The Federal Accounting Standards Advisory Board (FASAB) has issued new guidelines clarifying the treatment of seized crypto assets and central bank digital currencies (CBDCs). According to the federal authority, seized cryptocurrencies should be regarded as “nonmonetary property,” while CBDCs should be considered monetary instruments. Accounting Standards for Seized Crypto Assets On Friday, FASAB published a […]
A United States federal judge has allowed a civil securities lawsuit against Ripple Labs to proceed, denying the company’s bid for summary judgment. The lawsuit alleges that Ripple’s CEO, Brad Garlinghouse, violated California securities laws by making misleading statements. Court Decision and Allegations On June 20, California District Court Judge Phyllis Hamilton ruled that a […]
Binance, a leading cryptocurrency exchange, has filed an appeal against a $4.4 million fine imposed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in May 2023. Despite announcing plans to exit the Canadian market, the exchange faces ongoing regulatory challenges. Details of the Appeal On June 5, Binance Holdings Limited submitted a […]
The New York State Department of Financial Services (NYDFS) has granted cryptocurrency trading firm Cumberland a BitLicense, officially authorizing it to operate as a virtual currency company. Cumberland’s New BitLicense In a June 17 announcement, Cumberland revealed its plans to leverage the BitLicense to establish robust trading relationships with institutional counterparties in New York. The […]
New York Attorney General Letitia James has achieved a significant victory for investors by securing a $50 million settlement from cryptocurrency exchange Gemini Trust Company LLC. This settlement ensures that investors in Gemini’s Earn program, who were unable to withdraw their assets when the program collapsed, will recover their investments in full. Additionally, Gemini is […]
PleasrDAO, a decentralized autonomous organization known for its unique collection of digital and physical art, has filed a lawsuit against Martin Shkreli, infamously known as the ‘pharma bro,’ over allegations that Shkreli live-streamed a one-of-a-kind Wu-Tang Clan album owned by the DAO. Details of the Lawsuit The lawsuit, filed in response to Shkreli hosting an […]
South Korea’s Financial Services Commission (FSC), the country’s top financial regulator, has released new guidelines clarifying when non-fungible tokens (NFTs) are considered virtual assets. These guidelines aim to protect users and minimize the risk of widespread harm, and they will be part of the Virtual Asset User Protection Act, which takes effect on July 19, […]
The United States Securities and Exchange Commission (SEC) has added a spot Ether (ETH) exchange-traded fund (ETF) application from asset manager ProShares, approximately three weeks after approving similar filings from eight other asset managers. ProShares Spot Ether ETF Application In a June 10 filing, the SEC announced that the New York Stock Exchange (NYSE) Arca […]
A recently enacted U.S. law has granted the president unprecedented authority to block access to digital assets, sparking widespread concern about its broad implications and potential impact on users. Effective June 6, this law provides the U.S. president with extensive power to block access to digital assets. Scott Johnsson, a prominent figure in the digital […]
Block Earner, a crypto-based startup, will not face penalties for its yield-bearing product, “Earner,” due to its honest efforts to engage with the government over regulatory matters. This decision came after an Australian judge criticized the Australian Securities and Investment Commission (ASIC) for publishing a misleading press release about the legal proceedings. Legal Dispute and […]
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