South Korea's Financial Watchdog Mandates Reporting of Crypto Assets by Internal Personnel
The Financial Services Commission (FSC) in South Korea has mandated that its employees report their cryptocurrency holdings as part of the upcoming second phase of cryptocurrency-related legislation.
EU antitrust Chief says no need for Legislation on Metaverse Dominance
According to EU antitrust chief Margrethe Vestager, the metaverse has not yet raised any concerns that require legislation to regulate it. Vestager plans to present an initiative next week to help competition regulators understand the dynamics of the industry. Despite fears that companies like Facebook, Microsoft, and Apple may dominate the metaverse, Vestager does not have any competition concerns and believes that existing digital legislation can apply to it. However, she cautions against jumping to regulation as the first safety measure and emphasizes the need for careful implementation.
OpenAI Forms Team to Manage Risks of Superintelligent AI Systems
OpenAI, the team behind the popular AI chatbot ChatGPT, has announced the creation of a team to manage the risks of superintelligent AI systems. The non-profit believes that superintelligence could be the most impactful technology ever invented, but also poses risks such as human extinction. OpenAI plans to dedicate 20% of its compute power to the effort and aims to create a "human-level" automated alignment researcher to manage superintelligence safety. This announcement comes as governments around the world consider measures to regulate AI systems, with the European Union and the United States both taking steps towards regulation.
European Commission’s Delayed Policy Paper on Virtual Worlds Raises Concerns About Regulation and Legal Challenges in the Metaverse
The European Commission's policy paper on virtual worlds, announced by Commission President Ursula von der Leyen in September, has been delayed and will not have legislative power. However, concerns remain about how virtual worlds will address policy issues such as property rights, technological standards, and privacy.
Bittrex Challenges SEC's Authority in Lawsuit Dismissal Motion
July 2 (Cointime) - Cryptocurrency exchange Bittrex has submitted a motion to dismiss the lawsuit filed against it by the United States Securities and Exchange Commission (SEC), arguing that the SEC does not have the authority to regulate cryptocurrencies as securities without explicit permission from Congress. Bittrex's legal team has aligned its arguments with those made by Coinbase, indicating a strategic move to construct a unified defense against the SEC's lawsuit. Both Bittrex and Coinbase argue that once an asset is launched and actively traded on secondary markets, it should no longer be considered a security, but rather categorized as a commodity or another class of digital asset. The SEC filed allegations against Bittrex and its co-founder in April for running an unregistered national securities exchange.
Coinbase Argues SEC Cannot Retroactively Regulate Digital Asset Exchanges
June 29 (Cointime) - Coinbase has filed a court document stating that the SEC lacks proper jurisdiction to retroactively regulate digital asset exchanges. The document argues that only Congress has the power to regulate digital assets and that there have been no changes to Coinbase's business that would warrant the SEC's action. Coinbase also points out that the staking service the SEC claims is in violation of the Securities Act of 1933 has been offered since at least 2012.
XRP Holder's Lawyer Weighs in on Coinbase's Motion to Dismiss SEC Lawsuit
June 29 (Cointime) - Coinbase has filed a motion to dismiss the lawsuit filed against it by the SEC, which has been met with reactions from industry leaders. John Deaton, a lawyer representing XRP holders, believes that Coinbase's argument "has teeth" and laid down six points to support his view.
UK Bill Granting Regulators Power To Supervise Crypto and Stablecoins Becomes Law
June 29 (Cointime) - The Financial Services and Markets Bill has become law in the UK after receiving approval from King Charles. The bill gives regulators the power to supervise crypto and stablecoins, and includes measures to bring crypto into the scope of regulation.
Canadian Lawmakers Recognize Blockchain and Crypto as Innovative Industries in Need of Better Regulation
June 29 (Cointime) - Canadian lawmakers have recognized blockchain, crypto, and mining as innovative industries with significant long-term potential, but in need of better regulation. The Canadian House of Commons Parliamentary Standing Committee on Industry and Technology completed a comprehensive study that examined blockchain and crypto use cases in the country, holding five meetings, hearing 31 witnesses, and receiving six briefs.
Head of Digital Assets at UK Financial Regulator FCA Leaves After Less Than a Year
June 26 (Cointime) - Binu Paul, the head of digital assets at the Financial Conduct Authority (FCA), has left the organization less than a year after joining. The FCA confirmed his departure but did not comment on who would replace him.
