FameEX Morning Crypto News Recap | May 14, 2024

SoftBank Subsidiary to Manufacture Semiconductor Chips, Reports Increased Profits Following AI Transition

SoftBank's R&D subsidiary, Arm, is launching its own artificial intelligence chip development, aligning with SoftBank's profitable shift towards AI. A Nikkei Asia report from May 13 states that Arm is establishing a new division specifically for AI chip development, planning to release its initial protocol by spring 2025 and to commence mass production by the autumn of the same year.

Japanese Public Company Acquires 117 BTC to Add to Its Reserve Assets

Since unveiling its Bitcoin strategy in April, Tokyo-based Metaplanet has acquired approximately 117.7 BTC, valued at $7.2 million. On May 13, the company announced a "strategic shift" in its treasury management, adopting a Bitcoin-first and Bitcoin-only approach, marking a significant change in how it manages and prioritizes its assets.

U.S. Senators Raise Alarm Over DOJ's Broadening of FinCEN Money Transmission Definition

U.S. Senators Ron Wyden and Cynthia Lummis have expressed "serious concerns" to Attorney General Merrick Garland regarding the Justice Department's broadening of the Financial Crimes Enforcement Network's definition of money transmission. This expansion follows the Justice Department's accusations against cryptocurrency mixers Samourai Wallet and Tornado Cash for operating as unlicensed remittance businesses.

Hong Kong Stock Exchange States Crypto ETFs Not Accessible to Investors from Mainland China

The Hong Kong Stock Exchange has stated that cryptocurrency ETFs are not accessible to investors from mainland China. This decision relates to the unique physical redemption model of Hong Kong's cryptocurrency ETFs, which could potentially bypass capital controls in mainland China.

Fed Governor Jefferson Stresses the Importance of Clear Communication for Central Banks

Federal Reserve Board member Jefferson declined to discuss monetary policy or economic forecasts. He emphasized the importance of clear communication for the central bank, acknowledging that Fed communications can sometimes be misinterpreted or inadvertently increase uncertainty, even when intended to be positive.

Tether CEO Defends Against Negative Reports, Emphasizes USDT's Compliance and Transparency

Tether CEO Paolo Ardoino responded to negative reports about USDT on the X platform, emphasizing its use of blockchain technology for transparency and compliance. He highlighted USDT's achievements, including collaborations with Chainalysis and 124 law enforcement agencies across over 40 countries, showcasing its commitment to adhering to global regulatory standards.

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