In a groundbreaking move, the Law Commission of the United Kingdom (UK) Parliament presented the Property (Digital Assets, etc.) Bill to acknowledge digital holdings as legally binding assets. This legislation aims to categorize cryptocurrencies, non-fungible tokens (NFTs), and carbon credits under British property law for the first time in history, setting a new precedent in
Regulation
The Digital Chamber (TDC) recently made a plea to Congress to pass legislation that would categorize particular non-fungible tokens (NFTs) as consumer goods and exempt them from federal securities regulations. This move comes in the midst of mounting concerns regarding the Securities and Exchange Commission’s (SEC) crackdown on various NFT platforms, including OpenSea. TDC argued
US Securities and Exchange Commission (SEC) Commissioner Hester Peirce has recently expressed persistent concerns regarding the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). This comes after SEC Chief Accountant Paul Munter reaffirmed the Commission’s unwavering stance on SAB 121 during a speech on September 9th. Munter emphasized that the SEC staff’s perspective on the
The US Securities and Exchange Commission (SEC) has significantly increased its efforts in regulating the crypto industry, imposing a record $4.68 billion in fines against various companies in 2024. This surge in fines represents a significant escalation in the agency’s regulatory actions, with 2024 accounting for 63% of the total fines levied since 2013. One
Robinhood’s crypto division has recently agreed to pay a hefty $3.9 million fine as a result of a California investigation into its past practices. The settlement, announced on September 5th, was secured after it was revealed that Robinhood Crypto had prevented users from withdrawing their digital assets between 2018 and 2022. Additionally, the company failed
The US Securities and Exchange Commission (SEC) recently charged and settled with hedge fund Galois Capital Management LLC over violations related to a private fund managed by the firm that primarily invested in cryptocurrency assets. The SEC alleges that Galois Capital failed to comply with client asset safeguarding requirements, especially in regards to crypto assets
US Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda recently addressed the need for specialized S-1 registration forms tailored specifically for digital asset securities. Speaking at the Korea Blockchain Week 2024 event, Uyeda highlighted the importance of updating regulatory tools to accommodate the unique characteristics of digital assets. The current S-1 form, required by
The US Securities and Exchange Commission (SEC) has recently raised concerns over the proposed repayment strategy in the ongoing FTX bankruptcy case. The plan, which involves repaying creditors through stablecoins or other digital assets, has sparked apprehension from the SEC regarding potential violations of federal securities laws. The SEC’s filing on Aug. 30 indicated that
Pavel Durov, the CEO of popular messaging app Telegram, recently found himself in legal trouble in France. After being released from prison, he was placed under judicial supervision with strict conditions, including a hefty €5 million bond. The Paris Judicial Court charged Durov with several offenses, such as involvement in illegal transactions and money laundering.
Congressman Wiley Nickel has recently criticized the US Securities and Exchange Commission (SEC) for its “regulation by enforcement” approach. According to Nickel, this approach undermines trust in the regulatory system and risks stifling digital innovation across the US. He has been pushing for a regulatory framework for the crypto industry to ensure customer protection. The
