After the mammoth success of ChatGPT, OpenAI CEO Sam Altman has turned his attention to cryptocurrencies. Altman’s Worldcoin, a crypto venture that leverages eyeball scanning technology, is in advance talks to secure $100 million in funding, the Financial Times reported. The development comes amid a growing regulatory crackdown on cryptocurrencies.
The report emphasized that Altman is getting ready to launch Worldcoin and may raise new cash from both existing and new investors.
The move comes at a time when the U.S. regulators, including the SEC and the CFTC, or Commodity Futures Trading Commission, have increased their regulatory scrutiny of the crypto market. Further, the failure of crypto-friendly banks has made it challenging for crypto firms to find new banking partners.
Besides for the SEC and CFTC, the U.S. Department of Justice is also targeting the crypto industry, per a separate Financial Times report. The DOJ will target companies that avoid the rules of anti-money laundering or client identification.
Earlier, the CFTC sued Changpeng Zhao and three entities that operate the Binance platform for violating regulations.
Despite the growing crackdown on crypto firms, top digital currencies like Bitcoin (BTC-USD) and Ethereum (ETH-USD) have marked a steep recovery in 2023. The bitcoin price has appreciated by more than 62% year-to-date, while Ethereum has gained more than 50%.
