Tag: Report

UK Law Commission report challenges Craig Wright’s suit against Bitcoin developers

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A recent report released by the United Kingdom Law Commission could weaken a central argument brought by Craig Wright in his controversial lawsuit against 12 Bitcoin core developers, argues the Bitcoin Legal Defense Fund (BLDF). In a 300-page report on digital assets published in late June, the UK Law Commission — an independent body that reviews and recommends reforms to UK and Whales’ laws — cited a classification of fiduciary duty that bolsters the developers’ defense that they are not directly responsible for 111,000 Bitcoin (BTC) lost to hackers. Wright, owner of…

UK Law Commission report challenges Craig Wright’s suit against Bitcoin developers

A recent report released by the United Kingdom’s Law Commission could weaken a central argument brought by Craig Wright in his controversial lawsuit against 12 Bitcoin core developers, argues the Bitcoin Legal Defense Fund (BLDF). In a 300-page report on digital assets published in late June, the Law Commission — an independent body that reviews and recommends reforms to U.K. and Whales laws — cited a classification of fiduciary duty that bolsters the developers’ defense that they are not directly responsible for 111,000 Bitcoin (BTC) lost to hackers. Wright, owner of Tulip…

Sam Bankman-Fried backed out of FTX sponsorship deal with Taylor Swift: Report

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The sponsorship deal between defunct cryptocurrency exchange FTX and Taylor Swift was reportedly called off at the request of former CEO Sam Bankman-Fried (SBF), and not the singer-songwriter, as many reports have suggested. According to a July 6 report from The New York Times citing three individuals with knowledge of the sponsorship deal, Bankman-Fried was the one responsible for dropping a roughly $100 million agreement with Swift prior to FTX filing for bankruptcy. Swift’s team had reportedly signed the agreement after more than six months of negotiations but was frustrated…

Elon Musk calls for AI regulatory oversight: Report

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Twitter’s executive chairman Elon Musk continues to push for more regulatory oversight of artificial intelligence, claiming it may be “smarter than all humans at everything” in the future. In a video keynote address at a Chinese government-backed AI conference on July 5, Musk reportedly noted that governments should be concerned about deep intelligence, urging regulators to step in to prevent its misuse. “I do think we should be very careful with development of, especially artificial general intelligence, or very deep intelligence […] Artificial general intelligence is a computer intelligence that…

Bitcoin Price (BTC) Retreats to $30.6K as Blowout ADP Report Strengthens Fed Rate Hike Bets

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The ADP report surprised markets in a big way to the upside, showing 497,000 private-sector jobs added in June, more than double the consensus forecast for 220,000. The data overshadowed a report by the Labor Department that showed modest labor market weakness, with first-time filings for jobless claims rising 248,000 last week, ahead of the forecast for 245,000. Original

Celsius founder Alex Mashinsky broke US rules, say CFTC investigators: Report

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Investigators from the Commodity Futures Trading Commission have reportedly concluded that bankrupt crypto lender Celsius and its former CEO Alex Mashinsky broke U.S. rules before the company collapsed. According to a July 5 report from Bloomberg, citing sources familiar with the matter, the attorneys from the CFTC’s enforcement division found that Celsius misled investors, failed to register with the appropriate regulator, and that Mashinsky broke a number of regulations. The CFTC could reportedly file a case against the collapsed crypto lender in U.S. federal court sometime this month, if the majority…

Binance.US market share drops below 1% amid regulatory lawsuit: Report

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United States-based cryptocurrency exchange Binance.US has reportedly seen its market share drop more than 20% amid a lawsuit from federal financial regulators. According to a July 5 report from Reuters citing data from Kaiko, the market share of Binance.US in the U.S. dropped from more than 22% in April to roughly 0.9% as of June 26. The U.S. Securities and Exchange Commission (SEC) filed a suit against Binance.US, Binance and Binance CEO Changpeng “CZ” Zhao for allegations related to operating as an unregistered securities exchange in June, while the Commodity…

Crypto user moves $160M in Bitcoin from Luna Foundation Guard wallet: Report

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An unknown party has moved more than $160 million worth of Bitcoin from a wallet reportedly tied to the Luna Foundation Guard (LFG), the organization connected to Terraform Labs and its co-founder, Do Kwon. According to a July 5 report, an individual or individuals transferred 5,292 Bitcoin (BTC) from an LFG address to a wallet seemingly not associated with Terra on July 3. The crypto was worth roughly $161 million at the time of publication. The transaction was the latest in a series of moves of crypto assets from LFG-controlled wallets…

Music with AI elements can win a Grammy, Recording Academy CEO says in report

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The music industry is coming to terms with the rise of artificial intelligence (AI) seeping into productions, as the Grammys recently clarified that AI-generated music will be eligible for awards in the 2024 award cycle.  On July 4, the CEO and President of the Recording Academy, Harvey Mason Jr. clarified to the AP in an interview: “AI, or music that contains AI-created elements is absolutely eligible for entry and for consideration for Grammy nomination. Period.” He stressed that the Academy will not give a Grammy or a nomination thereof to…

South Africa to mandate crypto exchange licenses by year-end: Report

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South Africa’s financial regulator has announced that all crypto exchanges in the country will be required to obtain licenses by the end of the year, according to a report by Bloomberg. Financial Sector Conduct Authority (FSCA) Commissioner Unathi Kamlana stated that the FSCA has received approximately 20 license applications since its recent opening, and expects more before the November 30 deadline, Bloomberg reported. Kamlana further mentioned that if crypto exchanges continue to operate without a license after the deadline, the regulator intends to take “enforcement action,” which may involve fines…