#california

A California court has determined that Lido DAO, the decentralized organization overseeing the liquid staking protocol Lido Finance, qualifies as a general partnership. The court dismissed arguments that the DAO is not a legal entity, as reported by Decrypt based on court filings.

At the “We, Robots” event on October 10 at Warner Brothers Studio in Burbank, California, Elon Musk unveiled the Tesla Robotaxi. This autonomous electric vehicle, modeled after the futuristic Cybertruck, is called the Cybercab.

The U.S. Securities and Exchange Commission (SEC) settled charges against California-based companies TrustToken and TrueCoin, which operate under the Archblock brand, for selling unregistered securities and providing misleading information regarding the reserves backing their stablecoin, TrueUSD (TUSD).

Elon Musk, the CEO of Tesla and SpaceX, has dropped his lawsuit against OpenAI and its CEO Sam Altman. The suit, filed in California in February 2024, was retracted just one day before a scheduled court hearing on a dismissal motion filed by the defendants.

The California court has dismissed Elon Musk's lawsuit against the Center for Countering Digital Hate (CCDH), challenging a report by CCDH that indicated a rise in instances of hate, racism, and antisemitism on the social platform X after its purchase by Musk.

Backpack, a new cryptocurrency exchange, has officially launched operations in 11 U.S. states, including California, Colorado, and Indiana.

At the Adobe MAX event on October 14, Adobe (San Jose, California) unveiled an expansion to its Firefly AI tool suite.

California Governor Gavin Newsom blocked an artificial intelligence (AI) safety bill that would have enforced strong security measures for AI companies and developers, potentially impacting industry growth.

Silvergate, a banking partner of the bankrupt entities FTX and Alameda, will pay fines totaling $63 million to the Federal Reserve and the California Department of Financial Protection and Innovation (DFPI). Of this sum, $43 million will be paid to the Fed and $20 million to the DFPI. Additionally, the SEC seeks to impose another $50 million in penalties on the company.

British autonomous vehicle manufacturer Wayve Technologies announces the opening of a new research and development hub in Vancouver, Canada, marking its third establishment following London and Mountain View in California. The initiative will be spearheaded by the company's Chief Scientific Officer, Jamie Shotton.

A new class-action lawsuit has been filed in the Northern District of California against Ripple Labs Inc., its CEO Brad Garlinghouse, and its subsidiary XRP II, LLC.

California Governor Gavin Newsom is emphasizing the importance of keeping the citizens at the forefront in the area of generative artificial intelligence (GenAI).

According to the March 2023 reserve report , a total of 8.7 billion USDC is being held in six banks. However, three of these banks – Silvergate, Signature, and Silicon Valley Bank – are currently experiencing liquidity and solvency issues. The situation is especially dire for Silicon Valley Bank, which held 3.3 billion USDC and has been forced to close by the California Department of Financial Protection and Innovation. The USDC price has dropped by 15%, to $0.86, in response to these developments. Additionally, the DAI stablecoin has fallen by 10%, as up to 50% of its collateral is held in USDC. Currently, US Treasury bills account for 77% of the USDC reserves. The remaining 23% is held in cash at various banking institutions. The fate of these funds will depend on the outcome of the bankruptcy process for the affected banks and the amount of funds that can be recovered.