LEGAL
SEC Chair Gensler Open to Lawful Revival of FTX
SEC Chair Gary Gensler emphasizes regulatory standards as FTX considers legal and compliant return, following founder Sam Bankman-Fried's conviction, marking a pivotal moment in crypto regulation.
Wintermute Accuses Near Foundation and Aurora Labs of Failing to Honor USN Redemptions
Wintermute criticizes Near Foundation and Aurora Labs for failing to fulfill USN redemption commitments, resulting in significant unredeemed funds. Seeking legal recourse and remaining adversarial if resolutions fail.
Ripple on the Brink of Decisive Win as SEC Legal Battle Nears End
Ripple is expected to win a legal battle with the SEC, potentially settling $20 million or less. This victory is expected due to legal perspectives and the recent Second Circuit Court ruling, impacting digital currency regulation.
Ripple CEO Brad Garlinghouse Criticizes Former SEC Chair Jay Clayton's Regulatory Approach
Ripple CEO Brad Garlinghouse criticizes former SEC Chair Jay Clayton for his aggressive regulatory approach, citing hypocrisy based on a 2020 lawsuit against Ripple. The ongoing legal tussle and recent developments highlight the broader regulatory uncertainties in the crypto industry.
dYdX Initiates Token Migration Following Layer-1 Blockchain Inception
Antonio Juliano, dYdX founder, has flagged an upcoming large-scale migration of locked $DYDX tokens to the dYdX Chain following its recent launch. This migration, strictly abiding by legal agreements, marks a significant phase in dYdX's transition to a layer-1 blockchain, amplifying the utility of DYDX tokens for staking and governance purposes.
Ripple Executives Cleared of SEC Charges in Landmark Decision
In a major development, Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all charges by the U.S. Securities and Exchange Commission (SEC). This is the third legal victory for the executives and Ripple, leaving the crypto industry questioning the SEC's approach.
Google Unveils IP Indemnity for Generative AI Users
Google Cloud has introduced a two-fold IP indemnity scheme to shield users of its generative AI services from possible legal challenges regarding copyright infringements. This initiative, encompassing both the training data and generated output, reflects a proactive risk mitigation strategy to foster a secure and conducive environment for leveraging generative AI capabilities.
Ex-CEO of Investment Firm Pleads Guilty to Cryptocurrency Fraud Scheme
Peter Kambolin, the ex-CEO of Systematic Alpha Management, pleaded guilty to a conspiracy to commit commodities fraud involving cryptocurrency futures contracts, as revealed by the DOJ on October 12, 2023. The case, marking a milestone as the first of its kind, unveils a "cherry-picking" scheme where Kambolin misallocated profitable trades to his accounts, misrepresenting trading focuses to investors. With legal proceedings underway, Kambolin faces up to five years in prison, showcasing the authorities' resolve against financial fraud in the crypto sector.
Coinbase Rolls Out AI-Driven ERC-20 Scam Token Detection System
Chief Legal Officer Paul Grewal unveils Coinbase's ERC-20 Scam Token Detection System, combining smart contract auditing with machine learning to tackle crypto scams. Disclosed on October 6, 2023, this initiative enhances security and trust in token listings on the platform.
HKPF and SFC Form Joint Working Group to Tackle Illicit Activities in VATPs
The HKPF and SFC have formed a joint working group to enhance monitoring and investigation of illegal activities related to VATPs. The group aims to facilitate information sharing, assess risks, and collaborate on investigations. The move comes amid ongoing investigations into the unlicensed operations of the Dubai-based JPEX exchange.