hodler

11 May 2026, 18:20

Elon Musk-Sam Altman trial continues with Microsoft’s Sat Nadella testifying against OpenAI

Elon Musk, who is suing the artificial intelligence lab OpenAI and its president, Sam Altman, for allegedly defrauding him out of tens of millions of dollars, had his first witness take the stand this week. Microsoft Corporation President Satya Nadella testified for Musk on Monday in the federal jury trial. First, Satya Nadella introduced himself to the jury as the president of Microsoft. Then, he described the company’s involvement with OpenAI when it started, and it was risky, innovative, and lacking sufficient funding. In his testimony, Satya emphasized how excited Microsoft was to work with OpenAI because “no one else was willing.” Elon Musk accuses the defendants of deception, in which Altman and Brockman convinced him to invest tens of millions of dollars in a nonprofit project, but they steered the lab towards a profit-making business model. In addition, Musk claims that Microsoft assisted in this alleged fraud. According to the plaintiffs, the court should strip the defendants’ positions and transfer up to $180 billion from the for-profit part of OpenAI to the nonprofit parent company. Satya tells the court Microsoft backed OpenAI for business reasons from the start As part of the trial, the focus has also shifted to Microsoft’s investments in OpenAI. It started in 2019 when Microsoft provided the AI lab with $1 billion worth of services. In addition, the company doubled its investment two years later, and in 2023, it invested another $10 billion in the company. Thus, Microsoft has invested almost $13 billion in OpenAI. Musk expressed his concerns about these investments earlier. As Elon Musk pointed out in an interview last month, he was worried that “they were trying to steal the charity.” It seems that Satya Nadella saw the matter differently. The president of Microsoft highlighted that the corporation never provided donations to OpenAI. Instead, it was a commercial arrangement, and it is crucial to Elon Musk’s case as he focuses on OpenAI’s nonprofit mission. Besides, Satya Nadella mentioned that Microsoft offered OpenAI significant discounts on compute resources because of the computational complexity required to develop state-of-the-art AI models. In addition, Azure provided a perfect platform for OpenAI, and Microsoft expected marketing benefits from this partnership. Former OpenAI board member Tasha McCauley recorded that the board briefly considered removing Sam Altman from the CEO position in 2023. Moreover, she revealed that Satya Nadella contacted other board members and asked to return to pre-Sam dismissal times. This testimony once again brought the company’s involvement into the discussion. Elon Musk argues that the interests of Microsoft are different from those of OpenAI’s nonprofit mission. From the stand, Elon Musk asked, “With all due respect to Microsoft, do you really want Microsoft controlling digital superintelligence?” However, in October 2025, OpenAI recapitalized, and the nonprofit remained the parent organization while retaining ownership of the for-profit division. In this situation, Microsoft retained approximately 27% of the value of OpenAI’s for-profit branch, worth nearly $135 billion. Microsoft and OpenAI relationship becomes increasingly strained Moreover, in recent months, the Microsoft-OpenAI collaboration became increasingly strained. In late January 2025, just as jury selection in Musk v. Altman was getting underway, Microsoft and OpenAI agreed on changes to their collaboration agreement. In particular, the updated agreement allows OpenAI to limit its revenue share and offer the product to customers through any cloud provider. Microsoft calls the new agreement a simplification of the partnership. However, for the jury, the case is essentially reduced to one question: Has OpenAI adhered to its nonprofit principles, or have financial motives, computing power, and corporate management led it astray? If you're reading this, you’re already ahead. Stay there with our newsletter .

11 May 2026, 18:07

US banks warn Clarity Act may boost stablecoins by $1.7 trillion

⚡️ US banks warn $1.7 trillion surge possible in stablecoins if the Clarity Act passes. The ABA urges stricter Senate rules, fearing massive shift from traditional deposits to $USDT. 🕐 Critical data: Lawmakers have only 10 weeks before elections to finalize crypto regulation. Continue Reading: US banks warn Clarity Act may boost stablecoins by $1.7 trillion The post US banks warn Clarity Act may boost stablecoins by $1.7 trillion appeared first on COINTURK NEWS .

11 May 2026, 17:41

Trump suspends $0.18 gas tax as US inflation nears 0.2 percent

⛽ Trump just suspended the $0.18 federal gas tax in $BTC inflation fight. US inflation might drop by up to 0.2% with this move. Continue Reading: Trump suspends $0.18 gas tax as US inflation nears 0.2 percent The post Trump suspends $0.18 gas tax as US inflation nears 0.2 percent appeared first on COINTURK NEWS .

11 May 2026, 17:30

Adam Back Joins Capital B’s €15.2M Round to Expand Bitcoin Holdings

Capital B, a European bitcoin treasury company listed in Paris, raised €15.2 million on May 11, 2026, through a private placement backed by institutional investors, including Blockstream CEO Adam Back and French asset manager TOBAM. Capital B Closes €15.2M Round to Grow Bitcoin Treasury Toward 15,000 BTC Target According to the announcement, the firm sold

11 May 2026, 17:26

Galaxy, Sharplink plan $125M institutional DeFi yield fund backed by ETH treasury

Sharplink will contribute $100 million in staked Ether to a Galaxy-managed fund as institutions seek to earn yield from crypto holdings without selling ETH.

11 May 2026, 17:05

Boundary Labs Raises $2M From Galaxy Ventures for Institutional Stablecoin USBD

BitcoinWorld Boundary Labs Raises $2M From Galaxy Ventures for Institutional Stablecoin USBD Boundary Labs, a startup focused on stablecoin infrastructure, is preparing to launch USBD, a verifiable stablecoin designed exclusively for institutional clients. The company recently secured $2 million in a seed funding round led by Galaxy Ventures, according to a report by The Block. What Makes USBD Different Unlike retail-focused stablecoins such as USDT or USDC, USBD is being built specifically for institutional use cases, including custody, settlement, and treasury management. The stablecoin is designed to be verifiable, meaning institutions can independently audit its reserves and smart contract logic without relying on third-party attestations. This approach addresses a growing demand among banks, asset managers, and hedge funds for transparent digital dollar instruments that meet internal compliance and risk management standards. The verifiability feature is intended to reduce counterparty risk and improve trust in the asset’s backing. Funding and Backing The $2 million seed round was led by Galaxy Ventures, the venture arm of Galaxy Digital, a major crypto financial services firm. The investment signals continued institutional appetite for compliant stablecoin infrastructure. Boundary Labs has not disclosed whether additional investors participated in the round. Galaxy Ventures has previously backed several blockchain infrastructure and stablecoin-related projects, making this investment a strategic fit within its broader portfolio. Market Context and Implications The stablecoin market has grown to over $150 billion in circulating supply, with the majority concentrated in USDT and USDC. However, regulatory pressure in the United States and Europe is pushing issuers toward greater transparency and compliance. The European Union’s Markets in Crypto-Assets (MiCA) regulation, which takes full effect in 2025, requires stablecoin issuers to hold transparent reserves and obtain regulatory approval. In the U.S., the Lummis-Gillibrand Responsible Financial Innovation Act and ongoing discussions at the SEC and Treasury are shaping the legal framework for stablecoins. Boundary Labs appears to be positioning USBD to meet these evolving standards, particularly for institutional players who need to demonstrate due diligence to regulators. Conclusion Boundary Labs’ USBD represents a targeted effort to serve the institutional stablecoin market with a verifiable, transparent design. The $2 million seed round from Galaxy Ventures provides early validation, but the project faces competition from established issuers and regulatory uncertainty. The success of USBD will depend on its ability to gain adoption among institutional clients and meet compliance requirements in key jurisdictions. FAQs Q1: What is USBD? USBD is a verifiable stablecoin being developed by Boundary Labs specifically for institutional clients, such as banks and asset managers. It is designed to allow independent verification of reserves and smart contract logic. Q2: How is USBD different from USDT or USDC? USBD is built exclusively for institutional use and emphasizes verifiability, meaning institutions can audit its backing independently. USDT and USDC serve both retail and institutional markets and rely on third-party attestations for reserve transparency. Q3: When will USBD launch? Boundary Labs has not announced a specific launch date. The company is currently in development and recently completed a $2 million seed funding round led by Galaxy Ventures. This post Boundary Labs Raises $2M From Galaxy Ventures for Institutional Stablecoin USBD first appeared on BitcoinWorld .