Highlights: President Biden vetoed a bill to overturn the SEC’s SAB 121, emphasizing consumer and investor protection. SAB 121 mandates financial institutions to record crypto assets as liabilities, facing opposition but defended by the SEC. Overturning the veto requires a two-thirds majority in both houses, reflecting the ongoing regulatory tension in the crypto industry. President … Read more
Key Insights: The new Turkish regulation requires crypto exchanges to obtain licenses from the Capital Markets Board to ensure secure trading. Unauthorized crypto service providers face severe penalties, including imprisonment for up to five years. The regulation specifies that crypto asset providers must secure their systems according to TÜBİTAK standards. This week, the Turkish Parliament … Read more
Key Insights: Finiko Executive Liliya Nurieva was sentenced to three years for her involvement in the Finiko crypto scam. Finiko defrauded investors out of approximately $1.1 billion using a Ponzi scheme. Nurieva is the first Finiko executive to be sentenced, marking a significant legal development. A Russian court recently sentenced Liliya Nurieva, a former executive … Read more
Key Insights Canadian regulators fined Binance $4.3 million for not registering as a foreign money services business and neglecting transaction reporting. FINTRAC discovered that Binance failed to report 5,902 cryptocurrency transactions exceeding $10,000 from June 2021 to July 2023 using blockchain tools. The fine aligns with Canada’s ongoing efforts to regulate crypto exchanges amid similar … Read more
Key Insights: Russia’s cryptocurrency ban targets all forms, allowing only locally issued digital assets starting in September. The Russian government aims to protect the ruble’s role as the sole currency through restrictive cryptocurrency regulations. Digital rubles and specific central bank projects will be exempt from Russia’s comprehensive cryptocurrency ban. Russia is set to introduce a … Read more
Key Insights: Consensys asserts that Ethereum should remain unregulated by the SEC, claiming it functions more like a commodity. The SEC’s aggressive stance towards Ethereum could halt its use in the U.S., impacting numerous sectors. Consensys initiated legal action to prevent SEC from classifying Ethereum-related applications as securities. Today, Consensys took a significant step to … Read more
Key Insights: Coinbase contends that digital asset transactions should not qualify as “investment contracts” under current SEC interpretations. Recent court rulings have reinforced the SEC’s broad authority over digital asset classifications, impacting industry operations. The appeal to the Second Circuit seeks to clarify the regulatory framework and reduce legal uncertainties in the crypto sector. Coinbase … Read more
Key Insights: Sam Bankman-Fried’s sentencing to 25 years reflects a compromise between the prosecution’s demand for up to 50 years and the defense’s pleas for leniency. Judge Kaplan criticized Bankman-Fried for his lack of remorse and the potential future risks he poses, emphasizing the severity of his crimes. Bankman-Fried’s trial showcased a significant fall from … Read more
Key Insights: Sam Bankman-Fried, once a billionaire, could receive decades of prison time after being found guilty of fraud and conspiracy. Prosecutors request a 40 to 50-year sentence for Bankman-Fried, labeling the case one of the largest financial frauds in U.S. history. Bankman-Fried’s defense argues for a significantly lesser sentence, emphasizing efforts to recover funds … Read more
Key Insights: Judge Failla ruled against Coinbase’s motion to dismiss the SEC lawsuit, indicating the case has substantial grounds to proceed. While the SEC’s allegations against Coinbase’s operations gain traction, the claims regarding Coinbase Wallet were dismissed in court. The legal battle underscores the ongoing scrutiny and regulatory challenges facing the cryptocurrency industry in the … Read more
Key Insights: The DOJ has accused KuCoin and its founders of deliberately avoiding US anti-money laundering laws to facilitate criminal funds. Founders Chun Gan and Ke Tang could face up to five years in prison if convicted of the charges against them. Despite settling with the New York AG for $22 million, KuCoin’s legal troubles … Read more
Key Insights: The SEC’s request for a $1.95 billion fine against Ripple marks a significant escalation in the long-running legal dispute. Ripple’s CEO and chief legal officer vow to contest the proposed judgment, denouncing the SEC’s actions as unprecedented and unjust. The outcome of this case holds implications not just for Ripple but for the … Read more