Twitter CEO Elon Musk has threatened Microsoft with a lawsuit, alleging that the big tech firm illegally trained its AI on Twitter data for its artificial intelligence-powered applications. Musk suggested that Microsoft mined user tweets to train its AI-powered applications, and tweeted “lawsuit time” after reports that Microsoft would stop supporting Twitter across its online social advertising tools. The two entities are believed to have previously disagreed over artificial intelligence, with Musk developing ChatGPT rival “TruthGPT,” while Microsoft owns a 49% stake in OpenAI, the company behind ChatGPT.
Meanwhile, U.S. Representative Warren Davidson has announced plans to introduce legislation to fire Securities and Exchange Commission Chair Gary Gensler, citing the need to “correct a long series of abuses.” The move comes after the SEC’s latest attempt to revisit the definition of “exchange” faced criticism from Gensler, who was taken to task on his approach in Congressional oversight hearings. Australia, on the other hand, has installed more Bitcoin ATMs than any other country on the continent of Asia, with Coin ATM Radar data showing the country has 364 crypto ATMs across the country, surpassed only by the United States and Canada.
In features, “Zooko’s Triangle: The Human-Readable Paradox at the Heart of Crypto Adoption” explores the challenge of achieving the delicate balance between creating comprehensible, user-friendly cryptocurrencies vs. maintaining the privacy and security of complex cryptographic systems. Meanwhile, “Blockchain Startups Think Justice Can Be Decentralized, but the Jury Is Still Out” discusses the possibilities and limitations of using decentralized technology to disrupt centuries-old legal systems across the globe.
In other news, Societe Generale-Forge, has launched a euro-pegged stablecoin dubbed “EUR CoinVertible” for qualified institutional clients. The stablecoin aims to address the growing demand for a new settlement asset for on-chain transactions, offering solutions for corporate treasury, cash management and pooling, on-chain liquidity funding and refinancing. Intel has also reportedly announced an end in manufacturing chips for its Blockscale Bitcoin mining program, set to end shipping in April 2024.
In predictions for the week, recent signs of Bitcoin and altcoin losses could indicate a pullback by cryptocurrency bulls, with Bollinger Bands creator John Bollinger noting that Bitcoin pulled down from its upper Bollinger Band and fell near its breakout level, cautioning traders to pay attention. Among other headlines, MetaMask has denied claims that an exploit was responsible for a “massive wallet draining operation,” while the hacker who drained $8.9 million worth of Binance Coin from DeFi protocol SafeMoon has agreed to return 80% of the funds taken.