In a coordinated effort, the United States Securities and Exchange Commission (SEC), the Justice Department, and the Federal Bureau of Investigation (FBI) have targeted a complex network of overlapping crypto firms and individuals accused of fraudulent activities. On Oct. 9, the SEC filed civil suits in the District Court of Massachusetts against three market makers...
The Financial Supervisory Commission (FSC) of Taiwan has introduced new Anti-Money Laundering (AML) regulations that will require full compliance from all local virtual asset service providers (VASPs) by 2025. The updated AML measures, released on Oct. 2, aim to crack down on illicit activities in the crypto sector and align Taiwan’s regulatory framework with global...
Bitcoin mining company NewRays has filed a lawsuit against Arkansas County Judge Allen Dodson and prosecuting attorney Phil Murphy, accusing them of selectively enforcing noise regulations against its crypto mining operations. The lawsuit, filed on Sept. 26, claims that the enforcement of newly enacted local laws unfairly targets the firm’s business while benefiting a civil...
Swedish authorities have intensified their scrutiny of cryptocurrency exchanges, labeling some as “professional money launderers (PML)” due to their involvement in facilitating organized crime. According to a recent report by the Swedish Police Authority and the Financial Intelligence Unit (FIU), unlicensed and illegal cryptocurrency exchanges are being used systematically to launder money across multiple criminal...
U.S. Congressmen Tom Emmer and Patrick McHenry have voiced strong opposition to the Securities and Exchange Commission’s (SEC) approach to regulating blockchain technology, particularly its stance on digital asset airdrops. In a letter addressed to SEC Chair Gary Gensler, the lawmakers questioned the rationale behind the SEC’s classification of airdrops as securities, arguing that the...
On Sept. 18, the United States House Subcommittee on Digital Assets, Financial Technology, and Inclusion will host a hearing titled “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets.” The hearing will feature testimony from two former Securities and Exchange Commission (SEC) officials and industry leaders, aiming to scrutinize the agency’s handling...
The United Kingdom government has introduced a bill aimed at clarifying the legal status of cryptocurrencies, non-fungible tokens (NFTs), and other digital assets. The proposed Property Bill, announced on Sept. 11, seeks to create an additional property category under UK law, recognizing digital assets as “things.” The new legislation would address the evolving nature of...
Elon Musk and Tesla have successfully defeated a lawsuit accusing them of manipulating the price of Dogecoin, leading to $258 billion in alleged damages. On August 29, 2024, U.S. District Court Judge Alvin Hellerstein dismissed the case, asserting that no reasonable investor could rely on Musk’s tweets as sound investment advice. The lawsuit, filed in...
While crypto investors faced significant losses during the wave of bankruptcies in 2022, law firms have profited substantially, earning a collective $751 million in fees from the Chapter 11 cases. As of August 2024, four major law firms—Sullivan & Cromwell, Kirkland & Ellis, White & Case, and Cleary Gottlieb—dominated the earnings, taking home $484 million,...
India is advancing its efforts to simplify cross-border payments by developing a plug-and-play system. The initiative aims to create a flexible and scalable framework that can be easily adapted by different countries, thereby making international money transfers as straightforward as domestic transactions. This move is part of a broader strategy centered on Digital Public Infrastructure...
