A Federal court in Australia has relieved the crypto firm Block Earner from paying a penalty for breaching the financial services law when it offered the Earner product. According to the ruling, Block Earner “acted honestly and not carelessly,” hence it should not be made to pay a pecuniary penalty. The Federal Court judge criticized…
Read more
The Hong Kong Technology Crime Police Advisory Group has warned about the rise of digital asset-linked crime, calling for the establishment of a regulatory system to identify and eliminate risks associated with this tech. According to police data, almost $550 million was involved in digital asset crimes during 2023, with 90% of these cases involving…
Read more
The developer of the Zksync Ethereum Layer 2 network, Matter Labs, abandoned its bid to trademark the term ‘ZK’ just days after asserting its right to do so. Matter Labs’ trademark bid withdrawal follows a furious community backlash that ultimately saw co-inventors of zero-knowledge proofs publicly chastise the developer. Community Backlash Ends Matter Labs’ ZK…
Read more
Dapper Labs, a blockchain technology and digital collectibles company, has reached a favorable settlement in the legal case Friel vs. Dapper Labs, establishing that NBA Top Shot Moments are not securities. The company emphasizes that this significant ruling clarifies the legal status of digital collectibles and ensures the continued decentralization of the Flow blockchain. Dapper…
Read more
As Coinbase seeks an interlocutory appeal in its legal dispute with the U.S. Securities and Exchange Commission (SEC), recent legislative developments have highlighted a growing discord between U.S. Congress and the SEC over digital asset regulation. This past week, legislators passed comprehensive digital asset legislation aimed at curbing the SEC’s expansive jurisdiction claims. As Coinbase…
Read more
Uniswap Labs has responded to the U.S. Securities and Exchange Commission’s Wells Notice, asserting that its protocol does not fall under the agency’s regulatory jurisdiction. The response emphasizes the autonomous nature of Uniswap’s decentralized finance (defi) technology and argues against the classification of its activities as operating an exchange or broker. Uniswap Responds to SEC…
Read more
The Bitcoin Policy Institute, a non-profit organization supporting bitcoin initiatives, has launched the Peer-to-Peer Rights Fund, a project seeking to protect bitcoin’s decentralized nature from regulatory overreach. The fund’s first objective is to aid in the defense of the founders of Samourai Wallet given the relevance of the case for the industry. Peer-to-Peer Rights Funds…
Read more
The U.S. Department of Justice (DOJ) has indicted two brothers for wire fraud and money laundering. They allegedly exploited the Ethereum blockchain to steal $25 million in cryptocurrency within 12 seconds. Using sophisticated techniques, they manipulated transactions and concealed their identities. If convicted, each faces up to 20 years in prison for each count. DOJ…
Read more
Two South Korean police officers are standing trial over alleged bribery in an increasingly high-profile crypto fraud case. The newspaper Namdo Ilbo reported that on May 14, the Gwangju District Court’s Criminal Division began the trial of a 59-year-old superintendent police officer. The officer is named in reports as “A” for legal reasons. The court…
Read more
In a recent motion to dismiss a case brought by the Securities and Exchange Commission (SEC), cryptocurrency exchange Kraken argued that the SEC’s legal theory misinterprets crucial aspects of the case. The court document, dated May 9, 2024, claims the SEC fails to identify legitimate investment contracts involved in the transactions on Kraken’s platform. Kraken…
Read more
