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Truth Social, the social media platform owned by President-elect Donald Trump, appears to be exploring a move into the crypto space. Trump Media & Technology Group filed a trademark application earlier this week for TruthFi, which it described as a cryptocurrency payment processing platform. The trademark application includes few specifics but lists numerous potential applications for TruthFi, including card payment processing services, asset management, custody service and trading in digital assets. It’s not clear how far along Trump Media is in evaluating a crypto payment service or whether the Trump-owned public company will ultimately launch such a platform. A move into crypto could be a way to diversify beyond social media. Trump Media did not respond to a request for comment. The trademark application illustrates the thorny conflict-of-interest issues raised by Trump’s election victory and his sprawling business empire. Trump and his family members own businesses that stand to gain from crucial decisions his administration will make, including on federal regulation. “It’s a huge problem but it’s not a Trump specific problem,” said Richard Painter, the top ethics lawyer in the George W. Bush administration. “Just like it’s a huge problem that members of Congress are trading crypto while they fail to pass legislation regulating crypto and accept huge amounts of donations from the crypto industry. Painter, who is a law professor at the University of Minnesota, said that criminal conflict of interest laws do not apply to the president, vice president of members of Congress. Still, he said Trump should clearly take steps to address the ethical challenges posed by his financial interests. “President Trump ought to do what every other president has done: Divest personal assets, Trump Organization assets, everything that creates a conflict of interest with his official duties. And that includes Truth Social and crypto,” Painter said. The news about the trademark comes just weeks after Trump’s election victory, a win powered in part by strong support from a crypto industry desperate for friendlier regulation from Washington. Soon, Trump will be able to return the favor – while potentially profiting from the crypto boom his election has helped turbocharge. Trump, who once bashed bitcoin but has since embraced it, promised during the campaign to make the United States the “crypto capital of the planet” and create a national cryptocurrency reserve. When he takes power in January, Trump is widely expected to tap regulators who will boost the crypto industry, moves that could help the company he owns a dominant stake in. Trump had vowed to replace one of the crypto industry’s biggest enemies: Gary Gensler, the chairman of the Securities and Exchange Commission. Gensler announced Thursday he will step down on January 20 when Trump is inaugurated. Analysts anticipate Trump will pick a crypto-friendly SEC chair. The trademark application for a crypto payment service comes just days after the Financial Times reported that Trump Media is in advanced talks to acquire crypto trading platform Bakkt. That report sent shares of Bakkt skyrocketing more than 160%. Bakkt issued a statement on Tuesday saying it was “aware of the rumors” that appeared in the media about a potential deal but it does not “comment on market rumors or speculation.” Beyond the potential Trump Media move into crypto payments, Trump has numerous other crypto ventures, including a business launched in September called World Liberty Financial. Earlier this week, Trump selected Cantor Fitzgerald CEO Howard Lutnick to run the Commerce Department. Lutnick has become a prominent cheerleader for cryptocurrency firm Tether , which has been hit by investor concerns about its operations.
Federal authorities announced hackers in China have stolen "customer call records data" of an unknown number of Americans, but encrypted messaging could be the first line of defense for people in the U.S. to secure their communications amid this cyber threat. The " cyber espionage campaign " was announced by the FBI and Cybersecurity and Infrastructure Security Agency (CISA) in mid-November. The agencies identified that the China-affiliated hackers "compromised networks at multiple telecommunications companies" to enable the theft of customer call records, according to FBI and CISA's release. In November, the agencies said the hackers compromised "a limited number of individuals who are primarily involved in government or political activity," the release reads. Last week, the agencies published a joint guide to better protect U.S. citizens from being compromised by the campaign. In the guide titled " Enhanced Visibility and Hardening Guidance for Communications Infrastructure , the agencies suggest end-to-end encryption as a solution. “The PRC-affiliated cyber activity poses a serious threat to critical infrastructure, government agencies, and businesses," Jeff Greene, CISA executive assistant director for cybersecurity, said in a Dec. 3 news release . “Along with our US and international partners, we urge software manufacturers to incorporate Secure by Design principles into their development lifecycle to strengthen the security posture of their customers." Holiday deals: Shop this season’s top products and sales curated by our editors. Here is how to switch to encrypted messaging and what applications offer this feature. What is end-to-end encryption? End-to-end encryption is a "security method that keeps your communications secure," according to Google. "With end-to-end encryption, no one, including Google and third parties, can read eligible messages as they travel between your phone and the phone you message," according to the tech company. What applications offer end-to-end encrypted messages? In addition to Google, several other applications offer encrypted features, including Signal and Meta-owned WhatsApp. "Signal is the easiest and works out of the box by default for everyone. WhatsApp is fine but collects more metadata,” Thorin Klosowski, a security and privacy activist at the Electronic Frontier Foundation, told the Washington Post . Apple's iMessage is also end-to-end encrypted, according to the company. "There’s no way for Apple to decrypt the content of your conversations when they are in transit between devices," the company's message and privacy policy states . Other messengers such as Telegram, Session, Briar and Threema all offer end-to-end encrypted messaging. Facebook's Messenger app is also end-to-end encrypted, a feature that became default last year. How to switch to end-to-end encrypted messaging The best way to switch to end-to-end encrypted messaging is to begin using applications that support it, including WhatsApp, iMessage and Signal. Also, before users send messages, they have to know that if someone screenshots or shares what they said or sent, then encryption features won't help them. This includes sending direct messages on X, TikTok, or even Slack and Microsoft Teams. Some applications, like Signal, have the option of disappearing messages. This can wipe conversations or messages clear once they are opened. On Apple devices, users can set all messages to only be saved for a set amount of time, such as a month or a week. Multi-factor authentication can also be used for sensitive accounts rather than just using a password to log in. This acts as extra security for those accounts.
WASHINGTON (AP) — The Commerce Department's efforts and to American-made advanced computer chips have been “inadequate” and will need more funding to stymie their ability to manufacture advanced weapons, according to a published Wednesday by the Senate's Permanent Subcommittee on Investigations. The Biden administration to limit the ability of China and Russia ability to access U.S.-made chips after nearly three years ago. The agency's Bureau of Industry and Security, according to the report, does not have the resources to enforce export controls and has been too reliant on U.S. chip makers voluntarily complying with the rules. But the push for bolstering Commerce's export control enforcement comes as the incoming Trump administration says it is looking to dramatically . President-elect has tapped entrepreneurs and to lead a new to dismantle parts of the federal government. The Trump transition team did not immediately respond to a request for comment on the report. BIS’s budget, about $191 million, has remained essentially flat since 2010 when adjusted for inflation. “While BIS’ budget has been stagnant for a decade, the bureau works diligently around the clock to meet its mission and safeguard U.S. national security,” Commerce Department spokesperson Charlie Andrews said in a statement in response to the report. Andrews added that with “necessary resources from Congress” the agency would be "better equipped to address the challenges that come with our evolving national security environment.” on Wednesday, Democratic Sen. Richard Blumenthal of Connecticut, chair of the subcommittee, pointed to an audit of Texas Instruments that showed the Russian military continued to acquire components from Texas Instruments through front companies in Hong Kong to illustrate how the export controls are failing as an effective tool. The committee's findings, Blumenthal said, suggest that Texas Instruments “missed clear warning signs” that three companies in its distribution chain had been diverting products to Russia. Texas Instruments did not immediately respond to a request for comment. “While Congress must provide BIS more resources to undertake its critical mission, it is long past time for BIS to make full use of the enforcement powers Congress has conferred upon it and take aggressive steps to cut the flow of U.S. semiconductors into the Russian war machine,” Blumenthal wrote. It's not just Texas Instruments that's the issue. The subcommittee in September published a report that found aggregated exports from four major U.S. advanced chip manufacturers nearly doubled from 2021 to 2022 to Armenia and Georgia. Both of those countries are home to front companies known to assist Russia in acquiring advanced chips made in the U.S. despite export controls. China, meanwhile, has created “vast, barely disguised smuggling networks which enable it to continue to harness U.S. technology,” the subcommittee report asserts. Washington has been gradually expanding the number of companies affected by such export controls in China, as President Joe Biden’s administration has encouraged an expansion of investments in and manufacturing of chips in the U.S. But Chinese companies have found ways to evade export controls in part because of a lack of China subject matter experts and Chinese speakers assigned to Commerce's export control enforcement. The agency's current budget limits the number of international end-use checks, or physical verification overseas of distributors or companies receiving American-made chips that are the supposed end users of products. Currently, Commerce has only 11 export control officers spread around the globe to conduct such checks. The committee made several recommendations in its report, including Congress allocating more money for hiring additional personnel to enforce export controls, imposing larger fines on companies that violate controls and requiring periodic reviews of advanced chip companies’ export control plans by outside entities. Boak reported from West Palm Beach, Florida.PARKER: Black and Hispanic women should be eyeing path to prosperity
Ghost of past administrationAmazon’s Stock Rides the AI Wave Amazon’s stock showed resilience after a successful boost from their AI-centered cloud initiatives showcased last week. The tech powerhouse is keen on expanding its influence, driven by positive feedback from analysts regarding its latest ambitions unveiled at the Amazon Web Services (AWS) re:Invent conference. A Major Analyst’s Optimism Mizuho’s analyst, James Lee, recently revised his price target for Amazon from 240 to 260, expressing confidence in AWS’s strategic direction. He highlighted that generative AI is approaching a significant transition, moving promising projects into practical applications. Key Technological Advances by AWS AWS is making waves with transformative AI strategies. They introduced cost-effective computing through their own chips, simplified AI app development, and added AI-agent functionalities to enhance workflow automation. Lee anticipates a strong 21% revenue growth for AWS by 2025. Conference Highlights and Strategic Moves In Las Vegas, AWS revealed that major companies like Apple are adopting its Trainium2 AI chip, with Trainium3 slated for release. An impressive “UltraCluster” of AI chips will soon train Anthropic’s latest models, reflecting Amazon’s $8 billion investment in the AI startup. Additionally, CEO Andy Jassy presented Amazon Nova, a new AI model line available via the Bedrock AI platform. Market Reception and Stock Performance Amazon’s recent initiatives are aimed at maintaining its cloud services lead over competitors like Microsoft and Google’s Alphabet. Positive feedback from analysts suggests a turning tide in favor of AWS’s AI prowess. This year, Amazon’s stock has climbed 49%, significantly outpacing the S&P 500’s 27% rise. This growth catapults Amazon’s position further into the spotlight of robust investment opportunities. The Untold Future of Amazon’s AI Strategies: What’s Next? Amazon’s AI-Driven Ambitions: A Closer Look at Emerging Trends and Innovations Amazon continues to capture attention in the tech world, leveraging its vast resources to make significant strides in artificial intelligence. The AWS re:Invent conference brought new insights, revealing Amazon’s progress and future directions. Let’s explore the key developments, market trends, and strategic innovations shaping Amazon’s AI landscape. Innovative AI Technologies by AWS At the heart of Amazon’s AI advancement is AWS’s innovative approach to cloud computing. A major highlight is the introduction of their proprietary chips, notably the Trainium series, which offer both cost-effectiveness and enhanced performance for AI tasks. Trainium2 has already attracted major industry players like Apple, while the soon-to-be-released Trainium3 promises to revolutionize AI computing further. AWS’s focus on simplifying AI application development is particularly noteworthy. By integrating AI-agent functionalities to automate workflows, AWS is enabling businesses to streamline operations and improve efficiency. These technological innovations offer exciting possibilities for future AI applications across various industries. Diving Deeper into Market Trends and Analyst Predictions Mizuho’s analyst, James Lee, sheds light on the expanding role of generative AI, which is transitioning from experimental to practical applications. This shift is expected to drive substantial revenue growth for AWS, potentially reaching 21% by 2025. Such predictions underscore AWS’s strategic positioning in the competitive AI and cloud market. The positive market reception of Amazon’s AI endeavors is evident in its stock performance. With a notable 49% rise this year, considerably outstripping the S&P 500’s growth, Amazon stands out as an appealing investment option. This growth trajectory is a testament to investor confidence in Amazon’s strategic initiatives and future prospects in AI. Future Prospects and Market Analysis With an $8 billion investment in AI startup Anthropic, Amazon’s commitment to pushing the boundaries of AI technology is clear. This investment reflects a strategic move to enhance AWS’s capabilities, particularly in training sophisticated AI models. The introduction of the “UltraCluster” of AI chips signifies a monumental step in Amazon’s AI journey, potentially setting new industry standards. Furthermore, the unveiling of Amazon Nova on the Bedrock AI platform symbolizes a forward-thinking approach, promising to deliver advanced AI solutions. As Amazon competes with tech giants like Microsoft and Google, such strategic developments will be crucial in maintaining its lead in the cloud services arena. Concluding Insights and Predictions Looking ahead, Amazon’s focus on AI innovations positions it well for sustained growth and influence in the technology sector. With strategic advancements in chip technology, AI applications, and substantial investments, Amazon is gearing up to shape the future of AI. As we anticipate these developments, it’s clear that Amazon’s relentless pursuit of AI excellence is set to redefine the landscape, offering new opportunities and setting benchmarks for the industry. For more insights and updates on Amazon’s latest ventures, visit the Amazon website.
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