Here’s what’s happening in Web3 and AI at a glance.
Web3
Bitcoin and Ethereum ETFs See Outflows
1️⃣ U.S.-based spot Bitcoin and Ethereum ETFs have experienced significant outflows, leading to new multi-month lows in their total asset values. Investors have pulled out nearly $176 million in total from both Bitcoin and Ethereum ETFs.
Telegram Adjusts Features Following Legal Issues
2️⃣ Telegram has announced the removal of certain features, including media uploads to Telegraph and individual geolocation tracking. These changes come amidst ongoing legal battles with French authorities and the recent arrest of Telegram’s CEO, Pavel Durov.
Ripple Co-Founder Supports Kamala Harris
3️⃣ The ex-CEO of Ripple Labs, Chris Larsen, has thrown his support behind Kamala Harris, joining more than eighty other companies in endorsing the presidential candidate. Larsen states that the key reason in doing so was Harris’ record in spurring business advancements in the US.
Musk Teases Doge Meme. Again.
4️⃣ Elon Musk recently posted another Doge meme, this time regarding the creation of a government efficiency commission which was touted by presidential candidate Trump. The meme shows Musk in front of a D.O.G.E acronym which reads “Dept of Government Efficiency”.
Kalshi Allowed to Offer Election Derivatives
5️⃣ A US judge has ruled in favour of Kalshi, allowing the predictions market platform to offer derivatives on US election outcomes. This decision overturns a previous CFTC order and opens the door for legal election betting in the US.
Coinbase Wins Partial Victory in SEC Case
6️⃣ Coinbase has partially won its motion to compel discovery from the SEC, giving the exchange access to important documents on the SEC’s approach to crypto. This victory could have significant implications for other crypto firms facing similar legal challenges.
VanEck Closes Futures-Based ETH ETF
7️⃣ Asset manager VanEck has decided to close its futures-based ETH ETF due to insufficient demand. The decision comes as spot Ethereum ETFs have gained significant popularity and assets under management, highlighting the preference for spot-based crypto ETFs.
Moxy Partners Skale Labs for Web3 Gaming
8️⃣ Gaming platform Moxy has partnered with blockchain firm Skale Labs to address the challenges of gas fees and attract new users to Web3 gaming. Skale Labs’ gasless blockchain technology and Moxy’s gaming expertise are expected to drive innovation in the Web3 gaming space.
AI
US, EU, UK Signs Global AI Treaty
1️⃣ The US, EU, and UK has signed the first ever international treaty on AI, which emphasises human rights and democratic values in AI regulation. It aims to hold signatories accountable for AI-caused harm and discrimination, while ensuring respect for citizens’ equality and privacy.
Push for Safer AI With Decentralised Cloud
2️⃣ The Artificial Superintelligence Alliance has advocated for decentralised cloud infrastructure to develop artificial general intelligence more securely. Decentralisation would distribute data and control across independent nodes, minimising the risk of single point failures.
OpenAI’s Paid User Base Surges
3️⃣ OpenAI’s paid user base has grown significantly, and the company plans to introduce higher-priced subscription plans for its upcoming AI models. Even though its revenue falls short of expectations, Apple and Nvidia are reportedly interested in investing in OpenAI’s funding round.
X Agrees to Stop Collection of User Data
4️⃣ X has agreed to cease using personal data from EU and EEA users to train its AI chatbot, Grok. The European Data Protection Commission had initiated the complaint, citing risks to individuals’ rights and freedoms, and it praised the outcome of the complaint.
AI Music Fraud Nets Millions
5️⃣ A North Carolina musician has been charged with using AI to manipulate music streaming platforms. The musician allegedly generated hundreds of thousands of AI-created songs and used bots to inflate their popularity, defrauding Spotify of millions of dollars.
Marathon Digital to Embrace AI Use
6️⃣ Bitcoin miner Marathon Digital has appointed AI experts onto its board. This reflects the growing importance of AI in data center strategies to manage energy usage, and the potential revenue it could bring to Bitcoin miners.
Musk Clarifies xAI and Tesla AI Relationship
7️⃣ Elon Musk has clarified that his AI startup, xAI, will not be using its technology interchangeably with Tesla for revenue. While the latter’s EV car production has benefited from discussions with xAI engineers, its cars use hardware that are less powerful than xAI’s models.
Australia Unveils Voluntary AI Safety Standards
8️⃣ Australia has introduced voluntary AI safety standards to promote ethical and responsible AI use in the country, emphasising that these guidelines are modelled on international standards, and they aim to ensure AI systems operate safely and equitably.
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