Sources: US Treasury will warn the White House that cryptocurrencies need major regulations as they pose significant financial risks that outweigh benefits (Washington Post)

Colin Wilhelm / The Block:
DC-based policy nonprofit Coin Center sues the US Treasury Department, saying the treasury overstepped its authority by sanctioning Tornado Cash in August 2022  —  – The D.C.-based policy nonprofit sued the Treasury Department, saying it overstepped its authority when it sanctioned transaction mixer Tornado Cash in August.

Billy House / Bloomberg:
In a letter to Mark Zuckerberg, 35 House Republicans request communications between Facebook and the FBI in a probe relating to the NY Post’s Hunter Biden story  —  House Republicans are demanding that Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg hand over FBI warnings …

Kyle Wiggers / TechCrunch:
Some experts warn that the EU’s proposed AI Act would create a legal liability for general-purpose AI systems while simultaneously undermining their development  —  Proposed E.U. rules could limit the type of research that produces cutting-edge AI tools like GPT-3, experts warn in a new study.

Wall Street Journal:
Sources: talks between the US and TikTok over a national security agreement have accelerated ahead of the midterms as Republicans vow to hold hearings  —  Plan to secure user data is nearing conclusion, sources say, but hurdles remain and Republicans warn against concessions to video app’s Chinese owner

Ron Miller / TechCrunch:
DataGrail, which helps companies comply with privacy regulations, raised a $45M Series C led by Third Point Ventures, and announces a new risk monitoring tool  —  DataGrail has always focused on helping companies comply with the growing world of privacy regulation, building plug-ins …

Kollen Post / The Block:
Crypto exchange Bittrex agrees to a $29.3M settlement with the US Treasury Department over potential liability for sanctions violations between 2014 and 2017  —  – Bittrex is facing record fines from the U.S. Treasury Department over the exchange’s lack of sanctions controls between 2014 and 2017.