FameEX Morning Crypto News Recap | September 7, 2023

Crypto Analyst Predicts SEC Greenlight for First-Ever Spot Bitcoin ETF by Mid-March Next Year
Asset management firm Bernstein predicts SEC approval for the inaugural spot Bitcoin ETF between mid-October and mid-March next year. They believe this ETF trend will likely extend to encompass a range of cryptocurrencies beyond just Bitcoin.

China's Goal: Extensive Digital Yuan Adoption in Retail Payment Ecosystem
China's PBOC is aggressively advocating for the extensive integration of the digital yuan in retail payments, striving for its ubiquity. The recent introduction of standardized QR-based payment codes and measures to ensure seamless compatibility with wholesale payments are pivotal components of this campaign.

Bitcoin Network Experiences Modest Hashrate Increase with 2.65% Mining Difficulty Drop
On September 5, 2023, Bitcoin's mining difficulty dropped by 2.65% at block height 806,400, offering a temporary relief to miners. This decrease, the first since July 26, when a 2.94% decline was observed at block height 802,368, could impact the competitiveness and profitability of Bitcoin mining activities.

Companies Holding Cryptocurrency to Reap Benefits from 2025 Accounting Rule Change
The Financial Accounting Standards Board (FASB) has given unanimous approval to accounting regulations governing companies' cryptocurrency assets, set to take effect in 2025. These rules propose the inclusion of crypto holdings at fair market value on corporate balance sheets, possibly lowering impairments while introducing higher volatility.

OpenAI and Microsoft Face Class-Action Lawsuit Over Alleged Data Theft in ChatGPT Training
OpenAI and Microsoft confront a fresh class-action lawsuit, claiming they employed web scraping to gather ostensibly private data for training ChatGPT and related AI models. The lawsuit alleges improper data acquisition, sparking concerns over data privacy and ethical considerations in AI.

US Senate Approves Philip Jefferson as Federal Reserve Vice Chair
Philip Jefferson, serving as a Federal Reserve Governor since 2022, has gained Senate approval for the Deputy Chair position under Jerome Powell's leadership at the central bank. The majority vote secures his role until 2036, enhancing his position within the Federal Reserve system.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.