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Policy
US Securities Regulator Takes Action Against Crypto Market Maker
The US Securities and Exchange Commission has accused Cumberland DRW of operating as an unregistered securities dealer, claiming the firm bought and sold cryptocurrencies that were marketed as investment products without proper registration. The regulator cited specific digital assets, including Polygon, Solana, Cosmos, Algorand, and Filecoin, as examples of securities that were allegedly sold wi…
Oct. 10, 2024, 5:17 p.m.
Policy
Ripple to File Cross-Appeal in Ongoing SEC Case
In a move to bolster its legal defenses, Ripple Labs has announced that it will be filing a cross-appeal in its long-standing case against the U.S. Securities and Exchange Commission. The decision comes after the SEC filed a notice of appeal earlier this month, marking the latest development in the regulator's case against Ripple, which was first initiated in December 2020. According to Chief Leg…
Oct. 10, 2024, 3:53 p.m.
Policy
Prosecutors Recommend 18-Month Prison Sentence for Heather Morgan
The prosecution has requested an 18-month prison term for Heather Morgan, also known as 'Razzlekhan', for her involvement in laundering 120,000 stolen bitcoins from the 2016 Bitfinex hack. Morgan pleaded guilty to money laundering conspiracy and conspiracy to defraud the United States in August 2023, both carrying a maximum sentence of five years. Although initially believed to have only laundere…
Oct. 10, 2024, 3:08 p.m.
Policy
SEC Chair Gary Gensler Doubts Cryptocurrency's Future as a Currency
U.S. Securities and Exchange Commission Chairman Gary Gensler has expressed skepticism about the potential for cryptocurrencies like bitcoin to become widely accepted as a form of payment. Instead, he believes they will be viewed primarily as a store of value. Gensler's remarks were made during an event at NYU School of Law, where he emphasized the importance of regulatory oversight in the crypto…
Oct. 9, 2024, 8:58 p.m.
Policy
US Prosecutors Accuse Four Crypto Firms and Employees of Manipulating Markets
Federal prosecutors have charged four cryptocurrency market makers, several crypto projects, and over a dozen individuals with manipulating crypto markets, alleging they profited from fees and selling manipulated coins at inflated prices. According to unsealed charging documents, these market makers engaged in wash trading to falsely inflate trading activity, then sold these tokens at elevated pr…
Oct. 9, 2024, 7:39 p.m.
Policy
Uncovering the Hidden Ties Between North Korea and the Crypto Industry
Recently, it was discovered that numerous crypto companies have inadvertently hired developers and IT workers from North Korea, which is heavily sanctioned. This has serious implications, including potential legal violations and security risks. The Democratic People's Republic of Korea has been linked to several high-profile hacks, and it appears that some of these employees have enabled the proj…
Oct. 9, 2024, 4 a.m.
Policy
Crypto.com Takes Legal Action Against the SEC and its Chairman
Crypto.com, a cryptocurrency exchange, has filed a lawsuit against the US Securities and Exchange Commission (SEC), its Chairman Gary Gensler, and the four commissioners. This move comes after the company received a Wells Notice, which serves as a warning of potential enforcement action, on August 22. According to Crypto.com's CEO, Kris Marszalek, the lawsuit is intended to 'protect the future of…
Oct. 8, 2024, 1:40 p.m.
Policy
UAE Grants Crypto Transactions Exemption From Value-Added Tax
In a move to align the crypto industry with traditional financial services, the United Arab Emirates has introduced an exemption for cryptocurrency transactions from value-added tax. This update, effective as of November 15, applies to transactions dating back to January 1, 2018. The official update was first made available in Arabic on October 2, 2024, and later in English on October 4, 2024. Fo…
Oct. 7, 2024, 7:45 a.m.
Policy
HBO Documentary Claims to Reveal the True Identity of Bitcoin's Creator
HBO is set to release a documentary titled "Money Electric: the Bitcoin Mystery" that purports to unveil the true identity of Satoshi Nakamoto, the elusive creator of Bitcoin. The film, directed by investigative journalist Cullen Hoback, promises to put an end to the long-standing mystery surrounding Nakamoto's identity. However, previous attempts by journalists to uncover the truth have been met…
Oct. 4, 2024, 6:41 p.m.
Policy
Coinbase to Remove Unlicensed Stablecoins from EU by Year-End
Coinbase, a major cryptocurrency exchange, intends to delist unauthorized stablecoins in the European Union by the end of December to ensure compliance with the EU's Markets in Crypto Assets regulations. In a statement, Coinbase announced that it will restrict services related to non-compliant stablecoins for users in the European Economic Area by December 30, 2024. This move is part of the compa…
Oct. 4, 2024, 2:31 p.m.