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- Elon Musk Dogecoin Lawsuit Ends as Investors Withdraw Appeal
Elon Musk Dogecoin Lawsuit Ends as Investors Withdraw Appeal
News on the Blockchain
November 16, 2024
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🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 760
Market Cap: $3.03T (+3.77% in 24h)
24h Volume: $191.81B (-13.94% in 24h)
Bitcoin Dominance: 59.6%
Ethereum Dominance: 12.4%
ETH Gas Price: 11.42 Gwei
Fear & Greed Index: 84/100 (Extreme Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $91,123.42 | +3.65% | $1.80T | $72.37B |
Ethereum (ETH) | $3,110.02 | +1.56% | $374.51B | $30.46B |
Tether (USDT) | $1.00 | +0.03% | $127.40B | $155.28B |
BNB (BNB) | $622.73 | +0.62% | $89.73B | $2.26B |
Solana (SOL) | $219.73 | +4.54% | $103.71B | $5.63B |
💹 Market Highlights:
Total DeFi Volume: $8.13B (4.24% of total market volume)
Stablecoins Volume: $174.4B (90.92% of total market volume)
Coin with highest % change: FLOKI (+20.03%)
🔥Heat Map:
📈 Preview On Today’s News:
- Elon Musk Dogecoin Lawsuit Ends as Investors Withdraw Appeal
- Manhattan US Attorney’s Office to Scale Back Crypto Case Pursuits
-
Keep reading for more!
Today’s Important News:
1)
Elon Musk Dogecoin Lawsuit Ends as Investors Withdraw Appeal
The lawsuit accusing Elon Musk of manipulating the price of Dogecoin (DOGE) has officially ended after investors withdrew their appeal. The legal battle, which began due to allegations of fraud and insider trading, was dismissed in August 2024 by US District Judge Alvin Hellerstein, who found insufficient evidence of securities fraud or market manipulation. Musk and Tesla had faced claims that Musk's public statements, including his appearance on Saturday Night Live, inflated DOGE's price for personal gain. Following the withdrawal, Musk and Tesla also dropped motions to sanction the opposing legal team.
Investors withdrew their appeal, ending a lawsuit alleging Musk manipulated Dogecoin's price through fraudulent means and insider trading.
The case was dismissed in August 2024 due to lack of evidence, and Musk and Tesla dropped motions to sanction the opposing legal team.
2)
Manhattan US Attorney’s Office to Scale Back Crypto Case Pursuits
The Manhattan US Attorney’s Office will reduce its focus on crypto-related cases, allocating fewer resources to crypto crime enforcement. This shift follows successful prosecutions, including cases against Sam Bankman-Fried and FTX. Scott Hartman, co-chief of the securities and commodities task force, explained that while the office will still handle crypto cases, it will not prioritize them as in previous years. The change coincides with Donald Trump's nomination of Jay Clayton, a less aggressive regulator in the crypto space, as the next US attorney for the Southern District of New York.
Manhattan US Attorney’s Office will reduce its efforts on prosecuting crypto cases, following recent successes in high-profile cases.
The appointment of Jay Clayton as US attorney signals potentially less aggressive enforcement, providing crypto firms with more flexibility.
3)
Norway's Cautious Approach to CBDCs Amid Global Trends
Norway is carefully evaluating the introduction of Central Bank Digital Currencies (CBDCs) despite being a pioneer in cashless transactions. The country’s government-appointed task force advises delaying a CBDC rollout until regulatory frameworks ensure financial inclusivity in a predominantly digital economy. Although cash usage in Norway is minimal, with only 2% of the population using it for daily transactions, the government maintains laws that guarantee cash usage for vulnerable populations. The task force stresses that the digital financial infrastructure must be secure and accessible before any CBDC launch. Meanwhile, South Korea is advancing with a CBDC pilot project in collaboration with major banks, aiming to integrate digital currency into everyday financial activities.
Norway’s task force advocates a delayed CBDC rollout to prioritize secure and inclusive digital financial systems.
South Korea has launched a CBDC pilot with seven major banks to assess its viability in public transactions.
