FameEX Morning Crypto News Recap | May 23, 2024

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

Bloomberg ETF analyst Eric Balchunas stated on X that his most optimistic prediction is that the U.S. Securities and Exchange Commission will announce its decision on the spot Ethereum ETF by 4 p.m. EST tomorrow, which is 4 a.m. Eastern Time on Friday.

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

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

EU Officially Approves AI Regulation Act

The European Council has officially approved the "Artificial Intelligence Act," the world's first comprehensive AI regulation. Proposed by the European Commission in 2021 to safeguard citizens from AI-related risks, the bill will be signed by the European Parliament and the President of the European Council, published, and come into force 20 days after publication.

U.S. Rep. Brad Sherman Warns Cryptocurrencies Could Undermine Tax Enforcement

U.S. Representative Brad Sherman (D-Calif.) warned that the long-term goal of cryptocurrency advocates is to establish a new currency, effectively named to mean "hidden money." He cautioned that if cryptocurrencies become mainstream, it would undermine the enforcement of tax laws, posing a significant threat to tax regulation.

OpenAI Partners with News Corp to Enhance ChatGPT's Training Data

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

US House Passes FIT21 Crypto Bill with Bipartisan Support

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, the bill will clarify the regulatory roles of the SEC and CFTC over digital assets. The vote saw 71 Democrats join 208 Republicans in favor.

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