Curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
Ex-FTX executive Salame's partner charged with violating US campaign finance laws
Michelle Bond, a former U.S. congressional candidate and the partner of Ryan Salame, a former executive at the FTX cryptocurrency exchange, has been charged with violating campaign finance laws. During her 2022 campaign for a New York congressional seat, Bond allegedly used $400,000 from the cryptocurrency exchange where Salame worked to fund her campaign. This action violated laws that prohibit corporate contributions to political campaigns.
Although prosecutors have not named Salame or FTX directly, court documents reveal that Salame accused prosecutors of breaking an agreement not to investigate Bond if he pleaded guilty. Salame also stated that Bond is the mother of his child, adding a personal dimension to the case.
The charges against Bond highlight the ongoing scrutiny of campaign finance practices, particularly when significant sums of money and high-profile individuals are involved. If found guilty, Bond could face serious legal consequences, including fines and potential imprisonment. This case underscores the importance of adhering to campaign finance laws and could set a significant precedent for future political campaigns.
DUBAI COURT ACCEPTS BITCOIN & CRYPTO CURRENCY AS A VALID SALAR PAYMENT METHOD
The Dubai Court of First Instance has ruled that cryptocurrency can now be used as a legal form of salary in employment contracts. According to CoinTelegraph, this decision marks a significant shift from the court's earlier position in 2023, when a similar claim was rejected
due to the lack of precise valuation of the cryptocurrency involved.
Irina Heaver, a partner at the UAE law firm NeosLegal, highlighted that this ruling, identified as case number 1739 of 2024, demonstrates a "progressive approach" toward integrating digital currencies into the legal and economic systems of the country. The case in question involved an employee who sued their employer, alleging unpaid wages, wrongful termination compensation, and other benefits.
The employment contract had stipulated a
monthly salary in fiat currency, along with 5,250 EcoWatt tokens. The dispute arose when the employer failed to pay the token portion of the salary for six months.
NBA Star and YouTuber Settle Binance Class Action Lawsuit, Paying $340K
NBA star Jimmy Butler and crypto YouTuber Ben Armstrong, known as "BitBoy," have agreed to settle a class action lawsuit accusing them of promoting alleged unregistered securities sold by Binance. The two will pay a combined total of $340,000, with Butler contributing $300,000 and Armstrong paying $40,000.
Butler's settlement agreement emphasizes that he “adamantly denies any and all wrongdoing,” asserting his belief that he would “be absolved of all liability” if the case were to reach a conclusion. Similarly, Armstrong denies “any wrongdoing or liability,” maintaining that he has “valid defenses” against the allegations.
However, both Butler and Armstrong have chosen to settle to avoid the escalating costs and time commitment associated with a prolonged legal battle.
DBS Bank pilots blockchain-based government grants
Singapore’s DBS Bank has launched a new solution that leverages blockchain technology to streamline the distribution of government grants.
In the pilot phase, DBS Bank partnered with Enterprise Singapore (ESG), a statutory board under the Ministry of Trade and Industry, and the Singapore Fintech Association (SFA), which supports the growth of financial technology in the country.
During the pilot, the SFA successfully disbursed government grants to 27 of its members. DBS highlighted that the pilot demonstrated how blockchain-based programmable grants can increase efficiency, improve governance, and provide businesses with quicker access to government funds.
Using DBS’s permissioned blockchain, ESG and its intermediaries, like the SFA, can establish the conditions for grant programs and oversee the disbursement process. This system ensures that grants are disbursed to approved recipients only after specific business conditions have been met.
California senator slams OpenAI’s opposition to AI safety bill
California State Senator Scott Wiener has openly criticized OpenAI for opposing Senate Bill 1047 (SB 1047), which seeks to regulate artificial intelligence technologies.
Wiener introduced the bill in February, proposing that AI companies conduct thorough safety evaluations of their models before releasing them to the public.
Despite OpenAI’s prominent objections, Wiener contends that the company’s concerns are baseless and emphasizes that the bill is crucial for protecting public safety and national security.
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