Microsoft faces a potential fine of up to 1% of its annual revenue from the European Union if it fails to respond to a request for information by May 27.
This demand relates to concerns under the EU’s Digital Services Act about the Bing search engine and its generative artificial intelligence (AI) services.
On May 17, the European Commission announced on X that it seeks details from Microsoft regarding “generative AI risks on Bing.”
The Commission noted, “Bing may pose risks linked to generative AI, such as so-called ‘hallucinations’, deepfakes, as well as the automated manipulation of services that can mislead voters.”
A blog entry on the European Commission’s official website, dated May 14, further elaborated on the request.
It mentioned specific risks associated with Bing’s AI features, particularly “Copilot in Bing” and “Image Creator by Designer.”
The post stated that Microsoft “now has until 27 May to provide the requested information to the Commission.”
The Commission also warned of significant financial penalties if Microsoft fails to comply.
The fines could reach up to 1% of Microsoft’s total annual income, along with periodic penalties of up to 5% of the provider’s average daily income.
Given Microsoft’s reported revenue of $211 billion in 2023, a 1% fine could exceed $2 billion.
READ MORE: Bitcoin Eyes New Highs as Analysts Spot Imminent Golden Cross on Lower Timeframes
While such a fine may not severely impact Microsoft’s financial standing, the sum is still substantial.
With Microsoft’s revenue potentially increasing in 2024, the penalty could be around $2.1 billion if enforced.
However, it’s important to note that Microsoft has not been found guilty of violating any EU laws in this instance.
This action serves more as a formal notice requiring Microsoft to provide additional information, with penalties outlined for non-compliance.
Cointelegraph reached out to Microsoft for a comment but did not receive a response.
This situation highlights the growing scrutiny on tech companies’ use of generative AI and the potential regulatory challenges they face in complying with new digital laws.
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Despite skepticism from numerous crypto analysts and the broader crypto community regarding the approval of spot Ether exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), some experts believe a surprise may be possible.
“If by some chance the SEC decides to approve then so many will be caught severely offside,” said crypto trader Matthew Hyland to his 142,000 followers on X on May 17.
He added, “If 90% of people think the ETH ETF will be denied, and the majority of those people think it will lead to a crypto crash then who will actually be selling?” Hyland noted that the expectation of denial is already “priced in.”
As of publication, Ether is trading at $3,102, according to CoinMarketCap.
Bloomberg ETF analyst Eric Balchunas has estimated the odds of approval at 35%, while the broader crypto community, based on New York-based Polymarket’s predictions, places their estimates closer to 7%.
READ MORE: Bitcoin Eyes New Highs as Analysts Spot Imminent Golden Cross on Lower Timeframes
Meanwhile, Coinbase institutional research analyst David Han believes there is potential for a positive outcome.
“We believe the odds of approval are closer to 30-40%,” Han stated in Coinbase’s monthly outlook report published on May 15.
Han elaborated that as cryptocurrency becomes a more significant issue for voters in the lead-up to the November U.S. presidential election, the SEC might reconsider its stance on denial.
“As crypto begins to take form as an election issue, it’s also less certain in our view that the SEC would be willing to front the political capital necessary to support a denial,” he said.
Han further argued that even if the VanEck and ARK Invest ETF applications are denied by the initial deadline of May 23, litigation could potentially overturn that decision.
This suggests that while current sentiment is largely pessimistic, there are plausible scenarios where the SEC might approve the spot Ether ETFs, leading to significant market movements.
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Grabby Trump (GRATRUMP) could turn early investors into multi-millionaires if it becomes a mainstream coin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Grabby Trump (GRATRUMP), a new Solana memecoin that was launched this week, is poised to explode over 14,000% in price in the coming days.
This is because GRATRUMP has announced its first centralized exchange listing, which will be on KuCoin.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Grabby Trump can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Grabby Trump could become the next viral memecoin.
Grabby Trump launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Grabby Trump on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Grabby Trump by entering its contract address – 84ABvkFYWuh5oCSvPMztyeK5yVQAsd17egSLgJN4X9nr – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like GRATRUMP.
Monero (XMR) is a cryptocurrency known for its strong privacy features, security, and decentralization. Recently, several major exchanges have delisted Monero due to regulatory pressures and compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Despite these challenges, Monero’s inherent features and the support of its community suggest that it will continue to survive and remain relevant in the cryptocurrency landscape.
Reasons for Delisting
Regulatory bodies are increasingly scrutinizing privacy coins like Monero. These cryptocurrencies pose challenges to compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Exchanges face pressure to adhere to these regulations to avoid penalties and maintain their operational licenses. Delisting Monero is a step taken by exchanges to align with regulatory requirements and reduce compliance risks.
Risk Management
Exchanges consider the risks associated with listing privacy coins. These risks include potential misuse for illicit activities and the consequent impact on the exchange’s reputation. By delisting Monero, exchanges aim to mitigate these risks and maintain their standing within the financial and regulatory ecosystem. This risk management strategy helps exchanges avoid potential legal and financial repercussions.
Community and Support
Monero has a dedicated and active community that plays a crucial role in its development and maintenance. This community-driven approach ensures continuous improvements and updates to Monero’s technology. The Monero Research Lab is a key contributor, focusing on enhancing privacy features and overall security. Merchant adoption of Monero is growing, with various businesses accepting it for transactions. This real-world usage underscores Monero’s practical value. Additionally, Monero is used for private transactions, donations, and e-commerce, further demonstrating its utility and acceptance in various sectors. The strong community support and diverse use cases contribute significantly to Monero’s resilience and sustainability.
Merchant Adoption and Use Cases
Monero’s adoption among merchants is expanding as businesses recognize the benefits of its privacy features. Various e-commerce platforms, both large and small, accept Monero for payments, providing customers with a private and secure transaction option. In addition to e-commerce, Monero is used for donations, allowing contributors to maintain their anonymity. The coin’s privacy and security features also make it suitable for private transactions, protecting users’ financial information from public exposure. These use cases highlight Monero’s practical applications and its growing acceptance in different sectors.
Alternatives to Traditional Exchanges
Decentralized exchanges (DEXs) provide a platform for trading cryptocurrencies without relying on a central authority. These exchanges facilitate direct peer-to-peer transactions, enhancing privacy and reducing the need for regulatory compliance typically associated with centralized exchanges. By using smart contracts, DEXs allow users to trade Monero securely and privately, mitigating the risks linked to centralized exchanges.
P2P Trading Platforms
Peer-to-peer (P2P) trading platforms enable direct transactions between individuals. These platforms often incorporate escrow services to ensure the security of trades. Users can buy and sell Monero directly from one another, using Monero wallets like XMRWallet, bypassing the need for traditional exchanges. P2P platforms offer increased privacy and control over transactions, making them a viable option for trading Monero.
Atomic Swaps
Atomic swaps are a technological innovation that allows direct exchanges between different cryptocurrencies without the need for a centralized intermediary. By using cryptographic protocols, atomic swaps ensure that trades are executed securely and privately. This method enables Monero users to trade directly with holders of other cryptocurrencies, maintaining privacy and reducing dependence on traditional exchanges.
The Future of Monero
Monero continues to develop its technology to enhance privacy, security, and efficiency. Ongoing projects include improvements to its cryptographic protocols, such as ring signatures and confidential transactions. Future developments may focus on scalability, making the network more efficient and capable of handling a higher volume of transactions without compromising privacy.
Regulatory Landscape
The regulatory environment for cryptocurrencies, particularly privacy coins like Monero, is evolving. Potential regulatory changes could impact how Monero is traded and used. However, Monero’s decentralized nature and strong privacy features make it adaptable to various regulatory scenarios. The community is actively monitoring regulatory developments and is prepared to respond to ensure compliance while maintaining core principles.
Community Initiatives
The Monero community is engaged in several initiatives aimed at promoting and supporting the cryptocurrency. These include educational efforts to inform users about Monero’s benefits and proper usage, as well as organizing events and conferences to foster collaboration and innovation. Community-driven projects continue to enhance Monero’s functionality and usability, ensuring its relevance and utility in the future.
Conclusion
Monero remains a significant player in the cryptocurrency landscape despite being delisted by several major exchanges. Its strong privacy features, decentralized nature, and dedicated community support provide a solid foundation for its resilience. Alternatives to traditional exchanges, such as decentralized exchanges, peer-to-peer trading platforms, and atomic swaps, offer viable options for users to trade Monero securely and privately. As technological innovations continue to enhance its capabilities and the community actively engages in initiatives, Monero is well-positioned to navigate the evolving regulatory landscape and maintain its relevance in the f
Gold Pepe (GOLDPEPE) could become a viral memecoin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Gold Pepe (GOLDPEPE), a Solana memecoin that was launched this week, is aiming to challenge other memecoin giants, such as Shiba Inu (SHIB) and Dogecoin (DOGE).
Early investors in SHIB and DOGE made astronomical returns, and Gold Pepe presents a similar opportunity.
Gold Pepe has a market cap below $15,000 at the moment, meaning that when it just reaches a modest market cap of $400,000-$800,000, early investors would generate returns of 2,000%-5,000% in a matter of days or hours.
The exciting memecoin is poised to rally 11,000% in the coming two days before it will be listed on KuCoin – a massive cryptocurrency exchange – and Gold Pepe could potentially reach a multi-million dollar market cap within a few weeks.
Currently, Gold Pepe can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy Gold Pepe on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Gold Pepe by entering its contract address – 5EZoavSMtfuq3dQuyQsYqUgmD7avZJEZMYpLtpZFBgYz – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like GOLDPEPE.
Ethereum-based memecoin Pepe surged 27% to a new all-time high over the past 24 hours, fueled by speculation surrounding the potential approval of spot Ether exchange-traded funds (ETFs) in the United States.
“PEPE is probably the best memecoin play for the ETH ETF,” crypto trader Matthew Hyland claimed in a May 21 X post.
Pseudonymous crypto trader “Kaleo” noted the irony in how ETH is moving, and PEPE has become one of the most obvious hindsight trades out there.
Ether has risen 23.28% over the past two days, reaching $3,785, amid renewed hope that the U.S. Securities and Exchange Commission (SEC) may approve spot Ether ETFs by a May 23 deadline.
This unexpected development has caught analysts and the crypto industry by surprise.
Pepe (PEPE) is currently trading at $0.00001387, up 23.48% over the past 24 hours, according to CoinMarketCap data.
Pseudonymous crypto trader “Plazma” believes PEPE’s upward trend will continue but anticipates brief periods of volatility.
READ MORE: Kraken Affirms No Plans to Delist Tether in Europe Amid MiCA Compliance Review
“PEPE price discovery should continue for the next few weeks with some normal breaks for a few days and the usual pullbacks.
“We will be at 2x-3x in just a few weeks,” they wrote in a May 21 X post.
Meanwhile, PEPE’s open interest (OI) — the total value of all outstanding PEPE futures contracts across crypto exchanges — increased 40% to $172.96 million over the past 24 hours, according to CoinGlass data.
An OI rise typically indicates traders are more confident in entering future positions on a cryptocurrency, with data showing a significant number in long positions.
If PEPE’s price drops 6%, it would liquidate $10 million in long positions.
PEPE led price growth among the top 10 memecoins by market capitalization over the past 24 hours, but other top memecoins also saw significant price increases over the past week.
Bonk (BONK) rose 40.80%, Floki (FLOKI) increased 21.94%, and Book of Memes (BOME) climbed 25.04%.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Gay Elon Musk (GAYELON) could turn early investors into multi-millionaires if it becomes a mainstream coin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Gay Elon Musk (GAYELON), a new Solana memecoin that was launched this week, is poised to explode over 14,000% in price in the coming days.
This is because GAYELON has announced its first centralized exchange listing, which will be on KuCoin.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Gay Elon Musk can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Gay Elon Musk could become the next viral memecoin.
Gay Elon Musk launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Gay Elon Musk on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Gay Elon Musk by entering its contract address – AErKQkbiSgsRMT1GmS7XW5tWkpSmdT1zdVJCMv1unvBH – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like GAYELON.
Former United States House of Representatives Speaker Nancy Pelosi is reportedly considering supporting the Republican-led crypto bill, the Financial Innovation and Technology for the 21st Century Act (FIT21).
According to U.S. political magazine The American Prospect, Pelosi, now Speaker Emerita and no longer in the Democratic Party leadership, may endorse the bill that could be voted on in the House on May 22.
FIT21 aims to clarify the division of authority over crypto assets between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
If enacted, the bill would revise the 90-year-old Howey test, which determines what assets are considered securities, and would largely remove crypto from SEC oversight.
The crypto industry has welcomed FIT21, as many believe it clarifies the currently ambiguous regulatory framework for digital assets.
Mark Hays, a senior policy analyst on fintech with Americans for Financial Reform, stated to The American Prospect that “the bill delivers what the industry has sought for some time: a regulatory regime mostly dominated by the CFTC, which has been far more accommodating of the industry.”
If Pelosi backs the bill, she would be opposing key Democrats like Maxine Waters and David Scott, who both stand against it.
However, leaked emails indicate they will not rally House Democrats to vote against it.
READ MORE: Pyth Price Feeds Launches on Orange – A UGC-Focused L1 Blockchain
Pelosi’s potential support for the pro-crypto bill is part of a broader trend among some Democrats warming to crypto, with analysts suggesting this may be an effort to gain support from pro-crypto voters.
For instance, a possible SEC U-turn on spot Ether fund approvals is seen as part of this effort.
Nevertheless, financial reform groups and anti-crypto Democrats argue that the bill would dismantle decades of financial regulations to favor the crypto industry.
“This is not about supporting crypto; this is about trying to navigate the threat of promises from super PACs,” said Hays.
The crypto industry has leveraged super PACs—political action committees that can raise unlimited funds—to back pro-crypto candidates in the upcoming U.S. elections.
Opposing Democrats, such as Senator Elizabeth Warren, view these super PACs as a significant threat as crypto gains influence in this year’s elections.
On May 21, North Carolina Representative Wiley Nickel urged lawmakers to support FIT21 to prevent the SEC from “turning cryptocurrency regulation into a political football.”
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
On Tuesday, May 21, BlackRock‘s spot Bitcoin exchange-traded fund (ETF) dominated the market, accounting for 95% of the total inflows into United States spot Bitcoin ETFs. Together, these ETFs saw over $300 million in net inflows.
Preliminary data from Farside Investors revealed that BlackRock’s iShares Bitcoin Trust (IBIT) experienced substantial inflows of $290 million on May 21. The combined net inflow for all eleven ETF issuers was $305.7 million.
This marks the highest inflow for BlackRock’s ETF since April 5, breaking a six-week streak of negligible inflows.
The recent figure surpasses the total inflows for the previous 21 trading days combined.
In total, spot Bitcoin ETFs have attracted more than $1 billion over the last four trading days amid a volatile Bitcoin rally.
With these latest numbers, BlackRock’s fund has reached $16 billion in total inflows since its inception, according to Farside Investors.
Nonetheless, the official product website lists the assets under management (AUM) at $19 billion.
This brings BlackRock’s IBIT close to the industry leader, Grayscale, which reports $20 billion in AUM for its Grayscale Bitcoin Trust (GBTC) ETF.
On May 21, GBTC recorded zero outflows, marking five consecutive days without a net outflow.
Over the past five days, it has seen inflows totaling $72.5 million, ending a four-month streak of steady outflows.
READ MORE: Global Bitcoin ATM Numbers Decline for the First Time Since July 2023
However, not all ETFs fared well on Tuesday.
The VanEck Bitcoin Trust ETF experienced outflows of $5.9 million, while the Bitwise Bitcoin ETF saw $4.2 million in outflows.
Conversely, the Fidelity Wise Origin Bitcoin Fund had minor inflows of $25.8 million, while the others remained unchanged.
The surge in Bitcoin ETF inflows has been fueled by a recent rise in BTC prices, which climbed 12% over the past week.
On May 21, BTC hit a six-week high of $71,600 but dropped below $70,000 in early Asian trading on May 22. At the time of writing, it was priced at $69,444.
Additionally, speculation that the U.S. Securities and Exchange Commission might approve spot Ether ETFs has lifted crypto markets since May 20.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Early investors in memecoins like Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) made astronomical returns, and Biden in a Dogs World (BIDDOG) presents a similar opportunity for a limited time.
Biden in a Dogs World (BIDDOG), a newly launched Solana memecoin, is poised to explode over 14,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) investors pour funds into this new token.
BIDDOG will be listed on KuCoin, one of the largest centralized exchanges in the world, within a few days – and this is a massively bullish development for the token, as millions of new investors will easily be able to buy Biden in a Dogs World.
Currently, Biden in a Dogs World can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy BIDDOG on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Biden in a Dogs World by entering its contract address – bUv1o6DFK5Wa7V1SY2HoFTUmaZSQ58eKqk5rKxvWuZr – in the receiving field.
BIDDOG currently has a market cap of just under $13,000, with over $4,000 in locked liquidity, meaning it has huge upside potential.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.