Microsoft and Apple won’t join OpenAI’s board due to regulatory scrutiny.
Bitwise’s Katherine Dowling says Ethereum ETF applications are nearing completion.
FTX executives’ sentencing planned for October and November.
Microsoft and Apple decided not to join the OpenAI board. Bitwise CCO Katherine Dowling says Ethereum ETF applications are nearing the finish line. Meanwhile, the sentencing of two former FTX executives is planned for October and November this year. Here are three significant developments in the crypto market over the past 24 hours.
Microsoft and Apple Make Notable Move
Tech giants Microsoft and Apple reportedly decided not to join the OpenAI board due to increasing regulatory scrutiny. According to a Bloomberg report on July 10, citing an anonymous source, Microsoft sent a letter to OpenAI announcing its withdrawal from the board.
The withdrawal occurred about a year after the Windows software maker made a massive $13 billion investment in OpenAI in April 2023. In its note to OpenAI, Microsoft stated:
“Over the past eight months, we have witnessed significant progress in the newly formed board and are confident in the company’s direction.”
Contrary to recent reports suggesting that Apple would take an observer role on the OpenAI board as part of a significant deal announced in June, the company said OpenAI would not have a board observer after Microsoft’s departure.
Notable Figure Comments on ETF
Bitwise compliance officer Katherine Dowling says the list of eight spot Ethereum ETF applications is nearing its final launch date as mutual disputes between potential fund issuers and the SEC begin to slow down:
“We see fewer issues being reviewed between issuers and the SEC in S-1 amendments. This indicates that all signs point to us being close. We are nearing the finish line for the launch.”
Bitwise’s chief investment officer Matt Hougan estimated that spot Ethereum ETF funds could attract up to $15 billion in inflows within the first 18 months, roughly the same amount spot Bitcoin ETF funds have gathered since their launch six months ago.
New Development in FTX Case
A US federal judge overseeing the trial of former FTX CEO Sam Bankman-Fried scheduled sentencing hearings for Gary Wang and Nishad Singh later this year. According to a docket entry on July 9 in the Southern District of New York, Judge Lewis Kaplan said Singh’s sentencing would be on October 30, and Wang’s sentencing would be on November 20. Gary Wang was a co-founder of the bankrupt crypto exchange. Singh served as the director of engineering during the bankruptcy.
Wang was among the first to admit to charges related to his role in FTX’s bankruptcy. Singh also admitted to various serious charges, including fraud and money laundering, in February 2023. The fallout from FTX’s bankruptcy led to the former co-CEO of FTX Markets, Ryan Salame, being sentenced to 7.5 years in prison in May this year.
