Russian President Vladimir Putin recently signed legislation establishing a regulatory framework for cryptocurrency mining, signalling new guidelines rather than full legalisation of the sector. The initial law, enacted in August, outlined key crypto terms and set requirements for miners to register and report their activities. It also restricts foreign entities from mining and allows the government to prohibit mining in areas with potential energy shortages.
On 25 October, a second law came into effect, introducing further mining rules and digital currency circulation guidelines, though key sections won’t be fully enforceable until March 2025. While the statutes address some legal uncertainties, analysts note they mostly lay the groundwork for more rigorous oversight, particularly through controls on energy use and taxation.
Experts suggest these laws fill a regulatory gap for Russian miners, who previously operated in a “grey area” without formal guidelines. However, despite new definitions and some restrictions, the legislation lacks clear paths for legally selling mined assets. It does not fully legalise mining, leaving some questions about its long-term impact on Russia’s crypto sector.
Coframe, an AI startup focused on optimising websites and marketing, announced it has raised $9.3 million in seed funding. The funding round was co-led by Khosla Ventures and NFDG, the AI fund launched by former GitHub CEO Nat Friedman and ex-Apple executive Daniel Gross. Coframe’s platform uses generative AI to automatically test and refine website content, visuals, and code, enhancing personalisation and boosting user engagement for clients.
CEO Josh Payne noted that Coframe’s recent trial with a major international firm showed impressive results, with campaigns increasing click-through rates by an average of 42%, while some segments saw a 352% improvement. Coframe has also collaborated with OpenAI to develop a specialised AI model that generates custom user interface code, ensuring on-brand and visually consistent website elements.
Currently in a limited testing phase, Coframe is working closely with growth and marketing teams to fine-tune its platform. The company aims to redefine how businesses design user experiences by tailoring website interfaces based on users’ profiles and intent.
Florida’s Chief Financial Officer, Jimmy Patronis, has proposed a potential shift towards cryptocurrency by encouraging the state’s retirement funds to consider investing in Bitcoin. In a letter to the Florida State Board of Administration (SBA), Patronis highlighted Bitcoin as ‘digital gold’ and a secure hedge that could diversify the state’s portfolio. He has requested the SBA assess the feasibility, risks, and advantages of this investment strategy ahead of the legislative session scheduled for March 2025.
The Florida Retirement System Trust Fund, managed by the SBA and valued at approximately $205 billion, could benefit from such a shift. Patronis suggested that a portion of this fund could be allocated to a “Digital Currency Investment Pilot Program” through the Florida Growth Fund, which has already invested nearly $1 billion in high-growth areas over the past year.
Patronis noted that adding Bitcoin aligns with Florida’s broader opposition to central bank digital currencies (CBDCs) and could offer strong returns for public employees. Should Florida move forward, it would join other states, like Wisconsin and Michigan, which have already included Bitcoin in their retirement fund portfolios.
ElonMusk’s social media platform, X, is facing criticism from the Center for Countering Digital Hate (CCDH), which claims its crowd-sourced fact-checking feature, Community Notes, is struggling to curb misinformation on the upcoming US election. According to a CCDH report, out of 283 analysed posts containing misleading information, only 26% showed corrected notes visible to all users, allowing false narratives to reach massive audiences. The 209 uncorrected posts gained over 2.2 billion views, raising concerns over the platform’s commitment to truth and transparency.
Community Notes was launched to empower users to flag inaccurate content. However, critics argue this system alone may be insufficient to handle misinformation during critical events like elections. Calls for X to strengthen its safety measures follow a recent legal loss to CCDH, which faulted the platform for an increase in hate speech. The report also highlights Musk’s endorsement of Republican candidate Donald Trump as a potential complicating factor, since Musk has also been accused of spreading misinformation himself.
In response to the ongoing scrutiny, five US state officials urged Musk in August to address misinformation on X’s AI chatbot, which has reportedly circulated false claims related to the November election. X has yet to respond to these calls for stricter safeguards, and its ability to manage misinformation effectively remains under close watch as the election approaches.
Meta Platforms exceeded third-quarter profit and revenue estimates, reporting a profit of $6.03 per share, compared to the projected $5.25. Revenue reached $40.59 billion, just ahead of analysts’ forecasts. However, the company warned of increased infrastructure expenses tied to its AI ambitions, prompting a 2.9% dip in after-hours trading.
The company is navigating heavy spending on AI infrastructure to support new technologies, setting it apart from cloud service providers who typically profit more directly from similar investments. Meta’s expenses for the quarter totalled $23.2 billion, with capital expenditure at $9.2 billion. While it adjusted its annual expense forecast to $96-98 billion, it foresees a rise in depreciation and operating costs due to its expanding data centre fleet.
Meta’s core ad business remains essential to covering its AI investments, and analysts believe holiday ad spending could bolster the company’s earnings further. In the third quarter, Meta’s daily active users across its app family grew 5% to 3.29 billion, while its Reality Labs division saw losses of $4.4 billion, slightly better than expected.
The founder of cryptocurrency firm MyTrade, Liu Zhou, pleaded guilty in Boston federal court on Wednesday to charges of market manipulation and wire fraud. Zhou, who described himself as the ‘mastermind’ behind the company, entered the plea just weeks after being indicted along with 14 others as part of a groundbreaking FBI investigation dubbed ‘Operation Token Mirrors.’ This operation was notable for involving the creation of a digital token by the FBI itself to uncover fraud in the crypto sector.
Prosecutors revealed that MyTrade was one of three market makers involved in providing illicit trading services to cryptocurrency firms. During the investigation, Zhou agreed to manipulate the market for a token backed by the FBI, known as NexFundAI, which operates on the Ethereum blockchain. As part of a plea agreement, Zhou faces a maximum prison sentence of 1.5 years and must refrain from appealing if sentenced within that timeframe. Additionally, MyTrade must stop facilitating fraudulent trades that had previously manipulated the trading volumes of about 60 cryptocurrencies.
Zhou founded MyTrade in 2021, a British Virgin Islands-registered company that offered services like ‘volume support,’ where automated bots were used to inflate trading volumes. Prosecutors characterised this practice as ‘wash trading,’ which artificially boosts an asset’s trading activity. Zhou’s discussions with NexFundAI promoters included plans for market manipulation and ‘pump and dump’ schemes. Following a meeting on 23 September, Zhou quickly agreed to plead guilty after the FBI approached him. Four others involved in the investigation have also pleaded guilty.
Australia’s competition regulator, the ACCC, has filed a lawsuit against Optus, owned by Singapore Telecommunications, for alleged ‘unconscionable’ conduct in selling mobile phones and plans to vulnerable consumers. The ACCC claims that the company’s actions impacted around 429 customers, with a significant portion of these sales conducted at three stores in Darwin and Mount Isa. According to the ACCC, Optus financially benefited from these practices, which were reinforced by sales staff incentives.
ACCC Chair Gina Cass-Gottlieb stated that Optus allegedly prioritised its own financial interests by clawing back commissions from sales staff but failed to remedy affected customers. The regulator seeks penalties, consumer redress, compliance measures, and court costs in the case.
Optus Interim CEO Michael Venter responded, confirming that disciplinary measures, including terminations, had been taken against implicated staff. Optus is also refunding affected customers, waiving outstanding debts, and allowing them to keep the devices they received.
SkyBridge Capital’s Anthony Scaramucci expressed confidence that the United States will address its debt crisis by allowing controlled inflation, despite potential impacts on lower- and middle-income households. Speaking at the Reuters Global Markets Forum, Scaramucci took a positive stance on debt management, diverging from many analysts who worry about mounting U.S. debt and possible downgrades to its credit rating. The US fiscal deficit recently rose by 8%, reaching $1.833T, the third largest in US history.
Scaramucci also shared his support for Vice President Kamala Harris’s economic plan over that of Donald Trump, despite Wall Street’s leanings toward Trump. He suggested that a second Trump administration could see increased interest in cryptocurrencies, with bitcoin potentially benefiting from Trump’s pro-crypto stance.
Predicting a significant increase in bitcoin’s value, Scaramucci anticipated the cryptocurrency reaching $170,000 by mid-2026, a threefold jump. This forecast reflects his confidence in bitcoin’s limited supply and rising demand amid financial market shifts.
PepsiCo is enhancing data collaboration with major retailers in response to declining sales and shifting consumer preferences toward budget options. The Lay’s and Tostitos maker has seen recent decreases in snack sales volumes, prompting adjustments to product sizes and a renewed focus on advertising. In early October, PepsiCo revised its annual sales forecast, reflecting the need to adapt to current market dynamics.
The data-sharing initiative, led by PepsiCo‘s senior vice president of strategy, Angelika Kipor, enables the company to gain insights into shoppers’ purchasing habits while helping retailers improve their supply chain accuracy. By sharing predictive data, PepsiCo assists retailers in optimising product orders, leading to higher sales—recently seen in collaboration with Carrefour, where the grocer expanded its PepsiCo product range based on historical data insights.
Retailer partnerships also help PepsiCo make data-driven supply chain adjustments using AI, a practice gaining traction among consumer goods companies looking to streamline operations. Kipor emphasised that while data-sharing strengthens trust with retailers, it remains separate from PepsiCo’s pricing negotiations, which have eased since the company’s commitment last year not to implement further price hikes on snacks and drinks despite ongoing inflation.
Toyota and Nippon Telegraph and Telephone (NTT) plan to invest 500 billion yen ($3.27 billion) by 2030 to create an AI-driven platform to reduce traffic accidents. Announced in a joint statement, the Japanese automaker and telecom giant aims to launch the platform by 2028, using extensive data to support driver-assistance technology. This project, initiated amid rising pressure on Japanese automakers to compete in the autonomous driving space, is expected to enhance safety features such as improved visibility in urban areas and smoother expressway merging.
The companies intend the platform to benefit not only their own operations but also government and industry partners, setting a long-term goal to minimise traffic accidents. Toyota and NTT, who first collaborated on 5G-connected car technology in 2017, see this project as part of a broader vision for zero-accident mobility, aiming for widespread adoption by 2030.
Toyota’s existing investments in autonomous technology include Woven by Toyota, a unit established in 2021 focused on AI mobility. Woven by Toyota is also developing the Arene automotive software platform and Woven City, a testing hub in Shizuoka. As part of these advancements, NTT and Toyota also plan to test self-driving technology as early as 2025.
