The European Commission approved Emirates Telecommunications (e&) €2.15-billion acquisition of Czech PPF Telecoms’ assets after thoroughly investigating under its newly implemented Foreign Subsidies Regulation (FSR). This deal, covering operations in Bulgaria, Hungary, Serbia, and Slovakia, raised concerns among the EU regulators regarding potential market distortion due to foreign subsidies from the UAE government.
The Commission launched the first-ever investigation under the FSR, a regulatory tool aimed at preventing foreign state aid from undermining competition in the EU’s internal market. The probe revealed that e& had received foreign subsidies through grants, loans, and state guarantees but found no immediate negative impact on competition at the time of the acquisition.
Ultimately, the European Commission approved the deal after securing important commitments from e& to mitigate future risks. These concessions included relinquishing unlimited state guarantees, restricting the funding of PPF’s EU activities to emergencies requiring prior approval, and committing to notify the Commission of any future acquisitions within the EU, regardless of their size. These safeguards ensured the transaction would not disrupt the competitive landscape in the EU market while highlighting the Commission’s robust enforcement of the FSR in regulating foreign subsidies and maintaining a fair marketplace.
The US Securities and Exchange Commission (SEC) faced sharp bipartisan criticism during a House Financial Services Committee hearing, with lawmakers from both parties accusing the agency of hindering the growth of the cryptocurrency industry. SEC Chair Gary Gensler defended the agency’s stance, stating that existing securities laws are sufficient to regulate digital assets. However, critics, including Republican Commissioner Hester Peirce, argued that the SEC’s approach has created regulatory uncertainty, making it unclear which assets fall under the agency’s jurisdiction.
Gensler, who has described the crypto industry as plagued by criminality and non-compliance, stressed that regulation is based on the economic nature of assets, referencing Supreme Court rulings. The hearing, attended by all five SEC members, allowed both Republican and Democratic commissioners to voice differing views. Peirce, in particular, claimed that the SEC’s imprecise regulatory approach was negatively affecting crypto sales and innovation.
SEC Chair Gary Gensler also defended a 2022 SEC bulletin that requires public companies holding crypto assets to record them as liabilities, stating that a series of bankruptcies had justified this policy. As political pressure mounts ahead of the elections, Gensler hinted that the SEC may revisit corporate disclosure regulations on share buybacks, despite a recent court ruling against the agency’s previous efforts.
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.
In a remarkable turn of events for Bitcoin, approximately 20,000 new millionaires have emerged this year, bringing the total number of wallets holding at least $1 million to around 110,388. The increase reflects an 18% rise in wealthy Bitcoin holders, signalling a strong performance for the cryptocurrency. The surge in millionaires has been linked to significant price movements, particularly following speculation regarding Jeff Bezos’ rumoured $8 billion Bitcoin investment.
Bitcoin’s price has experienced substantial growth throughout 2024, starting at $42,300 and climbing to $63,591, representing over a 50% increase. Notably, the cryptocurrency reached a peak of $73,000 in mid-March, with a 7.8% rise in September alone. This impressive performance has been fuelled by robust market demand and key financial announcements, including anticipated interest rate cuts from the U.S. Federal Bank.
The positive trends extend beyond just millionaires. The number of Bitcoin wallets holding at least $100 has surged from 19.8 million to 21.6 million this year, while those with a minimum balance of $1,000 increased from 8.9 million to 10.37 million. Additionally, high-value accounts, including those with at least $10,000, rose significantly from 2.72 million to 3.43 million, showcasing broad participation in the Bitcoin market.
As the market continues to expand, Bitcoin’s appeal is evidently on the rise, with more investors benefiting from its increasing value. The growing number of wallets accumulating substantial amounts of Bitcoin underscores the cryptocurrency’s strengthening position within the global financial landscape.
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.
OpenAI is expanding its Advanced Voice Mode (AVM) to more ChatGPT users, beginning with those subscribed to the Plus and Teams plans, while Enterprise and education customers will gain access next week. The updated AVM includes a redesigned interface, now featuring a blue animated sphere, and introduces five new voices: Arbor, Maple, Sol, Spruce, and Vale. These additions bring the total voice options to nine, replacing ‘Sky,’ which was removed after legal issues arose over its similarity to actress Scarlett Johansson’s voice.
The AVM update also includes improvements like better accent recognition and smoother conversations. OpenAI has incorporated customisation options, including Custom Instructions, which allow users to personalise ChatGPT’s responses, and Memory, which enables ChatGPT to recall past conversations. However, previously showcased features such as video and screen-sharing remain unavailable, with no confirmed timeline for their release.
Despite the updates, AVM is not yet available in certain regions, including the EU, the UK, and several others. OpenAI is actively refining the feature based on early user feedback, working to resolve glitches and improve overall performance for a smoother experience.
Caroline Ellison, former CEO of Alameda Research, has been sentenced to two years in prison for her involvement in the collapse of the cryptocurrency exchange FTX. The case, one of the largest financial scandals in US history, saw Ellison plead guilty to fraud charges and cooperate extensively with authorities to secure the conviction of FTX founder Sam Bankman-Fried, who received a 25-year prison sentence.
Ellison’s legal team had requested time served and supervised release, emphasising her crucial role in helping federal investigators uncover the misuse of billions in customer funds. However, District Judge Lewis A. Kaplan, while acknowledging her cooperation, ruled that Ellison must still serve time and forfeit around $11 billion.
Her cooperation with prosecutors has been central in exposing the FTX scandal, but the court concluded that her involvement in the mismanagement of funds warranted a prison sentence, drawing attention from legal experts and the broader crypto community.
Oman has launched the National Programme for Artificial Intelligence (AI) and Advanced Digital Technologies, aiming to secure global digital leadership and enhance the role of information and communications technology (ICT) in the economy. That initiative, running from 2024 to 2026, is part of the broader Oman Vision 2040 objectives, which seek to align the country with global advancements in AI.
The National Programme for Artificial Intelligence (AI) in Oman aims to establish a national open data platform to support entrepreneurs and decision-makers, create a research centre for AI, and develop a collaborative AI studio for technological solutions. It will also produce an Omani language model using generative AI and establish a centre for Fourth Industrial Revolution technologies in partnership with the World Economic Forum, alongside quantum computing initiatives.
Minister H E Saeed bin Hamood al Mawali emphasised the government’s commitment to integrating AI across sectors to enhance the digital economy’s contribution to GDP from 2% in 2021 to 10% by 2040. Additionally, the programme includes the AI Makers Initiative, opportunities for startups, and AI and data analysis training for Omani youth to prepare them as future innovators and creators.
The chair of the US Securities and Exchange Commission, Gary Gensler, has warned of widespread fraud in the cryptocurrency industry, accusing companies of disregarding laws designed to protect investors. He highlighted recent enforcement actions against crypto firms, including Binance and FTX, as evidence of the sector exploiting unwary investors.
Meanwhile, Donald Trump has made a surprising U-turn, becoming an advocate for cryptocurrency. The former president, now seeking a third term, promises to make the US the global centre for crypto innovation and has even launched his own cryptocurrency business, World Liberty Financial. It marks a stark contrast to his previous criticisms of Bitcoin, which he once dismissed as a scam.
As the US presidential elections approach, the future of cryptocurrency regulation is at a critical point. Trump’s pro-crypto stance opposes the Biden administration’s clampdown on the industry. With millions being spent on political donations, the outcome could significantly influence the direction of crypto regulation, both in the US and worldwide.
Donald Trump made headlines on Wednesday by becoming the first US president, past or present, to publicly use Bitcoin. During a visit to PubKey, a cryptocurrency-themed bar in Manhattan, Trump completed a Bitcoin transaction with the help of the bar’s staff, purchasing burgers ahead of a rally in Long Island. His public use of the Bitcoin network has further solidified his engagement with the crypto industry.
This appearance follows his recent support for World Liberty Financial, a new crypto project involving Trump and several of his children. The project, which formally launched earlier this week, plans to issue a governance token called WLFI. Trump’s involvement in the crypto space has grown significantly in recent months, as he seeks the industry’s backing in his third run for president.
Trump has been vocal in his promise to make the US the ‘crypto capital of the planet,’ as he courts the digital asset sector in his campaign. His ongoing efforts to align with the crypto community signal a strategic push to secure their support ahead of the 2024 election.
