The CEO of Twitter and Tesla has been accused of insider trading and manipulating the price of Dogecoin in a proposed class action lawsuit, reports Mashable. 

Investors are claiming that Musk used his influence on Twitter, TV appearances, and paid online influencers to trade profitably at the expense of other investors

A Wednesday night filing in Manhattan federal court claims that Musk, for example, sold roughly $124 million worth of Dogecoin in April after he replaced Twitter's logo with Dogecoin's logo, which led to a 30 percent increase in Dogecoin's price. According to the filling, Musk went on a "deliberate course of carnival barking, market manipulation and insider trading" in order to defraud investors. In all, the complaint claims Musk had intentionally driven the price of Dogecoin up by over 36,000 percent over several years, and then let it crash.

On the evening of May 24, Salvatore Leggiero, developer of the forthcoming Bitcoin Tower, officially launched the project at an exclusive architecture-focused event by designer Simone Micheli, reports COINTELEGRAPH. 

During the event, Leggiero and Micheli presented their collaboration for the Bitcoin Tower, which will have a version in the metaverse and a physical building.

The developer said that because of this experience, he imagined a project that would match his expertise in real estate and his passion for crypto — and the idea for the Bitcoin Tower in Dubai was born.

Leggiero also told Cointelegraph that he wants the project to be an open project, mentioning the possibility of creating a decentralized autonomous organization (DAO) for the project.

South Korean lawmakers on Thursday unanimously approved a new bill requiring public officials and candidates to disclose their crypto holdings from 2024, according to local news outlet Chosun-Ilbo.

High-ranking public officials above Grade 4, such as the members of the National Assembly, will be required to report their crypto holdings, regardless of amount, from Jan. 1, 2024.

The bill, spearheaded by conservative lawmaker Lee Man-hee, also imposes a limit on the investment amount for an official involved in the crypto sector.

​​The proposal follows the ongoing scandal surrounding former lawmaker Kim Nam-kuk of the opposing Democratic Party. He is under investigation by local prosecutors for campaign finance violations, tax portals and concealment of criminal proceeds surrounding his hidden crypto possessions and transactions. 

Speaking at the Bitcoin Conference recently, Robert F. Kennedy Jr. became the first presidential candidate to accept Bitcoin campaign donations, reports WatcherGuru.com. Moreover, Kennedy previously referred to the digital asset as more than a currency but as an “exercise in democracy.”

The candidate has emerged as a vocal defender of the digital asset industry. Subsequently, amid US regulation in the sector, that remains unclear. As Federal Reserve-issued CBDC is on the horizon, the industry is primed to be a vital aspect of the upcoming elections. 

In recent weeks, former lawyer Robert F. Kennedy Jr. has brought digital assets into the political arena. Specifically, he has remained outspoken against government-issued digital assets, and spoken in defense of one of the most important ones.

Finance ministers representing all 27 member countries of the union voted unanimously to enact the Markets in Crypto-Assets regulation just weeks after the European Parliament overwhelmingly approved a consensus version, Bank Info Security, reports. 

The proposal, known as MiCA, will go into effect progressively. Rules applying to stablecoins will go into effect in July 2024 and provisions for other crypto assets are set for January 2025.

The regulation requires crypto-asset issuers to draft detailed white papers and register with a national financial regulator, which could deny authorization for the asset. Registration in one European country will allow the crypto platform to operate across the entire bloc. Regulators will be able to suspend crypto-asset service providers from trading for up to 30 working days should they believe the platform has violated provisions of MiCA such as a requirement for internal controls to safeguard against market abuse.

MiCA also requires crypto trading platforms to hold minimum cash reserves, with the amount depending on the type of crypto asset. 

Crypto exchange Binance has announced that it would cease operations in Canada, citing the challenging regulatory environment, CoinDesk reports. 

“We had high hopes for the rest of the Canadian blockchain industry,” the company said in a Friday tweet. “Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time.”

In February, the Canadian Securities Administrators (CSA) revealed new guidance that prohibited crypto asset trading platforms within the country from allowing customers to buy or deposit stablecoins without the CSA’s prior approval. Obtaining approval would require the crypto trading platform to pass the CSA’s various due diligence checks.

In its Friday tweet, Binance added that it did not agree with the new regulations but still hopes to work with Canadian regulators to further develop a regulatory framework around cryptocurrencies.

Over the past year, Binance has received increased scrutiny from North American regulators, and appears to be ramping down operations in the region. Earlier this year, Binance said it was considering severing ties with its U.S. business partners.