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Trump Fears Ceding Crypto Market Leadership to China
As cryptocurrencies continue to dominate the US election discourse, Donald Trump discussed the implications for the crypto market in a detailed interview with Bloomberg Businessweek, touching on topics like cryptocurrencies, NFTs, and the chip industry. 
China Increases Funding for Chip Manufacturing
The Chinese government has launched a specialized investment fund dedicated to supporting local development and manufacturing of chips, including those designed for artificial intelligence. Since its official establishment on May 24, the fund has attracted over $47.5 billion in investments. 
FTX Liquidator Faces Investigation in China
The Chinese government is scrutinizing PricewaterhouseCoopers (PwC), the audit firm implicated in a significant fraud case with the Evergrande Group, involving around $78 billion. Chinese officials have reached out to PwC accountants who audited the construction giant, seeking more insights. 
Trump’s Strategy to Weaken the Dollar and Its Crypto Impact
Donald Trump’s post-return agenda to the White House includes measures such as significant import tariff hikes, escalating trade conflicts with China, and aggressive deficit reduction. His determination to weaken the US dollar stands out as particularly significant. $14 Billion Crypto Scheme Creator Extradited to China
Zhang Moumou, the mastermind behind a $14 billion crypto pyramid scheme, has been extradited from Thailand to China. This event marks the first successful extradition of an economic crime suspect between the two countries since the two countries signed the extradition treaty in 1999. AI Adoption: China Takes the Lead
A study by SAS reveals that China is at the forefront of global AI implementation, with 83% of companies utilizing artificial intelligence. This is notably higher than the adoption rates in the UK (70%), the US (65%), and Australia (63%), with the global average at 53%. CSFC Convicts Telegram Admin for Unauthorized Financial Advice
A Chinese court has found Wong Ming-Chung, the administrator of a financial Telegram chat group offering paid subscriptions, guilty of providing investment advice without the necessary license over several years. The investigation and subsequent lawsuit were led by the China Securities and Futures Commission (CSFC). 
Chinese Government Cracks Down on Crypto Users
China's state media is once again alerting its citizens to the dangers and illegality of cryptocurrency trading, as well as enforcing a total ban on mining. This move coincides with a surge in Bitcoin's popularity following the approval of spot ETFs and the anticipation of the upcoming halving event, which will reduce the reward for mining a block by half.