FameEX Morning Crypto News Recap | August 10, 2023

Riot Platforms, Bitcoin Mining Company, Reduces Q2 Loss to $27.7 Million
Riot Platforms, a Colorado Bitcoin mining company, improved its Q2 financials by reducing net losses to $27.7 million. This progress was attributed to increased Bitcoin production and achieving a peak hash rate capacity during the period.

Federal Reserve Unveils Fresh Cryptocurrency Monitoring Initiative, Releases Guidelines for Dollar-Backed Stablecoins
The Federal Reserve has introduced a new program for enhanced oversight of crypto operations among the banks it supervises. It has also issued supplementary guidelines for banks considering involvement in transactions, issuance, or possession of U.S. dollar-backed stablecoins.

SEC Aims to Challenge Ripple-XRP Ruling — Seeks Suspension of Legal Proceedings
The SEC has written to District Judge Analisa Torres, requesting approval for an interlocutory appeal in the SEC v. Ripple XRP case. Their motion also aims to temporarily halt the district court proceedings during the appeal process.

Russia Initiates CBDC Trials Involving 13 Banks
The Bank of Russia will commence trials for its central bank digital currency (CBDC) project using digital rubles, starting August 15. The testing phase will include 13 banks and a limited number of their clients, as announced in a statement by the Bank of Russia.

Universal Music and Google Exploring Agreement to Counter AI Deep Fakes
Universal Music Group and Google are reportedly in talks to license artist melodies and vocal tracks for AI-generated songs, aiming to counter AI deep fakes. The negotiations signify collaboration between a major music company and a tech giant to address emerging challenges in the realm of AI-generated content, as stated in a Financial Times report.

Anticipated 2,140% Growth in Stablecoin Market Cap Over 5 Years with PayPal's Entrance
Bernstein researchers forecast a remarkable 2,140% rise in stablecoin market capitalization over the next 5 years, reaching $2.8 trillion from the present $125 billion. This surge is attributed to growing interest from crypto and non-crypto corporations, exemplified by PayPal's recent adoption of these fiat-backed digital currencies.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.