Bitget Launches Blockchain4Youth Initiative

Bitget, a cryptocurrency derivatives exchange, has announced a new corporate social responsibility project, Blockchain4Youth, aimed at promoting cryptocurrency education among the younger generation. The initiative will allocate $10 million over five years towards providing blockchain courses and certifications through Bitget Academy and hosting campus lectures in partnership with universities worldwide. Bitget will also collaborate with other leading blockchain firms to incubate innovative projects by young entrepreneurs and host U30 (Under the age of 30) hackathons to identify the most promising ones.

Blockchain4Youth will commence this month with a series of campus lectures on Web3 held in universities across Taiwan, Vietnam, and Thailand. Bitget Academy courses will also be available around the same time. The exchange is open to partnerships with educators for this novel initiative.

Bitget has around 8 million users across more than 100 countries. According to a recent Bitget survey involving more than 250,000 respondents, 46% of millennials across major economies such as the United States, China, Japan, Germany, Nigeria, and Indonesia currently own cryptocurrencies compared to 25% of Gen X, 21% of Gen Z, and 8% of baby boomers. Furthermore, 27% of millennials and 36% of Gen Z respondents said they considered cryptocurrency regulation an important factor when voting for political candidates.

This initiative comes as Binance Charity pledged to provide over 30,000 scholarships in 2023. The organization says it has committed $23 million to 32 Web3 social projects since its inception in 2018. At the time of the announcement, over 82,000 applicants were interested in joining the next cohort, equating to an acceptance rate of about 37%. The success of such initiatives highlights the growing interest and importance of cryptocurrency education and innovation in the blockchain industry.

As cryptocurrencies and blockchain technology continue to gain mainstream adoption, Bitget’s Blockchain4Youth initiative seeks to address the need for greater understanding and knowledge among young people. The project aims to provide a platform for the next generation of entrepreneurs to develop innovative solutions and drive the growth of the industry forward. With its commitment to corporate social responsibility, Bitget is setting an example for other blockchain firms to follow, and this initiative could pave the way for further investment in cryptocurrency education and innovation.


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Coinbase vs SEC: Legal Battle Heats Up

Coinbase, the largest US-based cryptocurrency exchange, has been embroiled in a legal battle with the US Securities and Exchange Commission (SEC) over regulatory clarity for trading digital assets. On May 4th, Coinbase’s chief legal officer Paul Grewal announced that the US Court of Appeals for the Third Circuit has responded to the complaint against the SEC, marking a significant development in the ongoing legal battle.

The court’s response was a text-only order, instructing the SEC to respond to Coinbase’s writ of mandamus within ten days. A writ of mandamus is a court order that compels an inferior government official to fulfill their official duties properly. The court also granted Coinbase the right to file a reply to the SEC’s response within seven days of the filing.

Coinbase filed a lawsuit in April, requesting that the court compel the SEC to publicly disclose its stance on a petition submitted several months prior. The petition posed 50 specific questions about the regulatory treatment of certain digital assets, covering topics such as how tokens are classified as securities and seeking clarification on various other matters.

Despite the lack of public response to the petition, the SEC has increased enforcement and issued warnings to crypto exchanges. The commission has even issued a Wells notice to Coinbase in the past, warning the company that the SEC may follow with an enforcement action.

Due to the ongoing regulatory issues faced by the company, US investment bank Citigroup has downgraded the shares of the crypto exchange from “buy” to “neutral,” and has also lowered its price target. The bank has cited “too many unknowns” as the reason for this downgrade. According to Citi analyst Peter Christiansen, the downgrade will remain in place until the regulatory “rules of the road” are better established in the United States.

The legal battle between Coinbase and the SEC highlights the need for greater regulatory clarity in the cryptocurrency industry. While the industry has seen rapid growth in recent years, the lack of clear guidelines from regulatory bodies has led to confusion and uncertainty for businesses and investors alike. As the battle between Coinbase and the SEC continues, it remains to be seen how the regulatory landscape for digital assets will evolve in the United States and beyond.


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WSB Token Team Member Allegedly Dumps Coins

The world of cryptocurrency has seen its fair share of volatile market movements, but none quite as eventful as the launch of the WSB Coin token project. Launched on May 2, by moderators of the popular trading subreddit r/WallStreetBets, the token claimed to be the official memecoin of Wall Street Bets. This subreddit gained notoriety after the GameStop short squeeze, which sent hedge funds reeling in January 2021.

The creators of the WSB token claimed that there would be no allocation for the team and that 10% of the coins would be reserved for the subreddit. The website touted it as the “fairest launch memecoin you will find with no team allocation and no presale. Just a free airdrop and some coins for the community. 10% of the $WSB supply is reserved as a treasury for the r/wallstreetbets sub to do with as they please.”

However, just days after the launch, the cryptocurrency community was hit with shocking news that one of the token’s team members had started dumping massive amounts of tokens. On May 4, on-chain detective ZachXBT tweeted that “zjz.eth,” who runs the moderation bots for the subreddit, had allegedly pulled the rug on WSB investors. According to on-chain data, zjz.eth had sold WSB coins in exchange for 334 Ether (ETH), worth around $635,000 at the time of writing.

The market reacted accordingly, and the token price plummeted from an all-time high of $0.00067279 to an all-time low of $0.00004827 in just two days. Community members were quick to warn others not to buy the dip as the moderators still had access to 10% of the total supply. The incident has raised concerns among the community members, who feel betrayed by the moderators of the subreddit.

Meanwhile, another moderator who goes by the name WSBmod, has threatened to report those involved in the dump to the police and the FBI if they don’t come forward. The moderator urged zjz.eth to return the money and claimed that they had identified the team member responsible for the dump. However, the identity of the team member is still unknown.

This incident is a stark reminder of the risks involved in investing in cryptocurrencies, especially when dealing with new tokens that are not yet widely accepted. The WSB token project had gained a significant following due to its association with the popular subreddit, but the rug pull has left many investors feeling cheated. It remains to be seen what actions the moderators of the subreddit will take to address the situation and regain the trust of their community.

In conclusion, while the cryptocurrency market may offer lucrative opportunities for investors, caution is advised, especially when investing in new and untested tokens. The WSB Coin dump is a clear example of the potential pitfalls that can arise when investing in such projects, and serves as a cautionary tale for investors in the cryptocurrency market.


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UK Regulator Examines AI Impact

The UK Competition and Markets Authority (CMA) has announced an examination of the impact of AI on consumers and the economy, with a focus on foundation models. The regulator plans to examine the development and deployment of applications like OpenAI’s ChatGPT against key principles, including safety, transparency, fairness, and accountability. The review will examine the competitive market for AI foundation models and their usage, as regulators aim to monitor how they can expand and present opportunities, along with risks to competition and consumers.

Sarah Cardell, the chief executive of the CMA, highlighted the importance of AI technologies, which have the potential to transform the way businesses compete and drive substantial economic growth. However, she also stressed the need for businesses and consumers in the UK to have access to the potential benefits of AI technologies while being shielded from fake information. AI-generated fakes have already started populating the web, resulting in lawsuits. As such, the CMA aims to help develop AI in ways that ensure open, competitive markets and effective consumer protection.

In addition, the review is intended to produce “guiding principles” for the protection of consumers and support healthy competition as the technologies develop. A report on the findings is scheduled to be published in September 2023, and the announcement follows the publication of a white paper on AI from the UK government in March 2023.

The UK government is committed to ensuring the country is prepared for the opportunities and challenges of AI, with a task force set up to accelerate the country’s AI readiness. The Prime Minister and Technology Secretary revealed funding of 100 million British pounds ($124.8 million) to support the task force on April 25. The task force aims to identify opportunities to use AI to transform industries, create jobs, and increase productivity.

The CMA’s examination of AI reflects the growing importance of the technology and its potential impact on the economy and society. As the use of AI continues to expand, it is important to ensure that it is developed and deployed in ways that are transparent, accountable, and fair, and that protect the interests of consumers and promote healthy competition. With the publication of its findings in September 2023, the CMA’s review will provide valuable insights into the current state of AI in the UK and its potential for the future.


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