Securities and Exchange Commission (SEC) in Coinbase and Binance cases. This marks the latest step taken by crypto exchanges to adhere to current regulations set forth by the SEC, ensuring their compliance with the law while also protecting investors from potential risks associated with cryptocurrencies that are classified as securities.
Superseding Indictment Against Sam Bankman-Fried
The US government is reportedly set to issue a superseding indictment against Sam Bankman-Fried, CEO of FTX cryptocurrency exchange, next week related to his role at Alameda Research, an algorithmic trading firm he founded before launching FTX in 2019. It is unclear what charges exactly Bankman-Fried is facing but they are believed to relate to allegations made earlier this year that he was involved in insider trading activities at Alameda Research prior to its launch on FTX exchange..
Federal Reserve’s Novel Activities Supervision Program
The Federal Reserve has created a new program called Novel Activities Supervision Program (NASP) which aims to oversee and regulate financial technologies such as cryptocurrencies, blockchain networks and distributed ledger systems used within payments systems or other financial services companies operating within the United States banking system. NASP seeks to ensure all companies comply with existing laws while also providing guidance for those firms looking for ways to innovate within their respective sectors without running afoul of any existing regulations or consumer protection guidelines established by the Fed or other governing bodies overseeing financial technology operations in America..
Hong Kong Securities Regulator Warnings
The Hong Kong Securities regulator issued warnings this week that unlicensed virtual asset trading platforms may be subject to steep fines and even imprisonment if found violating any local laws related to digital assets management or oversight activities conducted within its jurisdiction. This announcement comes not long after several exchanges were slapped with hefty fines for failing various regulatory requirements including KYC/AML protocols as well as anti-money laundering rules established by both local agencies like SFC (Securities & Futures Commission) and international organizations such as FATF (Financial Action Task Force).
Tim Cook Comments on AI & ML Usage
Apple CEO Tim Cook recently commented on how Artificial Intelligence (AI) & Machine Learning (ML) are being used across virtually every product Apple is building today ranging from iPhones, iPads, Macs & Airpods amongst others citing them as essential components responsible for improving user experience when interacting with devices powered by iOS operating system or macOS desktop environment respectively..