Coinbase has submitted a comment letter to the US Securities and Exchange Commission (SEC) requesting clarification on whether core staking services are considered securities under current US securities laws.

In the letter, which was submitted on March 20, 2023, Coinbase argues that core staking services do not meet any of the prongs of the Howey test, which is used to determine whether an asset is a security. The Howey test consists of four prongs, all of which must be met in order for an asset to be considered a security.

Coinbase’s argument is based on the fact that core staking services are a means of earning rewards for holding certain cryptocurrencies, rather than an investment in a common enterprise with the expectation of profit. The letter states that “staking involves a holder of a particular cryptocurrency entrusting their assets to a validator node in exchange for the ability to participate in block production and transaction validation, and to earn staking rewards. This process does not involve any investment in a common enterprise, and there is no expectation of profit.”

Coinbase goes on to explain that the rewards earned through staking are not guaranteed and are subject to market fluctuations, making them more akin to a form of interest than an investment in a security. The letter also notes that staking rewards are not tied to the success of any particular project or enterprise, but rather are based solely on the holder’s participation in the validation process.

The letter concludes by requesting that the SEC provide clear guidance on the regulatory treatment of core staking services, stating that “this clarity will provide a level of certainty that will be beneficial to investors and market participants alike.”

Coinbase’s submission of this comment letter is significant, as it comes at a time when the SEC is increasing its scrutiny of the cryptocurrency industry. The agency has been particularly focused on the issue of whether certain cryptocurrencies should be classified as securities, and has taken enforcement action against several companies for allegedly offering unregistered securities in the form of initial coin offerings (ICOs).

The SEC’s response to Coinbase’s request for clarification on core staking services will be closely watched by the cryptocurrency industry, as it could have significant implications for the future development of staking as a means of earning rewards in the cryptocurrency space.

#Coinbase #SEC #ICO #staking #azcoinnews

This article was republished from azcoinnews.com

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OpenAI, the artificial intelligence research laboratory that created ChatGPT, has recently been in the news for the financial struggles it faced in the early stages of its development. In a recent interview with The Wall Street Journal, Sam Altman, CEO of OpenAI, admitted that at one point he even considered issuing a coin to raise development costs.

OpenAI was founded as a non-profit organization in 2015 with the goal of developing artificial intelligence technology in a safe and beneficial way for society. However, the development costs proved to be astronomical, and in 2017 Altman was forced to launch a for-profit corporation to cover the expenses. At the time, Altman even considered receiving government research funds or issuing coins to raise money, but ultimately he had to lay off some staff due to lack of funds.

Altman defined the goal of OpenAI as creating “an order in which machines free people to do more creative things. It also includes the concept of a basic income, in which everyone is provided with an unconditional income. Because AI needs to be compensated for replacing jobs.” Altman’s vision is often described as “social-minded capitalism,” as it emphasizes the public nature of AI and the importance of using technology to benefit society.

OpenAI CEO Sam Altman

While OpenAI’s work has gained widespread popularity and attracted significant investment, there have also been criticisms that the organization is overly focused on commercialization and moving away from its original ideals. Elon Musk, who co-founded the OpenAI Foundation with Altman, has been a vocal critic of the organization’s direction, accusing Altman of commercializing the foundation.

Altman acknowledges the criticism but says he pays attention to what Musk says. To address concerns about commercialization, OpenAI has set a profit limit of 7x to 100x for investors, with all other proceeds going to the foundation. Additionally, the articles of incorporation stipulate that all activities must stop if the most advanced artificial general intelligence (AGI) is created by someone to avoid creating a catastrophic outcome.

To secure funding for OpenAI’s development, Altman had to find a new source of funding. In the summer of 2018, Altman ran into Microsoft’s Satya Nadella at the Sun Valley Conference, a gathering of technology CEOs from around the world. Altman pitched the idea of ChatGPT, and Microsoft eventually made a billion-dollar investment in the organization.

Despite some internal backlash and criticisms from competitors, OpenAI has emerged as the clear leader in the development of AI technology. Since ChatGPT’s release in November 2022, it has gained over 100 million subscribers worldwide, becoming the fastest-growing AI product in history. However, the competition for the commercialization of AI is only getting more intense, with companies like Google and Anthropic also investing heavily in the development of AI technology.

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This article was republished from azcoinnews.com

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According to a Twitter user named Truth Labs, the Chinese Communist Party (CCP) has overarching influence in the Ethereum network. A forensic researcher has suggested that Chinese investors may own the vast majority of ether (ETH) in circulation via a raft of agents.
Ethereum has ties to China, including ex-Alibaba partners, a director who worked on Chinese-language apps, interest from the Bank of China, and a unique translation of the #ETH whitepaper into Mandarin. Wanxiang Blockchain Labs, a Chinese investment firm, is one of the largest investors in Ethereum.
The identity of Ethereum whales that hold a significant volume of #ICO funds remains shrouded in mystery, and allegations of Chinese control continue to circulate. In 2018, researchers discovered a large Twitter botnet pushing an Ethereum scam, which had a hierarchical structure with a division of labor among the bots. However, it is important to note that these are allegations and rumors, and there is no concrete evidence to support them.