FameEX Morning Crypto News Recap | October 10, 2024

Fed Meeting Minutes: 50 Basis Point Cut Recommended to Better Align Interest Rates with Economic Conditions

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

SEC Chairman Gensler: Bitcoin and Cryptocurrencies Unlikely to Become Widely Adopted Payment Methods

Speaking at New York University Law School, Gensler emphasized the SEC's neutrality on cryptocurrencies, highlighting that the public will ultimately decide their utility through proper disclosure. SEC Chairman Gary Gensler stated that Bitcoin and other cryptocurrencies are unlikely to become widely used payment methods, but may serve more as a store of value. 

U.S. Department of Justice Weighs Forcing Google to Sell Assets to Curb Monopoly Power

The U.S. Department of Justice informed a federal judge it is considering recommending that Google sell parts of its business to reduce its monopoly in the online search market. The DOJ also suggested Judge Amit Mehta could require Alphabet to provide underlying data used for search results and AI products to mitigate the company's dominance.

OpenAI Plans to Restructure as a Public Benefit Corporation to Guard Against Hostile Takeovers

OpenAI is adopting an unconventional corporate structure, reorganizing as a Public Benefit Corporation to safeguard against hostile takeovers and protect CEO Sam Altman from external interference. After securing $6.6 billion in new financing last week, the AI startup aims to balance profit-making with its mission of public good.

Taiwan Plans to Launch Pilot Program for Bank Crypto Custody Services by 2025

Taiwan’s Financial Supervisory Commission (FSC) plans to launch a pilot program for crypto custody services, with applications starting in the first quarter of 2025. According to the Central News Agency, three private banks have shown interest in participating in the program, which aims to develop institutional crypto custody in Taiwan.

AI Startups Raised $11.8 Billion in Q3 2024, Representing 30% of Total VC Funding

AI startups raised $11.8 billion in Q3 2024, representing 30% of total VC funding, despite an overall decline in venture capital. This amount aligns with the quarterly average from the past two years. Investor interest in AI remains strong, despite challenges such as U.S. export restrictions, valuation uncertainty, and disappointing early earnings from startups.

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