Daily Digest - 5th May 2023

Headlines

▌Florida Governor: The Biden Administration Wants to Ban Cryptocurrencies

Florida Governor Ron DeSantis said at a recent press conference that the Biden administration wants to ban cryptocurrencies, they don’t like cryptocurrencies because they can’t control cryptocurrencies, so they want to put everything in the central bank In digital currency (CBDC). DeSantis, who may be a presidential candidate in next year's election, has previously accused President Biden of surveillance and control through CBDC technology. DeSantis said this week that legislation to ban central bank digital currencies in the state is advancing. But if the Fed or the Treasury tries to do it unilaterally, in Florida, we will prohibit that. And I think it's about making sure people are financially independent and making sure we don't have a financial surveillance country where they know every single transaction you're making.

Policies

▌Florida Legislature Votes to Approve CBDC Ban

The US state of Florida responded to Governor Ron DeSantis' call to ban the use of CBDC statewide. Known as HB 7049, the bill, which amends the Uniform Commercial Code (UCC) to include a definition of a CBDC, effectively bans CBDCs from being used statewide as currency, is expected to go into effect on July 1 after Gov. Ron DeSantis gets his stamp of approval.

Cryptocurrency

▌A DOGE address that had been dormant for about 9.3 years was activated

According to WhaleAlert monitoring, a DOGE address that had been dormant for about 9.3 years was activated, and the address held 1,556,994 DOGE (worth about $123,155).

▌Northern Trust executive: Cryptocurrency has lost its appeal for institutional investors

Justin Chapman, head of digital assets and financial markets at Northern Trust, said at the San Francisco Digital Assets Week Conference that cryptocurrencies have lost their appeal to institutional investors, and institutional investors will lose interest in cryptocurrencies after 2022. Their interest in cryptocurrencies has yet to recover, even with an upward trend this year. Chapman said that institutions have shifted their attention to the underlying blockchain technology of cryptocurrencies, and we are not so concerned about the asset class because customers are not currently concerned, so we do not see interest from customers to include it in their investment portfolios. If that changed, as a company we could consider these businesses, but from an institutional standpoint it has certainly lost its 'gloss'.

▌White House Meets With AI Leaders in Attempt to 'Protect Our Society'

United States President Joe Biden’s administration reiterated its commitment to help foster responsible artificial intelligence (AI) development, as Vice President Kamala Harris met with CEOs from top companies building and researching AI products and tools. The recent surge in AI advancements—driven in large part by the success of OpenAI’s ChatGPT program and subsequent developments—has propelled discussions on ethical and conscientious AI practices to the forefront of public discourse. “AI is one of the most powerful technologies of our time, but in order to seize the opportunities it presents, we must first mitigate its risks,” the administration wrote in a statement. “President Biden has been clear that when it comes to AI,” the statement continued, “we must place people and communities at the center by supporting responsible innovation that serves the public good while protecting our society, security, and economy.” The meetings today, the administration said, were intended to underscore this responsibility and emphasize the importance of trustworthy, ethical innovation with safeguards that mitigate risks and potential harms to individuals and our society.