Stay in the know with our comprehensive weekly crypto digest, as we bring you the latest and most impactful trends and events from the dynamic world of cryptocurrency.

Here’s what transpired in the crypto realm this week:

In a candid interview with TIME Magazine, El Salvador’s President Nayib Bukele reflected on his country’s bold move to make Bitcoin legal tender. Bukele acknowledged that the initiative has yielded mixed outcomes. “Bitcoin hasn’t achieved the widespread adoption we had anticipated. While many Salvadorans do use it and most large businesses in the country accept it, it hasn’t become as ubiquitous as we hoped,” he stated. Bukele emphasized that the adoption of Bitcoin remains voluntary, underlining El Salvador’s commitment to freedom of choice. He noted, “We never forced anyone to adopt Bitcoin. It was offered as an option, and those who chose to use it have benefited from its appreciation.”

El Salvador became the first nation to recognize Bitcoin as legal tender on September 7th, 2021, during the peak of the last bull market. This pioneering move aimed to digitize the economy and reduce dependency on the US dollar, which is the most widely used currency in the country.

In a significant development, tech giant Apple is reportedly in discussions to invest in OpenAI, the renowned creator of ChatGPT and a leader in generative artificial intelligence. The Wall Street Journal reports that Apple is participating in a funding round led by Thrive Capital, which aims to raise $1 billion, potentially valuing OpenAI at $100 billion. This investment underscores Apple’s interest in advancing AI technologies.

Elon Musk and Tesla have successfully had a federal lawsuit dismissed that accused them of defrauding investors by promoting Dogecoin (DOGE) and engaging in insider trading. Investors claimed that Musk used tweets and appearances, including a stint on NBC’s “Saturday Night Live,” to manipulate Dogecoin’s value for personal gain. However, the judge ruled that Musk’s statements were “aspirational and puffery,” not factual assertions that could mislead investors into securities fraud.

The Securities and Exchange Commission (SEC) has issued a warning to FTX regarding its plans to repay creditors using its stash of “crypto-asset securities.” The SEC’s filing highlights concerns over the legality of such payments and calls for clarity on who would distribute stablecoins if the plan proceeds. Throughout FTX’s bankruptcy process, various strategies have been explored to maximize creditor recovery, including relaunching the exchange and distributing claims as tradable tokens.

The Qatar Financial Centre (QFC) has introduced its QFC Digital Assets Framework 2024, a comprehensive regulatory structure aimed at fostering innovation and growth within Qatar’s digital asset sector. Developed in collaboration with industry stakeholders such as digital asset exchanges and custodians, this framework supports Qatar’s digital transformation initiatives and economic diversification efforts.

In Brazil, the Supreme Court has upheld a ban on X, formerly known as Twitter, following Elon Musk’s refusal to comply with local regulations. This decision aligns with an earlier ruling by Justice Alexandre de Moraes, who imposed the ban due to Musk’s failure to appoint a legal representative in Brazil. Musk responded by criticizing the decision as an attack on free speech by an “unelected pseudo-judge.”

The US SEC has charged Galois Capital, a crypto-focused investment advisory firm, over its handling of client assets. The charges involve a private fund primarily invested in crypto. Although Galois settled with the SEC, agreeing to cease further violations of the Advisers Act, they neither admitted nor denied the SEC’s findings. The hedge fund had shut down in February last year following the collapse of FTX, with reported losses of $45 million held on the exchange.

The FBI has issued a warning to employees of companies dealing with Bitcoin about North Korean hackers targeting Bitcoin and other crypto assets. The cybercriminals are focusing on crypto exchange-traded funds (ETFs), using sophisticated social engineering techniques to infiltrate service providers’ networks. The FBI advises using hardware wallets for secure Bitcoin storage.

The US Department of Justice (DOJ) has escalated its antitrust investigation into Nvidia Corp by issuing subpoenas to gather evidence of potential violations. Antitrust officials are concerned that Nvidia may be limiting competition by making it difficult for buyers to switch suppliers and penalizing those who don’t exclusively use its AI chips. Nvidia has denied receiving any subpoenas related to these concerns.

Zurich Cantonal Bank (ZKB), Switzerland’s largest cantonal bank and fourth largest bank overall, has announced new Bitcoin and Ethereum trading services for its customers. Through ZKB eBanking or ZKB Mobile Banking, clients can now engage in 24/7 crypto trading. This initiative underscores ZKB’s commitment to embracing digital assets.

Uniswap Labs has settled with the US Commodity Futures Trading Commission (CFTC) for $175,000 over charges related to offering “illegal digital asset derivatives trading.” The CFTC stressed the importance for DeFi operators to ensure compliance with laws as digital asset platforms evolve. This settlement is part of the CFTC’s broader effort to enforce regulations within the digital asset space.

And that wraps up this week’s crypto updates!

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