The United States District Court for the Southern District of New York has dismissed a class-action suit against Uniswap Labs and its CEO, foundation and venture capital backers brought by plaintiffs who claimed they lost money due to scam tokens on the decentralized cryptocurrency exchange. Judge Katherine Polk Failla, who handed down the dismissal, is…
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The crypto community received the decision it had been hoping for when the District of Columbia Circuit Court of Appeals ruled on Grayscale Investments’ Bitcoin spot ETF application. The United States Securities and Exchange Commission (SEC) rejection of the application was overturned. The decision was “a slaughterfest of the SEC arguments,” Cinneamhain Ventures founder Adam Cochran…
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The Federal Reserve is seemingly running interference with congressional efforts to regulate stablecoins, according to a letter recently sent to Fed Chairman Jerome Powell. The letter came from Chairman of the U.S. House of Representatives Financial Services Committee Patrick McHenry and subcommittee chairs French Hill and Bill Huizenga. The legislators were objecting to two Fed…
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The United States Securities and Exchange Commission (SEC) has charged a media and entertainment company with conducting unregistered securities sales when it sold nonfungible tokens (NFTs) to investors between October and December 2021. Impact Theory, a Los Angeles-based company that produces entertainment and educational content, including several podcasts, allegedly raised almost $30 million through the…
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The United States Internal Revenue Service (IRS), the agency responsible for tax collection, released proposed regulations on the sale and exchange of digital assets by brokers. Under the rules, brokers would be required to use a new form to report to simplify tax filing and cut down on tax cheating. The proposed Form 1099-DA would…
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ARK Invest and Glassnode have released white papers describing a proposed framework for analyzing Bitcoin on-chain metrics. The new method is called Cointime Economics and introduces a new measure – the coinblock – to represent the state of the Bitcoin (BTC) network. Cointime Economics can be used to represent Bitcoin’s economic state in place of…
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The United States Treasury’s Office of Foreign Assets Control (OFAC) added Roman Semenov, one of the co-founders of the Tornado Cash cryptocurrency “mixer,” to its list of Specially Designated Nationals and Blocked Persons (SDN) on Aug. 23. Another co-founder, Roman Storm, was arrested by the Federal Bureau of Investigation and the Internal Revenue Service Criminal…
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Fintech investment adviser Titan Global Capital Management has agreed to a cease-and-desist order by the United States Securities and Exchange Commission (SEC), along with censure and penalties after the agency pressed charges against it relating to advertising and compliance failures. According to the SEC, the New York-based firm made misleading claims on its website that…
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While the cry for crypto regulation is becoming ever louder in much of the world, and regulation by enforcement is a controversy, a report prepared for the New Zealand Parliament has recommended a slow, agile approach. The report was commissioned by the Finance and Expenditure Committee of the New Zealand House of Representatives in 2021…
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Crypto asset businesses in the United Kingdom will be required to comply with Financial Action Task Force (FATF) Anti-Money Laundering and Counter-Terrorist Financing rules, known collectively as the Travel Rule, beginning Sept. 1, a statement from the Financial Conduct Authority (FCA) reiterated Aug. 17. This will bring the U.K. into conformity with FATF standards set in…
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