18 Jun 2025, 22:30

Google AI Mode Unlocks Enhanced Voice Conversation

BitcoinWorld Google AI Mode Unlocks Enhanced Voice Conversation In the rapidly evolving world of artificial intelligence, where capabilities expand daily, staying updated is key for anyone interested in technology, including the cryptocurrency space. Google has just rolled out a significant update to its experimental Search feature, Google AI Mode , bringing a new level of interaction that promises to change how users get information. What is Enhanced AI Voice Conversation in Google Search? Google is now enabling users to engage in a dynamic, back-and-forth voice conversation directly with Google AI Mode . This isn’t just asking a single question and getting one answer; it’s about having a continuous dialogue. This feature, integrated through ‘Search Live’, allows for free-flowing voice interactions and provides links from the web for deeper exploration. Here’s how it works: Open the Google app. Tap the new “Live” icon. Ask your question aloud. Hear an AI-generated audio response. Follow up with another question to continue the conversation. This update comes shortly after Google AI Mode became available to all users in the U.S., positioning it as a direct competitor to conversational AI services like Perplexity AI and OpenAI’s ChatGPT Search, particularly their voice capabilities. Why is Google Search AI Enhancing Voice Interaction? The primary driver for this enhancement is usability, especially for users who are busy or multitasking. Google recognizes that typing isn’t always convenient. Imagine needing quick information while your hands are full: You’re packing for a trip and ask, “What are some tips for preventing a linen dress from wrinkling in a suitcase?” The AI responds, and you immediately follow up with, “What should I do if it still wrinkles?” This hands-free interaction makes getting information faster and more efficient in real-world scenarios. It’s Google’s move to make Google Search AI more accessible and integrated into daily life. Behind the Scenes: Powering Gemini AI Voice The technology enabling this fluid voice interaction is a custom version of Google’s advanced Gemini AI model. Liza Ma, director of product management at Google Search, explained that this custom model is built on Search’s robust quality and information systems, ensuring reliable and helpful responses. Key technical aspects include: A custom Gemini AI model with advanced voice capabilities. Leveraging Search’s established information systems for quality results. Utilizing a “query fan-out” technique to present a wider array of web content, promoting broader exploration. This integration of Gemini AI with Search infrastructure provides the foundation for the enhanced conversational experience. Expanding the Capabilities of AI Search The new voice feature is just one part of Google’s broader vision for AI Search . While having a voice conversation, users will see relevant links on their screen, allowing them to click and explore sources if they wish. The Search Live feature operates in the background, meaning you can switch to another app and continue the conversation. Additional features for flexibility include: A “transcript” button to view the text of the conversation. The option to switch from voice to typing mid-conversation. The ability to revisit past Search Live interactions through your Google AI Mode history. Google has also previewed future capabilities, such as integrating the phone’s camera to ask questions based on real-time visual information, further expanding the potential of AI Search . Conclusion: A Step Forward for AI Interaction Google’s rollout of back-and-forth voice conversation in Google AI Mode represents a significant step in making AI interaction more natural and convenient. By leveraging a custom Gemini AI model and integrating it deeply with Google Search, the company is enhancing how users access information, particularly when on the go. This development positions Google competitively in the evolving landscape of conversational AI and offers users a powerful new tool for hands-free information retrieval. To learn more about the latest AI market trends, explore our article on key developments shaping AI features. This post Google AI Mode Unlocks Enhanced Voice Conversation first appeared on BitcoinWorld and is written by Editorial Team

18 Jun 2025, 19:35

We Need to Fix the So-Called GENIUS Bill

A bipartisan majority in the Senate has just passed the GENIUS Act to provide a regulatory framework for stablecoins. A similar bill, the STABLE Act, is working its way through the House. President Trump wants to sign a stablecoin bill into law this year, so it looks like we are well on our way to a long overdue regulatory regime for stablecoins. Or are we? We shouldn’t count our chickens before they hatch. The proposed legislation is flawed and can and should be fixed promptly to eliminate needless duplication that will impose excess costs on the industry and the taxpayer. Fortunately, the legislation can easily be fixed. The House and Senate bills, although broadly similar, have some differences, and the two chambers will have to come to an agreement. Will the resulting bill be known as the STABLE GENIUS Act? There is still time to avoid problems like the choice of 55 different regulators, or keeping interest-bearing stablecoins out of the regulatory framework. The problems in our obsolete regulatory framework have contributed to the sorry state of crypto regulation in the U.S. We have literally hundreds of different financial regulatory agencies at the state and federal levels, and they don’t play nicely together. The regulators engage in turf battles to extend their domains, while other important issues fall into the neglected cracks. FTX was regulated by state money transmitter regulators, of all people. Whose bright idea was that? This fragmentation of our regulatory system was one of the contributing factors to the financial crisis of 2008. Congress’s response in the Dodd-Frank legislation was to add yet another layer of bureaucracy, the Financial Stability Oversight Council (FSOC). The idea behind the FSOC is that the dukes and earls in charge of the regulatory fiefdoms would get together in a committee and cooperate more than they had before. Congress is about to repeat this mistake by requiring joint rulemaking from the alphabet soup agencies. This byzantine bureaucracy has slowed a sound approach to digital assets. A case in point is the battle over whether a particular digital asset is a Security under the infamous Howey test, and thus subject to the whims of the SEC, or a Something Else, and thus subject to the different dictates of the Something Else Regulators (CFTC? CFPB? state banking or money transmitter regulator?). We are all familiar with the contortions that issuers of digital assets have gone through to avoid the Kafka-esque SEC experience. Even TradFi issuers of securities do their best to take advantage of the many exceptions to SEC registration whenever they can. SEC oversight is an overly expensive and cumbersome process, especially for newer and smaller companies. The SEC has been spectacularly unsuccessful over the years in properly scaling registration requirements to the size of scope of newer and smaller enterprises. The proposed bills would permit issuers to choose from 55 different regulators by establishing themselves in the right jurisdiction with the right kind of charter. In addition to the alphabet soup at the federal level (FDIC, OCC, Fed, NCUA, and, for security-stablecoins, the SEC), stablecoin issuers could also choose a state regulator. With a choice of 55 different regulators, what could go wrong? Lots of things. First, there is the danger of a race to the bottom. Stablecoin issuers will be tempted to choose the regulator with the laxest and least costly oversight. This increases the chances that the regulators will miss something important. To remedy this, the bills require that the Secretary of the Treasury certify that a state’s regulation is “substantially similar” to the federal regulation. If it is “substantially similar,” why bother with such redundancy? Also, the Secretary of the Treasury has to go through a formal rulemaking process to come up with principles for establishing substantial similarity. Talk about a duplicative waste of resources! But wait, like in a good infomercial, there is more! More waste and redundancy, that is. The House bill requires the OCC, FDIC, and Fed to engage in a joint rulemaking in consultation with the state regulators on capital requirements for stablecoins. Any veteran of joint rulemaking can attest to what a long and painful process it is for different federal agencies to work together on a joint rulemaking. Joint rulemakings proceed very slowly as getting agreement between agencies is a long, slow, and often contentious process. One survivor of such joint rulemaking related to me an incident in which a shouting match between staffers in the different agencies almost led to a fist fight. Congress can set deadlines for rulemaking, but there is usually no punishment if an agency dawdles for years past a deadline. Speaking of turf battles, stablecoins that pay interest are not covered. Who regulates those? A stablecoin that is a “security” is also not covered by the bills. Such coins are presumably regulated by the SEC. We can expect regulators and the courts to wrangle incessantly over whether a future stablecoin-like product is regulated by one of the 55 stablecoin regulators, or by the SEC or CFTC, or CFPB or someone else. At a time when the DOGE administration is eviscerating government agencies in its bungling attempts to eliminate waste and redundancy, constructing a regulatory regime in which overlapping regulators jockey for position and duel in joint rulemakings is an absurd contradiction. Congress needs to pick a single regulator and get rid of the joint rulemakings and state loopholes. Of course, before we talk about who and how we should regulate stablecoins, we need to be clear about why we are regulating stablecoins. This will help to figure out the best approach to regulating stablecoins. In general, financial regulation has some common-sense objectives: The economy won’t die when something bad happens. Customers are protected when an intermediary fails. The economy can grow and be stable. Market participants have the information they need to make good decisions. Fraudsters aren’t selling bogus instruments. Intermediaries who hold customer assets can be trusted. Prices are fair and not manipulated. Stablecoins are an important innovation in the global payment system. They help to cement the role of the dollar in the global economy. They are likely to grow substantially from their current size and become systemically important. The failure of a very large stablecoin could transmit distress throughout the economy. Those losing funds in such a failure could in turn default on their obligations, threatening to bring down still other entities with no direct holdings of stablecoins. A run on a stablecoin would cause it to dump its holdings of U.S. Treasuries, causing distress in the Treasury market. This is the epitome of systemic risk, and it needs to be monitored and managed by our de facto systemic risk regulator, the Fed. Congress can and should fix the flaws in the STABLE GENIUS bills. Congress should pick the Fed as the single regulator for stablecoins. Interest-bearing stablecoins should be brought into the stablecoin regulatory regime. These fixes can be done simply and promptly to the existing texts. Congress should also begin giving serious thought to how to later fix our dysfunctional regulatory structure. A more intelligent and nimble regulatory structure would have more quickly grasped the many benefits of blockchain technology and come up with appropriate ways to promote innovation safely and ensure American leadership. We need to begin the discussion on how best to do this. Financial technology will continue to evolve, and our obsolete regulatory structure will hamper that innovation unless we fix it and soon.

18 Jun 2025, 19:10

Solana Policy Institute Proposes Urgent Regulatory Shift for Decentralized Protocols to SEC

BitcoinWorld Solana Policy Institute Proposes Urgent Regulatory Shift for Decentralized Protocols to SEC Are you following the evolving landscape of crypto regulation in the United United States? A significant development recently emerged from the Solana Policy Institute (SPI), a think tank focused on the Solana ecosystem and broader Web3 policy issues. SPI has taken a proactive step, submitting a proposal to the U.S. Securities and Exchange Commission (SEC) arguing for a crucial distinction in how decentralized protocols should be regulated. What is the Solana Policy Institute Proposing to the SEC? The core of the Solana Policy Institute’s proposal to the SEC is a call for regulatory clarity and, more specifically, for exemptions for truly decentralized protocols from existing securities laws. According to reports, SPI, working alongside key players like Phantom (a popular Solana wallet), Superstate, and Orca (a decentralized exchange on Solana), is making a case that the current regulatory framework designed for traditional financial intermediaries simply doesn’t fit the nature and function of decentralized systems. Think about traditional finance: you have brokers who execute trades on your behalf and custodians who hold your assets. These entities have significant control and responsibility, and the regulations governing them reflect that. The SPI argues that decentralized protocols operate fundamentally differently. They are often automated systems governed by code and community, without a central intermediary performing these traditional broker or custodian functions in the same way. The proposal suggests that non-custodial blockchain infrastructure, which is a hallmark of many decentralized protocols, should be regulated under a distinct approach. This acknowledges the reality that users interacting with these protocols typically maintain control of their own private keys and assets, a stark contrast to leaving funds with a centralized entity. Why Does US Crypto Policy Need This Nuance? The current regulatory environment in the United States often attempts to fit novel blockchain technologies into existing boxes designed for traditional financial instruments and services. This can create significant challenges and uncertainty for innovators building decentralized applications. Here’s why the SPI’s push for a nuanced US crypto policy is important: Innovation: Applying outdated rules to new technology can stifle development and adoption of potentially beneficial decentralized applications. Clarity: A lack of clear guidelines creates uncertainty, making it difficult for projects to operate legally and for investors to understand risks. Global Competitiveness: Other jurisdictions are developing tailored frameworks for digital assets. The U.S. risks falling behind if its regulatory approach isn’t adapted. Consumer Protection (Applied Appropriately): SPI’s argument isn’t necessarily against consumer protection, but rather that the *methods* of protection should align with the actual risks and structures of decentralized systems. The proposal aims to start a dialogue with the SEC to help them understand these fundamental differences and consider regulatory pathways that support responsible innovation while still addressing potential risks. Understanding Decentralized Protocols: More Than Just Code? So, what exactly are decentralized protocols ? In simple terms, they are sets of rules or standards that govern how participants interact on a blockchain network without needing a central authority. Examples include decentralized exchanges (DEXs) like Orca, lending protocols, and protocols for managing digital identities or assets. The argument for exemption often hinges on several key characteristics: Non-Custodial: Users typically retain control of their private keys and funds. The protocol facilitates interactions but doesn’t hold assets for the user. Permissionless: Anyone can typically interact with the protocol without needing specific approval from a central gatekeeper. Immutable (Often): Once deployed, the core logic of the protocol is difficult or impossible for a single entity to change. Governance might exist, but it’s often distributed among token holders. Transparent: Transactions and protocol logic are often publicly auditable on the blockchain. SPI and its collaborators are essentially telling the SEC: look at how these systems *actually* work. They don’t have a CEO, a board of directors making trading decisions for users, or a central vault holding everyone’s money. Regulating them like a traditional brokerage firm doesn’t make practical sense and could inadvertently harm the technology itself. What Are the Potential Benefits and Challenges of This Approach? Should the SEC consider the SPI’s proposal, there could be significant benefits for the crypto ecosystem. Regulatory clarity could unlock further investment and development in the U.S. It could also provide a clearer path for users to interact with decentralized finance (DeFi) applications with more confidence, knowing there’s a tailored regulatory perspective acknowledging their unique structure. However, the path forward is fraught with challenges: Defining “Decentralized”: Regulators often struggle with where to draw the line between truly decentralized systems and those that retain significant central control. This definition will be key and highly debated. Regulatory Appetite: The current SEC under Chair Gary Gensler has often emphasized applying existing rules to crypto. Shifting to a new, tailored approach for decentralized protocols might face internal resistance. Enforcement Concerns: Regulators may worry about how to enforce rules or protect consumers if there isn’t a central entity to pursue. Complexity: Understanding the technical nuances of various protocols requires significant effort from regulators. The SPI’s proposal is an important step in bridging this gap, providing regulators with a framework from the industry’s perspective. Actionable Insights: What Does This Mean for You? While this proposal is a high-level policy discussion between the Solana Policy Institute and the SEC, it has implications for anyone involved in crypto, particularly those using or building on decentralized protocols. Stay Informed: Follow regulatory developments closely. The outcome of these discussions will shape the future of DeFi in the U.S. Understand the Tech: Educate yourself on how decentralized protocols work, especially the non-custodial aspect. This helps you understand the policy arguments being made. Engage (If Possible): For builders and developers, consider engaging with policy discussions or supporting organizations like SPI that advocate for clear and appropriate regulation. This dialogue highlights the ongoing tension between existing regulatory frameworks and rapidly evolving technology. The SPI’s proposal is a direct attempt to influence US crypto policy towards a more nuanced and potentially more innovation-friendly stance for decentralized systems. Summary: A Critical Juncture for Decentralized Finance and US Crypto Policy The proposal from the Solana Policy Institute to the SEC represents a critical effort to shape the future of crypto regulation in the United States. By arguing that decentralized protocols should not be shoehorned into regulations designed for traditional financial intermediaries, SPI and its partners are pushing for a more appropriate and innovation-conscious US crypto policy . While the outcome remains uncertain, this dialogue is essential for providing clarity, fostering responsible growth, and ensuring that the regulatory framework for digital assets is fit for purpose in the 21st century. The conversation between entities like the Solana Policy Institute and the SEC will undoubtedly continue to be a major factor influencing the development and adoption of decentralized technologies. To learn more about the latest crypto regulation trends, explore our article on key developments shaping US crypto policy and institutional adoption. This post Solana Policy Institute Proposes Urgent Regulatory Shift for Decentralized Protocols to SEC first appeared on BitcoinWorld and is written by Editorial Team

18 Jun 2025, 18:50

Plume Blockchain: Exciting US Launch Prepares for RWA Tokenization Amidst Regulation Talks

BitcoinWorld Plume Blockchain: Exciting US Launch Prepares for RWA Tokenization Amidst Regulation Talks The world of decentralized finance (DeFi) and blockchain technology is constantly evolving, pushing the boundaries of what’s possible. A key area gaining significant traction is the tokenization of Real World Assets (RWA). Bringing tangible or traditional financial assets onto the blockchain promises increased liquidity, fractional ownership, and greater transparency. Amidst this innovation, the regulatory landscape, particularly in the United States, remains a critical factor for adoption and growth. This is where projects like the Plume blockchain are stepping in, aiming to bridge the gap between traditional finance and the decentralized future, and their recent activities suggest a significant move into the U.S. market is imminent. What is the Plume Blockchain and Why Focus on RWA? Plume isn’t just another blockchain; it’s specifically designed with the unique requirements of Real World Assets in mind. While many blockchains are general-purpose, Plume focuses on providing the necessary infrastructure, compliance tools, and ecosystem support needed to tokenize assets ranging from real estate and art to private equity and credit. The focus on RWA is driven by the immense potential these assets hold. By representing ownership or value of real-world items as digital tokens on a blockchain, we unlock possibilities like: Increased Liquidity: Traditionally illiquid assets can be traded more easily on secondary markets. Fractional Ownership: High-value assets can be split into smaller, affordable tokens, allowing broader investor participation. Greater Transparency: Ownership records and transaction history can be immutably stored and verified on the blockchain. Streamlined Processes: Automation through smart contracts can reduce settlement times and administrative costs. Plume aims to be the go-to network for institutions and individuals looking to harness these benefits securely and compliantly. Plume Prepares for an Exciting U.S. Launch In a significant development for the project, Plume recently announced via their official X account that they are preparing for a U.S. market release within the coming weeks. This is a major step, as the U.S. represents one of the largest and most complex financial markets globally. Launching products and protocols, including their lending protocol NestCredit, in this environment requires careful navigation of existing financial regulations and emerging crypto guidelines. Entering the U.S. market signals Plume’s ambition to be a key player in the global RWA tokenization space. It also indicates a level of confidence in their ability to meet the necessary compliance standards or, at least, a proactive approach to addressing them head-on. Engaging with U.S. Treasury Officials: A Crucial Step Perhaps even more noteworthy than the planned launch is Plume’s engagement with high-level U.S. government officials. The company met with U.S. Treasury Secretary Scott Besent ( Note: This appears to be a potential error in the source text, as the current Secretary is Janet Yellen. Assuming the intent was a high-level meeting, we will proceed with the concept of engagement with Treasury officials ) and Vice President JD Vance. These meetings weren’t just courtesy calls; they were focused discussions covering Plume’s roadmap, their RWA tokenization efforts, and broader initiatives around open blockchain technology. Why is this engagement so important? It demonstrates a willingness from Plume to proactively engage with policymakers rather than operating in the shadows. This kind of dialogue is essential for fostering a mutual understanding between innovators and regulators. For the U.S. Treasury and other regulatory bodies, understanding how technologies like the Plume blockchain work and their potential impact is crucial for developing informed policies. For Plume, these discussions provide valuable insights into the government’s perspective on digital assets and regulation, helping them tailor their approach for the U.S. market. Addressing US Crypto Regulation Head-On The regulatory environment for cryptocurrencies and blockchain in the U.S. is fragmented and evolving. Various agencies, including the SEC, CFTC, and Treasury, have roles to play, often leading to uncertainty for projects. Plume’s proactive engagement suggests they are committed to navigating this complex landscape compliantly. Their discussions with officials likely covered key areas such as: How RWA tokens should be classified (e.g., securities, commodities, or something else). Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements for RWA platforms. Consumer and investor protection measures. The technological capabilities of Plume to ensure compliance and security. Successfully launching and operating under clear US crypto regulation would be a significant achievement for Plume and could set a precedent for other RWA projects looking to enter the market. Introducing Regulatory Innovation Waivers An interesting concept Plume reportedly introduced to the U.S. Treasury and crypto task forces last month is that of ‘regulatory innovation waivers.’ This idea is aimed at accelerating the deployment of on-chain products and services, particularly within DeFi capital markets . The concept suggests a mechanism where projects demonstrating innovative approaches to compliance or risk management could potentially receive temporary waivers or modified regulatory treatment. This could allow for testing and iterating new models under supervision, rather than facing immediate barriers from existing rules that may not fully account for blockchain’s nuances. The introduction of such a concept highlights Plume’s forward-thinking approach and their desire to help shape a regulatory framework that fosters innovation rather than stifling it. It acknowledges the potential tension between rapid technological advancement and the need for robust regulation, proposing a potential path forward. Opportunities and Challenges for RWA in U.S. DeFi Capital Markets Bringing Real World Assets into DeFi capital markets in the U.S. presents both tremendous opportunities and significant challenges. Opportunities: Massive Market Size: The U.S. financial market is vast, offering immense potential for RWA tokenization. Institutional Interest: Growing interest from traditional financial institutions (TradFi) in using blockchain for asset management and trading. Increased Efficiency: Potential to make traditional financial processes more efficient and cost-effective. New Investment Products: Creation of novel investment opportunities through fractionalized and tokenized assets. Challenges: Regulatory Clarity: The primary hurdle remains the lack of clear, comprehensive US crypto regulation specifically for RWA. Legal Frameworks: Ensuring that tokenized ownership holds up legally in existing property and contract law. Integration with TradFi: Bridging the technological and operational gap between blockchain platforms and legacy financial systems. Valuation and Oracles: Reliable and transparent methods for valuing underlying real-world assets and bringing that data on-chain. Security Risks: Smart contract vulnerabilities and platform security are paramount when dealing with high-value assets. What Does This Mean for the Future of RWA Tokenization? Plume’s impending U.S. launch and their direct engagement with government officials are positive signs for the future of RWA tokenization . It suggests that: Innovation is Pushing Forward: Projects are actively building solutions for complex markets. Dialogue is Happening: The industry and regulators are starting to talk, which is crucial for finding common ground. Compliance is Key: Future success in major markets like the U.S. will heavily depend on projects’ ability to navigate and adhere to regulatory requirements. While the path forward won’t be without its challenges, Plume’s strategy of building a dedicated Plume blockchain for RWA and proactively engaging with regulators seems like a sensible approach for long-term success in the U.S. and beyond. Summary: Plume’s Strategic Move into the U.S. Plume’s announcement of a U.S. launch and its high-level meetings with Treasury officials underscore a strategic and ambitious push into one of the world’s most important financial markets. By focusing on Real World Assets and proactively addressing the complexities of US crypto regulation , Plume is positioning itself at the forefront of the RWA tokenization movement. Their proposal for regulatory innovation waivers further demonstrates a commitment to finding collaborative solutions for integrating blockchain technology into DeFi capital markets . As the launch approaches, the industry will be watching closely to see how Plume navigates the regulatory waters and contributes to the mainstream adoption of tokenized assets. To learn more about the latest RWA tokenization trends, explore our articles on key developments shaping Real World Assets adoption and regulation. This post Plume Blockchain: Exciting US Launch Prepares for RWA Tokenization Amidst Regulation Talks first appeared on BitcoinWorld and is written by Editorial Team

18 Jun 2025, 18:40

Chinese EV makers hit with subsidy freeze

China’s electric vehicle industry is facing a fresh challenge this week as car trade-in subsidies from several of its major cities dry up. As government subsidies dry up in several of China’s cities, the electric vehicle industry is already feeling the ripple effects on its retail sales. According to official announcements reviewed by Reuters , at least six municipalities, including Zhengzhou, Luoyang, Shenyang, Chongqing, and Xinjiang, have temporarily suspended their car trade-in subsidy programs after the initial round of funding ran out. Chinese retail sales saw an unexpected 6.4% jump in May, with partial credit to auto subsidies. Analysts now fear that this pause in subsidy programs could dampen both consumer demand and business confidence heading into the third quarter. Chinese EV makers hit with subsidy freeze Electric vehicle (EV) manufacturers in China are facing a new challenge as key government subsidies have suddenly been frozen in several major cities. City governments have offered differing reasons for the freeze. In Zhengzhou and Luoyang, the officials blamed depleted central funds for the suspension, while authorities in Shenyang and Chongqing described their pauses as part of “adjustments to improve capital efficiency.” Xinjiang also confirmed a halt, though without elaborating on the reason. The national subsidy scheme encourages consumers to trade in their older vehicles for newer, more efficient models, and it has been a pillar of Beijing’s strategy to increase consumption despite sluggish economic indicators like soft wage growth, persistent youth unemployment, and a deeply troubled property sector. The Ministry of Commerce reported that more than 4 million applications for car-specific trade-in subsidies had been filed by the end of May. “Zero-mileage” fraud may slow down Despite the program’s popularity, problems have emerged around its implementation and potential abuse. One of the most significant issues that was flagged by local regulators and state media involves what are called “zero-mileage used cars” which are brand new vehicles misrepresented as used ones in order to qualify for trade-in subsidies. This loophole has reportedly been exploited by dealerships and manufacturers seeking to clear inventory at discount rates. According to Dahe Daily, a government-owned publication in Henan Province, businesses were repackaging new or barely-used vehicles as second-hand ones to secure state funds under false pretenses. The practice gained national attention after Wei Jianjun, the chairman of Great Wall Motor, publicly condemned it. China’s central government took the criticism seriously, and the state-run paper, People’s Daily, published a piece in early June urging a crackdown on the scheme. Soon after that, the Ministry of Industry and Information Technology (MIIT) called for an emergency meeting with auto companies to put an end to price wars and market manipulation. During the meeting, regulators warned against over-reliance on discounts and subsidies to drive sales. Afterwards, major automakers, including BYD and Nio, engaged in repeated rounds of price cuts that threatened the industry’s long-term profitability. So far, there’s been no formal announcement on when additional funds will be released, but both the National Development and Reform Commission (NDRC) and the Ministry of Finance have stated that subsidy programs will continue through the end of 2025. Analysts are anticipating a fresh round of central funds as early as July. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot

18 Jun 2025, 18:38

Polygon’s Jordi Baylina Launches Zisk to Potentially Advance zkEVM Technology Independently

Jordi Baylina’s new project, Zisk, emerges as a pivotal force in zero-knowledge virtual machine (zkVM) technology following Polygon Foundation’s strategic pivot away from its costly zkEVM chain. By spinning out