The US SEC recently filed an amended complaint in its case against Justin Sun and other defendants, alleging that Sun’s frequent visits to the United States should establish the jurisdiction necessary to proceed with legal action. According to the regulator, Sun spent a significant amount of time in the US between 2017 and 2019, conducting
Regulation
The recent introduction of the Lummis-Gillibrand Payment Stablecoin Act has sparked criticism from industry experts within the crypto community. Former Blockchain Association member Jake Chervinsky labeled the bill as “deeply flawed” and raised concerns about its potential impact on the ecosystem. Chervinsky argued that the proposed ban on algorithmic stablecoins could stifle innovation and only
The provincial government of Buenos Aires has recently made formal accusations against Worldcoin, claiming that the company has violated consumer laws through the inclusion of what they deem to be “abusive clauses” in their user agreement. Specifically, the government alleges that Worldcoin’s agreement allows for the interruption of services without providing any form of repair
Recent discussions between House leaders and Senate Majority Leader Chuck Schumer may lead to action on stablecoin legislation during this summer’s session or in the year-end lame-duck session. House Financial Services Chair Patrick McHenry and ranking member Maxine Waters met with Schumer last week to deliberate on stablecoin legislation, a key area of financial technology
In the realm of blockchain technology, the issue of data transparency versus personal data ownership has become a contentious topic. While the decentralized nature of blockchain offers transparency and immutability, there is a growing concern about individual control over personal data. Striking a balance between these two aspects is crucial, but is it feasible to
The chief of criminal investigation at the IRS, Guy Ficco, recently highlighted the concerning trend of taxpayers engaging in tax crimes related to cryptocurrencies. These “pure crypto tax crimes” involve violations of Title 26 of the US Code, specifically federal income tax violations. Examples of such crimes include failure to report income from crypto sales
Uniswap Labs, the entity behind the popular Ethereum-based decentralized exchange Uniswap, has recently received a Wells notice from the US SEC. The founder of Uniswap, Hayden Adams, took to social media to express his reaction to the regulatory warning. Adams stated that he was not surprised by the SEC’s actions but rather annoyed, disappointed, and
The European Securities and Markets Authority (ESMA) issued a warning about the high level of concentration in the crypto markets, citing the potential risks associated with such a situation. The agency highlighted that the dominance of a few key assets, such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), could have a significant impact on
During a recent Senate hearing, Senator Tim Scott expressed concerns about the current US administration’s focus on digital assets as the primary target in efforts to combat terrorism financing. He argued that the administration is using cryptocurrencies as a “scapegoat” while overlooking more significant sources of funding, particularly those benefiting Iran. Scott pointed out that
The US Treasury Deputy Secretary Adewale Adeyemo has expressed concerns about Russia’s increasing use of alternative payment mechanisms, such as Tether’s USDT stablecoin, to bypass economic sanctions. This was mentioned in Adeyemo’s written testimony to the Senate Banking, Housing, and Urban Affairs Committee on April 9. It has been reported that malicious actors have utilized