-
Solana Surpasses XRP, Reaches 20-Month High in Market Cap
Solana (SOL) has emerged as the fifth-largest cryptocurrency, overtaking XRP, with a market cap of $33.7 billion, reaching a 20-month high. The token’s recent growth is attributed to a thriving decentralized finance (DeFi) ecosystem and heightened interest in meme coins. Solana’s total value locked (TVL) recently exceeded $1 billion, driven by rising asset prices and consistent inflows to DeFi protocols. The decentralized exchanges on Solana have experienced increased trading volume, notably with meme coins like Bonk. Traders often purchase Solana as a base asset before converting it into meme coins, creating a cycle of buying pressure.
-
South Korean and U.S. Regulators to Discuss Crypto Regulations
South Korea’s chief financial regulator, Lee Bok-hyeon, plans to meet with U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler in Washington D.C. to discuss crypto regulations. This marks the first meeting between the two regulators, highlighting the increasing focus on crypto regulations in South Korea. The country recently introduced digital asset legislation to enhance consumer protections for crypto investors, effective from July 2024. South Korea, a significant market for cryptocurrency trading, aims to address rampant fraud in the crypto space through regulatory measures.
-
NIST Seeks Public Input on AI Risk Management
The U.S. National Institute of Standards and Technology (NIST) has released a request for information to gather public input on AI risk management, aligning with President Joe Biden’s executive order on responsible AI development. The request covers generative AI risk management and reducing misinformation risks. NIST seeks input on red-teaming in AI risk assessment, automation, and establishing best practices. The initiative aims to create guidelines, foster consensus-based standards, and establish testing environments for AI system assessment.
-
Grayscale CEO Optimistic About Bitcoin ETFs
Grayscale CEO Michael Sonnenshein expresses optimism about the Bitcoin market, noting increased investor interest. He anticipates the advent of spot Bitcoin ETFs, especially in the U.S. advisory market, potentially unlocking Bitcoin exposure for a broader investor base. Grayscale is actively pursuing spot Bitcoin ETF approval. Industry experts, including MicroStrategy co-founder Michael Saylor and Jan3 CEO Samson Mow, believe that Bitcoin ETFs could drive demand and serve as a significant development in the financial industry. However, opinions vary on the immediate impact on Bitcoin’s price and the market.