The highly anticipated process of repaying the creditors of the now-defunct cryptocurrency exchange Mt. Gox has finally begun. Repayments will be made in both Bitcoin and Bitcoin Cash, as outlined in the approved rehabilitation plan from November 2021. This plan received widespread support from the majority of Mt. Gox’s creditors. Nobuaki Kobayashi, the trustee overseeing the process, announced that eligible claimants would finally start receiving compensation after facing multiple delays since the exchange’s collapse in 2014. The total amount to be repaid is a substantial $9 billion, which includes both Bitcoin (BTC) and Bitcoin Cash (BCH), as well as additional funds held by the trustee.
In a recent development, Governor Roy Cooper of North Carolina vetoed a bill that sought to ban the use of central bank digital currencies (CBDCs) issued by the United States Federal Reserve within the state. This proposed legislation gained attention for its potential to set a precedent for other states. However, the governor rejected the bill, stating that it would hinder innovation and the economic interests of the state. The vetoed bill aimed to restrict the use of CBDCs, citing concerns about the concentration of power in central authorities and potential risks to consumer privacy. Despite receiving overwhelming support in both the state’s House of Representatives and Senate, Governor Cooper deemed the bill to be premature, vague, and reactionary.
In a surprising twist to the ongoing lawsuit between OpenAI, the AI research lab behind ChatGPT, and The New York Times, OpenAI has filed court documents demanding that the newspaper disclose its sources. The New York Times had alleged that OpenAI used its articles to train AI models without permission or compensation. OpenAI’s legal team argues that the sources are essential in order to establish the truthfulness and context of the claims made by the newspaper. This official disclosure request represents a significant escalation in the case.
Custodia Bank, a crypto-native bank, has taken its ongoing battle with federal regulators to a new level by filing an appeal to the U.S. Supreme Court. Donald Verrilli, a former U.S. solicitor general, claimed that federal regulators were actively working to “debank” the digital asset industry through aggressive and coordinated efforts. Custodia Bank’s appeal comes after facing several setbacks in its pursuit of a Master Account with the Federal Reserve, which would enable the bank to offer a full range of financial services.