The Daily LEO #264 Godfather of AI Warning and UK Crypto

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Coinbase Sets Up Shop In Bermuda As It Battles SEC At Home

Cryptocurrency exchange Coinbase, which is battling the U.S. Securities and Exchange Commission, announced the launch of a Bermuda-based exchange today. The new market is currently limited to non-U.S. institutional users who will only be able to trade bitcoin and ether perpetual futures.

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Investors Are Piling Into Actively Managed ETFs

Investors are pouring money into actively managed exchange-traded funds, underscoring the appeal of active strategies after years of calls for passive index investing to take over.

Active funds still make up a sliver of the roughly $7 trillion ETF market—less than 6% of total assets—but have attracted about 30% of the total flows to ETFs so far this year, according to Bloomberg Intelligence. That follows a banner year for active ETFs in 2022, when they gathered roughly 14% of total flows.

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Debt Ceiling Decoded: What You Need to Know

The U.S. could run out of cash to pay its bills by June 1, Treasury Secretary Janet Yellen warned on Monday, if Congress doesn't raise or suspend the debt ceiling.

In response, President Joe Biden will meet with the top four leaders in Congress on May 9 to discuss fiscal issues. Speaker Kevin McCarthy, the minority leader Representative Hakeem Jeffries, majority leader Senator Chuck Schumer, and minority leader Senator Mitch McConnell will be pressured to reach an agreement to avoid defaulting on the nation's debt.

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‘Godfather of AI’ resigns from Google, warns of the dangers of AI

An artificial intelligence pioneer nicknamed the “Godfather of AI” has resigned from his position at Big Tech firm Google so he could speak more openly about the potential dangers of the technology.

Before resigning, Dr. Geoffrey Hinton worked at Google on machine learning algorithms for more than a decade. He reportedly earned his nickname due to his lifelong work on neural networks.

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UK Crypto Tax Advisers Welcome Proposed Changes to DeFi Lending, Staking Treatment

Tax advisers in the U.K. have welcomed proposed rules for decentralized finance (DeFi) lending and staking activities, calling it a positive step that offers some “certainty” for the crypto industry.
On Thursday, the U.K. government's tax branch, His Majesty's Revenue and Customs (HMRC), announced it will be consulting crypto stakeholders for the next eight weeks on its plan.

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Poloniex reaches $7.6M settlement with U.S. Treasury’s OFAC

Poloniex will pay $7.6 million over various sanctions violations, OFAC said. The regulator indicated that Poloniex allowed customers in sanctioned countries to trade and transact more than $15.3 million of digital currencies through nearly 66,000 transactions.

OFAC determined the amount of the settlement based on the fact that Poloniex’s violations were “not voluntarily self-disclosed” and were “non-egregious.”

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_{This edition of The Daily Leo was published by @bitcoinflood on Leo Finance, read the original article here}

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