FameEX Morning Crypto News Recap | May 23, 2024

Bloomberg Analyst Anticipates SEC Decision on Spot Ethereum ETF by 4 a.m. Eastern Time Friday

Bloomberg ETF analyst Eric Balchunas predicted on X that the U.S. Securities and Exchange Commission might announce its decision on the spot Ethereum ETF by 4 p.m. EST tomorrow, which corresponds to 4 a.m. Eastern Time on Friday.

Nvidia's Q1 FY2025 Revenue and Net Profit Exceed Expectations, Announces 1:10 Stock Split

Nvidia's Q1 FY2025 financial report revealed revenue of $26.044 billion, a 262% year-on-year increase, surpassing the expected $24.7 billion. Net profit was $14.881 billion, up 628% year-on-year, exceeding the forecasted $12.9 billion. Additionally, Nvidia announced a 1-for-10 stock split plan.

EU Officially Approves AI Act

The European Council has officially approved the "Artificial Intelligence Act," the first comprehensive AI regulation. Proposed by the European Commission in 2021 to protect citizens from AI risks, the bill will be signed by the European Parliament and the President of the European Council, published, and will take effect 20 days after publication.

U.S. Rep. Brad Sherman Warns Cryptocurrencies May Threaten Tax Enforcement

U.S. Representative Brad Sherman (D-Calif.) warned that cryptocurrency advocates aim to create a new currency, effectively meaning "hidden money." He cautioned that if cryptocurrencies become mainstream, they could undermine tax law enforcement and pose a significant threat to tax regulation.

OpenAI Signs Agreement with News Corp to Improve ChatGPT's Training Data

OpenAI signed an agreement with News Corp. on May 22, 2024, to access high-quality news materials for enhancing ChatGPT's training corpus. The collaboration includes current and archived content from The Wall Street Journal, The New York Post, MarketWatch, and Barron's.

US House Approves FIT21 Crypto Bill with Bipartisan Backing

On May 22, House lawmakers approved the Financial Innovation and Technology for the 21st Century (FIT21) Act, H.R.4763, with a 279 to 136 vote. If passed by the Senate and signed into law, it will clarify the SEC and CFTC's regulatory roles over digital assets. The vote saw 71 Democrats and 208 Republicans in favor.

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