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In a recent victory for market integrity, the Commodity Futures Trading Commission (CFTC) announced on 3 July, 2024, that Judge Mary Rowland of the U.S. District Court for the Northern District of Illinois granted summary judgment in favor of the CFTC on all counts of its complaint against Sam Ikkurty of Oregon and several associated entities. The court ordered more than $83.7 million in restitution and $36.9 million in disgorgement, jointly and severally, against Ikkurty and his companies, including Jafia, LLC, Ikkurty Capital, LLC (d/b/a Rose City Income Fund I and II), and Seneca Ventures, LLC. The court found that Ikkurty and his affiliates committed multiple violations of the Commodity Exchange Act (CEA) and CFTC regulations, including fraud and operating without proper registration. Judge Rowland characterized the defendants' activities as "a classic Ponzi scheme," particularly highlighting their fraudulent carbon offset program. The summary judgment reveals that Ikkurty lured...

Binance, one of the leading global cryptocurrency exchanges, has announced it will refine its trading offerings by delisting certain spot trading pairs that have shown consistently low liquidity and trading volumes. This move, part of Binance's routine review of its trading pairs, aims to optimize the trading experience and maintain a robust trading environment for all users. The affected trading pairs include AI/TUSD, BTC/AEUR, CHR/BNB, ETH/AEUR, GAS/FDUSD, and LQTY/FDUSD. This decision reflects Binance's commitment to providing a quality trading environment and protecting its users' interests by ensuring that all trading pairs meet certain performance standards. By removing these underperforming pairs, Binance seeks to streamline its operations and focus on pairs that offer more liquidity and trading activity, which are crucial for the efficiency and stability of the trading platform. This action also helps in minimizing the risks associated with low liquidity, such as higher...

On Tuesday, the Bittensor blockchain, known for its cutting-edge decentralized artificial intelligence (AI) technology, experienced a significant setback due to a security breach that led to the abrupt suspension of its network. The developers initiated a "safe mode" after detecting suspicious activities aimed at user wallets, halting all transactions to prevent further damage. This interruption has not only impacted the blockchain's operations but also precipitated a sharp 17% decline in the value of its TAO token, now trading at approximately $227.73. Bittensor, an innovator in the blockchain realm, aspires to reshape economies by decentralizing digital commodities such as compute, data, storage, predictions, and models into intelligence. This disruption aims to foster new architectures and innovations at surprisingly lower costs, promising limitless possibilities for future developments. The core development team responded swiftly by freezing the network, an action revealed by the...

Paxos has received full approval from the Monetary Authority of Singapore (MAS) to offer digital payment token (DPT) services, marking a significant milestone for the crypto firm. The DPT license enables Paxos to issue stablecoins in alignment with MAS’s upcoming stablecoin framework, the company announced on Tuesday. Having initially secured in-principle approval from MAS in November 2023, Paxos has now met all regulatory requirements to achieve full licensing. This move underscores Paxos's commitment to issuing tokens under the oversight of prudential regulators. "Stablecoins issued in accordance with standards set by a regulator like MAS – known for its rigorous regulatory standards – represent a significant step towards democratizing access to commerce and financial services," remarked Walter Hessert, Head of Strategy at Paxos. In August 2023, MAS finalized its stablecoin regulatory framework to ensure high price stability for stablecoins regulated within Singapore. The framework...

On Tuesday, 2 July, 2024, Circle, the issuer of USD Coin (USDC) and Euro Coin (EURC) stablecoins, announced a groundbreaking achievement in the European crypto sector. Circle has become the first global stablecoin issuer to comply with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework. This landmark compliance was facilitated by Circle obtaining an Electronic Money Institution (EMI) license from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the French financial regulator. This pivotal license allows Circle to officially issue both USDC and EURC within the EU, adhering to MiCA regulations that took effect on July 1, 2024. MiCA represents a comprehensive regulatory regime governing crypto-assets, including specific provisions for stablecoins. By December, the regulations for crypto service providers will also be operational, marking a significant shift in the European crypto landscape. Jeremy Allaire, co-founder and CEO of Circle, hailed the...

On 26 June, 2024, the Central Bank of Bolivia, Banco Central de Bolivia (BCB) issued Press Release CP35/2024, with significant updates to regulations surrounding Virtual Assets. Through Board Resolution No. 082/2024, the BCB revoked the earlier Board Resolution No. 144/2020, now permitting the use of Electronic Payment Instruments (IEP) for transactions involving Virtual Assets. This pivotal decision, made in collaboration with the Financial System Supervision Authority, Autoridad de Supervisión del Sistema Financiero (ASFI) and the Financial Investigations Unit (UIF), aligns with the 2024 Mutual Evaluation of Bolivia by the Financial Action Task Force of Latin America, Grupo de Acción Financiera de Latinoamérica (GAFILAT). The evaluation recommended the regulation of Virtual Asset Services (PSAV) to harmonize with Bolivian public policy, prompting this regulatory evolution. BCB's initiative is part of an ongoing effort to modernize the national payment system, fostering...

The Australian Tax Office (ATO) is closely tracking crypto gains as the financial year ends on June 30, 2024. This year, the ATO has significantly ramped up its efforts in crypto tax compliance by launching an improved data matching program to ensure accurate reporting from crypto investors. Adam Saville-Brown, General Manager of Koinly, a crypto tax reporting software company, states that the ATO has been monitoring the crypto space for years. The new program marks a stricter approach, allowing the ATO to gather transaction data from any legally operating crypto exchange, including platforms like Binance, Coinbase, and CoinSpot. The ATO's data collection program is comprehensive, gathering a wide range of information, such as names, addresses, emails, social media accounts, and IP addresses of approximately 1.2 million crypto investors each year. This detailed data helps the ATO cross-check tax returns and identify discrepancies, enhancing the accuracy of tax reporting and...

Monica Long, president of Ripple on 25 June, 2024, illuminated the company's advancements and future opportunities in light of a favorable court decision that ruled XRP is not a security. This verdict, which goes against the U.S. Securities and Exchange Commission (SEC)'s earlier claims, has brought much-needed clarity, enabling Ripple to pivot and explore new horizons. Despite the SEC's relentless efforts to challenge the growth of the crypto industry, Ripple has continued to forge ahead, enhancing its payments infrastructure, the XRP Ledger, and custody services via Metaco. Ripple has formed significant partnerships aimed at bolstering the XRP ledger and providing robust custody solutions for banks and financial institutions. One of the exciting developments is the introduction of the RLUSD stablecoin, which Long believes will give Ripple a competitive edge in markets with low liquidity. Unlike XRP, the RLUSD stablecoin is not intended to compete but to complement XRP, driving its...

Tin Pei Ling, the Singapore Member of Parliament for MacPherson, has taken on a new role as co-president of MetaComp, a digital payment token service provider based in Singapore. Tin announced her move on LinkedIn, expressing her enthusiasm for driving strategic partnerships and corporate development within the company. "Sustainability being a critical global imperative, this exciting opportunity allows me to expand my work into green fintech. I am eager to contribute to the growth of sustainable finance by bridging traditional finance and digital assets," she said. Despite being among the highest-paid politicians globally, many MPs in Singapore, including Tin, often hold private sector positions alongside their political duties. Tin's previous role was as managing director of fintech firm DCS Card Centre, where she served for nine months. Before that, she faced criticism over a potential conflict of interest during her tenure as director of public affairs and policy for Singapore at...

Hong Kong in efforts towards becoming a leading regional hub for digital assets with the establishment of a new subcommittee dedicated to drafting comprehensive cryptocurrency regulations. Johnny Ng Kit-Chong, a member of the Hong Kong Special Administrative Region (HKSAR) Legislative Council, announced on 22 June, 2023. "To promote the development of Web3 and virtual assets in Hong Kong, the HKSAR Legislative Council recently established a Subcommittee on Web3 and Virtual Asset Development," Ng stated. "My office seeks to gather insights from the global Web3 industry, propose policy recommendations, and discuss the future direction of the industry in Hong Kong." The creation of this subcommittee follows discussions earlier this year by the Hong Kong Securities & Futures Professionals Association (HKSFPA) regarding the establishment of a self-regulatory committee to oversee compliance within the crypto industry. "Many economically developed regions in the world have established...

Senator Cynthia Lummis (R-Wyo) celebrated the recent passage of a pro-Bitcoin bill in Louisiana, marking a significant moment for states' rights in the cryptocurrency landscape. On Monday, Lummis lauded the new legislation aimed at defending Bitcoin rights and prohibiting Central Bank Digital Currencies (CBDCs) within the state. Expressing her enthusiasm in an X post, Lummis stated, "States leading the way. This is why Bitcoiners should be American patriots. You can fight for your rights and WIN." The landmark legislation secures several key rights for cryptocurrency users in Louisiana. It enshrines the right to self-custody of cryptocurrencies, allowing individuals to hold their digital assets independently without relying on third parties. The law also protects the right to spend and accept Bitcoin for transactions, supporting the use of Bitcoin as a legitimate means of payment. Additionally, it backs Bitcoin mining operations in industrial areas, promoting the growth of the mining...