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The post SEC Faces Scrutiny After Bitcoin ETF Approval Hoax : Here's What Actually Happened appeared first on Coinpedia Fintech News The recent breach of the U.S. Securities and Exchange Commission's (SEC) X Twitter account, leading to a false announcement about Bitcoin ETF approvals, has triggered an uproar among lawyers, senators, and analysts. Charles Gasparino of Fox Business, quoting securities lawyers, highlighted the necessity for the SEC to investigate itself regarding alleged market manipulation. Notably, the compromised account incorrectly reported the approval of Bitcoin ETFs, prompting calls from U.S. lawmakers like Senators Bill Hagerty and Cynthia Lummis to demand accountability and transparency from the SEC regarding the breach. While the SEC acknowledged the breach and confirmed unauthorized access to its @SECGov X account, it emphasized that neither the false post nor the breach was perpetrated by its staff. The commission assured a thorough investigation in collaboration with law enforcement to determine the breach's nature and related misconduct. Security breach allegations prompted concerns about market manipulation and investor impact, flagged by U.S. Representative Ann Wagner and echoed by various industry figures. SEC Chair Gary Gensler's recent warnings on the opaque crypto landscape were seen as preparation for the upcoming ETFs' potential trade. The breach has raised doubts about the ETF approval timeline, with questions looming about the commission's decision. Industry experts and analysts, including Bloomberg's Eric Balchunas, remain cautiously optimistic about the anticipated spot Bitcoin ETF approval within a specified timeframe. Critics highlighted the breach's potential market manipulation consequences, emphasizing the SEC's role in protecting investors. Charles Gasparino's statements underscore the severity of the situation, while Bitcoin advocate Layah Heilpern labeled the incident as "absolute market manipulation," underscoring its impact on millions of viewers within a short span. Amidst mounting pressure and uncertainties, the SEC's handling of the breach will shape investor confidence, regulatory trust, and future market stability. The need for a comprehensive investigation and clear accountability remains paramount in restoring faith in the commission's oversight. The evolving situation has significant implications for regulatory vigilance, investor protection, and the imminent ETF approval landscape, impacting the broader crypto market and investor sentiment.

Sentiment

Bearish/Bullish

13.01.24 01:45

by cryptorank.io

The Future of AI is Here and Now: Creed&Bear CTO Flavio Villa | Projects | Crypt...

The past couple of years have witnessed the cropping up of AI solutions across various sectors. Businesses have been leveraging AI tools to reduce costs, increase efficiency, and occasionally improve bottom lines. In a survey Forbes ran on the application of AI in the workforce, a whopping 64% of respondents anticipate that AI will improve customer relationships and increase productivity, while 60% believe that it will drive sales growth. With the prospect of AI solutions being hardwired into business processes today, we sat down with Flavio Villa, Chief Technology Officer of MENA-based fintech company Creed&Bear, to learn more about the potential and applications of AI in financial services and how Creed&Bear is poised to capitalize on it. I believe that there will be stronger regulations surrounding generative AI and that the world will be taking them more seriously. I think everyone's going to have an AI-driven competitive advantage, and that's good. That'll eventually push for more innovation. In FinTech especially, AI will speed up the most repetitive, manual, and time-consuming work and also improve the probability of good quality output being generated. What we have developed at Creed&Bear is basically an AI engine that is able to run on different data sets, which is currently being applied to crypto, but it can also be used to study weather data or other kinds of data sets. So yes, we are able to scale our technology and our vision outside the traditional sectors because the capability of our AI to understand, process and clean data is unfathomably huge. We have already explored the possibility of using our AI core engine outside the traditional sectors. For example, we ran a test where we were able to calculate the performance of a famous football player (from a very important football team) at their next match with very precise accuracy. The concept of blockchain as we know it today will change completely in the future. The reason is the technology behind it, it's moving faster than the adoption. For example, one year ago the world was talking about NFTs and how it was so technologically advanced that it could transcribe the real world to digital. But today, we talk about generative AI the same way. In short, we know that blockchain technology will move fast and that the change in this space is constant. We position ourselves as a leader by prioritizing one aspect of our business: Investing in the research and development of AI and ML. Its adoption is picking up steam in the financial world. The global market for artificial intelligence in asset management was worth about $2.6 billion in 2022 and is expected to expand at a compound annual growth rate of 24.5% from 2023 to 2030. That's a great indicator of adoption. Of course, at Creed&Bear, we're already a few steps ahead, but we want to be light years ahead. Our AI-powered data analysis helps us extract meaningful insights from up to 40 GB of data every second, but the thing is, that number continues to grow. I'm...