NewsBriefs - Frax Finance teams up with IQ to launch AI agents on blockchain

Dec 12, 9:49 AM The Block

Frax Finance teams up with IQ to launch AI agents on blockchain

Frax Finance, in partnership with IQ, is developing an AI tech stack named AIVM on its Layer 2 blockchain, Fraxtal. The AIVM will utilize a proof-of-inference consensus to validate transactions using AI and machine learning, aiming to enable autonomous AI agents without a single control point. This development is part of Frax's 2025 Vision Roadmap to evolve into the decentralized central bank of crypto, including rebranding its stablecoin and network enhancements.

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• Jan 11, 12:46 AM The Block

  Messari cuts 15% of staff in response to industry-wide layoffs

  Messari, a prominent crypto data and research firm, has dismissed about 15% of its full-time staff and ended several contractor agreements to refocus on core product growth amid a broader wave of layoffs in the crypto industry. The staff reduction is part of an organizational restructuring intended to enhance business efficiency, according to CEO Eric Turner.

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• Jan 10, 11:03 PM The Block

  DOJ charges operators of Blender.io and Sinbad.io crypto mixers

  Three Russian nationals were indicted by a federal grand jury in the Northern District of Georgia for their role in the operation of two crypto mixers, Blender.io and Sinbad.io. Roman Vitalyevich Ostapenko, Alexander Evgenievich Oleynik, and Anton Vyachlavovich Tarasov face charges of money laundering and running an unlicensed money transmitting business. Crypto mixers, such as Blender.io and Sinbad.io, are used to anonymize crypto transactions, often attracting legal scrutiny for their role in facilitating crime.

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• Jan 10, 6:58 PM Cointelegraph

  Grayscale maintains bullish Bitcoin outlook despite macroeconomic pressures

  Despite recent macroeconomic challenges, including a strong US jobs report that boosted the US dollar and impacted Bitcoin's price, Grayscale's head of research, Zach Pandl, remains optimistic about Bitcoin's future. Pandl emphasized a structurally bullish outlook for crypto, expecting positive developments around the US Presidential inauguration and upcoming regulatory changes under a new administration, which could enhance the crypto market's potential.

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• Jan 10, 12:50 PM Bybit

  Bybit announces temporary service restrictions for Indian users

  Bybit, a crypto exchange, has announced a temporary restriction on services for users in India effective January 12, 2025, at 8AM UTC. The restrictions, which include the suspension of new trades and access to products, are in response to recent directives from Indian regulators. Withdrawals will remain active, but all trading functions including position modifications, crypto and fiat deposits, as well as copy trading and bot operations will be affected. This measure is part of Bybit's ongoing process to secure registration as a Virtual Digital Asset Service Provider in India.

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• Jan 10, 12:26 PM CoinDesk

  Bitcoin funding rates briefly turn negative, signaling potential market bottom

  Bitcoin's (BTC) futures perpetual funding rate briefly turned negative on Thursday, marking the first such occurrence this year, according to Glassnode data. Typically, a negative funding rate signals that short positions are paying long positions, which can indicate a potential local market bottom. This phenomenon occurs amidst BTC's price fluctuations between $90,000 and $100,000, with negative rates previously aligning with market bottoms, such as during the Silicon Valley Bank collapse. While such rates do not guarantee immediate rebounds, they often precede shifts in market sentiment and price adjustments.

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• Jan 10, 9:00 AM CoinDesk

  CFPB proposes regulations on stablecoins and wallets as Trump prepares for presidency

  The US Consumer Financial Protection Bureau (CFPB) has proposed new regulations targeting stablecoin issuers and wallet providers, aligning the Electronic Fund Transfer Act to include virtual wallets and stablecoins. This initiative, which could significantly affect crypto business operations in the US, comes as Donald Trump is set to assume office, potentially replacing the CFPB director. The proposal, now open for public comment, extends consumer protection to digital payment mechanisms and must withstand potential opposition from a Trump-led administration and a Republican Congress.

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• Jan 10, 4:47 AM Hand-Picked

  Senate Banking Committee to establish first subcommittee on digital assets

  The Senate Banking Committee, led by newly appointed chairman, South Carolina Senator Tim Scott, is preparing to create its first-ever subcommittee focused on digital assets. This development aims to facilitate crypto-centered legislation, reflecting a commitment by Senate Republicans to make the US the global crypto epicenter. The subcommittee is set to prioritize establishing a regulatory framework for digital assets, building on the efforts of a similar subcommittee in the House. Wyoming Senator Cynthia Lummis, known for her support of bitcoin, is expected to chair the new subcommittee.

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• Jan 9, 9:54 PM The Block

  Ripple plans further RLUSD listings on major exchanges including Coinbase

  Ripple has launched its US dollar-pegged stablecoin RLUSD, initially on Ethereum and XRP Ledger, with plans to expand to other networks. Ripple Senior Vice President Jack McDonald discussed efforts to list RLUSD on more exchanges, including Coinbase, highlighting technical and strategic challenges. Despite exclusive ties between exchanges like Coinbase and specific stablecoins, Ripple is optimistic about diversifying exchange offerings and is working towards having RLUSD supported by more platforms.

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• Jan 9, 7:02 PM Cointelegraph

  Nick Szabo joins Jan3 as chief scientist to advance global Bitcoin adoption

  Nick Szabo has joined Jan3, a company dedicated to fostering global Bitcoin adoption, as chief scientist. In his new role, Szabo will lead research focusing on Bitcoin's impact on monetary policy and international trade, aiming to establish Bitcoin as a cornerstone of a new global financial system. His appointment coincides with increasing interest from nation-states in using Bitcoin as a reserve asset.

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• Jan 9, 5:40 PM Protos

  Polymarket criticized for hosting betting markets on California wildfires

  Polymarket is facing criticism for its betting markets related to the ongoing California wildfires, with concerns over the ethics of gambling on such sensitive and destructive events. Users have placed nearly $100,000 in bets on various aspects of the wildfires, including their containment and political consequences. The company has been called out by individuals online and by prior critics for promoting such markets, amidst warnings that these markets could incentivize harmful actions.

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• Jan 9, 11:50 AM CoinDesk

  Fears of DOJ Bitcoin liquidation overblown despite $92,000 price drop

  The US Department of Justice has been authorized to liquidate 69,370 BTC seized from the Silk Road, valued at $6.5 billion. Despite fears, potential market impacts from this sale may be overestimated as the market has previously absorbed large Bitcoin volumes, and the expected selling process would be executed methodically to fetch optimal prices. Moreover, with the crypto market's resilience demonstrated in past government sales, and considering the recent rise from $60,000 to over $100,000 per Bitcoin, immediate adverse effects are unlikely to be profound.

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• Jan 9, 11:40 AM The Block

  Backpack clarifies its acquisition of FTX EU amid disputes by FTX estate

  Backpack, a crypto exchange founded by former FTX and Alameda Research employees, seeks to clarify its recent acquisition of FTX EU and the responsibilities around distributing customer funds, following disputes and clarifications issued by the FTX bankruptcy estate. The FTX estate disputed the acquisition's approval by the US Bankruptcy Court and backpack's authority to distribute funds to FTX customers. Regulatory approval for the transfer of FTX EU to Backpack was granted by the Cyprus Securities and Exchange Commission.

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• Jan 9, 11:15 AM Cointelegraph

  Microsoft announces $3 billion AI and cloud expansion in India

  Microsoft is investing $3 billion to enhance its artificial intelligence and cloud capabilities in India, including the establishment of new data centers and AI training for 500,000 individuals. The plan, revealed by CEO Satya Nadella, includes partnerships with INDIAai and strategical ties with major industry players to boost AI innovation and training across the country.

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• Jan 9, 11:00 AM Standard Chartered

  Standard Chartered opens new crypto custody service in Luxembourg

  Standard Chartered has launched a new entity in Luxembourg to provide crypto and digital asset custody services to European Union clients, following the implementation of the Markets in Crypto Assets (MiCA) Regulation. This strategic move is part of the bank's broader global digital asset strategy and follows its recent expansion into the United Arab Emirates. The Luxembourg entity, led by newly appointed CEO Laurent Marochini, aims to meet the increasing demand for digital asset services within the EU's well-regulated and financially stable environment.

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• Jan 9, 9:43 AM Eleanor Terrett

  Senate Banking Committee to create its first crypto subcommittee

  The Senate Banking Committee, under the leadership of Senator Tim Scott, is establishing its first subcommittee dedicated to crypto, modeled after a similar entity in the House Financial Services Committee. Senator Cynthia Lummis has been tentatively selected as the chair, pending approval through a committee vote in the near future.

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