FameEX Morning Crypto News Recap | May 30, 2023

US Bitcoin Corp Takes Over Restructured Mining Division of Celsius, Boosting Hashrate by 12.2 EH/s
U.S. Bitcoin Corp (USBTC) plans to utilize the mining assets of Celsius, a bankrupt crypto lender. USBTC, part of the Fahrenheit coalition, acquired the application-specific integrated circuit (ASIC) machines from Celsius. They aim to revive the fleet of 121,800 Celsius machines, resulting in a significant 12.2 exahash per second (EH/s) increase in their mining operations.

Robert Kennedy Jr Criticizes SEC's Focus on Banks Over American People, Advocates for Crypto-Friendly Commissioners
Presidential candidate Robert F. Kennedy Jr. expressed his opposition to anti-cryptocurrency individuals serving on the Securities and Exchange Commission (SEC). He criticized the SEC for prioritizing banks instead of the American people, calling their actions opaque and lacking transparency. Kennedy emphasized the need for greater transparency within the financial system.

Ohio Lawmaker: Agreement to Prevent US Debt Default Scraps Proposed 30% Crypto Mining Tax
Ohio Representative Warren Davidson has stated that the legislation to address the U.S. debt ceiling would prevent the implementation of proposed taxes, including a 30% tax on electricity consumed by crypto miners. A potential agreement to avoid a government default is expected to eliminate the proposed tax on energy usage in cryptocurrency mining, according to Davidson.

Texas Legislative Session Concludes with Uncertainty Surrounding Crypto Bills
Proposed legislation in Texas aimed to limit incentives for crypto mining companies participating in a program to compensate for load reductions on the state's power grid to 10%. However, with no progress on the bill, crypto firms are expected to retain certain benefits and continue operating in Texas without limitations on incentives.

Crypto Companies Compete for Hong Kong Licenses as Retail Market Opening Approaches on June 1
As Hong Kong prepares to launch its retail trading regime, crypto exchanges are eager to enter the market. With June 1 approaching, several cryptocurrency companies have expressed intentions to apply for licenses, signaling the start of a competition to attract Hong Kong retail crypto traders.

Amex Explores AI Implementation for Card and Credit Line Approvals
American Express (Amex) intends to leverage artificial intelligence (AI) services for various purposes, including transaction validation, credit line approval, customer sentiment analysis, and financial forecasting. The financial services giant aims to utilize AI to enhance its operations and improve customer experiences.

Russia Abandons Plans for National Cryptocurrency Exchange
Russia has shifted its strategy regarding cryptocurrency exchanges, with plans to regulate multiple trading platforms instead of launching a single national exchange. This decision comes as a response to sanctions, and Anatoly Aksakov, an official from the State Duma, stated that Russia will continue to create new crypto platforms.

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