The initiative is aimed at combating fraud and will kick in at the start of next year.
What Happens if the SEC Classifies ETH a Security? (Wrong Answers Only)
The reported move, if confirmed, could have serious ramifications for the blockchain’s developers. But success for the troubled regulator is far from certain and unanswered questions abound.
Why the SEC Shouldn’t Classify ETH as a Security
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What Happens Next in COPA vs Craig Wright Trial is Down to the Judge
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Indonesia’s Finance Regulator Issues New Crypto Regulation to Strengthen Industry
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Thailand’s SEC Greenlights Investment From Institutional and Wealthy Individuals in Crypto ETFs
Earlier this year, the regulator had denied permission to trade bitcoin ETFs.
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Crypto Lender Nexo Secures First Regulatory Victory in Dubai
Nexo, a company offering digital asset services, has won initial approval as a licenced entity in Dubai from the region’s Virtual Assets Regulatory Authority (VARA), it announced Tuesday.
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The Big Misunderstanding: What MiCA Really Means for Stablecoins in Europe
The EU’s comprehensive crypto guidance does not introduce entirely new regulations for fiat backed stablecoins, former central banker Jón Egilsson writes. Instead it affirms existing rules that many current issuers are not yet following.
Binance Is Facing Regulatory Headwinds as It Tries to Re-Enter UK Market: Bloomberg
The largest crypto exchange in the world stopped offering its services to U.K. customers in October after it failed to comply with a rule change made by regulators last year.
Crypto for Advisors: Unlocking Crypto Custody
As a financial advisor, it is crucial to understand that there is no one-size-fits-all approach to crypto custody. Instead, the most suitable solution depends on your client’s specific needs, goals, and risk appetite.
Crypto Needs Cohesive Regulation – A Look at Europe’s MiCA
From the U.S. to South Asia, jurisdictions are creating a patchwork of crypto regulatory regimes, making international business harder. Europe, with its bloc-wide Markets in Crypto-Assets Regulation (MiCA), is different.
Crypto Lender Nexo Seeking $3B in Damages From Bulgaria
Nexo has accused the country of making “wrongful and politically motivated actions…involving unjustified and oppressive criminal investigations.”
Bailing DeSantis May Leave Deafening Crypto Silence in 2024 Presidential Race
Florida Governor Ron DeSantis may not have been a crypto authority, but he embraced digital assets as a political tool and ensured his influential state made moves to support the industry while he still had his eyes on the White House. His absence – and that of fellow candidate Vivek Ramaswamy – marks a sudden lack of crypto interest in this year’s U.S. presidential race.
Crypto for Advisors: The Regulators are Here
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Gary Gensler’s Bitcoin ETF Clown Show
From hacks to unnecessary delays to ungracious statements, the SEC chair has made few friends as he finally approves these in-demand BTC products for the first time.
1inch DAO Makes DeFi History, Votes To Onboard Legal Counsel
In a historic move that sets a precedent for decentralized autonomous organizations (DAOs), 1inch DAO, the entity behind the 1inch Network, has voted to secure “legal advisory services” from STORM Partners. Notably, this decision comes amid growing regulatory scrutiny on the crypto and decentralized finance (DeFi) sectors.
1inch DAO Votes To Onboard STORM Partners For Legal Advisory Services
Following voting that ended on January 9–overwhelmingly supported by the 1inch community–holders decided to onboard STORM Partners. This marks a significant step forward in the DAO’s efforts to navigate the complex legal landscape and protect its members.
With STORM Partners on board, 1inch DAO becomes the first autonomous organization in the broader crypto ecosystem to access expert guidance on compliance, governance, and legal defense. Out of this landmark move, the DAO will receive expert legal advice.
As such, they will strive to operate within the confines of applicable laws and regulations in the United States and beyond.
This move is particularly noteworthy given the recent United States Securities and Exchange Commission (SEC) concerns over the crypto industry and the DeFi sector. From lawsuits, the agency noted that individuals who engage in illegal activities, including offering unregistered securities, via a DAO could be sued individually.
To illustrate, following a lawsuit from the SEC, BarnBridge DAO agreed to stop selling what the agency said were “unregistered securities.” As part of the settlement, the DAO and its two founders, Tyler Ward and Troy Murray, agreed to pay $1.7 million in damages.
Lawsuits Have Devastated DAOs In The Past
By onboarding legal counsel, 1inch DAO proactively addresses these concerns. It also aims to protect community members against the bruises of the law.
The DAO said the decision was a “deliberate effort to balance preserving decentralization and addressing operational challenges.” Through STORM Partners, the DAO will have a framework and receive legal support, laying a path for others to follow.
This decision considers the adverse impact of a lawsuit from a government agency like the SEC. In June 2023, US District Judge William H. Orrick ruled in favor of the US Commodity Futures Trading Commission (CFTC), agreeing that Ooki DAO issued unregistered commodities.
In a statement, the 1inchDAO new legal partner, STORM, stated the following, hinting at the services and the way they will attempt to protect the entity:
Our team will cover, among others, cross-jurisdiction regulatory compliance, contractual agreements, DAO governance framework, members’ liability, legal personality, asset protection, intellectual property, enforcement of rights and defence against external claims. Our legal representation, underpinned by community-guided Power of Attorney, is meant to ensure the DAO’s stability, efficiency and longevity.
Furthermore, by onboarding a legal advisor, the community aims to protect the DAO’s decentralization while maintaining “regulatory compliance.” It remains to be seen if other DAOs will follow suit and vote to elect a legal representative for their communities.
SEC asks court to consider Terraform Labs ruling in Binance case
The commission argued a summary judgment in its favor against Terra provided “further grounds” on which a judge could consider denying a motion to dismiss from Binance.