TrueCoin and TrustToken have settled charges with the SEC over an unregistered offering of investment contracts between November 2020 and April 2023. The companies promoted their TrueUSD stablecoin and decentralized finance platform TrueFi as safe investments, which the SEC later deemed misleading.
The SEC complaint, filed on 24 September, stressed the importance of proper company registration for investor protection. Despite this, some within the crypto industry, including former SEC staff, have criticised the agency’s approach, calling its regulatory tactics unclear and excessive. This case adds to the ongoing tension between the SEC and the crypto sector.
Without admitting wrongdoing, both companies agreed to pay a combined fine of $163,766, with TrueCoin facing an additional $340,930 in penalties. The crypto industry has spent over $7 billion in SEC fines since 2013, with penalties rising sharply in recent years.
India is actively engaging with countries in Africa and South America to establish a digital payments system based on its Unified Payments Interface (UPI), with expectations of launching two systems by early 2027. Ritesh Shukla, CEO of NPCI International Payments Ltd (NIPL), indicated that the organisation is close to finalising an agreement with one of the nations involved in discussions, which encompass over 20 countries.
The National Payments Corporation of India (NPCI), which oversees UPI, has seen significant growth, with monthly transaction volumes reaching nearly 15 billion in August—a 41% increase year-over-year. Earlier this year, NIPL signed agreements with the central banks of Peru and Namibia to develop real-time payment systems akin to UPI, targeting launches by late 2026 or early 2027. Serious talks have also been held with Rwanda, although Shukla refrained from disclosing specific details about the ongoing discussions.
In addition to developing new payment systems, NIPL is working to integrate UPI with real-time payment solutions from other countries, including Singapore’s PayNow. The organisation has successfully established seven links and is actively pursuing more partnerships. To bolster these efforts, NIPL plans to double its current team of 60 by March 2025, aiming to enhance its operations beyond its existing presence in Singapore and the Middle East.
While South Korean memory giants Samsung Electronics and SK hynix experienced a significant sales increase in China during the first half of this year, the report by the Korea Eximbank Overseas Economic Research Institute indicates that South Korea’s reliance on China for critical semiconductor raw materials is also growing. Key materials such as silicon, germanium, gallium, and indium have seen notable increases in demand, with South Korea’s dependence on silicon rising from 68.8% to 75.4% in 2022.
The report emphasises an increasing reliance on rare earth elements, crucial for semiconductor abrasives, and a slight uptick in dependence on tungsten, which is vital for semiconductor wiring. This trend is occurring against the backdrop of export restrictions enacted by the Chinese government on critical minerals such as germanium and gallium, in response to US sanctions. Currently, China dominates the global supply, producing 98% of the world’s gallium and 60% of its germanium, underscoring its pivotal role in the semiconductor supply chain.
Dependence on germanium rose significantly by 17.4 percentage points to 74.3% in 2022, and reliance on gallium and indium also increased by 20.5 percentage points to 46.7%. Despite the Chinese government’s export restrictions, local production among major Chinese firms has remained stable. For example, Samsung’s NAND flash facility in Xi’an has boosted its share of the company’s total NAND capacity from 29% in 2021 to 37% in 2023, with expectations to reach 40% this year.
The US Commerce Department has finalised a $123 million grant for Polar Semiconductor to expand its Minnesota facility, a development anticipated to nearly double the company’s production capacity for power and sensor chips. This grant marks the first award from the Biden administration’s $52.7 billion semiconductor manufacturing and research subsidy program, designed to strengthen domestic chip production. Commerce Secretary Gina Raimondo emphasised that this funding will help establish a new US-owned foundry, raising Polar’s output from about 20,000 wafers to 40,000 per month, serving key industries such as aerospace, automotive, and defence.
The state of Minnesota is contributing $75 million to Polar Semiconductor’s $525 million expansion project. Polar is primarily owned by Sanken Electric, holding a 70% stake, while Allegro MicroSystems owns the remaining 30%. Recently, the company secured investment commitments totalling $175 million from Niobrara Capital and Prysm Capital. Meanwhile, the US Commerce Department has allocated over $35 billion for various semiconductor initiatives, including substantial grants to major companies like Samsung, Intel, TSMC, and Micron Technology.
White House economic adviser Lael Brainard announced that more funding awards will be finalised shortly, with Commerce Secretary Gina Raimondo confirming additional financial support for companies expected in the coming weeks. This initiative is part of the 2022 chips law, which aims to boost US competitiveness against China and significantly enhance domestic chip production. Additionally, Congress has recently approved legislation designed to streamline federal permitting processes for semiconductor manufacturing projects, facilitating quicker and more efficient development in the industry.
Vietnam’s President To Lam met with leading US firms in New York, pledging to strengthen the domestic tech sector. Discussions focused on boosting Vietnam’s digital transformation and enhancing strategic industries like AI and semiconductors. The Vietnamese president also held talks with major companies including Apple, Blackstone, and Warburg Pincus.
Meta, which already has millions of Facebook users in Vietnam, committed to increasing its investment in the country. Plans include expanding virtual reality production in Vietnam, signalling a stronger presence in the nation’s tech landscape. Meta’s Nick Clegg expressed confidence in Vietnam’s digital potential.
During Lam’s visit, cooperation agreements with US firms were signed. These agreements cover various sectors such as energy, artificial intelligence, and a new data centre initiative, further solidifying ties between the two nations.
The Vietnamese government emphasised that digital transformation will be key to future economic growth. Lam reaffirmed Vietnam’s commitment to advancing the tech economy and fostering innovation through international collaboration.
Societe Generale has partnered with Bitpanda to integrate crypto and stablecoins into the global financial system. The collaboration focuses on the mainstream adoption of Societe Generale-FORGE’s euro-denominated stablecoin, EUR CoinVertible (EURCV). The partnership is seen as a pivotal move towards establishing stablecoins as an essential element in modern finance, according to Jean-Mark Stenger, CEO of Societe Generale-FORGE.
As the Markets in Crypto-Assets (MiCA) bill prepares for full implementation on 30th December, both companies aim to position EURCV as a regulated, reliable digital currency for European users. Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, highlighted that regulated stablecoins will serve as a crucial link between traditional finance and the burgeoning crypto landscape.
Stablecoins play a vital role in facilitating access to digital assets, with the new EURCV set to be listed on the Bitpanda trading platform. With Societe Generale being one of the largest banking groups globally, holding over $1.7 trillion in assets, this partnership marks a significant step towards the evolving relationship between traditional finance and cryptocurrencies.
As the MiCA bill aims to establish a comprehensive regulatory framework for the crypto industry in the European Union, experts acknowledge that its success may depend on overcoming technical complexities and fostering international cooperation.
Bank of Canada Governor Tiff Macklem has said that businesses adopting AI could create short-term inflationary pressures by increasing demand. Speaking at an AI conference in Toronto, he noted that while AI-driven productivity growth may benefit the economy in the long run, its immediate effects could add to inflation.
Macklem pointed to rising electricity demand from new data centres as an example of AI’s economic impact. He emphasised that central bankers are working to understand how AI will affect the economy, inflation, and employment. Despite concerns, there is no current evidence that AI displaces labour at a level that would significantly impact overall employment rates.
The Bank of Canada has begun using AI to improve economic forecasting, data analysis, and efficiency, though its application is still in the early stages. Macklem compared the central bank’s cautious approach to AI to cautiously entering a dark room, feeling the way forward before making decisions.
Canada has also introduced a Voluntary Code of Conduct for the responsible development of generative AI systems. Macklem underlined that while AI offers potential benefits, it brings challenges and uncertainties that require careful management by policymakers.
In a crucial court case, Coinbase, the largest US cryptocurrency exchange, confronted the Securities and Exchange Commission (SEC) in Philadelphia. The exchange is calling on the SEC to create new regulations for digital assets stemming from a lawsuit over the agency’s failure to address a 2022 petition. The petition aimed to clarify when a digital asset is deemed a security and suggested a new regulatory framework specifically designed for the cryptocurrency sector.
The SEC rejected Coinbase’s request in December 2023, asserting that current regulations are adequate for the cryptocurrency sector. Coinbase’s attorney argued that the SEC’s refusal to clarify registration processes has hindered the exchange’s ability to operate within US laws. In contrast, an SEC lawyer maintained that the agency is not obligated to create new rules, suggesting that businesses like Coinbase must adapt to the existing regulatory framework.
This legal dispute highlights an ongoing tension between the cryptocurrency industry and the SEC, which asserts that many crypto tokens qualify as securities and fall under its jurisdiction. The crypto sector largely views itself as existing in a regulatory grey area, pushing for new legislation to provide more precise guidelines for managing digital assets. This ongoing struggle underscores the need for a cohesive framework that addresses the unique challenges of the rapidly evolving crypto market.
As the appeals court considers both sides, the outcome could have significant implications for how cryptocurrencies are regulated in the United States, potentially shaping the industry’s future.
During a visit to Washington, Netherlands’ economy minister Dirk Beljaarts emphasised the significance of China as a trading partner. They advocated for the semiconductor equipment maker ASML to operate with maximum freedom. His discussions with US Deputy Secretary of Commerce Don Graves were focused on enhancing bilateral trade rather than addressing export restrictions, which are not under his jurisdiction.
Beljaarts’ visit comes amid anticipation of expanded US export rules affecting semiconductor sales to China. ASML, a leading supplier to chip manufacturers, recently faced new export license requirements imposed by the Dutch government, influenced by US pressure.
While the US is a crucial ally of the Netherlands, Beljaarts highlighted that ASML’s main markets are in Taiwan, China, and South Korea. He stressed the need to maintain balanced trade relationships, arguing that ‘We have our economy to uphold,’ and expressed pride in ASML as a vital asset for the Dutch economy.
The iPhone 16 series officially launches globally today, with Apple expanding production beyond China and India to include Brazil, where Foxconn is assembling the new model. This is the first time an Apple product is produced in South America at launch, helping the company avoid Brazil’s high import tariffs and mitigate potential supply chain disruptions.
Brazilian regulatory filings confirm that Foxconn’s factory in Jundiaí, São Paulo, is now mass-producing the basic iPhone 16 model. While the plant has previously assembled older iPhone models, this is the first time it is included in the launch lineup for a new release, although it will not produce the higher-end Pro variants.
Previous iPhone models, including the iPhone 14 and iPhone 15, were assembled in Brazil after their initial production in China. In contrast, the iPhone 16 is being produced in Brazil much earlier in the release cycle, highlighting Apple’s strategy to diversify its supply chain and reduce dependence on China. The Brazilian facility is currently focused on the base model, as entry-level iPhones tend to be more popular in the region.
This year also marks a significant milestone for Apple as it launches India-made iPhone 16 Pro and Pro Max models, showcasing the expanding manufacturing capabilities in India.
