In the ever-evolving world of cryptocurrency, significant developments have taken place today. Pro-crypto attorney John Deaton clinched the Republican nomination for the U.S. Senate in the Massachusetts primary, positioning himself against Democratic Senator Elizabeth Warren in November. In another development, the SEC charged fund adviser Galois Capital Management for failing to safeguard investor assets during the FTX collapse. Furthermore, Elon Musk, the tech titan, introduced the world to a colossal artificial intelligence training system named Colossus. Stay updated with the latest news and trends from the cryptocurrency sphere.
Pro-Crypto Attorney John Deaton Emerges Victorious in U.S. Senate Primary
The cryptocurrency community received a jolt as pro-crypto attorney John Deaton emerged victorious in the Republican nomination for the U.S. Senate in the Massachusetts primary election on Sept. 3. The victory positions Deaton to contest against Democratic Senator Elizabeth Warren in the upcoming November election. John Deaton, a former Marine and an outspoken advocate of Ripple (XRP), managed to secure an impressive 64% of votes in Massachusetts, quickly solidifying his presence in the political arena. This development sets the stage for an intriguing battle between Deaton and Senator Warren, who is recognized for her stringent anti-crypto stance
in the upcoming Senate race.
SEC Charges Galois Capital for Failing to Safeguard Customer Deposits During FTX Collapse
In a separate yet significant turn of events, the SEC has charged fund adviser Galois Capital Management for their failure to properly custody investors’ assets, particularly during the FTX cryptocurrency exchange collapse. The securities regulator cited violations of its custody rule, which mandates that investment advisers who safeguard client funds must do so through a qualified custodian, such as a bank or registered broker-dealer. Galois was charged for holding crypto assets in online trading accounts, including during FTX's turmoil, which resulted from a liquidity crisis and company mismanagement. Despite the regulatory challenges faced by the crypto industry, the United States is home to at least 12 qualified digital asset custodians, demonstrating the regulatory efforts to improve investor protection within the cryptocurrency space.
Elon Musk Introduces Colossus: The Most Powerful AI Training System
Billionaire entrepreneur Elon Musk, renowned for his groundbreaking initiatives, revealed the launch of Colossus, the remarkably potent artificial intelligence training system. This new system, manufactured by his AI development and research company, xAI, has been introduced as the world’s most powerful AI training system. Boasting the deployment of 100,000 H100 training clusters, the Colossus AI system is set to double in size over the next couple of months, taking it to an astounding 200,000. Musk underlined the magnitude of the accomplishment by comparing it with leading competitors, highlighting the significant scale of the development. The unveiling of Colossus has set a new benchmark for AI technology, stirring up much anticipation within the tech and cryptocurrency communities.
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(Cointelegraph, 2024)