Crypto exchange Binance, its U.S. counterpart and CEO Changpeng Zhao has filed a joint motion seeking dismissal of the lawsuit from the United States Securities and Exchange Commission. Meanwhile, the firm behind Tether has acquired a stake in Bitcoin miner Northern Data, and an Ethereum developer has got ChatGPT to launch its own ERC-20 token, AstroPepeX.
Binance and CEO Changpeng Zhao ask court to dismiss SEC suit
Binance Holdings, it’s U.S. counterpart and CEO Changpeng Zhao have a joint motion seeking the dismissal of the lawsuit against them by the SEC.
According to a Sept. 21 filing to the United States District Court, both Binance Holdings and Zhao claimed that the financial regulatory had overstepped its authority in the lawsuit against them.
It accused the SEC of failing to introduce clear guidelines for the sector ahead of its lawsuit against the crypto exchange and as a result, had imposed its regulatory authority over the crypto sector retroactively.
Did you know that the CFTC sued Binance in March, alleging that BUSD is a commodity?
And then, just 3 months later, the SEC sued Binance, alleging BUSD is a security?
Now, if FinCen files suit and alleges BUSD is a currency, Binance will have achieved the Holy Trifecta! SMH. https://t.co/WevWtWvMpi pic.twitter.com/b7ioB9qCB7
— Jeremy Hogan (@attorneyjeremy1) September 22, 2023
Lawyers for Binance also asserted that the regulator fundamentally misinterprets securities laws and their application to crypto assets.
In addition to Binance and Zhao’s petition, the American outfit of the crypto exchange, Binance.US — legally known as BAM Trading Services Inc. — also moved to have the charges made against it dismissed in a separate 56-page filing made on the same day.
Tether acquires stake in Bitcoin miner Northern Data, hinting at AI collaboration
The firm behind Tether has invested an undisclosed amount into German-based crypto miner Northern Data Group in a move backing artificial intelligence (AI) initiatives.
The company denied a report from Forbes regarding a $420-million investment, but declined to give a specific amount when reached for comment by Cointelegraph.
Tether, whose USDT is the largest stablecoin by market capitalization at more than $83 billion, says the investment is “separate from [its] reserves” and won’t impact customer funds.
According to a press release from Northern Data Group, the funds are involved in the purchase of hardware typically used in the artificial intelligence sector:
“Damoon Designated Activity Company (Damoon), a company Northern Data Group has recently acquired, with closing of the transaction expected in Q4 2023, has purchased over 10,000 NVIDIA H100 Tensor Core GPUs, at a total cost of approximately EUR 400 million.”
ETH developer programs AI-generated memecoin AstroPepeX using ChatGPT
An Ethereum developer has managed to get ChatGPT to launch its own ERC-20 token, AstroPepeX, modeled off data from the top traded tokens on Uniswap.
X (previously Twitter) user CroissantETH unpacked details of how they integrated ChatGPT into a custom application using OpenAI’s API. They told it to design and issue its own ERC-20 token with an estimated market cap of $3.5 million.
Data from Etherscan reveals that there are now over 2,300 APX holders that have carried out over 17,700 transactions since the token mint on Sept. 20.
The developer managed to get ChatGPT to be able to deploy smart contracts on the Ethereum network after feeding it data on the top 10,000 traded tokens on Uniswap.
“In essence, it asks ChatGPT to form an ERC-20 token using Open Zeppelin standards. The token name & other parameters are designed to be passed in by values given by GPT in the code’s constructor.”CroissantETH also explained how ChatGPT’s first attempts at potential names for its ERC-20 token were not ideal. The developer’s solution was to integrate data from the top traded Uniswap tokens to give the LLM a more natural sounding output.
To ensure the token was made solely by GPT before deploying the contract, CroissantETH addressed ownership of the private keys and the contract contract with a solution that rules out any human intervention.
Thus AstroPepeX (APX) was created by ChatGPT, sending 65,000,000,000 APX tokens and 2 Ether (ETH) in liquidity to Uniswap’s decentralized exchange.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
