Elon Musk accused of DOGE insider trading, Xapo integrates with Euro payments network, US CFTC considers crypto risk rule change.

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  • Tesla‘s Elon Musk is facing accusations of insider trading in a proposed class action lawsuit filed by investors who claim that the CEO manipulated Dogecoin (DOGE), resulting in the loss of billions of dollars. According to The Guardian, investors allege that Musk used a variety of tactics, including Twitter posts, paid online influencers, his appearance on NBC’s “Saturday Night Live” in 2021, and other “publicity stunts” to trade profitably at their expense through several Dogecoin wallets that he or Tesla controlled.
  • Venture capital firm Digital Currency Group (DCG) and its CEO Barry Silbert have requested that two class-action lawsuits over alleged losses during the crypto winter be consolidated by a US district judge. They argue that the two cases share the same facts, present overlapping legal issues, and propose nearly identical class definitions. Consolidating the cases is necessary to avoid conflicting decisions and encourage judicial efficiency.

Banking news

  • Private bank Xapo announced an integration with the Single Euro Payments Area (SEPA) network, enabling members to seamlessly move funds in Euros (EUR). According to the press release, the SEPA feature within Xapo Bank’s mobile app allows members to send funds to or settle invoices with individuals and businesses holding accounts in any of the countries within the SEPA network, including all EU countries, the three European Economic Area (EEA) countries of Norway, Liechtenstein, and Iceland, as well as Switzerland, Monaco, and the UK. All EUR deposits received by Xapo Bank are automatically converted to USD.
  • Crypto-friendly Silvergate Bank has agreed to file a self-liquidation plan with California financial regulators within 10 days after the US Federal Reserve (Fed) issued an order. The Fed’s Board of Governors announced the order as part of the process to close the bank’s operations. The bank has to conserve cash and other resources to make depositors whole, with the order stating that: “Effective immediately, the Company and the Bank shall preserve their respective cash assets and shall not dissipate those assets, including with respect to executive compensation and severance payments, without prior written approval from the Supervisors.”

Regulation news

  • The US Commodity Futures Trading Commission (CFTC) has issued a proposal to invite comments on possible changes to the agency’s risk management program (RMP). The commission intends to use the comments “to inform potential future agency action, such as a rulemaking, with respect to the RMP Regulations,” according to Commissioner Christy Goldsmith Romero. “Evolving technologies like digital assets, artificial intelligence, and cloud services, also have emerged as areas that can carry significant risk,” Romero added, “these technological advancements, with their accompanying risks, necessitate the Commission revisiting our regulatory oversight, including our risk management requirements.”
  • The Central Bank of Nigeria (CBN) has clarified that it decided to ban cryptocurrency in 2021 because of the interference of the private sector and concerns related to the transparency of digital currencies. “We excluded them from our banking system due to the lingering threat posed by the opacity of the cryptocurrency system to financial stability,” said Kinsley Obiora, the Deputy Governor of Economic Policy at the CBN.

Security news

  • The Twitter account of Mira Murati, the chief technology officer of artificial intelligence firm OpenAI, was seemingly hacked to promote a “scam” cryptocurrency airdrop. Murati’s account tweeted what appeared to be a phishing link promising an airdrop of a purported ERC-20 token named OPENAI, which is named after the firm that created ChatGPT. As of the time of writing, the post is no longer available.

DeFi news

  • The Uniswap community turned down a proposal for charging fees from liquidity providers (LPs) on the protocol in a close vote that ended on Thursday. Over 45% of the community voted for ‘no fee’, 42.3% voted for one-fifth of the fee generated by Uniswap V3 pools to be charged to LPs, 12.3% voted for one-tenth of the fees to be charged, and 0.04% voted for one-sixth.

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