Law & Policy

What happened in the crypto industry last week (Aug 26 - Sep 1)?

1/ On August 28, 2024, Telegram co-founder Pavel Durov appeared in court, facing charges on six counts, with bail set at €5 million ($5.5 million). He is prohibited from leaving France and must report to the police twice a week.

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1/ On August 28, 2024, Telegram co-founder Pavel Durov appeared in court, facing charges on six counts, with bail set at €5 million ($5.5 million). He is prohibited from leaving France and must report to the police twice a week.
https://x.com/Jacques_Pezet/status/1828881941745017122

2/ NFT platform OpenSea received a Wells notice from the SEC. CEO Devin Finzer stated that the SEC considers NFTs on the platform to be securities, typically a precursor to a lawsuit or a last chance to dispute the allegations.

3/ Plutus Lending LLC, which operates the Abra lending protocol, reached a settlement with the SEC. The court will determine the penalty in the civil case. The charges were initially filed in July 2020 for operating without a license.

3/ Plutus Lending LLC, which operates the Abra lending protocol, reached a settlement with the SEC. The court will determine the penalty in the civil case. The charges were initially filed in July 2020 for operating without a license.
https://www.sec.gov/newsroom/press-releases/2024-105
https://www.sec.gov/newsroom/press-releases/2020-153

4/ The SEC charged brothers Jonathan and Tanner Adams, along with their companies GCZ Global LLC and Triten Financial Group LLC, alleging they ran a $60 million Ponzi scheme, promising high returns from crypto operations.

4/ The SEC charged brothers Jonathan and Tanner Adams, along with their companies GCZ Global LLC and Triten Financial Group LLC, alleging they ran a $60 million Ponzi scheme, promising high returns from crypto operations.
https://www.sec.gov/newsroom/press-releases/2024-107

5/ Chinese police have launched an investigation into Feixiaohao, a major crypto data and news provider often referred to as the “Chinese CoinGecko.” The reasons for the investigation remain unknown, and no official charges have been filed yet.

5/ Chinese police have launched an investigation into Feixiaohao, a major crypto data and news provider often referred to as the “Chinese CoinGecko.” The reasons for the investigation remain unknown, and no official charges have been filed yet.
https://mp.weixin.qq.com/s/37FLpw-PIK7c1__prjlo1Q

6/ In September 2024, the US House Financial Services Committee will hold a series of hearings on cryptocurrencies, covering regulation, DeFi, and fraud schemes such as pig butchering, which have become prevalent in 2024. SEC Chair Gary Gensler and five other agency representatives will participate.

6/ In September 2024, the US House Financial Services Committee will hold a series of hearings on cryptocurrencies, covering regulation, DeFi, and fraud schemes such as pig butchering, which have become prevalent in 2024. SEC Chair Gary Gensler and five other agency representatives will participate.
https://www.coindesk.com/policy/2024/08/29/us-house-committee-plans-for-heap-of-crypto-hearings-in-september/
https://www.chainalysis.com/blog/2024-crypto-crime-mid-year-update-part-2/

7/ The UK has filed its first criminal charges for operating an illegal crypto ATM. The suspect, a 37-year-old electronics store owner named Habibur Rahman, was arrested in April 2023 and is accused of running unregistered crypto ATMs and laundering £300,000 ($395,000).

7/ The UK has filed its first criminal charges for operating an illegal crypto ATM. The suspect, a 37-year-old electronics store owner named Habibur Rahman, was arrested in April 2023 and is accused of running unregistered crypto ATMs and laundering £300,000 ($395,000).
https://www.kent.police.uk/news/kent/latest/policing-news/medway-trader-first-in-uk-to-be-charged-with-crypto-atm-offence/

8/ Japanese Prime Minister Fumio Kishida stated that Web3 and blockchain are key to solving social problems in the country. The government plans to prioritize the implementation of Web3 tokens, simplify payments, and develop the content industry.

8/ Japanese Prime Minister Fumio Kishida stated that Web3 and blockchain are key to solving social problems in the country. The government plans to prioritize the implementation of Web3 tokens, simplify payments, and develop the content industry.
https://coinpost.jp/?p=552422

2/ NFT platform OpenSea received a Wells notice from the SEC. CEO Devin Finzer stated that the SEC considers NFTs on the platform to be securities, typically a precursor to a lawsuit or a last chance to dispute the allegations.
https://x.com/dfinzer/status/1828791832009953706