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- 31-07-2024
31-07-2024
Fernando Fierro
July 31, 2024
Howdy folks,
💼🔍 The SEC is looking to revise its lawsuit against Binance, specifically the section implicating ten crypto assets, including Solana, Cardano, and Polygon, as unregistered securities. This amendment aims to prevent setting a legal precedent on whether these altcoins are securities, a significant shift in the SEC's approach to crypto regulation.
Despite this, the SEC's Chair Gary Gensler remains steadfast that most crypto assets are securities, highlighting ongoing regulatory uncertainties.
In other news:
🔄🇷🇺 Russia appears to be reversing its longstanding anti-crypto stance as lawmakers pass a bill to regulate crypto assets as foreign currency. This move is driven by difficulties in facilitating international trade due to U.S. sanctions and geopolitical conflicts.
Despite this progress, the country's ban on the use of private cryptocurrencies within its borders remains firmly in place.
🚨💰 The SEC has charged BitClout founder Nader Al-Naji with orchestrating a multimillion-dollar fraud scheme. Accusations include raising $257 million from unregistered sales of BTCLT and spending over $7 million on personal luxuries.
Simultaneously, the U.S. Attorney’s Office for the Southern District of New York has initiated a parallel action, significantly escalating the legal stakes for Al-Naji.
🎨⚖️ Two artists, Jonathan Mann and Brian Frye, are suing the SEC, arguing the agency has no authority to regulate digital artwork under securities laws. The lawsuit follows recent SEC actions against NFT projects Impact Theory and Stoner Cats, which settled for $6.1 million and $1 million, respectively.
Mann and Frye's move raises critical questions about how digital art is classified and regulated, pushing back against what they see as regulatory overreach in the evolving world of NFTs.
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