Truecaller And Microsoft Introduce AI Voice Feature☎️

Good morning. It's Thursday, May. 23, and we're covering US House Passes Crypto Bill Amid SEC Warnings Of Financial Risks, Bluesky Introduces Direct Messaging, Rishi Sunak Calls UK National Election, and much more. First time reading? Sign up to get this newsletter: Sign up here.

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.59 Trillion, a 0.32% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $94.88B, which makes a 21.15% decrease.

• The total volume in Defi is currently $6.58B, 6.93% of the total crypto market 24-hours.

• The volume of all stablecoins is now $88.27B, which is 93.03% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 52.95%, a decrease of 0.03% over the day.

BUSINESS & FINANCE

US House Passes Crypto Bill Amid SEC Warnings Of Financial Risks

The U.S. House of Representatives passed a bill on Wednesday aimed at establishing a new legal framework for digital currencies, despite stern warnings from the U.S. Securities and Exchange Commission (SEC) about potential financial risks. The Financial Innovation and Technology for the 21st Century Act, sponsored by Republicans, was approved with a bipartisan vote of 279-136. The future of the bill in the Senate remains uncertain.

Why it matters: Under the new bill, investment contracts recorded on a blockchain would no longer be classified as securities, which Gensler warns would strip investors of protections under securities laws. Furthermore, the bill would allow issuers of crypto investment contracts to self-certify their products as digital commodities, exempting them from SEC oversight unless the agency challenges the certification within 60 days. ( Read Deeper )

Barclay Family Forced to Sell Very Group

The Barclay family has been compelled to put their online retail business, Very Group, up for sale to address escalating debts, including substantial sums owed to Abu Dhabi’s ruling family. Sheikh Mansour helped the Barclays repay an overdue debt to Lloyds Banking Group last year. New loans from RedBird IMI and IMI were secured against The Telegraph and Very, respectively. American private credit giant Carlyle, the leading lender, imposed these conditions in exchange for extending the repayment deadline of a £280 million loan owed by Very’s parent company. Initially set to expire in July, Carlyle has now extended the loan's maturity date to November 2025, granting Barclays a temporary reprieve.

Takeaway: Brothers Aidan and Howard Barclay, who manage the shrinking Barclay business empire, have agreed to either sell the entire Very Group or a significant stake in the company. This decision is part of a complex rescue refinancing agreement negotiated with the firm's primary creditors earlier this month.

TECHNOLOGY & SCIENCE

Bluesky Introduces Direct Messaging

Bluesky, has officially launched direct messages (DMs), the company announced on Wednesday. Bluesky’s new DM feature is accessible through the “Chat” tab on both mobile and desktop applications. Currently, DMs support only one-to-one messaging, with no group messaging option available yet. Users can initiate private conversations with mutual followers, and settings can be adjusted to receive DMs from no one, only followed users or all Bluesky users.

Takeaway: This new feature aligns Bluesky more closely with X while also providing a competitive edge over Meta’s Threads, which does not offer native DMs. The introduction of DMs comes on the heels of Bluesky’s recent feature updates, including personalized Discover feeds where users can tailor their content preferences. ( Read Deeper )

Truecaller And Microsoft Introduce AI Voice Feature

Truecaller, the popular caller ID app, is teaming up with Microsoft to offer users a unique feature: the ability to create an AI version of their voice to answer calls. This groundbreaking collaboration utilizes Microsoft’s Azure AI Speech technology to replicate users’ voices. Truecaller has long been known for its effectiveness in identifying and blocking spam calls, offering users an alternative to their phone’s default system. Now, with access to Truecaller’s AI Assistant, users can record their voice, which Azure AI Speech will then use to generate an AI version.

Takeaway: The AI Assistant, initially introduced in 2022 and available in select countries, serves as a valuable tool for screening incoming calls and informing users of the caller’s purpose. With this feature, users can make informed decisions about whether to answer the call themselves or delegate the task to the assistant. ( Read Deeper )

AROUND DE WORLD & POLITICS

Rishi Sunak Calls UK National Election

British Prime Minister Rishi Sunak has called a national election for July 4, setting the stage for a crucial vote in which his Conservative Party is widely expected to face a tough challenge from the opposition Labour Party. This move ends months of speculation and marks a strategic gamble as his party lags behind Labour in opinion polls. Standing outside his Downing Street office in heavy rain, Sunak, 44, announced the election several months earlier than anticipated.

Takeaway: Within the Conservative Party, reactions to the early election call are mixed. Some party members believe that the current economic conditions might worsen, making it a strategic time to call an election now. However, others were taken aback by the decision, which was earlier expected to be held in the autumn. ( Read Deeper )

China Launches 'Punishment' Drills Around Taiwan

In a show of military might, China initiated large-scale "punishment" drills around Taiwan on Thursday, targeting what it described as "separatist acts." The exercises, which include heavily armed warplanes and mock attacks, are a direct response to the inauguration of Taiwan's new President Lai Ching-te, whom Beijing views as a staunch separatist. Taiwan's defense ministry condemned the exercises, stating it has deployed forces to monitor and respond to the drills. Taiwan assured its citizens of its capability to defend its territory and criticized China's actions as detrimental to peace and stability in the Taiwan Strait.

Why it matters: The drills come just three days after Lai Ching-te's inauguration speech, in which he called on China to cease its threats, affirming that Taiwan and China are "not subordinate to each other." This rhetoric has been met with fierce opposition from Beijing, which considers Taiwan part of its territory. Chinese Foreign Minister Wang Yi branded Lai "disgraceful" following the speech. ( Read Deeper )

ENTERTAINMENT & SPORTS

Bayern Munich In Advanced Talks To Appoint Vincent Kompany As New Coach

Bayern Munich is reportedly in advanced discussions with Burnley to appoint Vincent Kompany as their new head coach. The Bundesliga giants believe Kompany is keen to join them, and both clubs are negotiating a compensation fee. Kompany, 38, is expected to bring his backroom staff from Burnley to Munich, including former Wales international Craig Bellamy. Kompany has been Burnley's manager since June 2022 and signed a five-year contract extension with the club in 2023. ( Read Deeper )

Charlie Colin, Founding Member And Former Bassist Of Train Passes Away At 58

Charlie Colin, a founding member and former bassist of the renowned band Train, has passed away at the age of 58, confirmed by his sister. The circumstances surrounding his death remain sparse, but TMZ reported that the musician tragically slipped in the shower and fell while housesitting in Brussels, Belgium, where he was residing at the time. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Are you struggling to get your first few customers for your new web app, especially one built around a SaaS model? ( Listen )

EXTRA BREVITI

• Iran is in mourning as it prepares to bury its late president, foreign minister, and several other officials who tragically lost their lives in a helicopter crash. ( Read More )

• Mario Andretti: Formula 1 owner personally threatened to shut out team Andretti ( Read More )