FameEX Morning Crypto News Recap | March 29, 2024

US Senate Contender Urges SEC Chair Gary Gensler to Resign

Senate hopeful John Deaton demands SEC Chairman Gary Gensler's resignation for not safeguarding investors. He alleges Gensler has sidestepped the SEC's main duty of protecting the innocent, marking a significant deviation from the commission's primary goals under his guidance.

Ethereum Blob Usage Exceeds 40%, Causing Unprecedented 'Blob Contention'

Following the Ethereum Dencun upgrade and the introduction of blobs, enthusiasts have innovated to insert data similarly to Ordinal inscriptions. This innovation has led to inscriptions comprising over 40% of all blob transactions, markedly elevating network activity. The increased activity has caused a bottleneck in blob transactions, maxing out the Ethereum network's capacity.

Crypto ATMs Poised for Revival Amid Rising Bitcoin 'FOMO'

2023 marked the first year in a decade that saw a decline in crypto ATM installations, attributed to a bearish market and the failure of several crypto entities. Brandon Mintz, the CEO of Bitcoin Depot, however, forecasts a resurgence in the crypto ATM industry, anticipating a rebound driven by a post-halving spike in Bitcoin's value.

Abra Secures Settlement with Fifth State as Indications of Shrinking US Operations Emerge

Oregon joins four other states in taking legal action against Abra's ecosystem components. Following a settlement with the Oregon Division of Financial Regulation, Abra, along with CEO William Barhydt, agreed to reimburse Oregon-based users for their assets on the platform and discontinue the sale of unregistered securities in the state.

Biden Administration Acts to Shield Public from Risks Associated with AI

The Biden administration, through a March 28 White House memo, requires federal agencies to designate a chief AI officer, disclose their use of AI, and adopt safeguarding measures within a 60-day timeframe. This action highlights the government's aim to leverage AI's benefits cautiously, mindful of the potential risks involved.

Indonesia Set to Introduce Regulatory Testing Ground for Crypto Assets

Indonesia's Financial Services Authority (OJK) is enforcing a requirement for financial institutions experimenting with new offerings, such as crypto assets, to enter a regulatory sandbox. With a planned implementation by the start of 2025, the initiative seeks to nurture crypto product innovation in a monitored setting, thereby preventing fraudulent investment activities.

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