FameEX Morning Crypto News Recap | September 7, 2023

Analyst Forecasts SEC Approval for Inaugural Spot Bitcoin ETF by Mid-March Next Year
Bernstein, an asset management firm, anticipates the SEC's approval of the first spot Bitcoin ETF sometime from mid-October to mid-March next year. The analyst from the firm suggests that this ETF trend will likely expand to include various other cryptocurrencies beyond Bitcoin.

China Aims for Widespread Adoption of Digital Yuan in Retail Payment Landscape
China's People's Bank of China (PBOC) is actively promoting widespread adoption of the digital yuan, aiming for its use in all retail payment situations. The establishment of QR-based payment code standards and efforts to ensure compatibility with the digital yuan in wholesale payments are key steps in this initiative.

Bitcoin Mining Difficulty Slips by 2.65% as Network Sees Slight Rise in Hashrate
Bitcoin's mining difficulty saw a 2.65% reduction on September 5, 2023, at block height 806,400. This provided a brief respite for miners, marking the first decrease since July 26 when a 2.94% decline occurred at block height 802,368. The change may influence the competitiveness and profitability of Bitcoin mining operations.

2025 Accounting Rule Change to Benefit Companies Holding Cryptocurrency
The Financial Accounting Standards Board (FASB) has unanimously endorsed accounting rules for companies' cryptocurrency holdings, effective in 2025. The FASB suggests recording crypto at fair market value on corporate balance sheets, potentially reducing impairments but increasing volatility.

Class-Action Suit Alleges Data Theft by OpenAI and Microsoft in ChatGPT Training
OpenAI and Microsoft are facing a new class-action lawsuit, which alleges their utilization of web scraping methods to collect purportedly private data for training ChatGPT and other associated AI models. The lawsuit accuses the companies of improperly acquiring and using such data, raising concerns about data privacy and AI ethics.

Philip Jefferson Confirmed as Vice Chair of the Federal Reserve by the US Senate
Philip Jefferson, a Federal Reserve Governor since 2022, has received Senate confirmation for the No. 2 role under Chair Jerome Powell at the central bank. The majority vote in his favor ensures his tenure in this position until 2036, further solidifying his role within the Federal Reserve system.

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