Dagestan, a republic in Russia, is stepping up efforts to tackle illegal cryptocurrency mining due to its impact on the power grid and public safety. Underground mining operations have caused recent infrastructure damage, including a substation fire. Officials call for stricter measures to address these issues as miners bypass regulations. Dagestan Cracks Down on Illegal…
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A High Court of England and Wales has ruled that stablecoin tether (USDT) is recognized as property under English law. The court clarified that cryptocurrencies, despite not being physical assets, can be treated similarly to tangible and intangible property in legal disputes. UK Court Recognizes USDT as Legal Property The High Court of Justice, Business…
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Dennis Kelleher, CEO of Better Markets, says the U.S. Securities and Exchange Commission (SEC) has a 90% chance of winning an appeal in the Ripple lawsuit over XRP. He criticized the court ruling as flawed, arguing that the judge in the Ripple case misapplied the law. Better Markets CEO on SEC Appeal Against Ripple Dennis…
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Russian President Vladimir Putin has enacted legislation to formally regulate the cryptocurrency mining sector in Russia, with the law set to take effect in November. This legislation establishes a regulated framework for mining operations, limiting participation from entities associated with electricity and prohibiting the promotion of cryptocurrencies. It also allows the circulation of mined cryptocurrency…
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The U.S. Securities and Exchange Commission (SEC) announced this week that the U.S. District Court for the Eastern District of Michigan has issued default judgments against Garry Davidson and Linda Knott for their involvement in a fraudulent $45 million Coindeal scheme. Davidson and Knott were accused of deceiving investors with false promises of significant returns…
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The U.S. Commodity Futures Trading Commission (CFTC) filed a case against Sam Ikkurty, Ravishankar Avadhanam, and Jafia LLC for civil violations of the Commodity Exchange Act (CEA), specifically involving cryptocurrency investments. The court granted the CFTC’s motion for summary judgment on Monday, finding that the defendants misrepresented the performance of their crypto funds, operated a…
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On Nov. 15, 2023, the New York Department of Financial Services (NYDFS) issued new standards for virtual currency (coin) listings and delistings. These new regulations apply to Bitlicensees and limited-purpose trust companies and include business model considerations for virtual currency entities (VCEs), updated risk assessment expectations for VCEs, new advance notification requirements, and updated definitions.…
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The trading firm and its CEO, Kanav Kariya, allegedly manipulated the price of TerraUSD to gain roughly $1.3 billion in profits. A federal judge has accepted materials from Jump Crypto Holdings in discovery for the United States Securities and Exchange Commission’s case against Terraform Labs. In a Nov. 28 filing in the U.S. District Court…
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The settlement between the crypto lending firm and the FTC was first announced in October and does not resolve former CEO Stephen Ehrlich’s pending case with the CFTC. A federal judge has approved an order requiring crypto lending firm Voyager Digital and its affiliates to pay $1.65 billion in monetary relief to the United States…
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The proposal narrowly passed, with 41.1% of votes for and 38.5% of votes against. The governing body of Cosmos Hub has endorsed a proposal to decrease the maximum inflation rate of its native token, Cosmos (ATOM), from 14% to 10%. According to the proposal, the authorized modification would reduce ATOM’s annualized staking yield from around 19%…
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