On The Wire: Today's Top Stories In Finance & Tech

Your daily briefing of some of the most important stories from the crypto, finance, and tech space.

The daily news roundup from REX Wire

Welcome to your daily briefing, where we bring you stories from the forefront of finance, technology, and market analysis, sent directly to your inbox.

In today's roundup, the EU has set groundbreaking AI regulation, even as Bangladesh struggles with AI-generated deepfakes in the run-up to its election. El Salvador's Volcano bonds are finally about to become reality, while in the US, Senator Warren is seeking to crush the crypto sector entirely. And, while inflation is coming down, core CPI remains a persistent problem.

El Salvador's Volcano Bonds To Launch In Q1 2024

After a two-year period in the political and economic wilderness, President Bukele's ambitious plan to raise funds for a Bitcoin City by using geothermal energy to mine BTC is about to become reality.

El Salvador’s Volcano Bonds To Launch In Q1 2024
Having been declared dead by critics, the Volcano Bonds are set to launch within the next three months.

Elizabeth Warren's Crypto Law Branded Absurd And Dangerous

Warren's requirements would mean many software developers and even hobbyists who ran a Bitcoin node would be classed as money services businesses, recalling the bizarre situation that arose when PGP was released in the 1990s.

Elizabeth Warren’s Crypto Law Branded Absurd And Dangerous
Warren’s bill would potentially make a wide range of activities, including writing code for cryptocurrency applications, illegal.

EU Sets Groundbreaking AI Regulations

The EU has agreed on comprehensive AI regulation, marking a global first in AI governance. The legislation introduces a two-tier system for AI models, strict controls on facial recognition, and bans on AI that manipulates behavior or exploits vulnerabilities. Non-compliance will incur heavy fines, sparking industry concerns about innovation and resource allocation.

EU Sets Groundbreaking AI Regulations
The EU finalizes landmark AI regulation, establishing a two-tier system for AI governance and strict usage controls.

Bitcoin's Revival: Wall Street Adoption Spurs New Optimism

Bitcoin's price soars by 160% as Wall Street's interest peaks, post-legal actions against crypto leaders. Speculation grows around SEC's potential ETF approval, signaling a new era of institutional investment and a shift away from past market volatility.

Bitcoin’s Revival: Wall Street Adoption Spurs New Optimism
Bitcoin sees a resurgence with a 160% rise this year, buoyed by Wall Street’s growing interest and a shift in the crypto landscape.

Société Générale Introduces First Major Bank-Issued Stablecoin

Société Générale has launched its euro-backed stablecoin, EUR CoinVertible, on the Bitstamp exchange, marking a major banking institution's foray into cryptocurrency. Offering broader access than typical bank-issued stablecoins, it aligns with EU's upcoming MiCA regulation and is designed for versatility across financial platforms.

Société Générale Introduces First Major Bank-Issued Stablecoin
Société Générale launches EUR CoinVertible, a euro-backed stablecoin, on Bitstamp, pioneering digital currency in traditional banking.

Deepfakes Disrupt Bangladesh's Upcoming Election

Ahead of Bangladesh's January polls, AI-generated disinformation is being used to mislead voters. This includes deepfake videos targeting political figures, challenging tech giants' efforts to control such content. The situation highlights the difficulties in regulating AI misuse in political contexts, especially in non-Western countries.

Deepfakes Disrupt Bangladesh’s Upcoming Election
Rising use of deepfakes in political campaigns exposes vulnerabilities in election integrity worldwide.

Persistent Core Inflation In The US Raises Economic Concerns

November's US core inflation held steady at 4%, with a slight decrease in overall inflation to 3.1%. This trend impacts the Federal Reserve's rate decisions, as markets reassess rate cut expectations. Positive responses in stock and bond markets, alongside government comments on economic resilience, reflect a nuanced view of the economic landscape.

Persistent Core Inflation In The US Raises Economic Concerns
US core inflation remains stuck at 4% in November, raising questions about the Federal Reserve’s interest rate strategy.

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