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According to Odaily, the number of initial jobless claims in the United States for the week ending September 28 reached 225,000, slightly above the expected 220,000. The previous week's figure was revised from 218,000 to 219,000.The four-week moving average of initial jobless claims for the same period was 224,250, a slight decrease from the previous week's revised average of 225,000, which was initially reported as 224,750.Continuing jobless claims for the week ending September 21 stood at 1.826 million, lower than the anticipated 1.832 million. The previous week's figure was revised down from 1.834 million to 1.827 million.

According to Cointelegraph, the Financial Supervisory Commission (FSC) of Taiwan has unveiled new Anti-Money Laundering (AML) regulations that all local virtual asset service providers (VASPs) must adhere to by 2025. On October 2, the FSC released updated AML measures following earlier amendments proposed by the financial watchdog. Taiwan has been expected to introduce new crypto-related regulations since March. The new regulations mandate that all crypto firms register with the government by September 2025 or face penalties, including a two-year prison sentence or fines up to 5 million New Taiwan dollars ($155,900). Effective January 1, 2025, these regulations will replace the current system for Taiwanese VASPs. Even if companies have previously completed the old AML compliance measures, they are still required to meet the new standards and registration process. The FSC advised VASPs to consider waiting until the new registration system is implemented before submitting their documents to avoid reapplying under different rules. VASPs are also expected to prepare a risk assessment report and submit it to the respective government agency each year as part of the new compliance measures. The FSC is anticipated to submit a new proposal for crypto-related laws by June 2025, with a draft expected by the end of this year. In addition to its new AML regulations, the Taiwanese government has been expanding its involvement in the crypto sector. On September 30, the FSC opened the digital asset ETF market to local professional investors, allowing access to high-risk foreign digital asset exchange-traded funds (ETFs). This move aims to boost Taiwan’s financial market competitiveness and aligns with similar efforts in Hong Kong and Singapore.

According to BlockBeats, on October 3, Among Us CEO and co-founder Zac Townsend expressed concerns that the proposed unrealized capital gains tax by Harris would negatively impact cryptocurrency investors. The core of the unrealized capital gains tax proposal is to require individuals to pay taxes on the appreciation of their cryptocurrency holdings, even if they have not sold any assets. Townsend highlighted that this approach is fundamentally different from traditional tax principles, which only apply to gains realized upon the sale of assets. Townsend warned that this plan could have devastating consequences for cryptocurrency investors and the broader economy. It could undermine the intrinsic value of cryptocurrencies as a store of value not controlled by any single government. The tax could incentivize large investors to sell off assets to pay the tax, leading to a decrease in cryptocurrency prices and affecting the returns of everyday investors, including those who have invested small amounts in hopes of improving their financial situation.

According to Cointelegraph, banks across North America, Europe, and Asia are gearing up to participate in new digital asset trials initiated by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). SWIFT announced on October 3 that it will commence a digital asset trial on its network in 2025. The trial will focus on experimenting with transactions involving multiple digital currencies and assets.The primary objective of these trials is to explore how the banking network can offer financial institutions unified access to various digital asset classes and currencies. Initial use cases will concentrate on payments, foreign exchange, securities, and trade, enabling multi-ledger delivery-versus-payment and payment-versus-payment transactions.In its announcement, SWIFT emphasized the rapid growth of unconnected platforms and technologies within the digital asset economy, leading to an increasingly fragmented landscape. This fragmentation, according to SWIFT, poses significant challenges to global adoption by creating a complex web of 'digital islands.'SWIFT aims to leverage its unique position to interlink these disparate networks with each other and with existing fiat currencies. This initiative is intended to enable its global community to seamlessly transact using digital assets and currencies alongside traditional forms of value.Cointelegraph reached out to SWIFT for comments regarding which digital assets are likely to be part of its blockchain trials in 2024 but did not receive a response at the time of publication. This is a developing story, and further information will be added as it becomes available.

According to PANews, the Federal Reserve may encounter additional complexities in the October employment report, which is expected to be released before the upcoming meeting on November 6-7. Lydia Boussour, a senior economist at EY, stated that any significant slowdown in wage growth and a substantial rise in the unemployment rate could lead data-dependent Fed policymakers to consider another 50 basis point rate cut. However, Neil Dutta, head of economic research at Renaissance Macro Research, anticipates two significant 50 basis point rate cuts in November and December due to complications arising from strikes and hurricane damage.

According to Odaily, Federal Reserve Chair Jerome Powell has indicated that the Fed is not in a hurry to lower interest rates and prefers a gradual approach to rate cuts. However, this patience will be tested with a series of highly anticipated employment reports set to be released starting this Friday. If there are any new signs of deterioration in the job market, the Fed may be compelled to make a significant rate cut of 0.5 percentage points initially, followed by another substantial cut, even though policymakers currently expect to reduce rates by 25 basis points in both November and December.The latest employment market data, expected to be released on Friday, is anticipated to reinforce a trend of moderate cooling. Economists predict that 146,000 jobs were created last month, with the unemployment rate remaining steady at 4.2%. This report is largely in line with the creation of 142,000 jobs in August.

According to PANews, Uruguay has officially enacted a cryptocurrency law after more than two years of discussions. The law, initially proposed two years ago, recognizes cryptocurrencies as virtual assets in the country and designates the Central Bank of Uruguay as the regulator and overseer for companies seeking to provide cryptocurrency services. This move positions Uruguay among the leading Latin American countries that have integrated cryptocurrencies into their regulatory frameworks. The Central Bank of Uruguay will oversee virtual asset service providers (VASPs) and is responsible for issuing operational licenses to such organizations. The issuance of these licenses will take into account factors such as legality, opportunity, and convenience. Additionally, the Financial Services Supervision (SSF) must identify exchanges, wallets, and even miners that fall under the VASP category. The new law also amends existing anti-money laundering and counter-terrorism financing regulations to include virtual assets under the control and supervision of current enforcement agencies. Furthermore, it reforms securities law by introducing the concept of decentralized securities, which are issued, stored, transferred, and traded electronically through distributed ledger technology.

According to PANews, Ohio Senator Niraj Antani has introduced a bill to legalize the payment of state and local taxes using cryptocurrency. The proposed legislation underscores the significance of digital currencies in the current economy, mandating that Ohio accept cryptocurrencies like Bitcoin for tax payments. Additionally, the bill would permit the state's pension system to invest in these digital assets. Antani highlighted Ohio's historical role in the adoption of cryptocurrency.

According to Cointelegraph, the United States Securities and Exchange Commission (SEC) has filed a notice of appeal in the Ripple lawsuit on October 2, seeking to overturn Judge Analisa Torres’s earlier ruling. Legal experts had anticipated the regulatory agency’s appeal of Judge Torres’s 2023 verdict, which determined that secondary sales of Ripple’s XRP (XRP) did not constitute securities sales. Judge Torres ruled that XRP was not a security in itself because the digital assets did not meet all the conditions listed in the SEC’s Howey test to classify a financial asset as an investment contract. As a result, secondary sales cannot be labeled as unregistered securities sales, according to Torres. However, she also clarified that early sales from the Ripple founders to institutional investors did constitute securities sales due to the manner in which the sales were conducted. At the time, the ruling was considered a significant victory for Ripple Labs and the broader cryptocurrency industry. This is a developing story, and further information will be added as it becomes available.

According to Blockworks, Gurbir Grewal, the US Securities and Exchange Commission’s (SEC) director of the division of enforcement, will leave the agency this month. Sanjay Wadhwa, the current deputy director, will assume the role of acting director starting October 11, the SEC announced on Wednesday. Grewal, who has been with the SEC since July 2021, expressed pride in the division's accomplishments during his tenure. “From recalibrating penalties and remedies to confronting emerging risks to holding issuers, insiders, and gatekeepers accountable, I am incredibly proud of all that we’ve accomplished as a division during my tenure,” Grewal said in a statement. He also thanked SEC Chair Gary Gensler for his support and commitment to investor protection and a robust enforcement program. Grewal joined the SEC shortly after Gensler was sworn in as chair in April 2021. During Grewal’s tenure, cryptocurrency-related enforcement actions were a significant focus. The SEC issued 35 crypto enforcement actions in 2022 and 40 in 2023. The division of enforcement nearly doubled its crypto assets and cyber unit in May 2022, increasing the team’s total to 50 members. As of September 6, 2024, the agency had initiated 18 crypto enforcement actions since the beginning of the year. SEC Chair Gensler praised Grewal’s dedication to investor protection and adherence to securities laws. “Every day, [Grewal] has thought about how to best protect investors and help ensure market participants comply with our time-tested securities laws,” Gensler said. “He has led a division that has acted without fear or favor, following the facts and the law wherever they may lead. I greatly enjoyed working with him and wish him well.” Sanjay Wadhwa, who will step in as acting director, began his career at the SEC in 2003 as a staff attorney in the New York office’s enforcement division. He later served as the senior associate director of the New York enforcement division for eight years before becoming the deputy director for the entire division. A representative from the SEC declined to comment on the transition.

According to Cointelegraph, a United States federal appeals court has permitted Kalshi, a derivatives exchange, to list event contracts tied to US election outcomes. This decision on October 2 allows election prediction markets, including Web3 platforms like Polymarket, to operate within the US.The US Court of Appeals for the District of Columbia Circuit ruled against the Commodity Futures Trading Commission’s (CFTC) attempt to prevent Kalshi from listing derivatives linked to political outcomes. This ruling came just before the US presidential election, when over $1 billion was at stake in Polymarket as of October 2.In September, Kalshi won a lawsuit against the CFTC, which had previously issued an order prohibiting the listing of political event contracts. The CFTC argued that these contracts involved gaming activities that were unlawful under state law and contrary to public interest. Specifically, the CFTC targeted contracts wagering on which US party would control Congress after the November federal elections.On September 12, the CFTC appealed the court’s decision and sought a court order to bar Kalshi from listing any event contracts until the appeal was resolved. However, the October 2 ruling stated that the Commission could not obtain a stay because it had not demonstrated that it or the public would be irreparably harmed while the appeal was heard.The September federal circuit court ruling also argued that the CFTC overstepped its bounds by blocking contracts on broad public interest grounds if they otherwise complied with US financial regulations. The judge emphasized that the case was not about personal opinions on Kalshi’s product but about adherence to regulatory compliance.

According to Odaily, the ADP report indicates a widespread rebound in U.S. job creation after five months of slowdown. The only sector that saw a reduction in jobs was the information industry. Notably, manufacturing added jobs for the first time since April.

The U.S. ADP employment figures for September will be released Thursday at 11:15 (UTC) , drawing significant attention from the market amid growing expectations of interest rate cuts by the Federal Reserve. Fed Chairman Jerome Powell recently stated that the labour market remains robust but "has indeed cooled down," suggesting the potential for two more 25 basis point rate cuts this year.However, market participants are betting on a more aggressive rate cut cycle, and tonight's ADP data, also referred to as the "small non-agricultural" report, will be a key indicator in validating Powell's outlook. The data release is expected to generate market volatility, and investors are advised to be mindful of the associated risks.

According to Odaily, Japan is set to assess the effectiveness of its cryptocurrency regulations in the coming months, a move that could pave the way for the introduction of cryptocurrency exchange-traded funds (ETFs) in the country. An official from Japan's Financial Services Agency (FSA) stated that the review will determine whether the current regulatory approach under the Payment Services Act (PSA) is adequate. The PSA, initially enacted in 2009, has been amended multiple times by Japanese lawmakers to address the evolving financial services landscape brought about by the emergence of digital currencies.The PSA recognizes Bitcoin and other cryptocurrencies as legal property. It also mandates that cryptocurrency exchanges must register and comply with the country's anti-money laundering (AML) and counter-terrorism financing (CFT) obligations. This regulatory framework aims to ensure the integrity and security of the financial system while fostering innovation and growth within the cryptocurrency sector.

According to Foresight News, U.S. Congressman Tom Emmer expressed optimism about the advancement of digital asset legislation during the Messar Mainnet conference held in New York this week. Emmer stated, 'Regardless of the outcome of the U.S. elections, I hope you will see digital asset legislation begin to move forward in both institutions.' He emphasized that the question is 'when,' not 'if,' digital asset legislation will progress, irrespective of who holds power.

According to Odaily, asset management firm Hashdex has submitted a revised S-1 application for its Nasdaq Crypto Index ETF. The document indicates that the approval process with the U.S. Securities and Exchange Commission (SEC) is progressing. Previously, the SEC requested additional time to decide whether to authorize the fund for trading in August. Initially, the Hashdex Nasdaq Cryptocurrency Index U.S. ETF will include Bitcoin and Ethereum, but the document suggests it may eventually expand to include other cryptocurrencies.

According to BlockBeats, the United States reported 8.04 million job openings for August, surpassing the anticipated 7.655 million. The previous figure was revised from 7.673 million to 7.711 million.

According to BlockBeats, the final reading of the U.S. September S&P Global Manufacturing PMI came in at 47.3, slightly above the expected 47 but below the previous value of 47. This marks the lowest level since June 2023.

According to BlockBeats, on October 1, market data indicated that the three major U.S. stock indices continued their downward trend. The Dow Jones Industrial Average fell by 0.62%, the S&P 500 Index dropped by 0.7%, and the Nasdaq Composite Index saw a more significant decline, expanding to 1%.In addition to the stock market movements, the U.S. Dollar Index (DXY) experienced a short-term rise of nearly 20 points, currently standing at 101.20.

According to Cointelegraph, the European Union is advancing its efforts to shape the future of artificial intelligence with the creation of the first 'General-Purpose AI Code of Practice' under its AI Act. This initiative, led by the European AI Office, involves hundreds of global experts from academia, industry, and civil society to collaboratively draft a framework addressing key issues such as transparency, copyright, risk assessment, and internal governance. The process began with an online plenary session on September 30, which saw nearly 1,000 participants. This marks the start of a months-long effort that will culminate in a final draft by April 2025. The Code of Practice aims to be a cornerstone for applying the AI Act to general-purpose AI models, including large language models (LLMs) and AI systems used across various sectors. Four working groups, led by distinguished industry chairs and vice-chairs, have been introduced to drive the development of the Code of Practice. These groups include experts like Nuria Oliver, an artificial intelligence researcher, and Alexander Peukert, a German copyright law specialist. They will focus on transparency and copyright, risk identification, technical risk mitigation, and internal risk management. The European AI Office stated that these groups will meet between October 2024 and April 2025 to draft provisions, gather stakeholder input, and refine the Code of Practice through ongoing consultation. The EU’s AI Act, passed by the European Parliament in March 2024, is a landmark piece of legislation aimed at regulating AI technology across the bloc. It establishes a risk-based approach to AI governance, categorizing systems into different risk levels and mandating specific compliance measures. This act is particularly relevant to general-purpose AI models due to their broad applications and potential for significant societal impact, often placing them in higher-risk categories. However, some major AI companies, including Meta, have criticized the regulations as too restrictive, arguing that they could stifle innovation. In response, the EU’s collaborative approach to drafting the Code of Practice aims to balance safety and ethics with fostering innovation. The multi-stakeholder consultation has already garnered over 430 submissions, which will help shape the writing of the code. The EU aims to set a precedent for the responsible development, deployment, and management of general-purpose AI models by April 2025, emphasizing minimizing risks and maximizing societal benefits. As the global AI landscape evolves, this effort is likely to influence AI policies worldwide, with more countries looking to the EU for guidance on regulating emerging technologies.