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Morgan Stanley is seeking regulatory approval to launch exchange-traded funds tied to the price of cryptocurrency tokens, according to filings with the U.S. Securities and Exchange Commission on Tuesday, the first such move by a big U.S. bank. The bank is looking to launch ETFs tied to the price of cryptocurrencies bitcoin and solana, according to the filings, aiming to deepen its presence in the cryptocurrency space. Regulatory clarity under U.S. President Donald Trump has encouraged mainstream finance companies to embrace digital assets, which were once considered merely speculative instruments. In December, the Office of the Comptroller of the Currency also allowed banks to act as intermediaries on crypto transactions, narrowing the gap between the traditional sector and digital assets. Several investors prefer holding crypto via ETFs, which provide greater liquidity and security, and simplified regulatory compliance compared to managing the underlying asset directly. “It’s interesting to see Morgan Stanley move into a commoditized market, and I suspect that means they want to move clients that invest in bitcoin into their ETFs, which could give them a fast start despite their late entrance,” said Bryan Armour, ETF analyst at Morningstar. “A bank entering the crypto ETF market adds legitimacy to it, and others could follow.” In the two years since the SEC approved the first U.S.-listed spot bitcoin ETF, a wide array of financial institutionsmostly asset managershave stepped up to issue such funds. U.S. banks, which have mostly only acted as custodians of client investments, are looking to evolve from cautious facilitators to active advisers. In October, Morgan Stanley expanded access to crypto investments to include all clients and types of accounts, according to media reports. Bank of America followed suit, allowing its wealth advisers to recommend allocations to crypto in client portfolios from January, without any asset threshold. By Arasu Kannagi Basil and Ateev Bhandari, Reuters
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In moments of political chaos, deepfakes and AI-generated content can thrive. Case in point: the online reaction to the US governments shocking operation in Venezuela over the weekend, which included multiple airstrikes and a clandestine mission that ended with the capture of the countrys president, Nicolás Maduro, and his wife. They were soon charged with narcoterrorism, along with other crimes, and theyre currently being held at a federal prison in New York. Right now, the facts of the extraordinary operation are still coming to light, and the future of Venezuela is incredibly unclear. President Donald Trump says the U.S. government plans to run the country. Secretary of State Marco Rubio has indicated that, no, America isn’t going to do that, and that the now-sworn-in former vice president, Delcy Rodriguez will lead instead. Others are still calling for opposition leaders María Corina Machado and Edmundo Gonalzez to take charge. Its in moments like this that deepfakes, disinformation campaigns, and even AI-generated memes, can pick up traction. When the truth, or the future, isnt yet obvious, generative artificial intelligence allows people to render content that answers the as-yet-unanswered questions, filling in the blanks with what they might want to be true. Weve already seen AI videos about whats going on in Venezuela. Some are meme-y depictions of Maduro handcuffed on a military plane, but some could be confused for actual footage. While a large number of Venezuelans did come out to celebrate Maduros capture, videos displaying AI-generated crowds have also popped up, including one that apparently tricked X CEO Elon Musk. At least anecdotally, deepfake content related to Venezuela has spiked in recent days, says Ben Colman, the cofounder and CEO of Reality Defender, a firm that tracks deepfakes. Those narratives arent tied to any movement and run the gamut from nationalist to anti-government, pro-Venezuela, pro-US, pro-unity, anti-globalization, and everything in between, he says. The difference between this event and events from even a few months ago is that image models have gotten so good in recent days that the most astute fact-checkers, media verification experts, and experts in our field are unable to manually verify many of them by pointing to specific aspects of the image as an indicator for validity or lack thereof, Colman explains. That battle (of manual, visual verification) is pretty much lost.” OpenAI told Fast Company that its monitoring how Venezuela is playing out across its products and says it will take action where it sees violations of its usage policies.The State Department’s Global Engagement Center, a federal outfit established to monitor disinformation campaigns aboard, would have previously tracked the situation, a former employee says. For instance, within the Russian war in Ukraine, the State Department saw deepfakes of leaders trying to convince soldiers to lay down their arms, and fake narratives about additional entrants into the war. During political chaos, its common for online actors to try to disincentivize opposing factions, the person adds. That center was later shut down, after Republicans accused the outfit of censoring Americans. The State Department did not respond to a request for comment by time of publication. ‘Accelerants’ Political deepfakes and AI-generated content are now commonplace. A few years ago, AI-generated TV anchors spreading pro-government talking points, seemingly intended to promote the idea that Venezuela’s economy and security were generally good went viral across the country. In 2024, a party affiliated with former president of South Africa, Jacob Zuma, shared a deepfake video featuring an AI-generated Donald Trump endorsing their platform (that was far from the only example in the country). As even the recent New York City mayoral election showed, AI is often deployed during tense campaign seasons. The Knight First Amendment Institute, which analyzed the use of AI in elections back in 2024, found that many deployments of AI, especially during election time, arent necessarily meant to deceiveand that misinformation isnt always created from AI. The problem isnt just that its easy to make disinformation with AI, but that people are open to ingesting disinformation. In other words, theres demand for this kind of content. “Deepfakes in this context aren’t just misinformation, they are accelerants, Emmanuelle Saliba, chief investigative officer at GetReal Security, another firm that tracks deepfakes, told Fast Company. “While some of the fabricated content we’ve seen circulating is created to feed meme culture, some of it has been created and disseminated to confuse and destabilize people during an already volatile climate. Trust is hanging by a thread.”
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E-Commerce
Kim Kardashians apparel brand Skims is outfitting American athletes at the Olympics for the fourth time in a row, and this years collection is its cheekiest one yet. Skims and Team USA have established something of an annual tradition. The brand has dressed Olympic and Paralympic athletes in new loungewear-slash-underwear capsules at the Tokyo 2020, Beijing 2022, and Paris 2024 Gamesand now, its back for Milano Cortina 2026. This years collection includes everything from Americana-themed panties to cozy pajama sets, tasteful sweaters, menswear, and accessories. The collection will be available to average folk starting on January 8 at Skims.com and some Skims flagship stores, with prices ranging between $20 and $88. From left: Dani Aravich, Kaysha Love, Madison Chock. [Photo: Skims] Compared to previous collaborations, this years launch isnt exactly reinventing the wheel. However, sprinkled throughout the more standard offerings are a few items that feel like Juicy Couture turned sportyand for Skims, those pieces make complete sense. Skims Team USA serves up business in the front, party in the back For years, Team USAs Olympic aesthetic has largely been defined by its ultra-preppy, buttoned-up collaboration with Ralph Lauren, which has officially helmed the countrys ceremony outfits since 2008. Other brands, like J. Crew, have worked on more casual takes on Olympic apparel (see this years 70s-inspired collection), but Skims has led the charge on some of the most approachable Team USA gear in recent years, bringing its quintessential focus on minimalist silhouettes and soft fabrics to each new collection. This years Skims Team USA capsule is largely in line with years past. Staples include basic Team USA-themed ringer tees, undies, and tank tops, paired with flannel sleep shorts and wooly crewneck sweatersessentially, exactly what one might imagine from a Skims x Team USA collab. But a couple of the pieces seem to wink at a slightly more experimental direction. At least one of the pairs of underwear includes the phrase Team USA emblazoned in bold retro lettering across the bum. And in one photo, the Skims team styled this design quirk with a pair of white, over-the-knee socks, also featuring Team USA lettering. Its a shot that feels like a glimpse of how y2k Juicy Couture mightve handled Olympic outfitting; and it brings a sexier design ethos to prepand the worlds most anticipated athletic event. It makes sense that Skims Team USA might try something a bit more out-of-the-box this year, given that its cachet in the athleisure and brand collaboration spaces has expanded massively since its first Olympic partnership in 2020, including official partnerships with the NBA, WNBA, Nike, and North Face. If any brand could get away with bringing a bit of lighthearted levity to the Games apparel, it would be Skimsand as long as it doesnt verge into nipple bra or merkin territory, well take it.
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