South Korea taking steps to ban Bitcoin. The news shining a light on regulation of cryptocurrency, and ways government can and would step in. InfoTech's President and CEO Matti Kon explains the need for regulation for potential dangers in this space.
Kon explains that governments cracking down on the crypto space is not a new thing. What is different in this case is the amount of power and weight South Korea holds in the field. The obsession with cryptocurrency has hit strikingly high numbers. This meant the crypto industry took a hit after the South Korea news.
South Korea also has a high unemployment rate. For some in the country, the obsession spilled into an opportunity to bring in revenue.
On the negative side of crypto trading, Kon explains that cryptocurrencies do have ties to the dark web and dark activity. Cryptocurrency is helping to fund crime around the world.
Advertisers are fleeing social media platform X over concerns about their ads showing up next to pro-Nazi content, hate speech on the site in general or billionaire owner Elon Musk’s own posts endorsing an antisemitic conspiracy theory.
The Energy Department is making a push to strengthen the U.S. battery supply chain, announcing up to $3.5 billion for companies that produce batteries and the critical minerals that go into them.
Ed Egilinsky, managing director and head of sales and distribution & alternatives with Direxion, joined Cheddar News to discuss how bond traders are reacting to the latest consumer price index data and how they're positioning portfolios ahead of next week's release of Nvidia's earnings. Egilinsky also discussed some of the other bigger-cap companies, including Alphabet, Amazon and Apple.
Facebook and Instagram will require political ads running on their platforms to disclose if they were created using artificial intelligence, their parent company announced on Wednesday.
