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Bitwise and Hyperliquid request the SEC to amend cryptocurrency regulations: focusing on token classification, airdrops, and secondary market trading

The asset management company Bitwise Asset Management and the Hyperliquid Policy Center submitted a comment letter to the U.S. Securities and Exchange Commission (SEC), requesting modifications to the proposed cryptocurrency rules to clarify token classification, airdrops, and secondary market trading rules. The SEC's proposed Regulation Crypto Assets would establish exemptions for eligible cryptocurrency financing and provide a conditional safe harbor for tokens related to investment contracts.Bitwise requested clarification on the standards for investment managers to determine whether tokens are subject to securities laws. The Hyperliquid Policy Center called for an expansion of the safe harbor scope and clarification of the rules for airdrops and token buybacks that reward network participants. The organization also requested that the SEC clarify whether unregistered intermediaries can facilitate token trading and whether tokens can be freely traded through on-chain protocols. Former SEC enforcement official John Reed Stark and Duke University finance scholar Lee Reiners called for the proposal to be withdrawn, arguing that it exceeds the SEC's statutory authority and undermines investor protection. The SEC will decide to amend, adopt, or withdraw the rules after the public comment period ends, and the final rules must be voted on by the commission before taking effect.

first_img OpenAI is facing a class-action lawsuit, accused of allowing outsourced personnel to read ChatGPT conversations

Two ChatGPT users from California filed a proposed class action lawsuit against OpenAI in the United States District Court for the Northern District of California this month, accusing the company of failing to adequately inform users that their real conversations were being handed over to external contractors for processing. The lawsuit was served to OpenAI on September 2, focusing on its internal initiative Project Lily. According to the complaint, "AI data reviewers" and "chatbot evaluators" recruited through a third-party staffing company read real ChatGPT prompts and complete conversations, summarize user intent, and score and comment on responses from four models on a scale of 1 to 7.This process is known in the industry as reinforcement learning from human feedback (RLHF), which is a fundamental method for enhancing chatbot capabilities. The complaint states that users were never explicitly informed that a person, rather than a machine, might be reading their conversations. OpenAI filters conversations through an automated system before human review, but the complaint alleges that the filters cannot intercept all content, and personal details sometimes still reach contractors. 404 Media first reported on the project on September 14 and found that the reviewers' dashboard included "user memory summaries," which could expose users' approximate locations, occupations, or private life information, even though usernames had been removed.OpenAI stated that such reviews aim to reduce two behaviors: chatbots behaving too much like humans and overly catering to users, referred to by researchers as "flattery." The complaint raises eight legal claims, including violations of California's Unfair Competition Law, Consumer Privacy Act, and common law claims for intrusion into private affairs, with the plaintiffs seeking damages, restitution of unjust enrichment, and punitive damages.

Minara AI launched the next-generation universal financial intelligence agent Minara Harness: supporting 24/7 round-the-clock investment research and automated trading across all asset classes

Minara officially released the next-generation universal financial intelligence tool Minara Harness, which is now available for download by users worldwide. Minara Harness covers multiple asset markets, allowing for investment research 24/7 and operating automated trading within the scope authorized by users. Users can query financial markets using natural language, generate research reports, develop quantitative strategies, and handle daily tasks such as programming, web searching, and document processing. The platform supports users in selecting their own underlying large models.On the investment research side, Minara Harness can simultaneously call multiple professional AI Agents to analyze the same investment opportunity from perspectives such as fundamentals, valuation, market trends, and potential risks. Users can view the information sources and different judgments of each Agent and decide whether to execute trades based on the research results. Minara Harness also supports writing trading strategies in natural language, automatically generating code, and completing backtesting. Users can also subscribe to other traders' strategies, view strategy codes, historical performance, and real-time operating metrics. Minara also offers an optional decision review mechanism, which can verify past judgments against subsequent market results and assess which experiences can be applied to future research. At the same time, Minara announced the benchmark test results of Harness, which outperformed OpenClaw, Hermes, and Claude Code in multiple tests and demonstrated leading performance in tasks such as financial reporting, web research, and spreadsheets.
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