Regulations
Zhipu Founder Advocates for Open Frontier AI, Potentially at Odds with Government Direction
The founder of China's leading AI lab, Zhipu, has explicitly argued that frontier AI should remain broadly accessible rather than controlled by a select few, a stance that has drawn attention in global AI governance debates and may diverge from the Chinese government's regulatory direction.
Apple Sues OpenAI for Trade Secret Theft as Former Partners Head to Court
Apple filed a lawsuit Friday in federal court against OpenAI, alleging systematic theft of trade secrets through former Apple employees to develop competing consumer hardware. The suit marks a dramatic reversal just two years after the companies announced a high-profile partnership integrating ChatGPT into iPhone.
U.S. Congress Bans Central Bank Digital Currency Until 2030, Clearing Path for Private Stablecoins
A four-year ban on central bank digital currency (CBDC) embedded in Congress' bipartisan housing bill is set to take effect on July 12, explicitly prohibiting the Federal Reserve from issuing a retail digital dollar until 2030. Despite President Trump's refusal to sign the bill, it will automatically become law under congressional procedures.
Tencent in Talks to Acquire Manus as Meta Doubles Down on Agentic Commerce and Stablecoin Payments
Tencent is negotiating to become the largest external shareholder of Agentic AI pioneer Manus, filling the gap left after Chinese regulators blocked Meta's deal. Meanwhile, Meta's Chief Data Officer says autonomous AI agents executing commercial transactions will be core to future business, with stablecoins already the default payment rail inside Meta.
Circle Secures Federal Trust Bank Charter, Stablecoin Issuer Enters Traditional Financial Regulatory Framework
USDC issuer Circle has received final approval from the U.S. Office of the Comptroller of the Currency to establish Circle National Trust, a federally chartered trust bank. The charter focuses on digital asset custody and fiduciary services without deposit-taking or lending, marking a significant step in stablecoin issuers' integration into traditional financial infrastructure.
New Fed Chair Warsh's First Congressional Testimony to Set Tone for July Monetary Policy
Newly appointed Federal Reserve Chair Kevin Warsh will make his first appearance before Congress, interpreting recent inflation data and setting expectations for the July monetary policy decision.
Stablecoin Market Cap Approaches Ethereum as Payment Infrastructure Enters Standardization Phase
USDT briefly surpassed Ethereum to become the second-largest crypto asset after Bitcoin. Visa, Mastercard, Stripe, and 140+ institutions jointly released the Open USD stablecoin standard, driving payment infrastructure standardization. Hyundai introduced internal stablecoin transfers, Western Union enabled on-chain treasury settlement, as traditional enterprises accelerate adoption of on-chain payments.
US Payment Regulation Tightens: Cash App's $45M Settlement and Banks' Fee Cap Workarounds
Block's Cash App agreed to pay $45 million to settle fraud protection allegations from 46 state attorneys general, while major banks including JPMorgan explore acquiring debit card networks to circumvent fee cap regulations, highlighting intensifying regulatory scrutiny in the US payments sector.
SWIFT Launches Blockchain Ledger, 17 Global Banks Begin 24/7 Payment Pilot
SWIFT announced its blockchain-based shared ledger system is ready for deployment, with 17 major global banks including Citi, HSBC, UBS, and Wells Fargo set to test live transactions across six continents, aiming to enable round-the-clock cross-border payments using tokenized deposits.