Monthly Archives: June 2023

In recent years, the cryptocurrency industry has faced increasing scrutiny and regulatory challenges in the United States, leading to concerns that the country is becoming increasingly hostile towards digital assets. Andrew Durgee, managing director of the crypto division for tech firm Republic, estimates that only one out of every ten firms his company invests in this year will be based in the US, reflecting the perceived regulatory uncertainty and higher risks associated with operating in the country.

The industry has faced significant pressure following the collapse of virtual currency prices last year and the subsequent meltdown of high-profile firms. US regulators have intensified their oversight, taking action against crypto firms and executives for various violations, ranging from failure to register properly with authorities to allegations of mishandling consumer funds and engaging in fraud.

While Bitcoin has been largely unaffected as it is considered a commodity, other digital assets issued by firms have faced scrutiny, particularly those involved in fundraising through tokens or coins. Major platforms such as Coinbase and Binance have recently faced legal actions, and the Securities and Exchange Commission (SEC) has defended its actions, comparing the situation to the 1920s and warning of “hucksters” and “fraudsters” in the industry.

The sentiment towards the crypto industry has significantly soured since 2021 when it was valued at over $3 trillion. Trust in the system has eroded, and recent lawsuits have led to customers withdrawing billions of dollars from platforms. US banks have also limited their interactions with certain crypto entities, and some trading apps have delisted specific assets due to the uncertainty surrounding their regulatory status.

Critics argue that the SEC, under Chairman Gary Gensler, is pursuing “regulation by enforcement” and failing to acknowledge the distinctions between different types of crypto firms and the unique characteristics of the technology. Some industry insiders believe there is an ongoing regulatory attack on the industry, making it challenging for crypto firms to find banks willing to work with them.

While concerns about the future of the US crypto industry persist, some remain optimistic. Bart Stephens, managing partner of venture capital firm Blockchain Capital, suggests that the future may lie overseas, as the US regulatory environment is perceived as less friendly compared to other jurisdictions like the UK and the EU. Despite market volatility and declining trust, indicators such as the number of active blockchain addresses and executed smart contracts show signs of growth.

As the regulatory landscape unfolds, the industry finds itself at a critical juncture. The outcomes of ongoing legal battles, proposed legislation in Congress, and potential policy changes at the federal level could determine the future of the crypto industry in the US. While the industry may continue to thrive globally, losing the American market would undoubtedly restrict its growth potential, raising concerns about the overall industry’s size and future trajectory.

The US crypto industry and regulators are poised for a showdown, with the decisions and actions taken in the coming months having a profound impact on the sector’s future.

In a groundbreaking collaboration, leading AI photo editing app PhotoRoom has partnered with Google Cloud, aiming to revolutionize image generation by significantly speeding up the process while reducing costs. Recognized as the “fastest generative AI provider in the commerce space,” PhotoRoom’s software empowers businesses to create and edit product images for e-commerce platforms with utmost efficiency.

Through this partnership, PhotoRoom plans to leverage Google’s A3 supercomputers to enhance AI performance. The integration of these powerful computing resources will dramatically reduce product photography production times for small businesses and entrepreneurs, slashing them from days to less than an hour, all while maintaining impeccable accuracy and quality.

Product photography and editing play a vital role in the creation of commercial content, demanding high-quality visuals produced rapidly. PhotoRoom’s photo editor simplifies image manipulation, allowing companies to enhance product shots and incorporate AI-generated backgrounds. The platform also offers free photo editing tools like background and object removers.

Highlighting the exponential growth in generative AI usage, Matthieu Rouif, CEO of PhotoRoom, stated, “We’re already processing 2 billion images per year, and we expect that to double in 2024 as more businesses adopt PhotoRoom’s generative AI technology. Google Cloud provides the ideal foundation for our continued success with its scalable infrastructure, flexibility, and sustainable approach.”

The utilization of Google Cloud’s A3 instances proves to be a compelling choice. Unveiled in May 2023, these state-of-the-art GPU supercomputers are designed to train and deliver the most demanding AI models for generative AI and LLMs. This partnership not only benefits PhotoRoom but also strengthens Google’s B2B focus, solidifying its commitment to democratizing artificial intelligence on a global scale.

Mark Lohmeyer, Vice President and General Manager of Google Cloud expressed enthusiasm about the collaboration, stating, “We’re thrilled to offer Google Cloud’s industry-leading infrastructure, foundation models, and AI tooling to PhotoRoom. This partnership will enable the company to build, train, and deploy AI creatively, reliably, and at scale.”

Together, PhotoRoom and Google Cloud are set to reshape the landscape of AI-powered image generation, empowering businesses with unparalleled speed, accuracy, and cost-efficiency.

A massive wave of discontent is sweeping across Reddit as thousands of communities prepare to go offline on Monday in a protest against the platform’s management practices. The controversy stems from Reddit’s introduction of contentious charges for developers of third-party apps, which are widely used to browse the social media site. In response, moderators of some of Reddit’s largest subreddits have announced a 48-hour blackout, rendering nearly 3,500 subreddits inaccessible.

Subreddits are individual forums within the Reddit platform where communities gather to discuss specific interests. Reddit users, known as Redditors, actively participate in various subreddits to engage with like-minded individuals and consume content relevant to their interests. Unlike other social media platforms, Reddit heavily relies on community moderation. While the website has a few paid administrators, it predominantly operates with tens of thousands of unpaid moderators who work diligently to maintain the site’s functionality.

The backlash against Reddit’s recent actions revolves around the platform’s decision to impose charges on third-party app developers. This move has sparked criticism, prompting moderators to take a stand and restrict access to their communities. Five of the top ten most popular communities on Reddit, including r/gaming, r/aww, r/Music, r/todayilearned, and r/pics, boasting memberships of over 30 million users each, will participate in the blackout.

One moderator of a prominent subreddit explained the motivation behind the protest, emphasizing the power of collective action. They expressed that while Reddit might intervene if a single subreddit went private, the impact is significantly amplified when half the website goes dark. Moderators want to underscore the essential role they play in maintaining Reddit and send a clear message by disrupting the platform’s traffic.

The blackout primarily aims to draw attention to the fact that moderators are vital to the site’s operations. They highlight that their volunteer position is critical, as they invest substantial time and effort without financial compensation. The moderators believe that by orchestrating this mass protest, they can demonstrate to Reddit administrators the overwhelming opposition among both moderators and users to the proposed changes.

As “the front page of the internet,” Reddit has an official app, but it was developed many years after the website’s establishment. As a result, third-party apps such as Apollo, Reddit is Fun, Sync, and ReddPlanet emerged to enable users to access the platform on mobile devices. However, Reddit’s recent implementation of charges for third-party app developers has caused significant disruption. Developers of all four apps mentioned above have announced their decision to shut down due to the new API pricing structure.

Critics argue that Reddit’s charges are exorbitant, with the developer of Apollo, Christian Selig, estimating that it would cost him $20 million (£15.9 million) to continue operating the app. In response, a Reddit spokesperson defended the pricing, stating that Apollo is notably less efficient than other third-party apps. They asserted that the charges are based on usage levels comparable to Reddit’s own costs, as the platform incurs significant hosting fees. The spokesperson clarified that not all third-party apps would require paid access and reiterated that Reddit’s pricing aims to support fair compensation for its services.

Despite ongoing discussions between moderators and Reddit administrators, the blackout may continue until Reddit reverses its policy changes. Some communities, such as r/Music with its 32 million members, have announced an indefinite blackout until Reddit addresses their concerns. The situation remains dynamic, as different moderators and communities have varying perspectives and plans for their subreddits. However, given recent interactions with Reddit administrators, the moderator interviewed expressed skepticism about any potential reversal of the changes.

As the blackout unfolds, Reddit finds itself in a contentious battle with its own users and moderators. The outcome of this protest will undoubtedly have far-reaching implications for the future of the platform and its relationship with the vibrant communities that have helped define it.

WhatsApp, the world’s most popular messaging app, is taking its services beyond traditional messaging and phone calls with the introduction of a new feature called Channels. This feature enables admins to share information with their audience through one-way broadcasts, including texts, photos, and videos. WhatsApp aims to provide users with a private way to stay updated on their favorite sports teams, hobbies, or public officials. A similar feature was previously launched by Meta-owned Instagram in February.

In a recent blog post, WhatsApp expressed its goal to develop the most secure broadcast service available. The personal information of both admins and followers will be safeguarded, with no phone numbers shared between them. The decision to follow specific channels will remain private, ensuring privacy in an era where monitoring others’ social media activity has become a common hobby.

WhatsApp also plans to offer opportunities for admins to monetize their channels by expanding payment options and enabling channel promotion for broader reach.

With an estimated 2 billion users in 2020, WhatsApp holds a dominant position in the messaging app market. The addition of the broadcast tool is a response to long-standing user requests. While WhatsApp emphasizes that the core focus of the app remains on private messaging, this new feature aligns with Meta CEO Mark Zuckerberg’s strategy to monetize the platform.

Zuckerberg previously outlined his vision for business messaging in WhatsApp and Messenger, foreseeing it as a significant pillar of Meta’s future business endeavors. Additionally, Meta is exploring the integration of AI chat agents into WhatsApp and Messenger, aiming to introduce this technology to billions of users.

Despite its $19 billion price tag, WhatsApp has yet to generate substantial profits for Meta. Mark Zuckerberg has designated 2023 as the “year of efficiency” for the company, leading to mass layoffs, an increased focus on AI, and a reassessment of investment priorities, including the potential of the metaverse.

WhatsApp’s rollout of the channels feature will initially take place in Colombia and Singapore. The company plans to expand the availability of this feature to users in other countries in the coming months.

In a major blow to the cryptocurrency industry, the US Securities and Exchange Commission (SEC) has launched a lawsuit against Coinbase, the largest crypto asset trading platform in the United States. The regulatory agency claims that Coinbase operated as an unregistered national securities exchange, broker, and clearing agency, which is in violation of federal securities laws.

The SEC argues that traditional securities markets separate brokers, exchanges, and clearing agencies, but Coinbase “intertwined” these functions, thereby denying investors the necessary protections. These protections include SEC inspections, safeguards against conflicts of interest, and recordkeeping requirements. The agency further alleges that Coinbase does not qualify for any exemptions from registration for any of these functions. According to the SEC, Coinbase has unlawfully profited in the billions of dollars from transaction fees by facilitating the buying and selling of crypto asset securities since at least 2019.

Gurbir S. Grewal, the director of the SEC’s Division of Enforcement, emphasized the importance of following regulations, stating, “You simply can’t ignore the rules because you don’t like them or because you’d prefer different ones: the consequences for the investing public are far too great.” He criticized Coinbase for knowingly disregarding the applicability of federal securities laws to its business activities, prioritizing its own profits over investor protection.

This recent complaint from the SEC follows an investigation into Coinbase’s potential illegal sale of unregistered securities, which was reported last July. Interestingly, the SEC’s action coincides with Coinbase’s chief legal officer, Paul Grewal, testifying before a congressional committee regarding a new draft bill aimed at implementing cryptocurrency regulations.

In response to the allegations, Coinbase stated that it had received a notice from the SEC in March about potential securities law violations but was not provided with sufficient details. The company claimed to have submitted multiple proposals to the SEC for registration, all of which were left unanswered by the agency.

The SEC’s lawsuit against Coinbase comes on the heels of its filing of 13 charges against Binance and its CEO Changpeng Zhao earlier this week. The regulatory agency accused Binance of circumventing compliance measures and deceiving investors and regulators. Additionally, the SEC has been involved in the government’s case against Sam Bankman-Fried, the founder and former CEO of FTX.

Coinbase is also facing regulatory actions at the state level, as a task force comprising regulators from ten states has issued a Show Cause Order against the exchange. The Alabama Securities Commission, one of the participating states, accused Coinbase of violating securities laws by offering its staking rewards program accounts to Alabama residents without proper registration. Coinbase has been given 28 days to provide a response as to why it should not be ordered to cease and desist from selling unregistered securities in the state of Alabama.

In an effort to enhance user experience and streamline access to its virtual assistant, Apple has announced a significant change to Siri’s trigger phrase. The tech giant is set to replace the familiar “Hey Siri” wake word with a simpler and more intuitive command: “Siri.” This alteration, which will be implemented as part of the upcoming iOS 17 update, is aimed at making it easier for iPhone, iPad, Mac, and other device users to summon Siri effortlessly.

The decision to transition to a single wake word comes in the wake of a report from Bloomberg in November, which disclosed Apple’s intention to explore the possibility of consolidating Siri’s activation phrase. Previously, Apple had employed the two-word trigger “Hey Siri” due to the technical and training advantages it offered. However, the forthcoming change signifies a significant shift in Apple’s approach, as the company acknowledges the need to refine and optimize the user experience.

Apple’s competitors have also ventured into simplified wake phrases for their respective voice assistants. Amazon’s Alexa can be summoned with either “Hey Alexa” or simply “Alexa,” while Microsoft’s Cortana, which was discontinued on iOS and Android platforms in 2021, operated solely on the “Cortana” wake word. In contrast, Google Assistant continues to rely on the two wake phrases “Hey Google” or “OK Google” instead of a singular “Google” command. Should Google consider transitioning to a solitary wake word, it would necessitate careful consideration to prevent inadvertent triggering of the assistant during regular conversations that mention the word “Google,” given the verb-like usage it has acquired due to its widespread dominance in the realm of online search.

Apple enthusiasts eagerly anticipate the arrival of iOS 17, slated for release this September, when the new simplified trigger phrase for Siri is expected to be introduced. With this change, Apple aims to facilitate quicker and more efficient access to its virtual assistant, ultimately improving user interactions and productivity across its range of devices.

In a recent support page discovery by XDA Developers and Windows Central, Microsoft has announced the discontinuation of support for Cortana as a standalone app in Windows, starting later this year.

The decision to end Cortana’s presence on Windows does not come as a surprise, as Microsoft unveiled its latest Windows Copilot tool during the Build conference held in May. This new AI-powered tool will reside in the taskbar and offer users a plethora of functionalities, surpassing what Cortana currently provides. Users can expect features such as content summarization, text rewriting, query assistance, system setting adjustments, and more.

Cortana was initially introduced to Windows 10 in 2015, allowing users to set reminders, launch applications, and pose queries through voice commands. However, Microsoft has been gradually scaling back Cortana’s integration into the Windows experience over the years. With the release of Windows 11, Cortana lost its prominent position on the taskbar and was absent from the initial boot setup. In 2020, Microsoft discontinued the Cortana app on iOS and Android devices and halted Cortana support for Surface headphones and other related products.

The specific date for Cortana’s removal from Windows remains uncertain. Nevertheless, Microsoft’s growing collection of AI tools, including the Bing chatbot and Microsoft 365 Copilot, has taken precedence. Despite Cortana’s impending departure from Windows, Microsoft assures users that the digital assistant will still be accessible through Outlook mobile, Microsoft Teams mobile, Teams display, and Teams rooms. However, the longevity of Cortana’s presence on these platforms remains unclear.

The highly anticipated Apple VR/AR headset has been the subject of much speculation in recent months, with rumors and leaks circulating about its potential specifications. Now, a new leak from display industry expert Ross Young has revealed some impressive details about the headset’s displays.

According to Young’s tweet, the Apple VR/AR headset will feature two Micro OLED displays, each measuring 1.41 inches and boasting a pixel density of 4000 pixels per inch (PPI). This would make the headset’s displays significantly sharper than those of any other VR headset on the market. In addition, the displays are said to have a peak brightness of over 5000 nits, which would make them much brighter than the displays on most VR headsets.

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These impressive display specifications suggest that the Apple VR/AR headset will offer a truly immersive VR experience. Users will be able to see incredibly sharp and detailed images, and they will be able to experience VR content in a much brighter environment than is currently possible.

The Apple VR/AR headset is expected to be released later this year. It is still unclear how much the headset will cost, but it is likely to be priced at a premium. However, given the headset’s impressive specifications, it is likely to be a popular choice for VR enthusiasts.

In addition to the impressive display specifications, the Apple VR/AR headset is also rumored to feature the following:

• A powerful processor, likely based on Apple’s M2 chip
• 16GB of RAM
• A high-resolution front-facing camera
• A variety of sensors for tracking the user’s head and hand movements
• Support for a wide range of VR content

The Apple VR/AR headset has the potential to revolutionize the VR industry. With its impressive specifications and powerful features, the headset is poised to offer a truly immersive VR experience that is unlike anything that has come before.

Stay tuned for more information about the Apple VR/AR headset as it becomes available.

In a recent announcement, Google has made its dark web reporting feature available on most Google accounts in the United States. This service enables users to conduct one-off scans to determine if their Gmail address has been compromised in the shadier corners of the internet. The inclusion of this feature is part of a handful of updates revealed in Google’s latest Android feature drop, which appears to be relatively limited as the highly anticipated public release of Android 14 approaches later this year.

Users located in the US can access the dark web reports for free through the Google One website and app. By visiting one.google.com, individuals will find a “try now” option within the dark web scan section.

Previously, the reporting feature was exclusively available to subscribers of Google One, the cloud storage membership. However, even non-subscribers can still benefit from dark web scanning. Google One members now have the added advantage of automated monitoring of their online information and the ability to search for additional personal data such as  social security numbers. Google has stated that the dark web reporting tool will gradually roll out to more than 20 additional countries in the coming months.

Among the other updates announced is enhanced functionality for smartwatches running older versions of Wear OS. Spotify’s DJ feature, which leverages AI to identify listening habits and suggest new songs, is being introduced on Wear OS version 2 and newer devices in the US, UK, Canada, and Ireland. Additionally, Google Wallet has been updated on Wear OS 2 to support SmarTrip and Clipper payment cards for public transportation, enabling commuters in Washington, DC, and the San Francisco Bay area to conveniently pay for rail, bus, and parking by tapping their smartwatch on a contactless receiver.

Moreover, Google has launched a new note-taking tile for Google Keep on Wear OS. This tile allows users to quickly access a single note or to-do list from their smartwatch. The new note tile is being rolled out today to Wear OS 3 and newer devices worldwide, and it is available in all supported languages.

With the public rollout of Android 14 expected in August 2023, it seems that Google is gradually slowing down its releases. Although the company provided minimal details about the upcoming operating system during the recent Google I/O keynote, Android 14 has already been in beta for some time, providing users with a glimpse of what to expect upon its official release.