FameEX Morning Crypto News Recap | April 12, 2023

Expansion of Crypto Assets and Cyber Unit pursued by US SEC
https://www.fameex.com/en-US/news/crypto-trending-news-2023041201
The US Securities and Exchange Commission (SEC) is seeking to hire general attorneys for its Crypto Assets and Cyber Unit in the Division of Enforcement, according to a job posting. The role will involve complex, fast-moving investigations into crypto-asset securities and cyber issues, drafting subpoenas or document requests, interviewing witnesses, evaluating evidence and more. The attorneys will be based in New York, San Francisco, and Washington D.C.

Alibaba to Launch AI Competitor to ChatGPT
https://www.fameex.com/en-US/news/crypto-trending-news-2023041202
Alibaba, the Chinese e-commerce giant, is launching its own version of an AI chatbot assistant called Tongyi Qianwen. The product, similar to OpenAI's ChatGPT, will be integrated into Alibaba's tech ecosystem and rolled out in the near future. This move puts Alibaba in the global race for AI technology.

Bitcoin Dominates Crypto Investment Products, Accounting for 98% of Inflows
According to CoinShares' "Digital Asset Fund Flows Report," digital asset investment products had a positive week, with inflows reaching $57 million, bringing them back to a net positive position year-to-date. However, trading volumes were low at just $970 million for the week. The report suggests that despite a positive sentiment towards digital asset investment products, trading activity remains subdued.

BIS Paper Concludes Stablecoin as an Unfavored Form of Tokenized Currency
According to a Bank of International Settlements working paper, bearer instruments like stablecoins reflect pre-central bank "free banking" and come with inherent risks. The paper defines tokenization as the digital representation of claims that can be transacted using smart contracts. Tokenized money, like stablecoins, can be a bearer instrument that transfers claims without affecting the issuer's balance sheet. However, this poses potential risks.

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