Many users said they would delete accounts or consider moving to another platform if Reddit were to adopt World’s verification system. Social media platform Reddit is reportedly considering using the iris-scanning orbs developed by World — a project by Tools for Humanity, co-founded by OpenAI CEO Sam Altman — for its user verification system. According to a Friday Semafor report citing two people familiar with the matter, the platform is weighing the World ID system as a way for Redditors to verify that they are unique individuals. The report suggested that the verification system could still allow users to remain anonymous if they chose to do so. In response to the report, many users said they would delete their accounts or consider moving to another platform if Reddit were to adopt the verification system, citing concerns with privacy and anonymity. Read more
The consultation period comes as Thailand seeks to clarify regulations for the crypto industry. Thailand’s Securities and Exchange Commission (SEC) has opened a period of consultation for feedback on rules that would allow exchanges or individuals connected to an exchange to issue utility tokens, according to a Friday statement. Under the proposed rules, exchanges would have to disclose the names of anyone associated with the token issuers, which would assist the SEC in monitoring for signs of insider trading. The plan is part of Thailand’s efforts to establish a regulatory framework for the crypto industry. The country announced in May plans to allow tourists to spend crypto via credit cards, just a few days before blocking crypto exchanges OKX and Bybit in the country over concerns about unlicensed operations and money laundering. A month later, it announced a waiver on capital gains tax on crypto sales made through licensed crypto service providers. Read more
Bitcoin’s $96 billion in derivatives open interest fuels BTC price momentum near all-time highs, but rising leverage use raises the risk of liquidations and market volatility. Key takeaways: Open interest in Bitcoin futures and options has ballooned to $96 billion, up sharply from 2022 levels. Elevated speculative leverage fuels BTC’s bullish breakouts, but it also raises the risk of cascading liquidations, reminiscent of 2021 volatility. Read more
A temporary ban could be imposed as early as autumn based on an investigation into crypto miners’ energy consumption. The government of Norway is considering a temporary ban on crypto mining in the country in an effort to “free up power, network capacity and area for other purposes.” In a Friday notice, the Norwegian government said it would be conducting an investigation in autumn that could result in a temporary ban on crypto mining data centers. Officials said they had the authority to enforce such a ban under Norway’s Planning and Building Act, which includes provisions on allocating energy. “It is uncertain how big a problem crypto mining will become in Norway in the future,” the notice reads. “The registration requirement in the new data center regulations will provide increased knowledge about the scope of data centers that mine cryptocurrency.” Read more
Cointelegraph moderated an AI funding panel at the Web Summit conference in Vancouver, Canada. The convergence between blockchain technology and artificial intelligence is intensifying, with key industry figures like Ben Goertzel convinced that AI should be decentralized. This convergence was even highlighted by the World Economic Forum, which argued in 2024 that “Synergies between spatial computing, blockchain and AI will augment our experiences and increasingly guide our interactions with the digital world.” Prominent crypto venture capitalist Marc Andreessen believes control over AI is a top strategic priority for China and the United States, as the two nations enter a “Cold War-style” race for technological dominance. Read more
The SEC likely views cryptocurrencies Litecoin, Solana, XRP, Dogecoin, Cardano and others as “commodities.” The likelihood of US regulators approving a wave of crypto exchange-traded funds (ETFs) is now a near certainty, signaling a continued pro-crypto shift at the Securities and Exchange Commission (SEC), according to Bloomberg analysts Erich Balchunas and James Seyffart. In a social media post on Friday, Seffart said he and Balchunas have raised their odds for the vast majority of crypto ETF approvals to “90% or higher,” citing “very positive” engagement from the SEC. The analysts also suggested that the SEC “likely” views cryptocurrencies such as Litecoin (LTC), Solana (SOL), XRP (XRP), and Dogecoin (DOGE) as commodities — a designation that would place them outside of its immediate jurisdiction. Read more
The latest reported “wrench attack,” in which criminals targeted individuals for their crypto holdings, occurred in the suburbs of Paris this week. France has reportedly seen another incident targeting cryptocurrency users, this time involving the kidnapping of a 23-year-old man in a Paris suburb. According to a Thursday report from French news outlet Le Parisien, the victim was abducted in Maisons-Alfort and held captive for several hours while the perpetrators demanded his partner to turn over 5,000 euros ($5,764) in cash, along with the key to a Ledger hardware wallet containing an unreported amount of crypto. The report suggested that the criminals used violence to extract information regarding his digital assets. Read more