Alibaba Group, a leading e-commerce company in China, is making strides in the world of artificial intelligence (AI) by becoming the first Chinese company to utilize Meta’s open-source AI model, Llama, for zero-cost program development.
According to a statement from Alibaba Cloud, the cloud computing arm of the conglomerate, a Llama 2-based solution has been deployed to enable businesses to create software and tools using AI.
This development marks the launch of the first training and deployment solution for the entire Llama 2 series in China, welcoming developers to build custom large models on Alibaba Cloud.
Meta, the company behind Llama 2, introduced this model as a free-to-use service in July 2023, aiming to compete with existing AI models such as OpenAI’s ChatGPT and Google Bard.
For companies with less than 700 million monthly active users, Llama 2 will remain free to use.
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Despite this collaboration with Alibaba, Meta emphasized that Microsoft remains its preferred partner for developing its generative AI tool.
However, Llama 2 will be readily available for research and commercial use.
Meta’s approach is open, allowing more businesses worldwide to access foundational AI technology.
This includes supporting companies that are building products on Llama 2, integrating the model into cloud providers’ offerings, and promoting research efforts for the safe and responsible deployment of large generative models.
By leveraging Llama 2’s large language model, Alibaba Cloud joins the ranks of prominent cloud computing services like Amazon Web Service (AWS) in utilizing this cutting-edge technology.
The integration of Meta’s AI model into Alibaba’s operations could also potentially strengthen ties with China. Meta’s Facebook has been banned in the country since 2009, along with other Western-based social media and content platforms like Twitter and YouTube.
This strategic move by Alibaba comes at a time when the United States has restricted the sale of certain AI processing hardware chipsets in June 2023, aiming to maintain a competitive advantage in the rapidly evolving AI tools sector.
Overall, Alibaba’s adoption of Meta’s Llama 2 model represents a significant step forward for Chinese companies embracing AI technologies, and it could have broader implications for international collaborations in the field of AI development.
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Representative Patrick McHenry, Chairman of the House Financial Services Committee (FSC), made a significant announcement regarding legislation aimed at providing regulatory clarity for the digital asset ecosystem.
The committee’s upcoming meeting on July 26 will focus on the markup of several bills, including H.R. 4763, the Financial Innovation and Technology for the 21st Century Act; H.R. 4766, the Clarity for Payment Stablecoins Act of 2023; and H.R. 1747, the Blockchain Regulatory Certainty Act, among others.
Of particular importance is the markup of the Clarity for Payment Stablecoins Act, introduced by Chairman McHenry, which seeks to establish clear regulations for stablecoins designed for use in payments.
The move comes in response to the growing need for regulatory frameworks that address the unique characteristics of digital assets.
One day after introducing the Financial Innovation and Technology for the 21st Century Act, U.S. Representative French Hill, Chairman of the Subcommittee on Digital Assets, emphasized the importance of a functional regulatory framework in protecting investors from financial fraud.
He highlighted that such legislation could have prevented incidents like FTX stealing billions of customer funds.
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The proposed bills also aim to establish robust consumer protections and clear rules for market participants.-
In parallel to these legislative efforts, the U.S. Department of Justice (DoJ) is taking action to tackle crypto-related crimes.
The DoJ has decided to merge two teams, the Computer Crime and Intellectual Property Section (CCIPS) and the National Cryptocurrency Enforcement Team (NCET), to create a larger structure with increased resources.
This consolidation will result in more than double the number of criminal division attorneys available to handle cryptocurrency-related cases.
Any CCIPS attorney may now potentially be assigned to work on an NCET case, strengthening the DoJ’s capabilities in combatting crypto crime.
These developments signal a growing recognition of the importance of regulatory clarity in the digital asset space.
The proposed legislation and the DoJ’s increased focus on crypto-related crimes demonstrate the government’s commitment to fostering a secure and transparent digital asset ecosystem while safeguarding investors and consumers.
The markup scheduled for July 26 marks a significant step toward achieving these objectives.
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Binance CEO Changpeng “CZ” Zhao recently issued a warning about the growing menace of phishing attacks in the cryptocurrency industry.
On July 21, CZ took to Twitter to caution his followers about the prevalence of social engineering scams and urged cryptocurrency exchange users to adopt more secure measures for two-factor authentication (2FA).
In light of recent incidents, CZ’s concerns gained significance. The day before, Uniswap founder Hayden Adams fell victim to a Twitter account compromise.
The attacker attempted to scam Adams’ followers using a malicious link, leading Crypto Twitter members to identify and warn against the scam.
Adams was able to regain control of his account within a few hours and assured his followers of updates to come.
This surge in social engineering attacks has become a concerning trend in the cryptocurrency realm.
In early July, LayerZero CEO Bryan Pellegrino was also targeted in a SIM swap attack, granting hackers temporary control of his Twitter account.
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Pellegrino suggested that the attackers exploited his discarded speaker badge from the Collision conference.
Blockchain security experts have raised red flags about the potential for further social engineering hacks, such as SIM swap attacks, in the future.
SlowMist’s chief information security officer, known as “23pds,” emphasized that these attacks do not necessitate advanced technical skills.
He pointed out that SIM swap hijacking has been on the rise, as demonstrated by recent incidents and Cointelegraph’s coverage of SIM swap hacks.
To safeguard against such attacks, 23pds and other cybersecurity experts recommended several protection measures, including avoiding reliance on SIM card-based 2FA verification.
Instead, users are advised to opt for more secure methods like Google Authenticator or Authy.
In conclusion, cryptocurrency industry leaders like CZ and Hayden Adams have brought attention to the growing threat of phishing and social engineering scams.
As the number of attacks rises, it is crucial for users to stay vigilant and adopt more secure authentication practices to protect their digital assets and personal information from malicious actors.
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On July 13, 2023, Judge Analisa Torres of the United States District Court made a significant ruling declaring that Ripple’s XRP token should not be classified as a security when traded on retail digital asset exchanges.
This decision came as a major victory for Ripple and the entire cryptocurrency community in the United States.
Stuart Alderoty, Ripple’s chief legal officer, emphasized that the ruling debunks the U.S. Securities and Exchange Commission’s (SEC) theory that a token can be considered an investment contract and, therefore, a security.
He believes this ruling puts an end to the SEC’s dominance in the crypto space and its tendency to settle with smaller players who lack resources to challenge them.
Despite the positive outcome for Ripple, New York Representative Ritchie Torres raised concerns regarding the lack of protection for retail investors in securities law.
Torres advocated for a market structure bill to safeguard average American consumers in the crypto market.
He highlighted the importance of distinguishing between digital assets and securities within investment contracts, and the need to differentiate between institutional and retail buyers.
According to Torres, if a crypto token is purchased directly from an issuer or promoter by an institutional buyer, it qualifies as a security offering.
However, if the same token is acquired by a retail customer on an exchange, it falls outside the scope of securities law.
This distinction calls for a comprehensive market structure bill that can establish a reliable regulatory framework for digital assets.
The Representative revealed that he has been actively negotiating with Republicans in the House Financial Services Committee to craft a crypto market structure bill that balances robust regulation with protecting retail investors from bad actors.
While he personally supports blockchain technology and its potential to revolutionize various sectors, Torres asserted that policymakers’ role is to create a framework for regulating digital assets and safeguarding investors and consumers, irrespective of their personal views on the utility of cryptocurrencies.
Torres underlined the urgency of passing a market structure bill alongside the Ripple decision to provide clarity and protect retail customers.
He aimed to shield crypto innovators from arbitrary enforcement and, more importantly, ensure the safety of individual investors.
The combination of the Ripple ruling and a market structure bill would create a much-needed regulatory structure for the rapidly evolving crypto industry.
Clarity in regulations is deemed essential to enable the growth and success of blockchain technology and cryptocurrencies in building a more efficient and secure payment system, known as Web3.
Torres’ advocacy focused on the importance of addressing the shortcomings of the current status quo to provide a safer environment for retail customers investing in digital assets.
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Indonesia is accelerating plans to establish its first national cryptocurrency exchange, with the launch anticipated in the upcoming weeks, as confirmed by the country’s Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti.
Bappebti intends to inaugurate the exchange in July 2023, as reported by local media outlet Tempo. According to Bappebti’s head, Didid Noordiatmoko, the national exchange will be the exclusive platform for cryptocurrency transactions in Indonesia.
The final rules for the stock exchange have been agreed upon, and procedures for customer identification, known as Know Your Customer (KYC) norms, have been part of the discussions.
The CFTRA has tested an integrated application that would facilitate transactions on the exchange. A recent system integration test between traders, exchanges, clearing, and depository has been successfully conducted, according to Noordiatmoko.
Bappebti’s strategy is to restrict the sale of cryptocurrencies to local transactions while keeping pace with global market trends.
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This includes Bappebti-sanctioned cryptocurrency pricing.
Trade Minister Zulkifli Hasan has been updated on the project’s progress. Unless further instructions are received, Bappebti will authorize the permit, allowing licensed traders a month to register with the exchange.
The plan to launch the national cryptocurrency exchange dates back to 2021, beginning as a collaboration between state-backed telecom firm owners and Binance, a major global cryptocurrency exchange. Binance upped its stake in the Indonesian crypto asset trader Tokocrypto in late 2022.
While the original launch target was December 2022, later moved to June 2023, delays have pushed the debut to July 2023.
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Chainlink Labs, the development firm behind the Chainlink protocol and its native token, LINK, has introduced its cross-chain protocol to facilitate interoperability between traditional financial institutions and public and private blockchains.
In a recent blog post on July 17, Kemal El Moujahid, the Chief Product Officer of Chainlink Labs, announced the launch of the Cross-Chain Interoperability Protocol (CCIP) on Ethereum, Avalanche, Polygon, Arbitrum, and Optimism. Starting July 20, developers on these platforms will be able to access CCIP on their respective testnets.
CCIP is an interoperability protocol designed to enable enterprises to transfer data and value directly between public or private blockchain environments from their backend systems.
Chainlink’s solution for interoperability leverages Swift’s messaging infrastructure, which is widely used by more than 11,000 banks globally to facilitate international payments and settlements.
In 2021 alone, the network processed approximately $1.8 quadrillion in transactions from its 11,000 member banks, as reported by the United States Financial Crimes Enforcement Network.
Sergey Nazarov, the co-founder and CEO of Chainlink, explained that CCIP aims to bridge the gap between the on-chain and off-chain worlds, much like TCP/IP transformed the fragmented early internet into the unified global internet we know today.
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Nazarov emphasized that an interoperability solution capable of seamlessly transmitting value between networks is a crucial foundation for a blockchain-powered society.
Several notable financial institutions, including BNY Mellon, BNP Paribas, Citi, Australia and New Zealand Banking Group, Clearstream, Euroclear, and Lloyds Banking Group, are exploring the use of Chainlink’s interoperability solution, according to the company.
Aside from the integration of CCIP with five blockchains, the decentralized finance protocol AAVE plans to implement the interoperability solution, while the decentralized derivatives platform Synthetix is already live on the CCIP mainnet.
Following the launch of CCIP on the mainnet, the price of Chainlink’s LINK token experienced a 9.7% surge in the previous eight hours, reaching $7.27, while the rest of the market remained relatively stable, according to CoinGecko.
Cointelegraph contacted Chainlink Labs for further comment but did not receive an immediate response.
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The Eighth Judicial District Court of Nevada has approved a request from the state’s Financial Institutions Division (NFID) to place cryptocurrency custodian Prime Trust under receivership until a hearing can be held to determine the reasons behind the petition.
On July 14, the Nevada court issued an order appointing a receiver for Prime Trust, following a petition filed by the state financial regulator on June 26.
Prime Trust will have an opportunity to present its case against the petition during a hearing scheduled for August 22.
According to the NFID, the court-appointed receiver will assume control of Prime Trust’s day-to-day operations to identify the best course of action to safeguard the interests of the company’s clients.
The court order explicitly restricts Prime Trust’s employees and executives from taking actions that would interfere with the court’s decision.
Court documents indicate that Prime Trust consented to the receivership petition brought forth by the Financial Institutions Division, citing a significant discrepancy between the company’s assets and liabilities.
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The Nevada financial regulator had urgently requested the appointment of a receiver due to concerns about the potential for irreparable harm to users, the public, and the overall confidence in the cryptocurrency market.
The Financial Institutions Division had previously issued a cease-and-desist order to Prime Trust on June 21, stating that the company was unable to fulfill customer withdrawal requests.
As stated in the petition filed on June 26, Prime Trust owed its clients more than $85 million in fiat currency and $69.5 million in cryptocurrency.
However, the firm reportedly held only around $2.9 million in fiat currency and $68.6 million in cryptocurrency.
Prior to encountering financial difficulties, Prime Trust had been in discussions with BitGo, a provider of wallet infrastructure and digital asset custody services, regarding a potential acquisition.
However, on June 22, shortly after the NFID issued the cease-and-desist order, BitGo officially called off the deal.
The court’s decision to place Prime Trust under receivership signifies a significant development in the ongoing situation, as it allows for an impartial assessment of the company’s financial state and potential actions to protect the interests of its clients.
The upcoming hearing will provide an opportunity for Prime Trust to present its arguments and potentially address the concerns raised by the Financial Institutions Division.
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The CEO of Haun Ventures, Katie Haun, a former federal prosecutor turned chief executive of a crypto-focused venture capital fund, expressed her surprise at the possibility of an immediate appeal from the United States Securities and Exchange Commission (SEC) regarding the Ripple case ruling.
Haun believes that the SEC benefits from the lack of legal clarity in the current situation.
On July 13, Judge Analisa Torres granted a partial summary judgment in favor of Ripple Labs, determining that XRP is not a security.
While some commentators speculated that the SEC might appeal the decision, Haun took to Twitter on July 15 to explain her skepticism about an immediate appeal.
She stated that the SEC likely wants to maintain the current confusion as it works in their favor, and losing on appeal could put their future enforcement actions at risk.
Haun’s perspective is supported by Ripple Labs CEO Brad Garlinghouse, who also believes that it will take several years before the SEC decides to lodge an appeal.
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Garlinghouse further suggested that an appeal from the SEC would only reinforce Judge Torres’ decision that XRP is not a security.
Jeremy Hogan, a U.S. lawyer and Ripple commentator, shared his belief that the SEC might launch an appeal after the scheduled trial between the SEC and Ripple concludes in early 2024.
The SEC is currently involved in lawsuits against prominent crypto exchanges Binance and Coinbase for alleged securities law violations.
The recent ruling in the Ripple case, while not a binding precedent, could potentially influence the outcomes of these cases.
In response to the ruling and the resulting confusion, many crypto commentators and lawmakers are urging Congress to provide legal clarity for the cryptocurrency industry.
Brian Quintenz, the former commissioner of the Commodity Futures Trading Commission and head of policy for crypto venture capital fund a16z, argued that the Ripple court ruling only adds to the existing uncertainty faced by entrepreneurs and builders in the crypto space.
U.S. Senator Cynthia Lummis emphasized the urgent need for Congress to establish a clear and comprehensive regulatory framework for the cryptocurrency industry, highlighting the significance of the recent ruling.
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XRP (XRP) has experienced a significant surge in price following a recent federal court ruling that deemed its sales on cryptocurrency exchanges compliant with United States securities laws.
On July 14, the XRP price encountered a minor setback, dropping by approximately 10% to $0.76. Nevertheless, it still maintained a notable 65% increase compared to the previous day’s lowest price.
During the past 24 hours, the XRP/USD pair reached its highest level at $0.93, marking its strongest performance since December 2021, coming close to breaching the $1 mark.
Analysis suggests that the ongoing surge in XRP’s price may not be a mere short-term reaction to the positive news regarding Ripple.
Several indicators point to the involvement of significant players in driving this rally. Notably, the duration of XRP’s substantial price increase coincides with a 10-month high in trading volumes.
Additionally, the number of XRP whale transactions, involving wallets holding over $100,000, has reached its peak in 2023, indicating support from wealthy investors.
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The fact that whales have been accumulating XRP rather than selling during this rally suggests their intent to position themselves for further gains.
Entities holding a balance of 100,000 to 10 million XRP tokens have seen an increase in supply, further bolstering this notion.
While XRP may test the crucial $1 level in the coming days from a technical perspective, the likelihood of its rally extending beyond that appears weak at present.
The pullback experienced on July 14 coincided with a resistance confluence formed by a long-term horizontal trendline and a descending trendline ceiling.
Furthermore, the weekly relative strength index (RSI) for XRP has entered overbought territory, increasing the possibility of a correction.
In the event of a pullback, the XRP price could decline towards its ascending trendline support near $0.45 by September, representing a 55% decrease from the current price level.
Alternatively, an overbought RSI could result in the XRP price consolidating within the $0.75–$1 range.
If the XRP price successfully surpasses the $1 mark, its next target by September is likely to be around $1.35, a resistance level observed during the August to December 2021 period.
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Bitcoin (BTC) long-term holders are reemerging as the price of BTC continues to climb, according to the latest analysis.
On July 13, Philip Swift, the creator of on-chain data resource LookIntoBitcoin, highlighted the classic behavior of “older” BTC investors during bull markets.
Despite the ongoing debate about how high BTC’s price could ultimately reach in this current cycle, one thing remains clear: Hodler behavior remains consistent.
The increase in BTC/USD, which has more than doubled in 2023, has resulted in an uptick in on-chain spending velocity, indicating profit-taking activities.
Swift shared a chart of the Value Days Destroyed (VDD) Multiple, a metric based on the Coin Days Destroyed (CDD) indicator.
The VDD measures the inactivity period each time BTC moves on-chain and compares it to the current BTC price, providing a 30-day result compared to the 365-day average.
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The chart shows that the current cycle aligns closely with previous cycles in terms of on-chain spending volume, indicating where we are in the current market cycle.
Swift explains that the VDD Multiple highlights when older coins begin entering the market for sale as long-term participants seek to capitalize on the price increase during major bull market cycles.
The VDD Multiple currently stands at 1.32, just below its peak of 1.37 in April 2023. Swift sees this as a sign of the “1st stage bull market.”
Checkmate, the lead on-chain analyst at Glassnode, praised the findings, emphasizing the remarkable consistency of market cycles and human reactions to similar stimuli.
Moreover, data from Glassnode highlights the temptation for hodlers to cash out at current prices. Bitcoin’s market-value-to-realized-value (MVRV) ratio for long-term holders (LTHs) and short-term holders (STHs) indicates that both groups are significantly in profit.
LTH coins, defined as dormant for at least 155 days, are now worth 1.52 times more than when they were last moved, while STH coins show a value increase of 1.12.
Previous reports have already highlighted the influence that STHs have on BTC price action.
With both long-term and short-term holders in profitable positions, it remains to be seen how these trends will impact BTC’s price movement going forward.
The consistent behavior of BTC hodlers in response to market conditions suggests that this cycle is following a similar pattern to previous ones.
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