Law Financial News

21.02 / 19:39

Government Law Central Bank Russia’s Finance Ministry introduces digital currency bill, brushes off Central Bank’s objections

Russia’s Ministry of Finance has upped the stakes in its drawn-out showdown against the country’s Central Bank by formally introducing a bill that proposes to regulate digital assets rather than banning them.

20.02 / 20:35

Blockchain Technology Law The Metaverse will bring a further erosion of privacy

Unlike some of my peers in the technology space, I don’t see the Metaverse as a virtual world in which we work, socialize and shop. Rather, I see it as a point in time, reached in 2020 and into this year because of the global pandemic, when the digital world became as important as the physical world. It’s a shift away from the idea that physical reality is superior and preferred over digital reality.

19.02 / 22:13

Government Law Central Bank Clarity pushed back: Russian government fails to forge a consolidated stance on crypto regulation

On Feb. 18, the Russian Ministry of Finance kicked off public consultations on the rules of cryptocurrency issuance and transactions. While a welcome development, it is less than the country’s crypto space had expected to get. Earlier in the week, the government announced that by Feb. 18, a bill containing the finance ministry and central bank’s consolidated position on crypto regulation would be drafted. Updated estimates suggest that it will take at least another month for draft legislation to see the light. The main reason for the delay appears to be the central bank’s renewed resistance, which just several days ago seemed to have been overcome. Here is a roundup of the latest twists in this rocky ride.

18.02 / 20:37

Law Stablecoin lawmakers Wyoming lawmakers introduce legislation for state-issued stablecoin

Four members of the Wyoming Legislature have sponsored a bill which would allow the state treasurer to issue a stablecoin.

18.02 / 14:19

Government Law Bitcoin Crypto bill incoming: Russia’s finance ministry kicks off public comment period

The Ministry of Finance of the Russian Federation has officially initiated work on the country’s cryptocurrency regulation bill, filing the first public notice on the federal legal portal.

16.02 / 00:31

Law Binance SEC Binance.US is under investigation from SEC over trading affiliates: Report

The U.S. Securities and Exchange Commission has reportedly launched a probe into major crypto exchange Binance's U.S. arm regarding trading firms connected to Binance CEO Changpeng Zhao.

15.02 / 19:09

Government Law Stablecoin lawmaker Backed US lawmaker introduces bill for government-backed insurance of 'qualified' stablecoins

House Financial Services Committee member and New Jersey Representative Josh Gottheimer has introduced legislation which would have the Federal Deposit Insurance Corporation back stablecoins in a similar manner to fiat deposits.

15.02 / 12:47

Law Bitfinex Bitcoin bail Bitfinex money laundering: Husband faces pre-trial detention, wife gets bail

The husband-wife duo accused in the infamous $3.6 billion Bitcoin (BTC) money laundering case had quite a contrasting valentine. A federal judge upheld the decision of a suspended release for wife Heather Morgan while husband Ilya Lichtenstein has been sent to pre-trial detention.

14.02 / 13:25

Law Police Taxes fraud case Tax Authority UK tax authority makes first NFT seizure in VAT fraud case

HM Revenue and Customs (HMRC), the chief tax authority in the United Kingdom, have seized three nonfungible tokens (NFTs) associated with a suspected tax evasion fraud.

14.02 / 11:57

Law Taxes Bitcoin Crypto miners Crypto miners exempt from IRS reporting rules, US Treasury affirms

The cryptocurrency industry in the United States is about to score a major legal win as the U.S. Treasury Department plans to spare crypto miners, and other "ancillary parties" from tax reporting rules.

10.02 / 19:51

Government Law legislation crypto sector Canadian MP introduces bill aimed at encouraging growth in crypto sector

Michelle Rempel Garner, a member of the House of Commons of Canada, has introduced a bill proposing the government set up a framework to encourage the growth of the cryptocurrency sector in the country.

10.02 / 17:43

Law EOS Court foundation network EOS Network Foundation reveals plans to pursue a $4.1B lawsuit against Block.one

In a new chapter of the EOS community versus creators saga, the EOS Network Foundation’s (ENF) founder and “community-elected CEO” Yves La Rose revealed that they are preparing for a legal “war” against EOS creators Block.one.

10.02 / 01:41

Government Law Investments lawmaker Tennessee lawmaker introduces bill which would allow state to invest in crypto

Jason Powell, a member of the Tennessee House of Representatives, has introduced a bill proposing counties, municipalities, and the state to invest in cryptocurrencies and nonfungible tokens, or NFTs.

08.02 / 21:19

Law regulation Department Of Justice Bitfinex DoJ seizes $3.6B in crypto and arrests two in connection with 2016 Bitfinex hack

Authorities in the United States have made arrests and announced the seizure of $3.6 billion in cryptocurrency more than five years after hackers stole 119,756 Bitcoin from the Bitfinex exchange.

07.02 / 20:33

Law Ripple XRP SEC XRP gains 30% after Ripple gets permission to explain ‘fair notice defense’ vs. SEC

XRP price rose by nearly 30% in less than a week amid positive sentiment around the court case, in which the U.S. Securities and Exchange Commission (SEC) claims that Ripple sold XRP as illegal securities.

07.02 / 19:35

Law Banks US Federal deposit insurer lists “crypto-asset risks” among its top priorities for the year

Martin J. Gruenberg, the acting chairman of the Federal Deposit Insurance Corporation, or FDIC, named “crypto-assets” among the agency’s key priorities in 2022, alongside addressing financial risks associated with climate change and promoting amendments to major federal statutes relevant to FDIC’s jurisdiction.

05.02 / 17:59

Government Law SEC Threat SEC rule Stealth rulemaking: Is proposed SEC rule with no mention of crypto a threat to DeFi?

On Jan. 26, the United States Securities and Exchange Commission proposed amendments to Rule 3b-16 under the Exchange Act that lacks any mention of digital assets or decentralized finance, which could adversely affect platforms that facilitate crypto transactions. Some cryptocurrency advocates — including SEC Commissioner Hester Peirce — believe that the commission’s extended definition of an exchange could thrust an entire class of crypto entities under the regulator’s jurisdiction, subjecting them to additional registration and reporting burdens. How real is the threat?

05.02 / 01:33

Government Law privacy America COMPETES Act passes House without 'disastrous' provision on crypto

A piece of legislation aimed at addressing supply chain issues to keep the U.S. economy and businesses competitive has passed the House of Representatives — without a provision many in the crypto space had criticized for giving the Treasury Secretary authority to shut down exchanges.

04.02 / 21:37

Law Winter Olympics lawmakers US lawmakers US lawmakers issue warnings about digital yuan as Winter Olympics kicks off

With the opening ceremony of the Beijing 2022 Winter Olympics completed and all competing athletes currently in China, two members of Congress are warning of the potential dangers of using digital yuan at the events.

04.02 / 13:10

Law crimes Bitcoin 'Dutiful son' drugs dad's tea to access BTC funds worth $400K

A father and son’s disagreement over crypto trading led to a near-death experience and some jail time. Because of a shift in crypto market prices, a son reportedly drugged his father to gain access to his Bitcoins.

04.02 / 11:37

Law NFT Metaverse retail NFT battles: Nike takes seller of unlicensed NFT sneakers to the court

Popular sneaker maker Nike has started the "licensed NFT" wars by taking an online reseller called StockX to court for trademark infringement or sale of unlicensed nonfungible token (NFT) sneakers.

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