Insights
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KuCoin’s $300M Guilty Plea: Key Implications for Crypto Compliance
Read More: KuCoin’s $300M Guilty Plea: Key Implications for Crypto CompliancePEKEN Global Limited, operator of KuCoin, pleaded guilty to running an unlicensed money transmitting business in the U.S., leading to nearly $300 million in fines. This reflects significant violations of U.S. AML and KYC regulations. KuCoin’s failure to implement proper protocols allowed illicit transactions, causing it to cease U.S. operations for two years.
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The Future of Digital Assets: Lummis Chairs New Subcommittee
Read More: The Future of Digital Assets: Lummis Chairs New SubcommitteeU.S. Senator Cynthia Lummis has been appointed chair of the Senate Banking Subcommittee on Digital Assets, highlighting Congress’s commitment to digital finance. The subcommittee will pursue bipartisan legislation and regulate financial agencies while promoting U.S. leadership in blockchain and cryptocurrency, aiming for a balanced approach between innovation and consumer protection.
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Crypto Regulation Revolution: SEC’s Task Force Explained
Read More: Crypto Regulation Revolution: SEC’s Task Force ExplainedIn a pivotal move that could reshape the future of digital assets, the U.S. Securities and Exchange Commission (SEC) recently announced the formation of a Crypto Task Force. This group will aim to shift the agency away from a regulation-by-enforcement approach and towards creating a more comprehensive regulatory framework for cryptocurrency—a move that many in…
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SEC Crypto Litigation Releases – December 2024
Read More: SEC Crypto Litigation Releases – December 2024Stabilizing Terra: Algorithmic or Artificial? The Securities and Exchange Commission (SEC) settled serious charges against Tai Mo Shan Limited after accusing the company of misleading investors about the stability of Terra USD (UST), an “algorithmic stablecoin” issued by Terraform Labs that depegged in 2021, never to regain its peg. Adding to the heat, Tai Mo…
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Atkins and Sacks: Pioneers of Crypto Regulation?
Read More: Atkins and Sacks: Pioneers of Crypto Regulation?Kelman Law looks into how the nomination of Atkins and the appointment of Sacks may change the regulatory landscape of crypto and digital assets.
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SEC Crypto Litigation Releases: November 2024
Read More: SEC Crypto Litigation Releases: November 2024In November, the SEC charged Eng Taing and Touzi Capital with a $115 million securities fraud, misleading investors about crypto mining and debt rehabilitation investments. Funds were misused for personal gains while false profitability claims were made. The SEC seeks penalties and a ban on Taing, reinforcing the need for compliance in crypto markets.
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Will a New Chair Listen?: Peirce Urges SEC to Embrace Crypto
Read More: Will a New Chair Listen?: Peirce Urges SEC to Embrace CryptoIn early November, SEC Commissioner Hester Pierce delivered a fierce speech emblematic of her pro-crypto stance, offering a critique of her agency’s hostile treatment of digital assets and other innovative financial technologies in the United States. In an homage to Hobbes, Commissioner Peirce warned how a “regulatory environment that is characterized by instability, uncertainty, and…
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Can DAOs Be Sued? Insights from Lido’s Recent Case
Read More: Can DAOs Be Sued? Insights from Lido’s Recent CaseAccording to a recent decision from the US District Court for the Northern District of California, decentralized autonomous organizations, or DAOs, may not provide the liability protection the industry once thought. In a seminal case, a Federal Court in California ruled that, despite the governing body being a DAO, several prominent investment firms may in…
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What’s Next for Crypto: SEC Examination Priorities in 2025
Read More: What’s Next for Crypto: SEC Examination Priorities in 2025In the SEC’s latest report detailing the Examination Priorities for 2025, the Commission has reinforced its gameplan to keep a close eye on the crypto industry. As the market for digital assets continues to grow in both size and complexity—particularly with the introduction of Bitcoin ETFs and similar ETH products—the SEC’s Division of Examinations is…
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A New Frontier for Crypto: Court Authorizes Service of Process Through NFT Airdrop
Read More: A New Frontier for Crypto: Court Authorizes Service of Process Through NFT AirdropIn a landmark decision highlighting the unique aspects of blockchain technology and crypto, an S.D.N.Y. Bankruptcy Judge ruled in favor of Celsius’s motion for alternative service, whereby Celsius sought to provide legal service by airdopping non-fungible tokens (NFTs) to anonymous defendants’ digital asset wallets. In the wake of the cryptocurrency exchange’s insolvency, its bankruptcy estate…