Regulation

Terraform Labs co-founder Do Kwon has requested a United States district judge to reject the securities and fraud suit from the federal securities regulator, claiming it has failed to prove they did anything wrong. In an Oct. 27 filing to a New York District Court, lawyers for Kwon and Terraform argued its cryptocurrencies Terra Luna

United States President Joe Biden issued an executive order on Oct. 30 establishing new standards for artificial intelligence (AI) safety and security.  Biden’s order stated it is building off previous actions taken, including AI safety commitments from 15 leading companies in the industry. The new standards have six primary points, along with plans for the

United States-based cryptocurrency exchange Kraken said it will share the data of 42,000 users with the U.S. Internal Revenue Service (IRS) in compliance with a court order. The information will be sent to the IRS in early November.  On its support page, Kraken specifies that the summons to produce “a wide range of records and

The United Kingdom’s government is in danger of regulating nonfungible tokens (NFTs) in a way that doesn’t suit the true nature of the nascent technology, says Mintable CEO and founder Zach Burks.   In an interview with Cointelegraph, Burks said he believes a recent report from a U.K. parliamentary committee significantly exaggerates the role NFTs play in

Cryptocurrency exchange Gemini filed an adversary proceeding against bankrupt crypto lender Genesis Global Holdco in the Southern District of New York Bankruptcy Court on Oct. 27. At issue is the fate of 62,086,586 shares of Grayscale Bitcoin Trust (GBTC). They were used as collateral to secure loans made by 232,000 Gemini users to Genesis through the

Ripple CEO Brad Garlinghouse strongly criticized former United States Securities and Exchange Commission (SEC) Chair Jay Clayton’s remarks regarding the agency’s regulatory approach. Since the first quarter of 2023, the SEC has initiated various regulatory actions against crypto exchanges and companies. During an interview with CNBC on June 29, 2023, Clayton expressed his view that

Top Stories This Week Sam Bankman-Fried takes the stand on FTX’s collapse Sam “SBF” Bankman-Fried testified this week in his ongoing criminal trial in the Southern District of New York, denying any wrongdoing between FTX and Alameda Research while acknowledging making “big mistakes” during the companies’ explosive growth. Highlights of his testimony include denying directing

Kraken will suspend all transactions related to USDT, DAI, WBTC, WETH, and WAXL in Canada in November and December, according to multiple customer emails shared with Cointelegraph. In response to a request for comment from Cointelegraph, a Kraken spokesperson said, via email, “we constantly monitor the assets on our platform to ensure we are meeting

Stuart Alderoty, the chief legal officer of Ripple Labs, as well as members of the XRP (XRP) community, have expressed their support on X (formerly Twitter) for United States Securities Exchange Commission (SEC) Commissioner Hester Peirce’s stance against perceived “injustice” in the LBRY lawsuit. Alderoty thanked Peirce and suggested that when ongoing injustices occur in non-fraud

Hester Peirce of the United States Securities and Exchange Commission (SEC) has issued a dissenting opinion on the regulator’s lawsuit against blockchain firm LBRY. In an Oct. 27 statement, Peirce described feeling “unsettled” following the SEC’s enforcement action against LBRY in March 2021. In November 2022, a judge ruled in favor of the SEC, stating

The Federal Reserve Board continues to research a central bank digital currency (CBDC), or at least adjacent technologies, Vice Chair Michael Barr said on Oct. 27. He also touched on stablecoins at the Economics of Payments XII Conference, where his English colleague Sir Jon Cunliffe made his last speech as deputy governor of the Bank

The Presidential Annual Programm for 2024, published on Oct. 25 in Turkey’s Official Gazette, sets an aim to finalize the crypto regulations in the country within the following year.  Article 400.5 of the almost 500-page document reveals the planned studies to define crypto assets, which might be properly taxed afterward. The crypto asset providers, i.e.,

Our weekly roundup of news from East Asia curates the industry’s most important developments. Largest money laundering scandal in Australia unravels Changjiang Currency Exchange, a money transmitter business based in Australia, has beenbustedin a $145 million ($230 million Aussie dollar) money laundering scandal. On October 26 a 300-strong police operation spanning Melbourne, Sydney, Brisbane, Adelaide,

Attorneys representing the United States Justice Department rested their case against Sam “SBF” Bankman-Fried after more than three weeks of expert witnesses and testimonies from former FTX and Alameda employees.  According to reports from the courtroom on Oct. 26, the U.S. government’s last witness before resting was FBI agent Mark Troiano, who primarily testified on

A group of 34 United States states are filing a lawsuit against Facebook and Instagram owner Meta, accusing the company of engaging in improper manipulation of minors who use the platforms. This development comes amid rapid artificial intelligence (AI) advancements involving both text and generative AI. Legal representatives from various states, including California, New York,

Crypto-promoting firms have breached the United Kingdom’s new crypto marketing rules at least 221 times since coming into force in early October, says the country’s financial regulator. In an Oct. 25 statement, the U.K. Financial Conduct Authority (FCA) said since the Oct. 8 crypto promotion rules came into place, firms are still failing to provide