OMG NEWS OF THE DAY
U.S. Congress Goes into the AI Impact on Finance
The United States House of Representatives Financial Services Committee has unveiled a bipartisan working group focused on investigating the impact of artificial intelligence (AI) in financial services and housing. Led by FSC Chairman Representative Patrick McHenry and Representative Maxine Waters, the group aims to assess how AI influences the financial services workforce, product innovation, fraud prevention, compliance improvement, and regulatory enhancement. This initiative builds on previous work from the Task Force on Artificial Intelligence, spanning the 116th and 117th Congresses. The group is set to review existing regulations, ensuring a balance between the benefits and risks associated with AI implementation.
BlackRock CEO Endorses Ethereum ETF Amid Bitcoin Buzz
BlackRock CEO Larry Fink voiced his support for an Ethereum exchange-traded fund (ETF) shortly after the successful launch of the long-awaited Bitcoin ETF. Fink sees value in an Ethereum ETF as a pivotal step toward tokenization, emphasizing its role in combating money laundering and corruption. BlackRock, a major player in the asset management industry, recently debuted the iShares Bitcoin Trust (IBIT), contributing significantly to the overall trading volume of ETFs. Fink’s endorsement signals a potential move towards an equivalent product for Ethereum, aligning with the broader trend of asset tokenization.
Terra Co-Founder Requests SEC Trial Delay Amid Extradition Drama
The co-founder of Terra, Do Kwon, has requested a delay in the Securities and Exchange Commission (SEC) trial against him, citing ongoing extradition proceedings. Currently in Montenegro, Kwon’s legal team argues that an adjournment to mid-March aligns with the realistic possibility of his extradition completion. Facing charges of orchestrating a multi-billion dollar crypto asset securities fraud, Kwon’s case involves a jurisdictional tug-of-war between the U.S. and South Korea. South Korean prosecutors have hit him with charges including financial crimes and fraud, linked to the collapse of Terra’s ecosystem in 2022.
Read More: Terraform Labs Welcomes Chris Amani as New CEO, Replacing Do Kwon
TWEETS OF THE DAY
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