Markets are mixed as traders anticipate rate hikes for June.

Stocks mixed as traders anticipate rate cuts in June

Starting next year, schools in the United Arab Emirates (UAE) will introduce 
artificial intelligence (AI) as a subject for students from kindergarten to 
12th grade. Fostering Awareness of Ethics of the Technology Schools in the 
United Arab Emirates (UAE) will start teaching artificial intelligence (AI) as 
a subject from kindergarten to 12th grade students starting […]

UAE to Teach AI From Kindergarten to 12th Grade

Acting US Attorney for the Eastern District of New York (EDNY) John Durham has 
departed as President Donald Trump&#8217;s pick takes control of the office.
In a May 5 notice, the US Attorney&#8217;s Office for EDNY said Joseph Nocella will 
serve as interim US Attorney for the region for 120 days or until a Senate- 
confirmed nominee assumes the role. Nocella&#8217;s appointment came as jury 
selection began in the criminal trial of Braden John Karony, the former CEO of 
crypto firm SafeMoon.
It&#8217;s unclear how the advancement of Nocella, appointed by US President Donald 
Trump this month, could affect prosecutors&#8217; case against Karony, who faces 
charges of securities fraud conspiracy, wire fraud conspiracy, and money 
laundering conspiracy. Nocella said he intended to help prosecute &#8220;narcotics- 
traffickers, gang members, terrorists, human-traffickers and other criminals.&#8221;
The former SafeMoon CEO asked the court in February to consider pushing back 
the start of the trial based on &#8220;significant changes&#8221; Trump had proposed 
affecting US securities laws, potentially impacting his criminal case.
_**Related:**__**What do crypto users want to happen to Alex Mashinsky?**_
Though not as well known for criminal cases involving high-profile figures in 
the crypto industry, the Eastern District of New York has been responsible for 
overseeing cases against individuals tied to digital assets, including a 
Securities and Exchange Commission (SEC) complaint against Hex founder Richard 
Heart and fraudsters.
Its neighboring district, the Southern District of New York, will oversee the 
sentencing of former Celsius CEO Alex Mashinsky on May 8. Jay Clayton, a Wall 
Street insider and the former chair of the SEC, became the interim US Attorney 
for the district in April.
## Criminal trial to start on May 6
SafeMoon&#8217;s Karony, Kyle Nagy, and Thomas Smith were charged in November 2023 
for &#8220;diverted and misappropriated millions of dollars&#8217; worth&#8221; of the 
platform&#8217;s SFM token between 2021 and 2022. Karony has pleaded not guilty to 
all charges and has been free on a $3 million bond since February 2024.
In a May 5 filing, Karony agreed to have jury selection for his trial proceed 
under US Magistrate Judge James Cho. District Judge Eric Komitee is expected 
to oversee the trial starting on May 6.
_**Magazine:**__**Crypto wanted to overthrow banks, now it &#8216;s becoming them in 
stablecoin fight**_

New York district gets interim US Attorney as ex-SafeMoon CEO trial kicks off

ChatGPT-maker OpenAI has abandoned plans to become a for-profit company and 
reaffirmed commitment to its nonprofit status.
In a May 5 blog post, OpenAI confirmed plans to convert its for-profit 
business unit into a so-called Public Benefit Corporation (PBC), which would 
remain under the nonprofit&#8217;s control. PBCs are for-profit companies that are 
legally obligated to prioritize a social mission alongside the interests of 
shareholders.
The plans mark a reversal for OpenAI, which had previously floated a for- 
profit conversion involving spinning out the nonprofit entity.
&#8220;OpenAI was founded as a nonprofit, and is today overseen and controlled by 
that nonprofit. Going forward, it will continue to be overseen and controlled 
by that nonprofit,&#8221; the ChatGPT-maker said.
This can be done without compromising OpenAI&#8217;s ability to raise funds for AI 
development, which &#8220;currently requires hundreds of billions of dollars and may 
eventually require trillions of dollars,&#8221; OpenAI&#8217;s CEO, Sam Altman, said in a 
letter to employees announcing the decision.
In 2024, OpenAI took a starkly different view, asserting that the for-profit 
entity was &#8220;necessary&#8221; for raising capital to amass the &#8220;vast quantities of 
compute&#8221; needed to run AI models.
_OpenAI &#8216;s May 5 governance announcement. Source: __OpenAI_
 _**Related:**__**OpenAI expects to 3X revenue in 2025 but Chinese AI firms 
are heating up**_
## **Controversial Plans **
OpenAI was originally founded as a nonprofit in 2015, and in 2019 it created a 
for-profit entity purportedly to help AI developers raise funds. The for- 
profit unit has remained under the nonprofit&#8217;s control since then.
In 2024, Tesla CEO Elon Musk &#8212; one of OpenAI&#8217;s cofounders &#8212; sued Altman for 
allegedly &#8220;violating terms of Musk&#8217;s foundational contributions to the 
charity,&#8221; according to a November court filing.
In the lawsuit, Musk alleges Altman &#8220;assiduously manipulated Musk into co- 
founding their spurious nonprofit venture, OpenAI,&#8221; while secretly planning to 
convert OpenAI to a for-profit entity.
Musk has since launched xAI, the developer of AI chatbot Grok, which he said 
has fallen victim to OpenAI&#8217;s allegedly anti-competitive practices.
OpenAI&#8217;s leadership expects its revenue to hit $29.4 billion by 2026, 
Bloomberg reported in March. It forecasts earning revenues of $12.7 billion in 
2025.
In March, OpenAI raised $40 billion from Softbank at a $300 billion valuation.
_**Magazine: **__**Bitcoin to $1M &#8216;by 2029,&#8217; CIA tips its hat to Bitcoin: 
Hodler&#8217;s Digest, April 27 &#8211; May 3**_

OpenAI to stay nonprofit, scrap proposed overhaul

DeFi Development Corp. (Nasdaq: DFDV), a real-estate software firm and Solana- 
focused treasury company, announced Monday it has agreed to acquire a Solana 
validator business with an average delegated stake of 500,000 SOL ($75.5 
million) for $3.5 million. $3.5M Deal: DeFi Development Corp. Bolsters Solana 
Treasury Strategy The deal, according to the release published on Monday, […]

DeFi Development Corp. Acquires Solana Validator Business for $3.5M

In his latest video, the market commentator known as CryptoInsightUK laid out 
a multi-step argument for why XRP could “very realistically go to $10 plus 
this cycle — and potentially into the $20-to-$30 range.” The analyst combined 
macro-asset rotation, historical dominance patterns and a series of back-of- 
envelope calculations to contend that most investors are still underestimating 
the token’s upside. Why $10 Per XRP Is The Start The crypto pundit began with 
a brief look at Bitcoin liquidity, predicting that a build-up of short 
positions could generate “a very likely squeeze up to $103,000” before any 
near-term correction. But he quickly pivoted to the long-form case for 
altcoins — and XRP in particular — arguing that the broader environment of 
currency debasement has already lifted traditional hedges such as gold and 
equities well beyond their 2017 levels. “Gold was at $1,200 an ounce and is 
now at $3,200 […] the S&amp;P was at 233 and is now at 566,” he said, emphasising 
that both assets “trend in the same direction, at least against the dollar.” 
Related Reading: Crypto Pundit Debunks $100,000 XRP ‘Dark Pool’ Theory That 
inflation in nominal asset values, he suggested, sets the stage for a capital 
rotation into crypto. “17% of twenty-two trillion,” he calculated — a 
hypothetical pullback in the gold market — “could easily add on to the crypto 
market cap […] and that would push Bitcoin up to $180,000 to 220,000.” The 
linchpin of his XRP thesis is the historical relationship between Bitcoin’s 
share of total crypto capitalisation (“Bitcoin dominance”) and XRP price 
performance. Displaying overlaid charts, he noted that in 2017 a 47% fall in 
dominance coincided with an “11x” rise in XRP, and that in 2021 a 46% fall 
aligned with a 600 percent gain despite the overhang of the Ripple vs. US 
Securities and Exchange Commission lawsuit. “XRP is one of the major gainers 
when Bitcoin dominance is falling,” he asserted, adding that a fresh 40% draw- 
down — merely a return to the lower boundary of the long-term range — would, 
on past ratios, imply an XRP move to roughly $16. A deeper slide toward 25% 
dominance would, by the same arithmetic, yield “that $36-to-$37 target.” 
Related Reading: XRP Poised For Final Flush Before Breakout, Predicts Crypto 
Analyst He repeatedly cautioned that his figures were illustrative rather than 
“definitively correct&#8221;, yet, he pushed back against objections that such price 
projections would require an impossibly large market capitalisation. Citing 
the tripling of gold’s market value since 2017 and a surge in US sovereign 
debt to $36 trillion, he argued that absolute numbers should not deter 
analysis: “Market cap shouldn’t stop you from making what a lot of people are 
calling outrageous claims to price.” CryptoInsightUK framed this stance as 
technical rather than narrative driven. His overlay of XRP dominance on 
Bitcoin dominance highlighted what he called a “very correlated inversely” 
pattern in which XRP rallies compress into short, explosive windows once 
Bitcoin’s share begins to ebb. “XRP does its moves really quickly,” he warned, 
urging viewers not to let “emotional bias” or dislike of the asset blind them 
to historical precedent. At press time, XRP traded at $2.13. Featured image 
created with DALL.E, chart from TradingView.com