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xAI's trade secret lawsuit against OpenAI dismissed by federal judge
A federal judge has dismissed xAI's trade secret lawsuit against OpenAI, without leave to amend the complaint. U.S. District Judge Rita Lin ruled that xAI failed to prove that OpenAI induced its former engineer to disclose trade secrets related to the Grok chatbot during the hiring process.The judge noted that merely asking job candidates to discuss their past work is a standard hiring practice and does not imply inducement to leak confidential information. Accepting xAI's allegations could expose employers to legal risks whenever they inquire about a candidate's previous work experience. Previously, Elon Musk had sued OpenAI, Sam Altman, and co-founder Greg Brockman for deviating from the company's non-profit mission, a lawsuit that was dismissed by a federal jury last month. (decrypt)
US Crypto Market Structure Bill Enters Critical Period: NYDIG Warns June–August Is the Final Legislative Window
Odaily News: Greg Cipolaro, Research Director at financial services firm NYDIG, stated that the most realistic legislative window for the U.S. Senate's crypto market structure bill is June to early August. If progress cannot be made during this period, the bill may face uncertainty extending beyond the midterm elections or even longer.Earlier, White House crypto advisor Patrick Witt had proposed July 4 as an ideal legislative timeline, but NYDIG considers this target overly optimistic. The bill still needs to clear multiple hurdles, including committee review, a full Senate vote, and House procedures.The bill aims to establish a clear regulatory framework for U.S. crypto assets and is regarded as one of the most critical pieces of legislation this year. However, it has faced repeated delays due to disagreements over stablecoin regulation, ethical clauses, and DeFi rules. The Senate Banking Committee has advanced the draft for a full Senate vote, but it still requires at least 60 votes to pass.Analysts point out that if the bill fails to pass before the election cycle, shifts in Republican and Democratic control of the Senate could further reduce legislative certainty, keeping the industry in a state of regulatory ambiguity.However, if the bill is ultimately passed and signed into law, it would bring regulatory clarity to the market. In particular, Bitcoin is expected to be clearly classified as a commodity, thereby reducing uncertainty for institutional entry. (Cointelegraph)
Yuga Labs Appoints Michael Figge as CEO; Greg Solano Becomes Chairman of the Board
According to The Block, Yuga Labs, the developer behind the Bored Ape Yacht Club (BAYC) collection, has appointed Michael Figge as its new CEO, while former CEO Greg Solano has transitioned to Chairman of the Board. Solano stated that Figge joined the company in 2021 and has served as CEO for several weeks, previously holding the role of Chief Product Officer. This leadership reshuffle coincides with Yuga Labs’ ongoing development of its metaverse project, Otherside. The company describes Otherside as a metaRPG platform enabling players to own digital assets and engage in real-time multiplayer interactions. Moving forward, Solano will continue contributing to creative direction, writing, and the development of new ideas.