Law & Policy

What happened in the crypto industry last week (August 12-18)?

1/ The SEC is investigating the funding details of Uniswap Labs, which raised over $170 million with a valuation of nearly $1.7 billion. The commission has requested information from venture funds, including Andreessen Horowitz (a16z) and Union Square Ventures, about the terms of financing.

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2/ The Victoria District Court sentenced 39-year-old Australian Jatinder Singh to three years in prison for misappropriating corporate funds from the exchange Crypto.com. He and his girlfriend received AUD 10.47 million after a Crypto.com accounting error. The couple spent the money on four homes, cars, artwork, and luxury goods, and gifted a friend AUD 1 million.

2/ The Victoria District Court sentenced 39-year-old Australian Jatinder Singh to three years in prison for misappropriating corporate funds from the exchange Crypto.com. He and his girlfriend received AUD 10.47 million after a Crypto.com accounting error. The couple spent the money on four homes, cars, artwork, and luxury goods, and gifted a friend AUD 1 million. https://www.news.com.au/national/victoria/courts-law/cryptocurrency-enthusiast-jatinder-singh-jailed-for-spending-spree-after-accidentally-receiving-1047m-refund/news-story/8932bec1c58806b060a5f70fe7f76c3d

3/ A Dubai court of first instance has recognized the legality of paying wages in digital assets. The ruling was made in a case where an employee accused his former employer of not paying part of his salary in EcoWatt (EWT) tokens. The judge ruled that the company must settle its debt in kind, paying the cryptocurrency without converting it to fiat.

3/ A Dubai court of first instance has recognized the legality of paying wages in digital assets. The ruling was made in a case where an employee accused his former employer of not paying part of his salary in EcoWatt (EWT) tokens. The judge ruled that the company must settle its debt in kind, paying the cryptocurrency without converting it to fiat. https://cointelegraph.com/news/dubai-court-recognizes-crypto-salary-payments

4/ The SEC has accused the co-founders of NovaTech, Eddie and Cynthia Petion, of creating a financial crypto pyramid scheme. The network of the pyramid reached 200,000 clients worldwide, misleading them with partial payments from other investors instead of real earnings.

4/ The SEC has accused the co-founders of NovaTech, Eddie and Cynthia Petion, of creating a financial crypto pyramid scheme. The network of the pyramid reached 200,000 clients worldwide, misleading them with partial payments from other investors instead of real earnings. https://www.sec.gov/newsroom/press-releases/2024-95?utm_medium=email&utm_source=govdelivery

5/ The International Monetary Fund (IMF) has released a report on carbon dioxide emissions produced by the artificial intelligence sector and cryptocurrency mining enterprises. The report suggests that AI and mining industries account for 2% of global electricity consumption and proposes an 85% energy tax for crypto mining companies and AI data centers.

5/ The International Monetary Fund (IMF) has released a report on carbon dioxide emissions produced by the artificial intelligence sector and cryptocurrency mining enterprises. The report suggests that AI and mining industries account for 2% of global electricity consumption and proposes an 85% energy tax for crypto mining companies and AI data centers. https://www.imf.org/en/Blogs/Articles/2024/08/15/carbon-emissions-from-ai-and-crypto-are-surging-and-tax-policy-can-help

6/ Binance successfully registered as a reporting entity with the Financial Intelligence Unit of India (FIU-IND), obtaining permission to operate in India.

6/ Binance successfully registered as a reporting entity with the Financial Intelligence Unit of India (FIU-IND), obtaining permission to operate in India. https://www.binance.com/en/blog/regulation/binance-achieves-its-19th-global-regulatory-milestone-with-registration-in-india-3022489348045738409

7/ On August 14, 2024, the US Federal Trade Commission (FTC) approved a ban on fake reviews and testimonials. The decision includes financial and administrative restrictions on those who "sell or buy fake influence indicators on social media." The rules directly impact so-called crypto influencers.

7/ On August 14, 2024, the US Federal Trade Commission (FTC) approved a ban on fake reviews and testimonials. The decision includes financial and administrative restrictions on those who "sell or buy fake influence indicators on social media." The rules directly impact so-called crypto influencers. https://www.ftc.gov/news-events/news/press-releases/2024/08/federal-trade-commission-announces-final-rule-banning-fake-reviews-testimonials

8/ In Iran, citizens who report illegal crypto mining to authorities will receive a reward of 1 million tomans (about $20). The state electricity company Tavanir stated that the country is facing abnormal heat, increasing the load on power grids, with illegal miners exacerbating the situation, leading to outages.

8/ In Iran, citizens who report illegal crypto mining to authorities will receive a reward of 1 million tomans (about $20). The state electricity company Tavanir stated that the country is facing abnormal heat, increasing the load on power grids, with illegal miners exacerbating the situation, leading to outages. https://www.iranintl.com/en/202408135616

9/ The Thai Securities and Exchange Commission (SEC) announced the launch of a cryptocurrency sandbox. The sandbox is designed for industry participants in six categories: digital asset exchanges, brokers, dealers, fund managers, advisors, and custodial wallet providers.

9/ The Thai Securities and Exchange Commission (SEC) announced the launch of a cryptocurrency sandbox. The sandbox is designed for industry participants in six categories: digital asset exchanges, brokers, dealers, fund managers, advisors, and custodial wallet providers. https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=11004

1/ The SEC is investigating the funding details of Uniswap Labs, which raised over $170 million with a valuation of nearly $1.7 billion. The commission has requested information from venture funds, including Andreessen Horowitz (a16z) and Union Square Ventures, about the terms of financing. https://www.axios.com/2024/08/12/sec-questions-vcs-uniswap