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Crypto Weekly (6/4): Gucci and Ralph Lauren embrace crypto, AI can now read your mind, and Italy bans ChatGPT

4 min read  ·  03 Apr 2023

Gucci Koda Pendant. Image courtesy of Gucci

Gucci Koda Pendant. Image courtesy of Gucci

⚖️ Crypto Regulation

European Central Bank official warns of 'gaps' in forthcoming crypto rules. Elizabeth McCaul says incoming regulation will allow big players including Binance to escape stricter supervision. (FT)

SEC fills the vacuum left by lack of new crypto, stablecoin laws in US.The SEC has stepped up enforcement in areas identified by the U.S. government as “regulatory gaps” for digital assets. Sources argue that the SEC does not want new laws to fill those gaps, as Chair Gary Gensler has said he fears changes to accommodate digital assets could undermine traditional securities markets several times larger than the cryptocurrency sector. (The Block)

👾 NFTs

Gucci is designing phygital goods for Bored Ape’s metaverse world. The latest step in Gucci’s metaverse storytelling is an ongoing partnership with Bored Ape Yacht Club parent company Yuga Labs. On Friday, Gucci and Yuga released a limited-edition digital pendant with a physical counterpart for 450 APE ($1,800) based on the Koda characters from BAYC's metaverse. (Vogue Business)

Ralph Lauren embraces crypto, accepting crypto for payments at its new store in Miami's Design District and airdropping NFT Invites to a Miami party. Ralph Lauren will accept Bitcoin, Ether, MATIC, Apecoin and USDC, starting with the new Miami store. The luxury brand is also offering a crypto-native experience — gifting NFTs via a multi-tiered partnership with online leisure community Poolsuite, which it described as “deeply rooted in the Miami lifestyle". (Blockworks)

Trump NFT sales spike following Ex-President's arraignment in New York. In the hour after the 45th president was arrested Tuesday afternoon, Trump's NFT collection saw 30 sales, a 462% increase after a long period of token holder dormancy. (CoinDesk)

OpenSea launches OpenSea Pro, courting professional NFT traders. The Pro service is a rebrand of NFT aggregator Gem V2, which Opensea acquired in April 2022. As part of the launch, marketplace fees will return to the main OpenSea platform at 2.5%, while Pro users will have zero fees. (CoinDesk)

🔗DeFi

Dogecoin's price jumps 30% after Elon Musk changed Twitter's logo to an Image of Shiba Inu. Dogecoin spiked more than 30% on Monday after Twitter CEO Elon Musk replaced the blue bird on Twitter's 's website with an image of a shiba inu. On Friday, Musk asked a judge to dismiss a $258 billion racketeering lawsuit accusing him of pumping the cryptocurrency. (CNBC)

🤖AI

Humans vs. machines: the fight to copyright AI art. (Reuters)

A research lab owned by Meta has developed an AI algorithm that can correctly guess what world or phrase a person is thinking based on EEG data. (WSJ)

Italy has banned ChatGPT, claiming the platform's collection of personal data violates GDPR. Privacy regulators in France and Ireland have reached out to counterparts in Italy to find out more about the basis of the ban. Germany could follow in Italy's footsteps by blocking ChatGPT over data security concerns, the German commissioner for data protection told the Handelsblatt newspaper. (Reuters)

Candian Priacy Comissioner launches investigation into ChatGPT. Canada's Office of the Privacy Comissionier lanuched an investigation into ChatGPT on Tuesday in response to a complaint about OpenAI’s data collection practices. (CBC)

Universities express doubt over tool to detect AI-powered plagiarism. Turnitin launches service to check for text generated by services such as ChatGPT, claiming a 96% accuracy rate compared to OpenAI's 26%. (FT)

Google CEO Sundar Pichai says Google plans to add Chat AI to Search. Advances in AI would supercharge Google’s ability to answer an array of search queries, Pichai said in an interview with The Wall Street Journal. He dismissed the notion that chatbots posed a threat to Google’s search business, which accounts for more than half of revenue at parent Alphabet Inc. (WSJ)

A profile of OpenAI CEO Sam Altman details his motives behind commercializing the firm’s technology while holding no financial stake in its for-profit arm. Altman also revealed that he pays attention to fellow co-founder Elon Musk’s recent criticisms. (WSJ)

Chinese people are more hopeful about AI than Americans. An Ipsos survey found that 78% of Chinese respondents agreed with the statement that “products and services using AI have more benefits than drawbacks.” Chinese citizens were most enthusiastic about AI, followed by respondents in Saudi Arabia (76%) and India (71%). US respondents were among the least enthusiastic of those surveyed, with only 35% agreeing with the above statement. (Ipsos)