• Elon Musk plans to develop AI and founds corporation X.AI
• Silk Road attacker sentenced for $3.4B Bitcoin theft
• SEC reopens comments on proposed changes to “exchange” definition
Elon Musk Developing Artificial Intelligence
Elon Musk is developing artificial intelligence and has founded a new corporation, X.AI, in order to do so. This will have implications for the crypto market as it could broaden the definition of „exchange“ under Exchange Act Rule 3b-16, potentially requiring registration from services such as DeFi platforms. The SEC has opened a comment period on this proposed change in order to hear from various market participants, particularly those in the crypto markets.
Silk Road Attacker Receives Sentence
The attacker responsible for the $3.4 billion Bitcoin theft from Silk Road has received a one year sentence after pleading guilty to money laundering and other charges related to the incident.
MetaMask Email Address Leak Affects 7,000 Users
A leak of MetaMask email addresses affected 7,000 users last week, prompting the company to take action by resetting passwords and informing customers of potential phishing attacks that may result from the incident.
SEC Reopens Comments On Exchange Definition Changes
The U.S. Securities and Exchange Commission (SEC) has reopened the comment period on proposed amendments to its Exchange Act that could affect certain cryptocurrency platforms by broadening the definition of “exchange” under Exchange Act Rule 3b-16 which would require registration from these services such as DeFi platforms. Chair Gary Gensler noted that securities laws already apply to many crypto trading services but that this comment period “will help address comments … from various market participants, particularly those in the crypto markets” before any changes are made officially by SEC..
XCH Jumps 8% As Chia Network Submits Proposed IPO Registration To SEC
Following news of SEC’s comment period opening on exchange definitions changes, XCH jumped 8% as Chia Network submitted its proposed IPO registration with Securities and Exchange Commission (SEC).