The highly anticipated repayment process for the creditors of the now-defunct crypto exchange Mt. Gox has finally begun, with reimbursements scheduled to be made in Bitcoin and Bitcoin Cash. This significant development comes after the approval of the rehabilitation plan in November 2021, which was supported by the majority of Mt. Gox’s creditors. The trustee, Nobuaki Kobayashi, announced that eligible claimants would finally start receiving compensation after enduring numerous delays since the exchange’s collapse in 2014. The total amount to be repaid stands at a substantial $9 billion, which includes both Bitcoin (BTC) and Bitcoin Cash (BCH), as well as additional funds held by the trustee.
In a separate development, North Carolina Governor Roy Cooper has vetoed a bill that aimed to ban the use of central bank digital currencies (CBDCs) issued by the United States Federal Reserve within the state. This proposed legislation had gained attention due to its potential to set a precedent for other states. However, the governor rejected the bill, citing concerns that it would hinder innovation and the state’s economic interests. The vetoed bill sought to restrict the use of CBDCs, arguing that they could lead to a concentration of power in central authorities and pose risks to consumer privacy. Despite receiving overwhelming support in the state’s House of Representatives and Senate, Governor Cooper deemed the bill to be “premature, vague, and reactionary.”
In a surprising twist, OpenAI, the AI research lab responsible for ChatGPT, has filed court documents in an ongoing lawsuit against The New York Times, demanding that the publication disclose its sources. The New York Times had alleged that OpenAI had used its articles to train AI models without permission or compensation. OpenAI’s legal team has escalated the case by requesting the disclosure of sources, arguing that they are essential for establishing the truthfulness and context of the publishers’ claims.
Meanwhile, 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, has claimed that federal regulators are actively trying to “debank” the digital asset industry through aggressive and coordinated efforts. Custodia Bank’s appeal comes after facing numerous obstacles in its pursuit of a Master Account with the Federal Reserve, a crucial step that would enable the bank to provide a comprehensive range of financial services.
These recent developments highlight the continuing challenges and complexities surrounding the crypto industry and its interactions with traditional institutions and regulatory bodies.