As the US regulator explores streamlined rules for securities tokenization, Citadel Securities urges a focus on meaningful innovation. The US Securities and Exchange Commission’s (SEC) plan to streamline securities tokenization may sound promising, but it is unlikely to benefit investors unless it delivers genuine innovation and efficiency, according to market maker Citadel Securities. “Tokenized securities must achieve success by delivering real innovation and efficiency to market participants, rather than through self-serving regulatory arbitrage,” Citadel wrote in a statement to the SEC’s Crypto Task Force, as reported by Bloomberg. Tokenization — the process of representing real-world assets on a blockchain with digital tokens — is often touted for its potential to reduce costs and boost efficiency by minimizing the role of intermediaries, shortening settlement times and enabling fractional ownership of financial assets. Read more
The investigation was reportedly not connected to Jesse Powell’s activities within the crypto industry. The US Federal Bureau of Investigation (FBI) has reportedly ended its investigation of Kraken co-founder Jesse Powell and returned property belonging to him that was seized in a 2023 search of his home. According to a Tuesday Fortune report, the FBI had returned devices to Powell and ended its probe over allegations he had hacked and cyberstalked the Verge Center for the Arts, a nonprofit he helped found in 2008. The investigation, reportedly not connected to Powell’s association with Kraken, the cryptocurrency exchange he co-founded, or the crypto industry, resulted in the FBI searching his home and seizing electronic devices that could have contained digital assets. Read more
Poseidon secures $15 million led by a16z Crypto to build a decentralized, IP-cleared data pipeline for AI training. Poseidon has secured $15 million in seed funding led by a16z Crypto to build a decentralized data layer designed for artificial intelligence training. The San Francisco-based full-stack AI data layer said it aims to tackle the scarcity of high-quality, IP-cleared training data in AI development, according to a Tuesday announcement shared with Cointelegraph. “LLMs and compute are no longer the bottlenecks; it’s high-quality data that’s missing,” said Sandeep Chinchali, Poseidon’s chief scientist and also chief AI officer at its incubator, Story Protocol. Read more