The last week has been filled with more management drama than I can remember for any individual week.
Most notably with the back-and-forth between OpenAI and Sam Altman, who first got fired and later re-hired.
The crypto economy faced drama of its own as Binance agreed to settle up to $4.3 billion in penalties with various U.S. federal agencies, along with Changpeng Zhao (CZ) stepping down from his role as Binance’s CEO.
Binance Agrees to a Settlement with the DOJ
It will be interesting to observe how Binance moves forward under the new leadership of Richard Teng, who has been named the new CEO.
The news may come off as very negative but bear in mind that the charges mostly relate to stuff happening years ago, while this sentence may actually bullish for the broader crypto market as the “Binance risk” is now greatly diminished.
Sure, $4.3B is an ungodly amount of money but probably not enough that it will shake the stability of the Binance empire.
Argentina’s Pro-Bitcoin Candidate Wins Presidential Election
But while the far-right president has previously signaled support for Bitcoin, it's worth noting that his primary campaign policy centered around 'dollarization' - the replacement of the Argentine peso with the U.S. dollar to address hyperinflation.
The effectiveness and potential adoption of this policy remain uncertain and will only be revealed over time. However, what is evident is that President Javier's win has injected a sense of optimism into the crypto market.
Noteworthy Mentions
- Bitcoin Halving: A Comprehensive Analysis Of Bitcoin’s Supply Dynamics
We are gradually approaching yet another Bitcoin halving event, which is likely to occur around April or May 2024. Historically, BTC halvings have been a bullish catalyst. Our latest research analyses Bitcoin’s supply and price dynamics around this prominent event. This article is an absolute must-read.
Industry Shakers
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Chaos at OpenAI: A series of dramas has unfolded at OpenAI. Sam Altman is currently poised to return to OpenAI after being fired as the CEO and subsequently re-hired by Microsoft (NASDAQ:MSFT), all within a week. While the developments are still ongoing, thus far, OpenAI’s board is set to be overhauled, a move welcomed by Microsoft CEO Satya Nadella, who clearly has made the most of the chaos. These unfolding events will likely have a significant influence on the Generative AI competition space, with Microsoft now stepping in at a stronger position. Grab your popcorn!
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Santander Private Bank Opens BTC, ETH Trading to Swiss Clients: Santander Private Banking International, the global arm of the Spanish financial institution Banco Santander (BME:SAN), has unveiled a new feature that enables clients with Swiss accounts to engage in investment and trading activities involving Bitcoin (BTC) and Ethereum (ETH). While Santander's initial cryptocurrency trading services are confined to BTC and ETH, the bank has outlined intentions to broaden its portfolio to include additional cryptocurrencies meeting specific screening criteria.
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SEC files new lawsuit against Kraken: While Binance is almost being let off the hook, the SEC has launched a new lawsuit against Kraken. Earlier in the year, the crypto exchange was fined $30 million for running a staking service. In the latest development, the SEC has filed a lawsuit against Kraken, accusing the exchange of violating securities laws. The lawsuit claims that Kraken's business practices, internal controls, and record-keeping introduced additional risks to investors, which would be prohibited for any duly registered securities intermediary.