The SEC Takes Action, Apple Innovates with “Spatial Computing”, and Mercado Bitcoin Grows

The SEC is taking action this summer by cracking down on various regulatory issues. Apple is exploring the exciting spatial computing world to enhance user experiences. Meanwhile, Mercado Bitcoin is gearing up for its upcoming endeavors in the cryptocurrency market.

SEC’s Crypto Crackdown: Binance, Coinbase, and Industry Controversies

The United States Securities and Exchange Commission (SEC) started its summer crackdown on cryptocurrency by focusing on two well-known exchanges, Binance and Coinbase.

Binance is facing a total of 13 charges. One of the claims made in the lawsuit is that funds from Binance and Binance.US were mixed together in an account controlled by a company associated with Changpeng Zhao, called Merit Peak.

Regarding Coinbase, the SEC alleges that it has provided securities without proper registration and was never registered as a broker, securities exchange, or clearing agency. This has confused many in the cryptocurrency industry, as Coinbase is a publicly-traded company that had previously received the regulator’s approval.

This week’s events once again highlighted the questionable actions of the SEC towards the crypto industry. DESPITE NO CLEAR PROCESS, the SEC accused companies of not registering with the regulator. 

Ripple CEO Brad Garlinghouse suggested that the recent lawsuits allowed the SEC to divert attention from its own issues with the “FTX debacle.” It’s important to note that while the SEC has charged the founder and former executives of FTX, it has not directly sued the company itself.

Crypto Challenges, Binance.US CEO Resignation, Apple’s Headset, Mercado Bitcoin Approval, and EU’s AI Fake News Battle

The crypto industry has experienced token and stock sell-offs, service disruptions, and increased uncertainty in the past few days. However, amidst these events, a positive outcome for the industry is possible: gaining legal clarity. This is something that the crypto industry has been eagerly seeking.

We delve into Apple’s latest headset, which goes beyond the metaverse concept. Furthermore, Brazil’s Mercado Bitcoin has received approval for its fintech payments arm, and we discuss how European Union regulators focus on combating fake news produced by artificial intelligence.

The SEC Complaint Sheds Light on Brian Brooks’ Binance.US CEO Resignation

The SEC’s recent complaint against Binance may provide an explanation for why former Binance.US CEO Brian Brooks decided to resign in August 2021, only three months after taking the position. 

The complaint refers to an unnamed source who briefly ran Binance.US while Brooks served as CEO. Brooks, who previously held a high-ranking position in banking regulation, took over the cryptocurrency exchange operations after replacing former CEO Catherine Coley. 

According to statements mentioned in the complaint, Brooks soon realized that he was not the one actually in charge of running the company. Recognizing this, he made the decision to step down and officially announced his resignation just three months later.

Mercado Bitcoin is Licensed as a Payment Provider in Brazil

Mercado Bitcoin, a cryptocurrency exchange, received a payment provider license from Brazil’s central bank on June 2. This license allows the company to introduce its fintech solution called MB Pay. Through MB Pay, Brazilian users can access various digital banking services using the crypto assets they hold on the exchange. 

These services include digital fixed-income investments, staking, and other financial transactions. A debit card will soon be available to allow users to convert their crypto assets into traditional currency. Notable global crypto exchanges operating in Brazil’s market include Binance, Coinbase, Crypto.com, and Bitso.

Apple’s Vision Pro Headset ditches Metaverse for ‘Spatial Computing

Apple recently unveiled its new mixed-reality headset called the Apple Vision Pro, which has created a buzz among tech enthusiasts. Interestingly, Apple intentionally positioned its technology as the first “spatial computer” to distance itself from the metaverse concept and set it apart from competitors in the virtual reality space. 

In its marketing, Apple emphasizes terms like “spatial” and “spatial computing” rather than “metaverse,” “AR,” and “VR.” This strategic move sets Apple’s headset apart from Microsoft’s Hololens and Meta’s headsets. 

The headset is set to be released in the United States in early 2024 with a price tag of $3,499, followed by an international expansion.

EU Officials Push for Compulsory Labeling of All AI-Generated Content

The European Union is taking steps to combat fake news by focusing on content generated by artificial intelligence. EU officials propose that companies using generative AI tools should label their content to address the issue of misinformation. 

This initiative coincides with the EU’s upcoming Artificial Intelligence Act, which will provide guidelines for using AI by the public and companies. Several prominent tech companies, such as Google, Microsoft, and Meta Platforms, have already committed to the EU’s 2022 Code of Practice on Disinformation.