Fun

News Feed - 2023-08-31 02:08:00

Jesse Coghlan3 hours agoCrypto may see second wind in the US as courts ‘rein in the SEC’ — LawyerCrypto-focused lawyer Jeremy McLaughlin said the United States digital asset industry may re-ignite as the country’s securities regulator racks up court losses.1425 Total views28 Total sharesListen to article 0:00EventJoin us on social networksThere are hopes that the United States could see a new crypto resurgence after several rulings this year have seen court judges “rein in the SEC,” according to a digital asset lawyer from K&L Gates.


On Aug. 31, Jeremy McLaughlin, a partner at the global law firm, noted that multiple U.S. court cases have stomped on arguments from Securities and Exchange Commission Chair Gary Gensler, who has said that almost all digital assets are securities.


McLaughlin was speaking on a panel at Intersekt23 in Melbourne alongside payment services firm Novatti chief Effie Dimitropoulos and Invest Hong Kong fintech head King Leung.


He said early crypto regulation happened at the state level and was “pretty clear what you needed to do” but after the SEC and the Commodity Futures Trading Commission got involved “a lot of the market started to close up.”


“People delisted tokens, some companies pulled out of the U.S. because they saw how aggressive the SEC was being, and continues to be,” McLaughlin said.“Now that the courts are starting to rein in the SEC a bit, I think there’s some hope that the industry is kind of igniting again in the U.S.”


In recent months the SEC has been handed a loss in a suit it brought against a crypto firm and also lost a suit a crypto firm brought against it.


On Aug. 29 a U.S. District Court judge ruled against the SEC over Grayscale Investments being denied its application to convert its flagship Bitcoin (BTC) fund into an exchange-traded fund.Dimitropoulos (center-left), McLaughlin (center-right) and Leung (right) speaking on a panel regarding crypto regulation. Source: Tom Mitchelhill/Cointelegraph


In July, the SEC also took a partial loss in its case against Ripple Labs over XRP (XRP) sales when a judge ruled it wasn’t a security when sold to retail traders.


“To be a lawyer in the space, it’s quite difficult to advise clients,” McLaughlin remarked. He added he it was also frustrating that he couldn’t give clients clear answers.


He does see hope, however, that crypto regulations are emerging from the “pit of chaos.”


“Finally, there are cases that are being filed and the decisions have been going strongly in the favor of the digital asset industry,” McLaughlin added.Aussies ‘lagging’ while others gain


In another part of the discussion, the panelists were asked about their thoughts on the state of Australia’s crypto legislation, compared to others. Novatti’s Dimitropoulos had one word: “Lagging.”


Dimitropoulos pointed to new regulatory frameworks in Hong Kong and the European Union as proof Australia’s crypto regulations were falling behind.“It"s very clear to say that Australia is lagging. What that means [...] Is how that affects on-the-ground businesses that are operating with digital assets.”


She highlighted the overhead needed for local crypto firms to get legal advice “that could be defunct in three minutes’ time.”


Related:Coinbase stock surges after favorable federal ruling for Grayscale


“We hear the Treasurer is going to come out with regulation, [the Australian Securities and Investments Commisson] is going to do something, Senator Bragg’s bill in play,” she said.“There are so many pieces that are still in play with no clear resolution as to when it’s going to happen. So that supports my word: ‘Lagging.’”


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:Crypto regulation — Does SEC Chair Gary Gensler have the final say?


Additional reporting by Tom Mitchelhill.# Business# Australia# SEC# United States# Court# Regulation# Gary GenslerAdd reactionAdd reactionRead moreHow to send and receive payments on the Lightning NetworkThe bright side of Evergrande’s collapse? More crypto volatilityMiCA: The good, the bad and the ugly of the EU’s crypto rules

News Feed

Sam Bankman-Fried, FTX, Alameda Were Accused of Conspiracy, Racketeering, and Market Manipulation 3 Years Before FTX Collapsed
Sam Bankman-Fried, FTX, Alameda Were Accused of Conspiracy, Racketeering, and Market Manipulation 3 Years Before FTX Collapsed Amid the latest bankruptcy case filed by FTX Trading
Ana Paula Pereira3 hours agoWindows tool targeted by hackers deploys crypto-mining malwareSoftware installers affected are mainly used for 3D modeling and graphic design, with French being the most frequent language used
Is The Bitcoin Rally Over After $111,900 ATH? Global M2 Money Supply Is Still Going
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
WATCH: What Are the Main Takeaways From Deribit’s $1.3 Million Flash-Crash?
  Delphi Digital Co-Founder Yan Liberman joined CoinDesk’s Brad Keoun on Monday, Nov. 4, to talk about last week’s flash crash on Deribit, a Netherlands-based cryptocu
Ana Paula Pereira7 hours agoCoinbase was aware of securities law violations, the SEC claims in letterAccording to the SEC, Coinbase recognized the probability that federal securities laws would apply to its operations, o
SEC Halts $62 Million Crypto Mining, Trading Scheme — DOJ Indicts Founder
SEC Halts $62 Million Crypto Mining, Trading Scheme — DOJ Indicts Founder The U.S. Securities and Exchange Commission (SEC) has halted a $62 million global cryptocurrency trading
As Millions Drown in Today’s Poverty Trap, Macro Strategist Raoul Pal Says ‘Bitcoin Is a Life Raft’
As Millions Drown in Today’s Poverty Trap, Macro Strategist Raoul Pal Says "Bitcoin Is a Life Raft" Global Macro Investor CEO, Raoul Pal, discussed the current
Whale Grabs 506 Billion PEPE—Is A Price Explosion Near?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Berkshire’s Charlie Munger Says ‘Ridiculous’ Anybody Would Buy Crypto — ‘It’s an Absolute Horror’
Berkshire"s Charlie Munger Says "Ridiculous" Anybody Would Buy Crypto — "It"s an Absolute Horror" Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaw
Ana Paula Pereira7 hours agoYearn.Finance token tumbles 43%, community speculates on exit scamYearn.Finance"s YFI token crashed over 43% in just five hours, after rallying almost 170% in November.4037 Total views23 Total
Billionaire Jeffrey Gundlach Says He Wouldn’t Be Surprised at All if Bitcoin Falls to $10K
Billionaire Jeffrey Gundlach Says He Wouldn"t Be Surprised at All if Bitcoin Falls to $10K Doubleline Capital CEO Jeffrey Gundlach, also known as the “bond king,” say
Report: Luxury Fashion Retailer Farfetch to Accept Crypto Assets for Payments
Report: Luxury Fashion Retailer Farfetch to Accept Crypto Assets for Payments The British-Portuguese luxury fashion retailer Farfetch said it will accept crypto assets soon thanks