🏦 Coinbase Reaches $100 Million Settlement With New York Regulators

Plus: Innocent Black Man Jailed After Facial Recognition Went Wrong, Microsoft to challenge Google by integrating ChatGPT with Bing search, and more…

Today’s pick

Coinbase Reaches $100 Million Settlement With New York Regulators. Coinbase, a publicly traded cryptocurrency trading exchange based in the United States, agreed to pay a $50 million fine after financial regulators found that it let customers open accounts without conducting sufficient background checks, in… (Matthew Goldstein / The New York Times)

Emily Flitter @FlitterOnFraud

.@coinbase is paying $100 million to settle New York State regulators’ claims that it has kept very poor track of its customers’ identities, which is a big no-no for any financial services firm. W/@MattGoldstein26

nytimes.comCoinbase Reaches $100 Million Settlement With New York RegulatorsThe U.S. crypto exchange will pay a $50 million fine for letting customers open accounts with few background checks and spend $50 million to improve compliance.

---

Innocent Black Man Jailed After Facial Recognition Went Wrong: Lawyer. Randall Reid says he's never even been to Louisiana, much less stolen $10,000 worth of Chanel and Louis Vuitton handbags there. That didn't stop police from arresting the 28-year-old Georgia resident for the theft, committed in a New Orleans… (Thomas Germain / Gizmodo)

philip lewis @Phil_Lewis_

A facial recognition tool identified a Black man as a suspect in a theft in Louisiana. He was arrested 3 states and 7 hours away from the scene of the crime and spent a week in jail. But there’s a big problem: The man has never been to Louisiana

gizmodo.comInnocent Black Man Jailed After Facial Recognition Went Wrong: LawyerAn algorithm sent a Black man to jail in Louisiana, a state he’d never visited, according to his lawyer. Experts say he won’t be the last.

---

The best way to reach new readers is word of mouth. If you click THIS LINK in your inbox, it’ll create an easy-to-send pre-written email you can just fire off to some friends.

---

Microsoft to challenge Google by integrating ChatGPT with Bing search. Microsoft is reportedly planning to launch a version of Bing that uses ChatGPT to answer search queries. The Information reports that Microsoft hopes to launch the new feature before the end of March in a bid to make Bing more competitive with… (Tom Warren / The Verge)

Tom Warren @tomwarren

Microsoft to challenge Google by integrating ChatGPT with Bing search. ChatGPT made conversational AI accessible, now Microsoft is rumored to be integrating the machine learning techniques behind it into Bing search queries

theverge.comMicrosoft to challenge Google by integrating ChatGPT with Bing searchChatGPT could make Bing search results more humanlike.

---

Electric Vehicles Are Bringing Out the Worst in Us. American car executives keep insisting that there is no trade-off between saving the planet and having a hell of a good time behind the wheel. “What I find particularly gratifying,” Ford's executive chair, Bill Ford, said in April as… (David Zipper / The Atlantic)

David Zipper @DavidZipper

In @TheAtlantic I make the case against enormous, supercharged electric behemoths: "[The] focus on large, battery-powered SUVs and trucks reinforces a destructive American desire to drive something bigger, faster, and heavier than everyone else." 🧵 theatlantic.com/ideas/archive/…

theatlantic.comElectric Vehicles Are Bringing Out the Worst in UsThe downside of heavy, overpowered trucks and SUVs

---

Sam Bankman-Fried Pleads Not Guilty to Fraud and Other Charges. Nearly two weeks after he was released by a Manhattan judge on a $250 million bond and ordered to stay with his parents in Palo Alto, Calif., Sam Bankman-Fried, the disgraced cryptocurrency executive, returned to New York and pleaded not guilty on…  (Benjamin Weiser / The New York Times)

Richard Signorelli @richsignorelli

Complex case; charges swiftly brought; investigation continues during case pendency; contrast that w/ Trump, et al, 0 arrests after 2yrs. Shameful. .@nytimes. Because I'm a subscriber, you can read it through this gift link without a subscription.

nytimes.comSam Bankman-Fried Pleads Not Guilty to Fraud and Other ChargesThe founder of the collapsed cryptocurrency exchange FTX, who was released on a $250 million bond, returned to New York to appear in court on Tuesday.

---

Thanks for reading to the bottom and soaking in our Newslit fuelled highlights for your morning.

I hope you found it interesting and, needless to say, if you have any questions or feedback let me know by hitting reply or on Twitter.

Take care and see you tomorrow!

— Jose Montes de Oca

P.S. Want to advertise with us? We’d love to hear from you.