Today in crypto, MicroStrategy’s Michael Saylor will pitch Microsoft on why it should buy Bitcoin, Coinbase is delisting Wrapped Bitcoin, and a judge ruled that DAO participants can be liable for the actions of other members.
Michael Saylor to pitch Microsoft board on buying Bitcoin
Bitcoin bull and MicroStrategy Chairman Michael Saylor says he has agreed to give a three-minute pitch to Microsoft’s board of directors about why the tech giant should invest in Bitcoin.
“The activist that put that proposal together contacted me to present to the board, and I agreed to provide a three-minute presentation — that’s all you’re allowed — and I’m going to present it to the board of directors,” Saylor said in a Nov. 19 X live stream.
Saylor said he proposed meeting with Microsoft CEO Satya Nadella “in confidence” to discuss the topic, but that offer was rejected, so he will be “putting together the three-minute proposal for Microsoft […], and we’ll send it to the board.”
In October, Microsoft disclosed that one of its voting items for December will be about whether it should assess an investment into Bitcoin.
It comes after a push from the conservative think tank, the National Center for Public Policy Research (NCPPR), who said MicroStrategy outperformed Microsoft by over 300% this year from its Bitcoin buying “despite doing a fraction of the business.”
Coinbase to delist wBTC in December
Coinbase assured users their funds were safe and that wBTC withdrawals would remain available.
In response to the news, a representative from wBTC told Cointelegraph they “regret and are surprised” by the decision, adding that they “urge Coinbase to reconsider.”
California judge rules DAO members liable under partnership laws
On Nov. 18, Judge Vince Chhabria of the United States District Court for the Northern District of California determined that governing bodies behind Lido DAO qualify as partners under California’s general partnership laws. As a result, members may not avoid liability for the organization’s actions.
The lawsuit stems from a complaint by Andrew Samuels, who purchased tokens issued by Lido DAO. The investor sued the entity to recover losses that he incurred. Samuels alleged that the tokens were unregistered securities, arguing that Lido DAO should have registered them with the US Securities and Exchange Commission.
“Samuels contends that because Lido DAO never registered the securities, it is liable for his losses under Section 12(a)(1) of the Securities Act,” the lawsuit stated.
The court ruled that Samuels adequately alleged that Lido DAO and its identifiable partners could not claim immunity. According to the filing, the judge determined that Lido DAO qualifies as a general partnership under California law, holding partners accountable.
Miles Jennings, general counsel and head of decentralization at a16z Crypto, described the ruling as a huge blow to decentralized governance.
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