Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Musk vs. OpenAI: Elon Musk filed a lawsuit against OpenAI and CEO Sam Altman, alleging breach of contract and deviation from the company's original mission. The lawsuit contends that OpenAI's collaboration with Microsoft diverged from advancing open-source artificial general intelligence (AGI) for societal benefit.

2. Blast Launches Ethereum L2 Mainnet: Blast's mainnet launch led to a significant withdrawal of staked crypto, unlocking nearly $2.3 billion in assets. Despite its success, Blast encountered controversies, including marketing tactics and an alleged exit scam.

3. Nigeria Investigates Binance: Nigerian authorities are investigating Binance for potential involvement in terrorism financing and money laundering. The detention of Binance executives and website access ban disrupted the crypto landscape, prompting users to seek alternative platforms.

4. US Lawmakers Push for Crypto Custody Resolution: The US House Financial Services Committee voted in favor of a resolution seeking to overturn SEC guidelines hindering banks from offering crypto custody services.

5. 💡Feature of the Day - SEC Commissioner Peirce Advocates for Decentralization: SEC Commissioner Hester Peirce advocates for greater decentralization in the US financial system, emphasizing its potential to enhance resilience and mitigate centralized risks.

6. 📜 Your Daily Thread - Have you encountered NFT scam ads? @PixSorcerer clicked them so you don’t have to!

   
   All this and more in today’s headlines!

📰 News Highlights:

📜 Musk vs. OpenAI [Source][Source]

Elon Musk has filed a lawsuit against OpenAI and CEO Sam Altman, alleging breach of contract dating back to 2015 when Musk purportedly played a role in the company's founding. As a result, Worldcoin's WLD token, considered a bet on OpenAI, saw a 2.2% decline following the report.

Musk's legal action contends that OpenAI's collaboration with Microsoft diverged from its original mission of advancing open-source artificial general intelligence (AGI) for societal benefit. He demands a return to these principles and seeks an injunction against the commercialization of AGI technology.

The lawsuit, filed in the Superior Court of California, outlines accusations of contract breach, violation of fiduciary duty, and unfair business practices. Musk particularly objects to OpenAI's closed-model approach with the launch of ChatGPT-4, which he claims benefits Microsoft financially, contradicting OpenAI's nonprofit objectives.

OpenAI's evolution from a nonprofit research lab to a profit-driven entity has drawn criticism, with annual revenues surpassing $2 billion, according to reports.

💥 Blast Launches Ethereum L2 Mainnet [Source][Source]

Blast's mainnet launch triggered a significant withdrawal of staked crypto, with approximately $400 million in Ether (ETH) withdrawn shortly after the launch, unlocking nearly $2.3 billion in staked assets. The optimistic rollup blockchain scaler offers attractive annual percentage yields on assets, enticing users but facing controversies.

Despite the successful launch, Blast encountered challenges, including controversy surrounding its marketing tactics and the occurrence of an alleged exit scam involving a gambling protocol on the network. Concerns have been raised about Blast's decision to launch the bridge before the L2 and its withholding of withdrawals for three months, setting a contentious precedent.

Dan Robinson of Paradigm, a seed investor in Blast, criticized the project's strategies, citing concerns about risk and the project's seriousness.

⚖️ Nigeria Investigates Binance Amidst Allegations of Illicit Finance [Source][Source][Source]

Nigerian authorities are probing Binance for potential involvement in terrorism financing, money laundering, and illicit finance, resulting in the detention of two Binance executives. The investigation, demanding customer data from Binance, signifies escalating tensions between the government and the crypto exchange.

The detention of the executives and the ban on Binance's website access in Nigeria have disrupted the crypto landscape, prompting users to resort to alternative platforms.

Concerns about empowering the crypto black market and circumventing regulatory oversight have been raised by industry stakeholders.

🏦 US Lawmakers Push for Crypto Custody Resolution [Source][Source][Source]

The US House Financial Services Committee has voted in favor of a resolution seeking to overturn the SEC's Staff Accounting Bulletin No. 121, which impedes banks from offering crypto custody services. The resolution aims to provide regulatory clarity and remove obstacles for banks to participate in the crypto market.

Introduced by bipartisan lawmakers, the resolution challenges SAB 121's requirement for custodial crypto assets to be recorded as liabilities on banks' balance sheets, complicating regulatory compliance and capital requirements. The resolution's proponents argue that the guideline inhibits banks' ability to offer custodial services for digital assets.

While the resolution marks a step towards fostering crypto integration within the traditional financial system, it still requires approval from the House and the Senate.

💡 Feature of the Day: 

🛡️ SEC Commissioner Peirce Advocates for Decentralization [Source]

SEC Commissioner Hester Peirce advocates for greater decentralization in the US financial system, highlighting its potential to enhance resilience and mitigate centralized risks. Known for her support of the crypto industry, Peirce emphasizes the importance of fostering innovation while ensuring regulatory clarity.

Peirce's remarks underscore the challenges posed by regulatory frameworks to decentralized technologies, particularly in defining regulatory obligations for network participants.

She warns against stifling innovation with overregulation and calls for provisions that facilitate project growth and decentralization without compromising legal clarity.

Today’s Sponsor:

Many people are looking for a safe hardware wallet to store their crypto.

This week we have partnered with Trezor.

Trezor supports more than 8000+ coins & tokens.

Protect your crypto assets today with Trezor.

📜 Your Daily Thread:

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all for Monday’s edition!

Jonathan Gibson
UseTheBitcoin.com