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Dogecoin investors drop class-action lawsuit against Elon Musk, Michael Saylor plans $100K bitcoin party and more

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From theblock by James Hunt

Quick Take

  • Dogecoin investors have dropped their class-action lawsuit against Elon Musk, which accused him of manipulating the price of DOGE during its 2021 surge from less than $0.10 to around $0.70.
  • JPMorgan analysts anticipate positive regulatory changes for crypto under President-elect Donald Trump, with clearer frameworks likely to benefit the industry.
  • President-elect Donald Trump nominated bitcoin advocate Robert F. Kennedy Jr. for U.S. Secretary of Health and Human Services on Thursday.
  • The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

It's Friday! In today's newsletter, dogecoin investors drop their class-action lawsuit against Elon Musk, JPMorgan analysts see positive crypto regulatory changes under the new U.S. administration, Donald Trump nominates bitcoin-friendly RFK Jr. for Secretary of Health and more.

Let's get started.

Dogecoin lawsuit against Elon Musk dropped

Dogecoin  DOGE +4.42%

 investors have dropped their class-action lawsuit against Elon Musk, which accused him of manipulating the price of DOGE during its 2021 surge from less than $0.10 a share to around $0.70.

  • A fourth amended complaint was originally dismissed on Aug. 29, with the court ruling that Musk's statements were "aspirational and puffery" rather than actionable misrepresentations.
  • However, both Musk and the investors filed cross-motions and appeals last month, according to Reuters."A stipulation dismissing the appeal and both sides' motions was filed on Thursday night in federal court in Manhattan and requires approval by U.S. District Judge Alvin Hellerstein," the report states.
  • The lawsuit alleged Musk used social media posts, public statements and an appearance on NBC's "Saturday Night Live" to artificially inflate the memecoin's value for personal gain.
  • Musk and his electric vehicle company, Tesla, denied owning or trading DOGE through the wallets alleged in the insider trading accusations made during the litigation.
  • Interestingly, the lawsuit's dismissal coincided with Musk's appointment as head of President-elect Donald Trump's new Department of Government Efficiency, also known as "DOGE."
  • Dogecoin's price has more than doubled since Election Day, reaching $0.36, with a market cap of $53 billion as of Friday, solidifying its status as the sixth-largest cryptocurrency.
  • Meanwhile, another court filing on Thursday claimed Musk shot down OpenAI's proposed Initial Coin Offering attempt to launch a token in 2018.

JPMorgan eyes six potential crypto market changes under Trump

JPMorgan analysts anticipate positive regulatory changes for crypto under President-elect Donald Trump, with clearer frameworks likely to benefit the industry.

  • Key crypto bills, like the FIT21 Act, which could provide much-needed regulatory clarity by defining oversight roles for the SEC and the CFTC, and new stablecoin laws, may see swift approval, according to the analysts, while CBDC development could be halted.
  • The SEC's enforcement-heavy strategy under the Biden administration could evolve into a more collaborative approach, they said, reducing litigation risks for companies like Coinbase and Uniswap.
  • Furthermore, the repeal of SAB 121 may enable banks to custody crypto assets, momentum could build for additional XRP, Solana and multi-token U.S. spot ETFs, plus venture capital, mergers and acquisitions and tokenization could also surge under clearer regulations, the analysts said.
  • However, they assign a low probability to the approval of the BITCOIN Act, a draft bill introduced by Senator Cynthia Lummis (R-WY), for the U.S. to adopt a strategic bitcoin stockpile.

Trump nominates bitcoin-friendly RFK Jr. for US Secretary of Health

President-elect Donald Trump nominated bitcoin advocate Robert F. Kennedy Jr. for U.S. Secretary of Health and Human Services on Thursday.

  • RFK Jr., a former Democrat, shifted his political alignment and endorsed the Republican after initially running as an independent presidential candidate.
  • During his 2024 campaign, RFK Jr. proposed establishing a bitcoin strategic reserve to stabilize the U.S. dollar and exempt bitcoin profits from capital gains tax.
  • He also disclosed that a significant portion of his personal wealth was invested in bitcoin and pushed for a light-touch regulatory environment for crypto in the U.S.
  • It's important to note that high-level nominees for the U.S. federal government, such as the Secretary of Health, require Senate confirmation to assume their roles officially.
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