Law & Policy

What happened in the crypto industry last week (Sep 9-15)?

1/ SEC Clarifies Binance Lawsuit: The SEC filed a new clarification in its lawsuit against Binance, stating it never directly classified tokens as securities. The commission expressed regret over any confusion caused and committed to not using such definitions in the future.

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1/ SEC Clarifies Binance Lawsuit: The SEC filed a new clarification in its lawsuit against Binance, stating it never directly classified tokens as securities. The commission expressed regret over any confusion caused and committed to not using such definitions in the future.
https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.273.1.pdf

2/ CFTC Appeals Ban on Kalshi’s Betting: The CFTC has appealed a lower court’s decision to halt political event betting on Kalshi, forcing the prediction market to suspend betting on political events. Previously, a US District Court ruled in favor of Kalshi, allowing bets on presidential election outcomes.

2/ CFTC Appeals Ban on Kalshi’s Betting: The CFTC has appealed a lower court’s decision to halt political event betting on Kalshi, forcing the prediction market to suspend betting on political events. Previously, a US District Court ruled in favor of Kalshi, allowing bets on presidential election outcomes.
https://www.coindesk.com/policy/2024/09/13/kalshis-new-political-prediction-markets-halted-as-cftc-appeals-loss/
https://storage.courtlistener.com/recap/gov.uscourts.dcd.261465/gov.uscourts.dcd.261465.47.0.pdf

3/ US House Committees Investigate SEC: Members of three US House committees have launched an investigation into the SEC, suspecting the agency of “political favoritism” in its hiring practices, which may undermine its impartiality. The investigation aims to determine if the SEC violated federal law by considering political preferences of candidates.

3/ US House Committees Investigate SEC: Members of three US House committees have launched an investigation into the SEC, suspecting the agency of “political favoritism” in its hiring practices, which may undermine its impartiality. The investigation aims to determine if the SEC violated federal law by considering political preferences of candidates.
https://judiciary.house.gov/sites/evo-subsites/republicans-judiciary.house.gov/files/evo-media-document/2024-09-10%20JDJ%20PM%20JC%20to%20SEC%20re%20Political%20Hires%20(1).pdf

4/ SEC Fines Crypto Industry $4.7B in 2024: Analysts from Social Capital Markets published a report indicating that SEC fines in the crypto industry surged by 3000% in 2024, exceeding $4.7 billion. This increase is largely due to the settlement with the bankrupt company Terraform Labs.

5/ Sam Bankman-Fried Appeals 25-Year FTX Sentence: Former FTX CEO Sam Bankman-Fried has filed an appeal demanding a retrial under a different judge, claiming bias in his initial trial, which resulted in a 25-year prison sentence.

5/ Sam Bankman-Fried Appeals 25-Year FTX Sentence: Former FTX CEO Sam Bankman-Fried has filed an appeal demanding a retrial under a different judge, claiming bias in his initial trial, which resulted in a 25-year prison sentence.
https://storage.courtlistener.com/recap/gov.uscourts.ca2.9d455c17-4ee8-40a0-bafd-1eeeb19acafb/gov.uscourts.ca2.9d455c17-4ee8-40a0-bafd-1eeeb19acafb.28.0.pdf
https://x.com/innercitypress/status/1773376299626574125

6/ BRIDGE Act Introduced: A member of the US House Financial Services Committee introduced the BRIDGE Act (Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets), aiming to establish a joint SEC and CFTC committee for regulating digital assets.

6/ BRIDGE Act Introduced: A member of the US House Financial Services Committee introduced the BRIDGE Act (Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets), aiming to establish a joint SEC and CFTC committee for regulating digital assets.
https://x.com/RepJohnRose/status/1834325008921100515

7/ UK Bills Digital Assets as Property: The UK government introduced a bill to Parliament that officially defines digital assets as a new form of property, providing legal protection to Bitcoin and other cryptocurrency holders if passed.

7/ UK Bills Digital Assets as Property: The UK government introduced a bill to Parliament that officially defines digital assets as a new form of property, providing legal protection to Bitcoin and other cryptocurrency holders if passed.
https://www.gov.uk/government/news/new-bill-introduced-in-parliament-to-clarify-cryptos-legal-status

8/ EU to Adopt Stablecoin Standards by 2024: Fifteen standards for stablecoin issuers will be published in the EU’s Official Journal by the end of 2024, marking their official adoption. These standards outline operational requirements for stablecoin issuers, developed jointly by the European Banking Authority and the European Securities and Markets Authority.

8/ EU to Adopt Stablecoin Standards by 2024: Fifteen standards for stablecoin issuers will be published in the EU’s Official Journal by the end of 2024, marking their official adoption. These standards outline operational requirements for stablecoin issuers, developed jointly by the European Banking Authority and the European Securities and Markets Authority.
https://www.coindesk.com/policy/2024/09/11/eu-regulator-sees-official-journal-publication-of-stablecoin-standards-before-year-end/

9/ Singapore Cracks Down on Worldcoin Trading: Singapore police are investigating seven cases of alleged trading of Worldcoin project accounts and tokens, violating the Payment Services Act of 2019. Five individuals have been arrested for trading accounts and tokens, which carry penalties of up to $125,000 and three years in prison.

9/ Singapore Cracks Down on Worldcoin Trading: Singapore police are investigating seven cases of alleged trading of Worldcoin project accounts and tokens, violating the Payment Services Act of 2019. Five individuals have been arrested for trading accounts and tokens, which carry penalties of up to $125,000 and three years in prison.
https://www.mas.gov.sg/news/parliamentary-replies/2024/written-reply-to-parliamentary-question-on-risks-relating-to-worldcoin-in-singapore
https://www.police.gov.sg/media-room/news/20240807_four_men_and_one_woman_arrested_for_suspected_involvement

4/ SEC Fines Crypto Industry $4.7B in 2024: Analysts from Social Capital Markets published a report indicating that SEC fines in the crypto industry surged by 3000% in 2024, exceeding $4.7 billion. This increase is largely due to the settlement with the bankrupt company Terraform Labs.
https://socialcapitalmarkets.net/crypto-trading/crypto-sec-fines-penalties/
https://www.pacermonitor.com/public/case/47830587/Securities_and_Exchange_Commission_v_Terraform_Labs_Pte_Ltd_et_al