FameEX Morning Crypto News Recap | May 14, 2024

SoftBank Subsidiary Shifts to Semiconductor Production, Sees Profit Rise After Embracing AI

SoftBank's research subsidiary, Arm, is initiating its own AI chip development, mirroring SoftBank's profitable move towards AI. A report from Nikkei Asia on May 13 revealed that Arm is forming a specialized division for AI chip production, aiming to launch its first protocol by spring 2025 and begin mass production by fall of the same year.

Japanese Listed Company Incorporates 117 BTC into Its Reserve Assets

Since launching its Bitcoin strategy in April, Tokyo-based Metaplanet has acquired about 117.7 BTC, worth $7.2 million. On May 13, the firm announced a strategic pivot in its treasury management, adopting a Bitcoin-first and Bitcoin-only approach, which significantly changes its asset management and prioritization strategy.

U.S. Senators Voice Concerns About DOJ's Expanded Definition of FinCEN Money Transmission

U.S. Senators Ron Wyden and Cynthia Lummis voiced "serious concerns" to Attorney General Merrick Garland about the Justice Department expanding the Financial Crimes Enforcement Network’s money transmission definition. This broadening follows accusations against cryptocurrency mixers Samourai Wallet and Tornado Cash for functioning as unlicensed remittance businesses.

Hong Kong Stock Exchange Clarifies Crypto ETFs Are Off-Limits to Mainland Chinese Investors

The Hong Kong Stock Exchange has announced that its cryptocurrency ETFs are not available to mainland Chinese investors. This exclusion is due to the ETFs' unique physical redemption model, which poses a risk of circumventing mainland China's capital controls.

Fed Governor Jefferson Emphasizes the Need for Transparency in Central Bank Communications

Federal Reserve Board member Jefferson refrained from commenting on monetary policy and economic projections. He highlighted the critical role of clear communication for the central bank, noting that even well-intended Fed statements can sometimes be misunderstood or unintentionally heighten uncertainty.

Tether's CEO responded to negative reports by emphasizing USDT's compliance and transparency

Tether CEO Paolo Ardoino addressed negative USDT reports on the X platform, highlighting its blockchain technology for enhanced transparency and compliance. He underscored USDT's notable collaborations with Chainalysis and 124 law enforcement agencies across more than 40 countries, demonstrating its dedication to meeting international regulatory standards.

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