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NVDA $229.06 +1.68%
TSLA $357.79 -4.20%
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first_img SEC updates cryptocurrency FAQ, stating that token buybacks and network upgrades do not necessarily constitute securities

The U.S. Securities and Exchange Commission's Division of Corporation Finance updated its frequently asked questions document on cryptocurrency assets on Friday, clarifying that token buybacks, network upgrades, and marketing promotions do not automatically make cryptocurrency assets securities. The division stated that announcing a buyback plan for an already functioning cryptocurrency network does not, by itself, make the associated tokens constitute an investment contract; however, for networks that are not yet operational, if the issuer promotes the buyback as a source of returns for holders, this conclusion may not necessarily apply.Regarding the ongoing development issues of cryptocurrency projects after their launch, the document pointed out that once a cryptocurrency system is operational, services used to protect, maintain, improve, or enhance that system and its functions, or to promote network effects, do not fall under the managerial efforts referred to in the Howey test. The existing uses of marketing networks generally do not create profit expectations, and statements regarding future functionalities are similarly true, provided that profit potential is not promoted. The document reiterated that specific judgments still heavily depend on the actual circumstances of each case.This document is based on the interpretive guidance issued by the SEC in March of this year regarding the application of securities laws to cryptocurrency assets, released just weeks after the Clarity Act failed to advance in the Senate, with regulators continuing to operate under existing laws. Additionally, the U.S. Commodity Futures Trading Commission updated its cryptocurrency FAQs on Thursday, stating that futures companies and clearinghouses may invest customer funds in tokenized versions of previously permitted assets, provided that investment and custody requirements are met; regulated companies may use blockchain for record-keeping but must be able to provide relevant records when the blockchain or its block explorer is not operational.

first_img Meta's Muse AI assistant reads users' private information and falsely reports the method of access

Meta's personal AI assistant Muse has been accused of reading users' private iMessages without permission and providing false explanations about how it accesses this information. Technology columnist Jason Aten installed the assistant on his iPhone and Mac when Muse launched on September 8 and explicitly refused to grant it access to personal data such as information and calendars.A few days later, Muse sent Aten a notification suggesting he write a column about the new iPhone that he had just discussed with his podcast partner, also mentioning a deadline reminder from the editor. Aten asked Muse how it knew this, and it replied that the Mac application only forwards notification previews and does not involve the content of messages. In reality, Muse had synchronized over 187,000 records from the local private information database on the Mac, an operation that requires full disk access permissions on macOS.David Singleton, head of Meta's superintelligent lab, responded on Threads that this feature requires users to actively choose to opt-in. Aten denied ever turning on that switch and stated that Meta had not answered related questions. Amazon has banned Muse from shopping on its site, stating that the assistant did not indicate its AI identity while browsing and seemed capable of capturing and storing user credentials. Since its launch, Muse has been downloaded over 2.5 million times, with its promotion emphasizing user control over access.

Gate Voyage Bali event successfully held, bringing together nearly 200 global guests to discuss ecology and market development

Gate Voyage launched a series of events in Bali, focusing on topics such as ecological construction, global development, TradFi, and diversified assets, featuring multiple themed sharing and exchange sessions. Nearly 200 industry guests, partners, and content creators from around the world participated, sharing market observations and business practices from different perspectives in a setting that combined exclusivity with a vacation atmosphere.During the event, Gate founder and CEO Dr. Han delivered a speech via video link, reflecting on Gate's 13-year development journey and the milestone of surpassing 60 million users, while sharing insights on industry cycles, long-term construction, ecological cooperation, and future product layout. Gate Executive Director Edwin Cheung and CMO Kyle Chiu shared insights on ecological development and global growth, respectively; Media Studio and VIP Masterclass focused on topics such as stocks, tokenized assets, Pre-IPO, prediction markets, and wealth management, exploring the linkage between digital assets and traditional financial markets.At the same time, the KOL Creator Battle gathered creators from around the world to co-create content around themes such as Gate Card, traditional finance, wealth management, and partners. The event also included interactive segments like Bingo and AMA, integrating industry exchanges into exquisite luncheons, yacht trips, terrace BBQ parties, and high-end gala dinners. In-depth exchanges among global guests extended from the venue to dining tables and social moments, fostering discussions on collaboration in a relaxed and enjoyable atmosphere.This event connected industry exchanges and content co-creation through a carefully designed vacation setting, bringing together global markets and ecological resources to provide a communication platform for participants from various fields. In the future, Gate will continue to connect global partners and industry resources, working together to build an open, inclusive, and prosperous crypto ecosystem.
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