THE ARTIFICIAL SUPERINTELLIGENCE ALLIANCE MAY BECOME CRYPTO’S NEXT MERGER
Each day, Coinrule will run through the state of the digital assets market for Blockbeat, your home for news, analysis, opinion and commentary on blockchain and digital assets.
On Wednesday, news dropped that the SEC’s case against Coinbase will continue. Judge Failla ruled the regulator has a plausible argument Coinbase failed to register as a securities business. However, as the SEC tries to slow one crypto titan, another one emerges. This time it’s coming from the artificial intelligence sector.
Judge Failla’s ruling dismissed the SEC’s claims that Coinbase’s wallet was a broker. This is a big win for DeFi and non-custodial wallets. The judge ruled that as non-custodial wallets do not have any control over the user’s decisions, they are not brokers. They therefore cannot be regulated under traditional securities laws. This removes an element of regulatory risk for any centralised entities wanting to connect their products to DeFi. Builders can continue innovating and experimenting with DeFi until new regulation is created. Hopefully when DeFi regulation does come, it is realistic and fair. The case will now move forward to determine if exchanges can offer staking. The Ripple lawsuit against the SEC took over 2 1/2 years to complete. Based on this, there may be another 2 years to go.
On Wednesday, we saw a rare occurrence within the crypto world – a merger. Making it even more rare is it’s between three tokens – Fetch.AI, Ocean Protocol and Singularity Net. All of them are AI related and will potentially merge to become the Artificial Superintelligence Alliance, with the ASI token representing them all and valued at $7.5 billion fully diluted. The plan is to create an AI powerhouse, however each one will continue to operate independently handling their own side of the platform. Potentially, Fetch will act as the Layer 1 network and handle AI agents, Ocean will deal with data privacy and trading, and Singularity Net will use its AGI communications engine and marketplace. Fetch will rebrand to ASI, Ocean’s and Singularity Net’s tokens will convert to ASI at 0.433:1.
The news caused all the tokens involved to surge in price. However, the move has many questioning if the merger will even be successful due to mergers even among mature companies oftentimes being a disaster. Many also suggest, ASI could become the go-to token for general AI exposure as it would have a diversified offering. Will this three-way merger mark the beginning of a new era of decentralised artificial intelligence? However, the tokens’ communities still have to vote to finalise the decision. As always with crypto, expect the unexpected.
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