September Is Off to a Start! Did You Miss Any of This?

The US used its turn as G20 president to do something ambitious this week. It got the world’s largest economies to agree to back off AI regulation and stop piling on new rules. It got this done through what is called the ‘Carolina Principles’, a framework put together by White House tech adviser Michael Kratsios and Commerce Secretary Howard Lutnick. The principle simply says “stop writing new AI-specific rules and let existing sector regulations do the work instead.”

All 20 nations signed. China included, which took people by surprise. Beijing has some of the most extensive domestic AI regulations anywhere in the world, covering generative AI, deepfakes, and recommendation algorithms. Signing a document that discourages new international oversight bodies really doesn’t cost China anything at home. It does, however, slow the kind of regulatory momentum that could complicate Chinese AI companies expanding into other markets. Make of that what you will.

The EU, meanwhile, made its feelings known without showing up to argue. The same week the Carolina Principles were being signed in Chapel Hill, Brussels was sending information requests to more than 30 AI companies under its AI Act. The principles signed in Carolina have no fines attached, no deadlines, no way to hold anyone to them by the neck. But if you’re trying to make sense of where global regulatory sentiment is moving, this week said something. The EU is increasingly on its own, and Washington just got 19 other countries to nod along.

A few other stories worth your attention this week:

• Singapore wants stablecoins to be purely transactional, with no yield, full reserves, and a dedicated licence required.
• Coinbase’s new crypto derivative tracking the S&P 500’s 500 largest companies hit $100 million in volume within a week of launching.
• Hyperliquid is building a feature that lets market creators decide who can access their markets.

In AI, the FSB’s Andrew Bailey says AI-powered cyberattacks are the most urgent AI threat to financial stability right now, not a future concern. Singapore is putting S$220 million into fintech and AI development over three years.

This week had no shortage of storylines. If you missed anything, here’s your catch-up.

Lead Story of the Week:The U.S. Push G20 to Take a Lighter Approach to AI (Read More)

Source: Bloomberg

The US is set to push G20 nations towards a lighter-touch AI approach at a two-day meeting in North Carolina starting Sept. 1. (Read The Full Story)

Market Highlights

• OKX CEO Warns Users Over High-Risk Crypto Transfers

OKX CEO Star Xu warns accounts tied to high-risk or illegal activity may be terminated after a sports betting transfer review. (Read More)

• Hyperliquid Moves to Give Market Creators More Control

Hyperliquid said a future network upgrade will add optional permissioned market functionality,  called HIP-3, to its HIP-3 system. (Read More)

• Coldcard Hacker Moves Stolen Bitcoin Through THORChain

A Coldcard theft-linked hacker moved stolen Bitcoin for the first time, converting 10% to Ether through THORChain on Sept. 3. (Read More)

• Coinbase’s US500 Perp Hits $100M Volume in a Week

Coinbase’s US500 index perpetual tops $100M in 24-hour volume one week after launch, giving exposure to 500 largest US companies. (Read More)

Latest News For You 

Singapore Proposes 100% Reserve Stablecoin Licence, No Yield (Read More)

Source: CoinPedia

Singapore is moving to give stablecoin issuers a dedicated licence under proposed amendments to the Payment Services Act. (Read Full Story)

AI News Highlights

• Singapore Bets S$220M on AI for Fintech Advantage

Singapore is committing S$220 million over three years to boost fintech innovation, tech adoption and AI development. (Read More) 

• FSB Warns AI Cyberattacks Pose Financial Stability Risk

FSB Chair Andrew Bailey warns AI-driven cyber risk is now the most immediate AI concern for global financial stability. (Read More)

Market Movers

Top Gainers  

• Pons (PONS) +351.03%

Pons (PONS) is rising due to a surprise investment by Uniswap Labs and record-breaking platform fees on the Robinhood Chain.

Top Losers

• Cysic (CYS) −52.46%

Cysic (CYS) is dipping after a sharp correction, leveraged liquidations, and heavy supply pressure from its low circulating float.

Source: CoinGecko

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Disclaimer: This roundup is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence

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