Hey there, PoI readers! 🌟

It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. From Apple's AI antics in the EU to Ripple's legal rollercoaster, we've got a smorgasbord of digital delights for you today. Strap in for a wild ride through the wonderland of ETFs, regulations, and billion-dollar paperwork! Let's dive into the crypto chaos, shall we? 🧠🎭

INTEL BRIEF

🟧 Apple delays release of AI features in EU due to Digital Markets Act regulations.

🟧 California federal judge allows securities lawsuit against Ripple to proceed over CEO's allegedly misleading statements.

🟧 Multiple asset managers update Ether ETF proposals, aiming for early July launch.

🟧 Blockchain Association opposes IRS broker rule, citing excessive burdens and violations of the Paperwork Reduction Act.

Apple Delays AI Features in EU Due to Digital Markets Act Concerns

Apple, has decided to play it safe and hold back some of its shiny new toys from the European Union. Why, you ask? Well, it seems the EU's Digital Markets Act (DMA) is giving Apple a bit of a headache. Or should we say, an iAche?

The features getting the cold shoulder are Apple Intelligence (their fancy AI upgrade), iPhone Mirroring (for when you want your Mac to cosplay as your iPhone), and SharePlay Screen Sharing (perfect for backseat drivers in the digital world).

Apple's spokesperson, channeling their inner Siri, described Apple Intelligence as a "collection of 'highly capable' large language and 'diffusion models,'" which sounds suspiciously like a bunch of very smart robots having a book club.

But why the holdup? Well, Apple's Fred Sainz, probably while polishing his iWorry beads, said they're "concerned that the interoperability requirements of the DMA could force us to compromise the integrity of our products." Translation: "We don't want to share our toys in ways we don't like."

The EU, playing the role of the stern parent, has labeled Apple as one of six "gatekeeper" corporations, along with tech bigwigs like Alphabet, Amazon, and Meta. It's like being in the cool kids' club, but with more regulatory scrutiny and less fun.

The DMA's rules cover everything from third-party interactions to users' data control, and breaking them could lead to fines that would make even Tim Cook's wallet weep. We're talking up to 10% of worldwide annual turnover, or 20% for repeat offenders.

So, for now, millions of EU citizens will have to wait for these AI-powered goodies. But hey, at least they still have their 448.4 million friends to play with, right?

Apple delays release of AI features in EU due to Digital Markets Act regulations

Affected features include Apple Intelligence, iPhone Mirroring, and SharePlay Screen Sharing

Apple cites concerns over product integrity and user privacy as reasons for the delay

Ripple Faces Securities Lawsuit Over CEO's 2017 XRP Statement

U.S. District Judge Phyllis Hamilton has just given the green light to a civil securities lawsuit against Ripple. It's like she's pressed the "Go" button on a game of legal Whack-a-Mole, and Ripple's the mole that just popped up!

The star of this courtroom drama? None other than Ripple's CEO, Brad Garlinghouse. His alleged crime? Making "misleading statements" in a 2017 interview. Apparently, Brad said he was "very, very long" on XRP. Now, in crypto-speak, that's supposed to mean he's bullish. But according to the lawsuit, it actually meant he was "very, very selling millions of XRP." Oops!

Judge Hamilton, clearly not a fan of the "it's not a security, it's a utility token" defense, swatted away Ripple's attempt to get the case dismissed faster than you can say "blockchain." She's basically saying, "Nice try, but XRP might be a security when sold to regular Joes and Janes." It's like finding out your favorite "decentralized" cryptocurrency might actually be as centralized as your mom's Facebook group.

But wait, there's more! Remember that landmark ruling last July when Judge Analisa Torres said XRP wasn't a security? Well, Judge Hamilton said, "Not so fast!" She's arguing that non-institutional investors might have been expecting profits from Ripple's efforts. It's like expecting your houseplant to grow because you water it, except the houseplant is a digital asset and you're watering it with hopes and dreams.

Ripple's chief legal officer, Stu Alderoty, is trying to put a brave face on it, saying they're "pleased" about dismissed class action claims. It's like being happy you only stubbed nine toes instead of ten.

Federal judge allows securities lawsuit against Ripple to proceed over CEO Brad Garlinghouse's allegedly misleading 2017 statement

Judge rules XRP could potentially be considered a security when sold to retail investors, contradicting a previous landmark ruling

Case highlights ongoing legal uncertainties in the cryptocurrency industry

Ether ETFs: The Great Wall Street Crypto Race of 2024

VanEck, BlackRock, Grayscale, and Invesco Galaxy Digital have all submitted revised proposals for Ethereum ETFs to the SEC. It's like they're all trying to get a front-row seat at the hottest crypto party in town!

VanEck, playing the role of the cool kid who always knows the cover charge, has revealed a 0.20% management fee for their Ethereum fund. That's right, folks - for the low, low price of 20 basis points, you too can own a slice of the Ethereum pie without ever having to figure out what a "gas fee" is!

But wait, there's more! Franklin Templeton is undercutting them by a whole basis point at 0.19%. It's like watching a bunch of Wall Street suits engage in a high-stakes game of "The Price is Right"! Meanwhile, BlackRock, the 800-pound gorilla of asset management, is playing coy about their fees.

According to the crystal ball (read: Bloomberg analyst) of Eric Balchunas, these Ether ETFs are expected to hit the market faster than you can say "To the moon!" Specifically, he's eyeing the first week of July. Nothing says "Happy Independence Day" like financial independence through crypto exposure, right?

Meanwhile, Hashdex is throwing a curveball by pursuing approval for an ETF that combines spot Bitcoin AND Ether. It's like they're trying to make the crypto equivalent of a turducken!

Multiple asset managers, including VanEck, BlackRock, and Grayscale, have updated their Ether ETF proposals with the SEC

VanEck announced a 0.20% management fee, while others like Franklin Templeton are offering competitive rates

Analysts predict these Ether ETFs could launch as early as the first week of July 2024

Blockchain Association Challenges IRS Crypto Broker Rule, Citing Excessive Compliance Burden

The Blockchain Association is back, and they're not here to play nice with the IRS. In a move that's got more sass than a teenager told to clean their room, they've penned a letter that essentially says, "IRS, your broker rule is more ridiculous than a NFT of a pet rock."

The association is waving the Paperwork Reduction Act like a matador's cape, daring the IRS to charge. They're saying, "Hey, IRS, remember that little law that says you can't drown us in unnecessary paperwork? Yeah, that one."

Now, let's talk numbers, because who doesn't love a good math joke? The Blockchain Association claims these new rules would add 8 billion 1099-DA tax forms. That's more forms than there are people on Earth! It's like the IRS is trying to give every human, plus a few extra-terrestrials, their very own tax form. How thoughtful!

But wait, there's more! They're projecting 4 billion hours of labor to process these forms. And the cherry on top? An annual compliance cost of $254 billion. That's more than the GDP of Portugal! For context, the IRS initially estimated this would take 0.15 hours per customer and cost $136,350,000.

The Blockchain Association is essentially saying, "IRS, your math is worse than a first-grader trying to calculate the market cap of Bitcoin during a bull run."

This isn't the first time they've taken a swing at the IRS. Last year, they wrote a 39-page letter that was basically a very polite way of saying, "You guys really don't get crypto, do you?"

The crypto community is about as thrilled with these rules as a bear is with a bull market. Even Jerry Brito from Coin Center chimed in, basically saying, "Good luck getting a DeFi protocol to fill out your forms, IRS."

Blockchain Association objects to IRS broker rule, citing violations of the Paperwork Reduction Act

Association claims rules would lead to 8 billion new tax forms, 4 billion labor hours, and $254 billion in annual compliance costs

Crypto community remains strongly opposed to the proposed regulations, citing logistical difficulties and misunderstanding of blockchain technology

And that's a wrap, my lovely PoI readers! I hope this edition left you feeling informed, entertained, and maybe even a little dizzy from all the twists and turns in the crypto world. Remember, in the land of blockchain, every day is an adventure - and we're all just trying not to get lost in the metaverse!

Until next time, this is Mochi, signing off with a virtual high-five and a side of encrypted cookies! 🍪🔐 
P.S. Don't forget to share your thoughts, questions, and favorite crypto dad jokes with us. Every voice matters in the PoI community, even if it's just to say "HODL"! 📣❤️ Share the newsletter, because sharing is caring (unless it's your private keys, then don't do that).

🍨📰 Catch you in the next issue! 📰🍨