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Elon Musk VS Twitter Saga: SEC Charges 11 People In Crypto Pyramid Scheme

A US senator wants Google and Apple to share information about digital asset scams. Elon Musk, CEO of Tesla, has officially stepped up his fight with Twitter.

Fast-Trach Insights: A new US technology bill will give the Biden administration a position as a blockchain advisor; Bitcoin and Ethereum drop in value; Polkadot skids after a nearly six-week run-up; A US senator wants Google and Apple to give him information about digital asset scams.

On Monday, the Securities and Exchange Commission charged 11 people with stealing more than $300 million from investors through a crypto pyramid and Ponzi scheme. Officials say that the scheme began at least in January 2020. The move comes as more people invest in cryptocurrency, which makes it more likely that fraud schemes will happen.

As of 8 a.m. on Tuesday morning in Hong Kong, the price of Ethereum had dropped by 3% in the past 24 hours, to US$1,634. This was the biggest drop among the major cryptocurrencies. According to data from CoinMarketCap, Bitcoin fell by 0.2% and is now worth US$23,267.

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Elon Musk, the CEO of Tesla, is in a legal battle with Twitter. On Friday, July 29, Musk filed a countersuit against Twitter. A report says that the lawsuit was filed in secret in response to a social media company’s lawsuit against Elon Musk for backing out of a US$44 billion deal with Twitter.

People who are interested in blockchain are excited about a new law that will give the U.S. government a blockchain advisor. It just needs to be signed by Vice President Joe Biden, and most people think that the next step will be a formality. The main goal of the bill is to help pay for the making of chips and semiconductors in the U.S.

Senator Sherrod Brown (D-OH), who is the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, is asking Apple and Google for details about how they protect users from fake digital assets apps.

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