The highly anticipated process of repaying the creditors of the now-defunct cryptocurrency exchange Mt. Gox has finally begun, with repayments set to be made in Bitcoin and Bitcoin Cash. This 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, has announced that eligible claimants will start receiving compensation after facing numerous delays since the exchange’s collapse in 2014. The total amount to be repaid is a significant $9 billion, which includes the Bitcoin (BTC) and Bitcoin Cash (BCH) holdings, as well as additional funds held by the trustee.
In North Carolina, Governor Roy Cooper has vetoed a bill that aimed to prohibit the use of central bank digital currencies (CBDCs) issued by the United States Federal Reserve within the state. This proposed legislation had gained attention for its potential to set a precedent for other states, but the governor rejected it, stating that it would hinder innovation and the state’s economic interests. The vetoed bill sought to limit the use of CBDCs, arguing that they could concentrate power in central authorities and pose risks to consumer privacy. Despite receiving almost unanimous support in both the state’s House of Representatives and Senate, Cooper deemed the bill as 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 NYT had accused OpenAI of using its articles without permission or compensation to train AI models. OpenAI’s legal team argues that the sources are crucial for establishing the truthfulness and context of the publishers’ claims, thus escalating the case.
Meanwhile, Custodia Bank, a crypto-native bank, has taken its battle with federal regulators to the U.S. Supreme Court by filing an appeal. Donald Verrilli, a former U.S. solicitor general, claims that federal regulators are actively trying to “debank” the digital asset industry through aggressive and coordinated efforts. The bank’s appeal comes after facing a series of setbacks in its pursuit of a Master Account with the Federal Reserve, which would enable it to offer a full range of financial services.