TL;DR Breakdown China’s central bank, the PBOC, is intervening in the weakening of the yuan, aiming to slow down its depreciation. The PBOC’s strategy could potentially backfire, with companies possibly redirecting their capital to offshore accounts due to the decline in dollar deposit rates. Several countries, including Brazil, Iran, and Saudi Arabia, are increasingly using the Chinese yuan over the U.S. dollar for cross-border transactions. Description China finds itself in the throes of a currency dilemma, as it grapples with the weakening yuan. With the rapid depreciation, it’s clear that the dragon is trying to tame its own tail. But in the backdrop of these convulsions, is the United States poised to seize the moment? Steering through currency headwinds It’s no … Read more China finds itself in the throes of a currency dilemma, as it grapples with the weakening yuan. With the rapid depreciation, it’s clear that the dragon is trying to tame its own tail. But in the backdrop of these convulsions, is the United States poised to seize the moment? Steering through currency headwinds It’s no secret…

TL;DR Breakdown The SEC has been granted a two-week extension to prepare its response to Coinbase’s legal defense. Coinbase filed a motion for judgment on the pleadings and submitted a detailed answer to the SEC’s complaint. The court rescheduled the pre-trial conference to a pre-motion conference and the SEC’s response will be presented on July 13. The outcome of the case holds implications for the crypto industry and regulatory frameworks. Description The United States Securities and Exchange Commission (SEC) has been granted an extension of two weeks to prepare its response to Coinbase‘s legal defense. According to a court order issued on Thursday, the SEC will present its response on July 13. In a recent filing, the SEC requested a three-business-day extension to adequately address the … Read more The United States Securities and Exchange Commission (SEC) has been granted an extension of two weeks to prepare its response to Coinbase‘s legal defense. According to a court order issued on Thursday, the SEC will present its response on July 13. In a recent filing, the SEC requested a three-business-day extension…

TL;DR Breakdown US Senator Michael Bennet has urged tech companies to label and monitor AI-generated content. Legislators propose a bill to increase transparency in the AI space. Description In a recent development, US Senator Michael Bennet has called on major tech companies, including OpenAI, Microsoft Meta, Twitter, and Alphabet, to label AI-generated content and monitor the spread of misleading information. In a letter addressed to the executives of these companies, Bennet emphasized the importance of transparency for users, urging them to be aware … Read more In a recent development, US Senator Michael Bennet has called on major tech companies, including OpenAI, Microsoft Meta, Twitter, and Alphabet, to label AI-generated content and monitor the spread of misleading information. In a letter addressed to the executives of these companies, Bennet emphasized the importance of transparency for users, urging them to be aware when content is generated by AI. The senator expressed concerns over the disruptive consequences of fake images, particularly when they are politically oriented, highlighting the risks to public discourse and electoral integrity. The US Senator wants clear monitoring of…

TL;DR Breakdown Crypto executives have given their opinion on the usefulness of Bitcoin across Africa. Collaboration and investments have helped the blockchain community in Africa. Description In recent years, the growth of cryptocurrency and blockchain technology has captured the attention of investors worldwide. While many in the West see it as a speculative trend, crypto executives in Africa emphasize that blockchain technology is actively tackling pressing issues faced by the continent. From hyperinflation to corruption, these innovative solutions are providing Africans … Read more In recent years, the growth of cryptocurrency and blockchain technology has captured the attention of investors worldwide. While many in the West see it as a speculative trend, crypto executives in Africa emphasize that blockchain technology is actively tackling pressing issues faced by the continent. From hyperinflation to corruption, these innovative solutions are providing Africans with greater financial inclusion and control over their money. The crypto executives laud Bitcoin’s influence in Africa According to Chris Maurice, the founder and CEO of Yellow Card, Africa’s largest cryptocurrency exchange, crypto adoption on the continent is expanding rapidly. Unlike…

TL;DR Breakdown Senator Elizabeth Warren has accused Goldman Sachs of profiting from the failure of Silicon Valley Bank, which the Wall Street bank denies. According to Warren, Goldman Sachs served as both the buyer of SVB bonds and the orchestrator of failed efforts to raise capital for the bank, allegedly profiting even as the bank was seized by the FDIC. Goldman Sachs spokesman Tony Fratto refutes the allegations, insisting that banks don’t collect fees when capital raises are canceled. Description Tension flares as U.S. Senator Elizabeth Warren takes Goldman Sachs to task over the downfall of Silicon Valley Bank (SVB). In an escalating exchange of questions and responses, Warren places the spotlight on Goldman’s actions and potential gains during SVB’s tumble into bankruptcy. The backdrop of profits amid losses Warren outlines a narrative where Goldman … Read more Tension flares as U.S. Senator Elizabeth Warren takes Goldman Sachs to task over the downfall of Silicon Valley Bank (SVB). In an escalating exchange of questions and responses, Warren places the spotlight on Goldman’s actions and potential gains during SVB’s tumble into…

TL;DR Breakdown South Korea’s Financial Services Commission is investigating cryptocurrency lender Delio for allegations of fraud, embezzlement, and breach of trust, following the suspension of its transactions. The investigation includes securing Delio’s financial data, conducting on-site inspections, and evaluating potential lawsuits from victims against the company’s management. This comes as part of a larger effort by South Korea’s government to safeguard cryptocurrency investors, with the recent passage of the Virtual Asset User Protection legislation. Description The storm clouds are gathering over Delio, the prominent South Korean cryptocurrency lending platform. In the wake of the company suspending deposits and withdrawals on June 14, the nation’s Financial Services Commission (FSC) is now launching a thorough investigation into serious allegations including fraud, embezzlement, and breach of trust involving the platform. The regulators move … Read more The storm clouds are gathering over Delio, the prominent South Korean cryptocurrency lending platform. In the wake of the company suspending deposits and withdrawals on June 14, the nation’s Financial Services Commission (FSC) is now launching a thorough investigation into serious allegations including fraud, embezzlement, and breach…

TL;DR Breakdown Lacoste, the French fashion brand, expands its NFT ecosystem with rewards and co-creation features for its UNDW3 community. Genesis Pass holders can convert their NFTs into UNDW3 cards and access interactive features such as creative sessions, contests, and video games. Lacoste aims to create an inclusive digital realm, rewarding user activity with points and fostering horizontal relationships with customers. Description Lacoste, the renowned French fashion brand, has made a significant stride in embracing non-fungible tokens (NFTs) by expanding its NFT ecosystem. The brand has introduced a rewards and co-creation feature for its UNDW3 community following the successful release of its UNDW3 collection of profile picture (PFP) NFTs. With this expansion, Lacoste aims to provide its … Read more Lacoste, the renowned French fashion brand, has made a significant stride in embracing non-fungible tokens (NFTs) by expanding its NFT ecosystem. The brand has introduced a rewards and co-creation feature for its UNDW3 community following the successful release of its UNDW3 collection of profile picture (PFP) NFTs. With this expansion, Lacoste aims to provide its community with a more immersive…

TL;DR Breakdown Circle Internet Financial has appointed former Goldman Sachs executive Craig Broderick to its board of directors. Broderick’s extensive experience at Goldman Sachs, including serving as chief risk officer, brings valuable expertise to Circle’s risk management efforts. Robust risk management practices are crucial for stablecoin issuance to ensure price stability and regulatory compliance. Description In a strategic move to enhance risk management and strengthen regulatory compliance, Circle Internet Financial, the issuer of the USDC stablecoin, has announced the appointment of Craig Broderick, a former executive at Goldman Sachs, to its board of directors. Broderick, renowned for his distinguished career spanning over three decades at Goldman Sachs, notably serving as … Read more In a strategic move to enhance risk management and strengthen regulatory compliance, Circle Internet Financial, the issuer of the USDC stablecoin, has announced the appointment of Craig Broderick, a former executive at Goldman Sachs, to its board of directors. Broderick, renowned for his distinguished career spanning over three decades at Goldman Sachs, notably serving as chief risk officer, brings invaluable expertise to Circle’s risk management endeavors. Having…

TL;DR Breakdown Binance Labs is accepting applications for Season 6 of its Incubation Program to foster Web3 innovation. The program offers tailored resources and mentoring for startups. Last season, five of the twelve selected teams received Binance investment. Binance Labs will host a kickoff event at the EthCC in Paris, offering networking opportunities and early signup for the program. Description Binance Labs, the venture capital and incubator arm of Binance, has announced the opening of applications for Season 6 of its prestigious Incubation Program. The program is designed to foster innovation in the Web3 space, a burgeoning sector that is at the forefront of the digital revolution. A proven path to success Binance Labs has … Read more Binance Labs, the venture capital and incubator arm of Binance, has announced the opening of applications for Season 6 of its prestigious Incubation Program. The program is designed to foster innovation in the Web3 space, a burgeoning sector that is at the forefront of the digital revolution. 📢 Exciting news! Applications for Binance Labs Incubation Season 6 are now live! 🔥 The…

TL;DR Breakdown More than 150 executives from major European companies, including Siemens and Airbus, have expressed concerns over proposed EU AI regulations. The executives argue that the proposed rules, the most stringent worldwide, could hamper Europe’s competitiveness and technological sovereignty. Description Turbulent times loom on the horizon for Europe’s leading business giants as new AI regulation proposals sow the seeds of discord. In an unprecedented move, over 150 industry top brass from Europe’s most successful companies, including the likes of German powerhouse Siemens and French aviation behemoth Airbus, have made their qualms known about the proposed … Read more Turbulent times loom on the horizon for Europe’s leading business giants as new AI regulation proposals sow the seeds of discord. In an unprecedented move, over 150 industry top brass from Europe’s most successful companies, including the likes of German powerhouse Siemens and French aviation behemoth Airbus, have made their qualms known about the proposed EU legislation on artificial intelligence. Their collective voice warns that the legislative proposals, as they stand, threaten to undermine Europe’s competitiveness and fail to address the…