California passes package of laws to combat election deepfakes
California governor Gavin Newsom signed three bills aimed at battling deepfake election content while on stage at a conference in San Francisco.
California governor Gavin Newsom signed three bills aimed at battling deepfake election content while on stage at a conference in San Francisco.
US Representatives Tom Emmer and Patrick McHenry gave Gary Gensler until the end of the month to answer questions about the SEC’s approach to crypto airdrops.
According to CoinDesk, two prominent U.S. lawmakers, Rep. Patrick McHenry (R-N.C.) and Sen. Cynthia Lummis (R-Wyo.), are optimistic about passing crypto oversight legislation before the end of the year. This effort would require strategic maneuvering to attach crypto-related matters to essential legislation during the lame-duck session of Congress, which occurs after the elections but before the new members take office next year.Sen. Lummis expressed confidence at an event hosted by Georgetown University's Psaros Center for Financial Markets and Policy, stating, 'I really do think we're going to get something done in the lame duck.' She mentioned that an ongoing effort at the Senate Agricultural Committee could achieve bipartisan support and be amended in late-year negotiations to include other necessary details. Lummis warned that if comprehensive U.S. regulation is delayed into the next congressional session, it might be postponed until late 2025. 'We just can't wait anymore,' she emphasized, noting that Europe is ahead in this regard.Rep. McHenry, who chairs the House Financial Services Committee and is set to retire after this session, led a significant crypto legislative effort this year, successfully passing a comprehensive digital assets bill through the House of Representatives. This effort, supported by 71 House Democrats, demonstrated 'substantial momentum' for a crypto bill. McHenry suggested that the legislation might need to be linked to a spending package requiring congressional approval this year, though he acknowledged the possibility of failure. 'There are seeds that you plant that may not grow in your timeframe,' he remarked, adding that the crypto sector now has 'policy footprints that I've left in the sand' for future debates. 'Somebody else's name may be on it when it's signed into law,' he noted.Sen. Lummis also reiterated her proposal for the U.S. to establish a Bitcoin strategic reserve with a four-year buying program, which she believes could yield trillions in value over 20 years of holding onto Bitcoin.
According to Odaily, institutional analysts believe that the recent U.S. retail sales data is unlikely to significantly influence this week's Federal Open Market Committee (FOMC) policy report. Earlier reports indicated that U.S. retail sales unexpectedly rose in August, suggesting that the U.S. economy maintained a solid foundation for most of the third quarter. The data showed a 0.1% month-on-month increase in August retail sales, following an upward revision to 1.1% for July.
According to BlockBeats, on September 17, the US Dollar Index (DXY) experienced a brief surge of nearly 20 points following the release of August retail sales data. The index is currently reported at 100.73.
According to Odaily, the United States' retail sales for August recorded a monthly increase of 0.1%, surpassing the expected decline of 0.2%. The previous month's figure was revised from 1.00% to 1.1%. The retail sales control group for August also matched expectations at 0.3%, with the prior value adjusted from 0.30% to 0.4%. Additionally, core retail sales for August saw a monthly rise of 0.1%, which was below the anticipated 0.2%, and the previous month's figure was revised from 0.40% to 0.4%.
According to BlockBeats, on September 17, the euro credit default swaps (CDS) experienced a decline as the market widely anticipates the Federal Reserve's first rate cut on Wednesday. Richard Flax, Chief Investment Officer at Moneyfarm, noted in a report that market sentiment has significantly improved due to the high expectations of a Fed rate cut. Data from S&P Global Market Intelligence shows that the iTraxx Europe Crossover Index, which tracks euro high-yield CDS, fell by 5 basis points to 285 basis points. Meanwhile, the iTraxx Europe Main Index, which tracks euro investment-grade CDS, decreased by 1 basis point to 53 basis points.
According to Cointelegraph, a blockchain-based ledger for payments and settlements could significantly benefit the United Kingdom’s finance industry, which processes $14.5 trillion worth of payments annually, as stated by the country’s finance trade body, UK Finance.On September 17, UK Finance shared insights following the conclusion of a successful experimental phase of the Regulated Liability Network (RLN), a blockchain-based ledger designed for central bank digital currencies (CBDC) and tokenized assets. The RLN aims to support innovation and introduce new financial functions such as programmable payments. The experimentation phase involved collaboration with 11 banks.UK Finance emphasized the need for further engagement with regulators and other public bodies to develop the RLN, highlighting its potential to reduce fraud and lower the cost of failed payments. The organization noted that the UK’s legal and regulatory framework is sufficiently flexible to support this innovative platform but requires further implementation and regulatory engagement.Jana Mackintosh, UK Finance’s managing director of payments, stated that the private sector is eager to invest in the future of commercial bank money and that a partnership with regulators is crucial for success. The RLN utilizes distributed ledger technology (DLT) and is primarily intended for use by commercial banks to manage the $14.52 trillion (11 trillion British pounds) worth of payments processed annually in the UK.The ledger can accommodate wholesale CBDCs, commercial bank money, and electronic money, allowing entities with access to record, transfer, and settle funds. It also enables the tokenization and programming of payments and settlements, as well as the locking and unlocking of funds.One of the key findings from the experiments was that the RLN could provide new firms with a common point of access, enabling them to interface with established institutions and enhanced payment and settlement systems. UK Finance also claimed that the platform could help achieve objectives set out by a July Bank of England discussion paper, which include maintaining the singleness of money and promoting sustained innovation.The trade group initiated the experiments in April, collaborating with banks such as Barclays, Citi, HSBC, Lloyds, Mastercard, NatWest, Nationwide, Santander, Standard Chartered, Virgin Money, and Visa.
According to Odaily, the Qatar Financial Centre (QFC) has announced the launch of a Digital Asset Lab. This initiative aims to foster innovation in the digital asset space by providing a platform for the development, testing, and commercialization of new digital solutions and services. The lab features a team of 24 participants, including notable entities such as ALT Realtech, Bladelabs, Polygon, and Partior.The Digital Asset Lab is designed to support participants comprehensively, offering resources and guidance to help them bring their innovative ideas to market. This move is part of QFC's broader strategy to position itself as a leading hub for financial and business services in the region. By focusing on digital assets, QFC aims to attract cutting-edge technology firms and foster a vibrant ecosystem for digital innovation.Participants in the lab will have access to a range of support services, including mentorship, technical assistance, and opportunities for collaboration with other innovators. The inclusion of prominent companies like Polygon and Partior highlights the lab's potential to drive significant advancements in the digital asset sector. This initiative underscores QFC's commitment to embracing digital transformation and supporting the growth of the digital economy in Qatar.
According to Odaily, ANZ economist Bansi Madhavani has indicated that the Bank of England is expected to keep its benchmark interest rate at 5.0% during its policy meeting in September. Madhavani suggests that due to the inflation rate in the services sector not aligning with the target of a sustained 2% inflation rate, the central bank will adopt a gradual approach in the early stages of the easing cycle. The Bank of England had previously cut rates in August and may consider another rate cut in November. Madhavani believes that the combination of economic weakness and progress in reducing inflation will pave the way for a total reduction of 150 basis points during this easing cycle.