Elon Musk Accused of DOGE Insider Trading, CFTC Considers Risk Rules Change
• Elon Musk is being accused of Dogecoin related insider trading.
• Xapo has integrated with the Single Euro Payments Area Network.
• The US CFTC is considering a rules change to include crypto risk.
Elon Musk Accused of DOGE-Related Insider Trading
Tesla’s Elon Musk is being accused of insider trading in a proposed class action lawsuit by investors who claim that the CEO manipulated the Dogecoin (DOGE), costing them billions of dollars. Investors said Musk used Twitter posts, paid online influencers, his 2021 appearance on NBC’s Saturday Night Live, and other “publicity stunts” to trade profitably at their expense through several Dogecoin wallets that he or Tesla control, according to a filing in a US federal court. Venture capital firm the Digital Currency Group (DCG) and its CEO Barry Silbert asked a US district judge to consolidate two class-action lawsuits over alleged losses during the crypto winter.
Xapo Integrates with Single Euro Payments Area Network
Licensed private bank Xapo announced an integration with the single euro payments area (SEPA) network, allowing members seamless movement of funds in Euros (EUR). The SEPA feature within Xapo Bank’s mobile app enables members to send funds to or settle invoices with individuals and businesses holding accounts in any of the countries within the SEPA network, including all EU countries, three European Economic Area (EEA) countries of Norway, Liechtenstein, and Iceland, as well as Switzerland, Monaco and UK. All EUR deposits received by Xapo Bank are automatically converted to USD.
US CFTC Mulls Rules Change for Crypto Risk
The crypto-friendly Silvergate Bank agreed with a US Federal Reserve (Fed) order to file a self-liquidation plan with California financial regulators within 10 days. The Fed’s Board of Governors announced the order on Wednesday as part of process for closing operations at the bank in order for depositors to be made whole. Additionally, this announcement also included plans from the Commodity Futures Trading Commission (CFTC) to consider changing rules around derivatives contracts in order to include cryptocurrency risk management practices into it’s supervision program for clearinghouses registered under it’s regulations.
Digital Currency Group Involved With Lawsuits Over Crypto Winter Losses
Venture capital firm Digital Currency Group (DCG) and its CEO Barry Silbert asked a US district judge to consolidate two class-action lawsuits over alleged losses during the crypto winter due overlapping legal issues and nearly identical class definitions between both cases. Consolidating these cases would avoid conflicting decisions while encouraging judicial efficiency according to DCG & Silbert’s argument presented before U District Judge Yvonne Gonzalez Rogers who will make her decision soon regarding these matters.
Conclusion
In today’s crypto news we heard about numerous updates surrounding multiple topics such as: Elon Musk being accused of DOGE related insider trading; Xapo integrating with Single Euro Payment Area Network; Silvergate Bank agreeing with Federal Reserve orders; CFTC mulling rules change involving cryptocurrency risk management practices; and Digital Currency Group getting involved with lawsuits over crypto winter losses among other stories flying under today’s radar
