Fun

UK body proposes property category for crypto assets, SEC sued over status of NFTs: Law Decoded

News Feed - 2024-08-06 03:08:55

Josh O"Sullivan2 hours agoUK body proposes property category for crypto assets, SEC sued over status of NFTs: Law DecodedThe Law Commission’s final report urges the UK government to reclassify crypto assets, addressing current legal gaps.1018 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onOn July 30, the Law Commission of England and Wales insisted that the United Kingdom government categorize all crypto assets as a new form of personal property in its final report.


It published a supplemental report highlighting current legal inadequacies as an independent body primarily recommending and reviewing law reforms in its respective jurisdictions.


These inadequacies were of the current categorization of personal property and its legal implications concerning crypto assets.


The commission stated that legal “flexibility” allows for “the recognition of a distinct category of personal property,” capable of recognizing and protecting “certain digital assets.”FTX class action lawyers move to block Sullivan & Cromwell’s dismissal motion


On July 29, FTX class action lawyers submitted a motion opposing the law firm Sullivan & Cromwell (S&C), claiming that the firm went beyond standard legal practices.


The class action lawyers alleged that S&C exceeded these legal practices in its efforts to actively facilitate the fraudulent activities of the defunct cryptocurrency exchange.


According to the submitted court documents, the class action lawyers stated that S&C lawyers created “misleading strategies that furthered FTX’s misconduct.”


The ongoing lawsuit seeks damages for multiple counts, including aiding and abetting fraud, aiding and abetting fiduciary breaches and civil conspiracy.


Continue readingBill proposes to give Secret Service more power to pursue crypto crime


On Aug. 2, two United States Senators introduced a bill seeking to expand Secret Service powers to combat crypto-related criminal activity.


Nevada-based Catherine Cortex Masto and Iowa-based Charles Grassley introduced the “Combatting Money Laundering in Cyber Crime Act of 2024” bill.


If pushed through and approved, the bill would allow Secret Service authorities to investigate crypto transactions made by unlicensed money-transmitting businesses.


It would also enable the Service to investigate potential fraud against US financial institutions to put financial activity “on federal law enforcement’s radar.”


Continue readingArtists sue SEC over confusing security status of NFTs


On July 29, two artists sued the US Securities and Exchange Commission to determine whether non-fungible tokens (NFTs) fall within the agency’s regulatory remit.


The plaintiffs’ attorneys sought clarity on the acts that would trigger US securities laws during NFT creation and sales.


The SEC was questioned whether artists needed to “register” NFT art before selling to retail and whether public disclosures regarding “risks” were required.


Continue reading# Cryptocurrencies# California# Europe# SEC# Adoption# United States# United Kingdom# Tokens# NFT# RegulationAdd reaction

News Feed

Dencun is about fee stabilization, not reduction — Fuel founder
Zoltan Vardai12 hours agoDencun is about fee stabilization, not reduction — Fuel founderWhile Dencun’s fee reduction for layer 2s is a significant bonus, it’s not the main benefit of the upgrade, Fuel Labs’ Nick
Binance US Adds Staking Services for 7 Different Crypto Assets
Binance US Adds Staking Services for 7 Different Crypto Assets Binance US is now offering crypto staking services and the firm details that seven digital currencies are currently a
ECB in Full-On Emergency Mode as ‘Unprecedented Decline’ Hits Eurozone
ECB in Full-On Emergency Mode as "Unprecedented Decline" Hits EurozoneThe euro area is facing an “unprecedented” economic decline, the worst since records began. Europea
Someone ‘shit in the jacuzzi’ — Bitcoiners furious after testnet griefing
Brayden Lindrea5 hours agoSomeone ‘shit in the jacuzzi’ — Bitcoiners furious after testnet griefingThat “someone” — Bitcoiner Jameson Lopp — argues he was championing a much-needed fix to one of Bitcoin’
Bitcoin’s Total Network Hashrate Hits an All-Time High at 321 Exahash per Second
Bitcoin"s Total Network Hashrate Hits an All-Time High at 321 Exahash per Second According to statistics on October 5, the total computational power backing the Bitcoin network tap
Mars4 Explodes on MISO Launchpad
Mars4 Explodes on MISO Launchpad sponsored Mars4 – centered ecosystem where you can explore a virtual Mars Metaverse, own and customize your land property with MARS4 dollars
Robinhood on Listing More Cryptocurrencies: ‘It’s Important That We Get a Bit More Clarity From Regulators’
Robinhood on Listing More Cryptocurrencies: "It"s Important That We Get a Bit More Clarity From Regulators" Robinhood’s chief financial officer has revealed the popular trad
David Attlee31 minutes agoBrazilian lawmakers seek to add crypto to debtors’ protected assets listCryptocurrencies may become a part of the personal savings category, protected from seizures on behalf of creditors.352
Fintech Firm Galoy Raises $4 Million, Startup Introduces Bitcoin-Backed Synthetic Dollar Product
Fintech Firm Galoy Raises $4 Million, Startup Introduces Bitcoin-Backed Synthetic Dollar Product On Wednesday, Galoy, the firm behind El Salvador’s Bitcoin Beach Wallet, ann
Bitcoin Price Slips Under $84,000 — Key Support Levels To Watch
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
21shares Launches Bitcoin Cash and Ethereum ETPs on Deutsche Boerse’s Xetra
21shares Launches Bitcoin Cash and Ethereum ETPs on Deutsche Boerse’s Xetra The cryptocurrency exchange-traded products (ETP) provider 21shares AG, formerly kn
XLink onboards Fireblocks, Ancilia to prevent another $10M hack
Josh O"Sullivan11 hours agoXLink onboards Fireblocks, Ancilia to prevent another $10M hackThe partnerships provide MPC technology, significantly improving security measures compared to traditional multisig solutions or s