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Crypto Broker Genesis to Pay $8 Million, Forfeits NY License

Plus List of Weird AI Gadgets like AI Toothbrush

They are required to pay an $8 million penalty and surrender their cryptocurrency license. This action comes after an investigation revealed significant shortcomings in the company's anti-money laundering and cybersecurity programs.

Genesis failed to maintain an effective compliance program for anti-money laundering and the Bank Secrecy Act requirements.

This included inadequate filing of Suspicious Activity Reports. As a result, Genesis will give up its "BitLicense." This license is necessary for cryptocurrency companies in New York. Genesis has held it since 2018.

“Genesis Global Trading’s failure to maintain a functional compliance program demonstrated a disregard for the Department’s regulatory requirements and exposed the company and its customers to potential threats,” said NYDFS Superintendent Adrienne Harris.

Our Opinion:

Such penalties can act as an assurance to wary investors that there's an active guard against illegal practices. Cryptocurrency regulation is still a relatively new and evolving landscape. Often, it may lack clarity, leading to misunderstanding and inadvertent violation by companies. Thus, hitting firms with hefty charges may seem harsh considering the relative infancy and gray areas that still exist within the regulatory framework. This story highlights the challenges and risks inherent in the rapidly evolving landscape of alternative finance, emphasizing the need for clear and consistent regulatory guidelines.

Weird Yet Wonderful AI Finds at CES 2024

The CES event is a global stage for innovators to display their newest technologies. The 2024 edition will have a focus on AI, robotics, virtual reality and autonomous vehicles, with many start-ups getting the chance to show their creative solutions. Attendees can make the most of the event by planning ahead and using provided guides and maps.

List of Peculiar AI gadgets:

"A smart cat flap"
"An AI mirror that can tell if you're unhappy"
"An AI toothbrush"
"A suitcase that follows you around"
"AI Glasses for your health”
“AI-powered birding binoculars”
“An app that lets you pay to pee”
“A bidet you can talk to”
An AI-powered stroller that rocks your baby for you”
“A TV that folds into a statue”

Sources: TechCrunch, Forbes, Yahoo Finance

Headlines You Don’t Want to Miss

Launch of the GPT Store by OpenAI The store expands the access to AI chatbots, allowing creators to set their prices for businesses to use these chatbots. OpenAI aims to make AI more accessible and give creators a way to monetize their work. There is potential for a sharing economy of AI chatbots, similar to platforms like Etsy for handmade goods

Microsoft surpassing Apple to become the world's largest company Microsoft's stock closed up more than 1% on the trading day, while Apple's shares fell slightly. Microsoft is now valued at $2.45 trillion, while Apple is valued at $2.43 trillion. This shift in market cap rankings underlines the continuing demand for Microsoft's enterprise software and cloud services, while Apple's newer services divisions are not growing as quickly as its hardware business.

Generative AI in Smartphones “New Upgrade” Qualcomm CEO, Cristiano Amon, asserts that generative AI capability in smartphones could transform industries such as music production and content creation.Amon envisions a future where smartphones come with embedded AI in their chipset, shifting the paradigm from ‘consumptive' devices to 'generative' machines. Implementing AI in smartphones could lead to a more personalized, efficient, and unique user experience.

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