FameEX Morning Crypto News Recap | October 10, 2024

Fed Meeting Minutes: 50 Basis Point Cut Proposed to Better Match Interest Rates with Economic Conditions

The Federal Reserve meeting minutes proposed a 50 basis point rate cut to better align interest rates with the economy, while some participants advocated for a smaller 25 basis point cut to provide a more predictable path for normalization.

SEC Chairman Gensler: Bitcoin and Cryptocurrencies Unlikely to Achieve Widespread Adoption as Payment Methods

Speaking at New York University Law School, he stressed the SEC's neutrality, leaving the public to determine their usefulness through disclosure. SEC Chairman Gary Gensler noted that Bitcoin and other cryptocurrencies are unlikely to become widely adopted as payment methods, but may function more as stores of value. 

U.S. Department of Justice Considers Forcing Google to Divest Assets to Limit Monopoly Influence

The U.S. Department of Justice informed a federal judge that it may recommend forcing Google to sell parts of its business to lessen its monopoly in the online search market. Additionally, the DOJ suggested Judge Amit Mehta could require Alphabet to share underlying data used for search results and AI products to mitigate its dominance.

OpenAI to Reorganize as a Public Benefit Corporation to Prevent Hostile Takeovers

OpenAI is restructuring as a Public Benefit Corporation to protect itself from hostile takeovers and shield CEO Sam Altman from outside interference. After securing $6.6 billion in new funding, the AI company seeks to balance profitability with its public mission.

Taiwan Set to Pilot Bank Crypto Custody Services by 2025

Taiwan’s Financial Supervisory Commission (FSC) is set to launch a crypto custody pilot program, with applications opening in the first quarter of 2025. According to the Central News Agency, three private banks have expressed interest in joining the initiative, which aims to advance institutional crypto custody services in Taiwan.

AI Startups Secured $11.8 Billion in Q3 2024, Making Up 30% of Total VC Funding

AI startups secured $11.8 billion in Q3 2024, accounting for 30% of total VC funding, despite a broader decline in venture capital. This figure matches the quarterly average from the past two years. Investor interest in AI remains robust, despite challenges like U.S. export restrictions, valuation uncertainty, and underwhelming early earnings from startups.

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