Jay Clayton, former Securities and Exchange Commission (SEC) chair, predicts that cryptocurrency legislation could be on the horizon during Donald Trump’s upcoming administration. Speaking in New York, Clayton, who is a candidate for attorney general in Trump’s second term, shared his expectations that a shift in regulatory priorities may favour the establishment of new crypto laws. He noted that under Trump’s leadership, crypto regulations could address long-standing issues that the Biden administration has not acted on directly.
During Biden’s presidency, regulators have intensified enforcement actions against cryptocurrency companies without adopting the rules the industry has been advocating. Clayton hinted that Trump’s approach could ease regulatory burdens, aiming to encourage companies to go public and create a more business-friendly environment. However, this marks a shift from Biden’s SEC, which implemented rules that many firms consider burdensome, especially around climate-related disclosures.
Clayton has criticised Biden-era SEC policies, arguing that recent regulations requiring disclosures of climate-related expenses could discourage companies from public listings. He called these policies ‘terrible,’ suggesting they deter firms from entering public markets due to the perceived regulatory complexities.
While Clayton did not confirm if he would accept a role in Trump’s administration, he indicated a willingness to serve if asked. His comments underscore a potential policy shift, particularly in financial and crypto regulations, as the industry anticipates possible changes under new leadership.
The US Senate is working to establish a strategic Bitcoin reserve within the first 100 days of Donald Trump’s presidency, with Senator Cynthia Lummis leading the charge. Her BITCOIN Act proposes creating decentralised vaults across the country to securely store one million BTC over five years. The plan includes revaluing assets such as gold certificates to fund Bitcoin purchases, aiming to strengthen the nation’s financial position.
The initiative has sparked optimism within the crypto industry, with analysts predicting it could accelerate Bitcoin’s growth and attract institutional interest. David Bailey, CEO of BTC Inc., has called the reserve the most transformational policy on Trump’s agenda, highlighting its potential to reshape the financial landscape.
Bitcoin’s price has soared recently, repeatedly hitting all-time highs and reaching $93,000 amid a broader market rally. While some attribute this surge to Trump’s pro-crypto stance, others suggest predictable post-halving dynamics as the primary driver. Regardless, the combination of policy support and market conditions appears to be boosting Bitcoin’s appeal as a major investment asset.
Fireblocks, a digital assets platform, has partnered with South Korea’s NongHyup Bank to develop a blockchain-powered prototype for tax refunds. The project will utilise Fireblocks’ Tokenisation Engine to simplify value-added tax (VAT) and goods and services tax (GST) refunds on retail purchases, focusing on increased security and real-time tracking of transactions.
The initiative aims to enhance transparency while reducing operational costs, with tokenisation providing immutable records that prevent fraud. NongHyup Bank, which serves over 10 million customers, views the partnership as a step forward in delivering innovative blockchain solutions.
Fireblocks continues to expand beyond its core custody services, recently offering derivatives trading and launching a Web3 kit for start-ups. With over $6 trillion in digital assets securely transferred, the company’s collaboration with NongHyup Bank highlights the growing adoption of blockchain in traditional financial services.
The global cryptocurrency market has surged past $3 trillion, fueled by a resurgence in interest following Donald Trump’s recent presidential election win, which many investors believe could usher in favourable US regulations. This milestone marks a new peak, eclipsing even the 2021 boom fueled by pandemic-era investments, as the total market value reached nearly $3.2 trillion in early November, according to CoinGecko. Bitcoin, the market’s leader, hit a record high of $93,480, with other cryptocurrencies like Ether and Dogecoin also seeing significant gains.
Trump’s election and pro-crypto lawmakers in Congress appear to have injected optimism by easing concerns over regulatory uncertainty. Bitcoin has doubled in value this year and jumped 30% since Election Day to $90,000, while Ether rose to $3,220, and Dogecoin gained 140%, supported by endorsements from Trump ally Elon Musk. Institutional interest has also grown, with increased buying in crypto exchange-traded funds hinting at broader adoption from financial entities.
Yet, the overall value of cryptocurrencies remains modest compared to traditional assets like gold or the US stock market. Some segments of the crypto market, such as NFTs, remain subdued. However, industry insiders suggest that sustained high market values could lead to further exploration of blockchain applications, including decentralised finance and real-world asset tokenisation, signalling that crypto’s current momentum might spark broader financial innovations.
Europe’s largest tech company, ASML, projected an annual sales growth of 8% to 14% over the next five years, driven by strong demand for its advanced chip-making tools amid a global boom in AI. ASML’s CEO Christophe Fouquet highlighted the company’s advanced EUV technology as pivotal in meeting the growing AI demand, positioning the firm well for continued profitability.
Ahead of its investor day in the Netherlands, ASML forecasted revenue between €44 billion and €60 billion by 2030, with stable gross margins between 56% and 60%, reassuring analysts who had been concerned by recent earnings shortfalls. The company’s shares rose by 2.6% in early trading, buoyed by its steady outlook on AI-driven growth despite weaker demand in other chip segments.
ASML faces challenges in China, where US and Dutch export restrictions prevent it from selling its most advanced EUV and certain DUV tools. However, ASML continues to supply older DUV models to Chinese buyers, even as China’s share of ASML’s total sales has dropped significantly.
Indonesia‘s top telecom company, Indosat Ooredoo Hutchison, and tech giant GoTo Gojek Tokopedia launched Sahabat-AI, a new large language model ecosystem designed to support AI-based services in Indonesian languages. This initiative aims to empower local developers to create applications that reflect Indonesia’s diverse languages and cultural nuances.
The Sahabat-AI project is supported by AI Singapore and India’s Tech Mahindra, using Nvidia’s AI Enterprise software and the Nvidia NeMo platform for robust language processing capabilities. Contributions from universities and media groups will further tailor the model to Indonesia’s unique context.
In its initial phase, Sahabat-AI will offer 8-billion and 9-billion parameter models, highlighting Indonesia’s growing AI sector, which has already drawn significant investment interest, including a recent data centre pledge from Microsoft.
London-based startup Tessl has raised $125 million in funding, achieving a valuation exceeding $500 million. Led by founder and CEO Guy Podjarny, the company aims to address challenges in managing software created by both humans and AI. Podjarny, known for his work with Snyk and Akamai, brings deep industry expertise in software security and scalability to this new venture.
Tessl plans to launch its AI-driven platform early next year, designed to simplify code creation and maintenance. The system will enable developers and non-technical team members to provide specifications in natural language or code, with Tessl generating code to meet those requirements. This approach allows users to test and adjust code in a secure sandbox environment before it’s deployed, with the AI automatically identifying and fixing potential issues to keep software running smoothly.
The platform is envisioned as open and adaptable, intended to work alongside other AI coding assistants. This flexibility has attracted significant investor interest, with Index Ventures, Accel, GV, and Boldstart among the backers. Tessl will initially support Java, Javascript, and Python, with plans to expand to more languages over time.
The name ‘Tessl’ reflects its goal of creating a seamless ‘tessellation’ of code, preventing overlaps and inconsistencies that often arise in software development. By streamlining the code lifecycle, Tessl aims to alleviate the increasing complexity in software engineering, particularly as AI-generated code continues to proliferate.
Which? is taking legal action against Apple, alleging the company breached competition law by pressuring customers to use its iCloud service. Which? argues that Apple encouraged users to store their data on iCloud, making it challenging to switch to other providers, and then charged users when they exceeded the free 5GB limit. This practice, they claim, led to overcharges, costing consumers up to £13.36 ($16.98) this year in subscription fees.
Apple denies any wrongdoing, stating customers are not required to use iCloud and often choose third-party alternatives. However, if Which? succeeds, around 40 million Apple customers in the UK who have used iCloud over the last nine years could be entitled to compensation.
Which? CEO Anabel Hoult emphasised that the action aims to secure refunds for consumers, prevent future anti-competitive behaviour, and promote a fairer market. The group plans to file the claim with the Competition Appeal Tribunal.
Amazon has launched ‘Amazon Haul,’ a low-cost shopping service aimed at capturing budget-conscious consumers in the US The platform offers a range of products priced primarily under $10, with some items starting at just $1. Accessible through the Amazon app, the service caters to customers looking for affordable essentials and aligns Amazon with popular discount rivals like Temu and Shein.
The move comes as Amazon adapts to changing consumer habits, with CEO Andy Jassy noting a shift toward cheaper items and basic goods. Available via an app update, users can explore ‘Haul’ by simply searching for it within the Amazon interface. The company hopes this initiative will appeal to customers seeking value in a tightening economy.
By tapping into the growing market for low-cost ecommerce, Amazon aims to strengthen its position against rising competition from Chinese platforms. With its vast product range and customer base, ‘Amazon Haul’ could redefine how Americans shop for everyday low-cost items.
Funding for quantum computing has reached unprecedented levels, with startups in the sector securing around $1.5 billion in venture capital through 50 deals in 2024. This amount nearly doubles last year’s $785 million and surpasses the previous record set in 2022. The rise in funding may partly stem from the momentum of AI, which shares significant synergies with quantum technology.
Several high-profile investments have marked 2024. Colorado’s Quantinuum raised $300 million in January, valuing the company at $5 billion. In May, PsiQuantum in California secured a $620 million investment from the Australian government to develop a quantum computer near Brisbane. The United Kingdom’s Riverlane, focused on error correction in quantum systems, raised $75 million in Series C funding in August, adding to the sector’s record-breaking total.
The need for faster, more efficient computing has driven the growth of quantum technology, especially as AI models require immense computing power and energy. Quantum computing, able to perform complex calculations rapidly, is seen as a potential solution to these challenges. Its advantage lies in both speed and energy efficiency, potentially reducing energy needs by as much as 100 times compared to traditional supercomputers.
While AI isn’t the sole reason for quantum’s growing popularity, the two fields are becoming increasingly interconnected. Quantum computing’s applications range from life sciences to navigation, but its potential to enhance AI processing power and reduce energy consumption adds compelling value. As tech giants expand data centres to support AI, quantum technology may see continued interest and investment.
