The US Justice Department has urged a federal appeals court to reject TikTok‘s emergency request to delay a law requiring its Chinese parent company, ByteDance, to divest from the app by 19 January or face a nationwide ban. TikTok argued the law threatens to shut down one of America’s most popular social media platforms, which boasts over 170 million US users, while the Justice Department maintains that continued Chinese ownership poses a national security risk.
While the law would not immediately block users from accessing TikTok, the Justice Department admitted the lack of ongoing support would eventually render the app inoperable. A three-judge appeals court panel recently upheld the divestment requirement, and ByteDance has asked the US Supreme Court to review the case.
The controversy places TikTok’s future in the hands of the incoming presidential administration. President Joe Biden could grant a 90-day extension to the divestment deadline before President-elect Donald Trump, who has vowed to prevent a ban, takes office on January 20. Trump’s stance on TikTok has been consistent since his unsuccessful attempts to ban the app during his first term.
The law also strengthens the US government’s powers to ban other foreign-owned apps over data security concerns, following a broader trend initiated under Trump, including an earlier attempt to block Tencent-owned WeChat. As legal battles continue, TikTok’s operations in the US hang in the balance.
Hong Kong is moving quickly to position itself as a global crypto hub, with plans to expedite licensing for crypto trading platforms next year. Joseph Chan, Acting Secretary for Financial Services, announced a streamlined licensing process and the establishment of a consultative panel to ensure sustainable and secure innovation in the sector.
The government is also considering broader financial policies, including potential investments in digital assets. While crypto remains a minimal part of the Exchange Fund’s strategy, Chan said external managers could explore diversified holdings.
These steps align with Hong Kong’s earlier efforts to lead in crypto innovation. A proposed stablecoin framework and a plan to waive taxes on crypto gains for wealthy investors reflect the city’s ambitions to attract global asset managers and strengthen its financial hub status.
STMicroelectronics, a major European semiconductor firm, has introduced the STM32N6 series, its first microcontrollers designed for edge AI and machine learning. The new release aims to enhance applications in consumer and industrial electronics.
The STM32N6 series supports local image and audio processing, eliminating the need for larger computers or data centres. Devices such as cars, factories, and wearables are expected to benefit from faster and more efficient data handling.
Edge AI operates on principles similar to generative AI, but with reduced computational demands tailored to specific local tasks. By processing data on-site, the technology reduces electricity usage and avoids the delays associated with sending data to remote centres.
STMicroelectronics’ innovation underscores the growing importance of energy-efficient AI solutions in modern electronics. The development reflects a shift towards integrating AI more seamlessly into everyday devices.
Aqemia has secured $38 million in funding led by Cathay Innovation, marking its second successful raise this year and bringing its total funding past $100 million. Founded in 2019, the company leverages a unique combination of ‘quantum-inspired’ physics and generative AI to accelerate drug discovery, focusing initially on cancer and immuno-oncology treatments.
By using statistical mechanics algorithms, Aqemia creates synthetic data to predict drug molecule properties, bypassing the costly need for experimental data. The France-based startup’s approach has already attracted partnerships, including a lucrative agreement with Sanofi worth up to $140 million.
The latest funding will support Aqemia’s global expansion, with a London office set to open in 2025, tapping into the UK‘s talent pool. Backers include Cathay Innovation and previous investors such as Bpifrance and Eurazeo, boosting the company’s reach into international markets.
SEC commissioner Hester Pierce has called on the newly elected government to reform cryptocurrency regulations and address the challenges faced by the digital asset industry. She criticised the current bottleneck of government rules hindering the sector’s access to essential services and urged a collaborative approach to create a clear regulatory framework.
Pierce emphasised that regulators must work alongside industry players to assess existing rules and make necessary adjustments. She advocated for public participation in shaping policies to ensure a transparent and inclusive process that benefits both regulators and the market.
Speaking to Fox Business, Pierce also praised Paul Atkins, the newly appointed SEC chairman, for his efficient and problem-solving approach to governance. While she refrained from commenting on Ripple’s ongoing legal battle, Pierce highlighted the inefficiency and high cost of such lengthy lawsuits as a method of regulating the industry.
Nevada has introduced blockchain technology into its electoral certification process to enhance transparency and security. Secretary of State Francisco Aguilar announced the move, emphasising that blockchain would make altering or counterfeiting certification documents significantly more difficult. The system aims to ensure election integrity, positioning Nevada as a leader in adopting emerging technology for secure elections.
The blockchain system will serve as an immutable ledger to record the certification process, providing a trustworthy and transparent official election record. While details about the implementation remain limited, it’s unclear whether Nevada has developed its blockchain or is relying on existing platforms. Certification by state and national archives is the next step, with Nevada joining states like Alaska and Georgia, which have piloted similar initiatives.
This development follows allegations of election misconduct during the 2020 presidential race. Although the 2023 indictments of six Republican certifiers were later dismissed, the state’s focus on bolstering election integrity highlights its commitment to avoiding future controversies.
Synopsys has proposed remedies to address EU antitrust concerns over its $35 billion acquisition of engineering software company Ansys. The deal, which was announced in January, marks one of the most significant mergers in the technology sector since Broadcom’s $69 billion purchase of VMware in 2023.
The European Commission, tasked with reviewing the merger, has set a decision deadline for 10 January. Details of the proposed remedies remain undisclosed, but the Commission may consult industry rivals and customers before making a final determination. If concerns persist, the regulator could launch an in-depth investigation lasting up to four months.
As part of its plans, Synopsys announced in September the sale of its Optical Solutions Group to Keysight Technologies. This divestiture is conditional on the completion of the Ansys acquisition, suggesting efforts to address market competition issues raised by the deal.
Recent feedback sought by the Commission has centred on whether electronic design automation (EDA) tools offered by Synopsys and Ansys can operate seamlessly with competitors’ products. Concerns about bundling practices in EDA software, services, and hardware have also been highlighted, adding pressure on Synopsys to alleviate antitrust fears.
As part of the partnership, Binance will also include USDC in its corporate treasury operations, highlighting its growing use in on-chain financial transactions. Circle, in return, will provide the necessary technology, liquidity, and tools to enhance USDC’s infrastructure, supporting its use in a range of financial services.
Both CEOs expressed optimism about the partnership’s potential. Richard Teng of Binance highlighted that it would create new opportunities for users to engage with USDC through more trading pairs and promotions. Jeremy Allaire of Circle emphasised the potential for USDC to become ubiquitous on Binance’s platform, strengthening its position in the global digital asset market.
The partnership comes amid the increasing adoption of stablecoins in the financial world, with more companies exploring their use as a payment method and a bridge into the crypto market. Stablecoins like USDC have become key drivers of crypto adoption, facilitating billions of transactions worldwide.
HarperCollins CEO Brian Murray highlighted the evolving audiobook market and AI’s potential during the UBS Global Media and Communications Conference. He praised Spotify‘s innovative approach to audiobooks, offering 15 free listening hours to Premium users, which he said attracted casual listeners and boosted HarperCollins’ revenue. Spotify’s wholesale distribution model also provides clear royalty structures for authors.
Murray acknowledged AI’s dual role as a threat and opportunity. Generative AI could flood the market with lower-quality content, but high-quality works may continue to thrive. He noted AI’s potential for streamlining marketing, translations, and audiobook production for niche markets, while also envisioning its use in adapting books for film or television.
Spotify, aiming to grow its global audiobook market, is testing family plan access. HarperCollins is closely watching these developments as both companies explore expanding their audiobook offerings and incorporating AI-driven solutions.
Stainless, a New York-based startup, is transforming software development with its AI-driven platform that automatically generates software development kits (SDKs) from APIs. Founded by former Stripe engineer Alex Rattray, Stainless addresses the inefficiency developers face in creating SDKs manually, providing support for multiple programming languages like Python, Kotlin, and TypeScript. Its platform also ensures APIs remain updated, simplifying versioning and changelogs.
Attracting major clients such as OpenAI and Meta, Stainless claims its SDKs are downloaded millions of times weekly. Backed by $35 million in funding, including a recent $25 million Series A led by a16z, the company aims to expand its 20-person team and solidify its position in the API development space. Most of its revenue comes from enterprise customers paying for tailored services, driving its annual recurring revenue to $1 million and nearing profitability.
Rattray envisions Stainless as more than an SDK generator. The company plans to build a comprehensive developer platform addressing every aspect of API interaction, setting it apart from competitors like OpenAPI Generator and LibLab.
