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Stanford University's Blyth Fund, managed by students, recently made a significant decision to allocate 7% of its endowment toward Bitcoin investments. This move, announced by Kole Lee, leader of the Stanford Blockchain Club, highlights the growing institutional interest in digital assets. According to Lee's announcement on X, Stanford Endowment purchased Bitcoin at $45,000 in February. In his pitch to the Blyth Fund, Lee emphasized the potential benefits of investing in Bitcoin, particularly focusing on ETF inflows, market cycles, and its role as a hedge against monetary instability and geopolitical tensions. Lee expressed bullish sentiments, projecting a target price range of $110,000 to $130,000 for Bitcoin, citing continued inflows into the market and the potential for short-covering rallies once Bitcoin surpasses its previous all-time high of $69,000. The Blyth Fund, established in 1978 in honor of banker Charles Blyth, is managed by students and oversees a significant portion...

The Fantom Foundation has reported a significant legal win, as the Singapore High Court has directed Multichain to provide compensation following a breach of contract. In response, Fantom plans to pursue liquidation proceedings through the court to recover community assets, including approximately $65 million in frozen stablecoins. This legal development follows a dispute dating back to July 2023 when the Multichain bridge suffered an exploit, resulting in substantial losses across various chains, including Fantom. Despite attempts to communicate with Multichain's former directors and key personnel, Fantom alleges that they were unable to resolve the matter, leading to legal action for breach of contract and fraudulent misrepresentations regarding incurred losses. The Singapore High Court recently granted Fantom a default judgment ruling in its favor, affirming the breach of contract and fraudulent representations by Multichain. Fantom now intends to leverage its financial losses to...

Coinbase, in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), has petitioned the presiding judge to disregard a previous judgment that classified secondary sales of crypto assets as "securities transactions." The move comes as Coinbase lawyers argue that the issue was never fully examined in court. In a letter addressed to U.S. District Judge Katherine Failla on March 5, Coinbase attorney Michael Savitt urged the judge to reject the SEC's classification of secondary crypto sales as securities contracts in the case involving former Coinbase product manager Ishan Wahi and others. Savitt emphasized that the judgment should carry "no weight" as the key issues were not adequately debated or examined in court. The SEC sued Ishan Wahi, his brother Nikhil Wahi, and Sameer Ramani for insider trading related to nine cryptocurrencies in July 2022. Although the Wahi brothers settled with the SEC in June 2023, the SEC obtained a default judgment against Ramani, who...

The Financial Supervisory Commission (FSC) of Taiwan has announced plans to propose a new draft of digital asset regulations in September 2024, aiming to enhance regulations for digital asset markets and ensure investor safety. Huang Tien-mu, chairman of the FSC, highlighted the importance of effective regulations amidst the growing risks associated with digital currencies, emphasizing the need for strict penalties against fraudulent activities. The upcoming draft bill seeks to address the increasing interconnection between digital assets and the traditional financial system, with a focus on safeguarding the stability of the legacy financial system from the risks posed by digital assets. Taiwanese legislators previously introduced the Virtual Asset Management Bill to parliament, aiming to provide better protection for customers and proper supervision of the industry. The bill proposes fines for unlicensed virtual asset service providers (VASPs) ranging from two million to 20 million...

In the case involving former Coinbase product manager Ishan Wahi and co-defendants, Judge Tana Lin partially granted the United States Securities and Exchange Commission's (SEC) request for a default judgment against defendant Sameer Ramani. Ramani, who allegedly fled the United States and failed to respond to court summonses, faced SEC's demands for a permanent injunction, civil penalties, and disgorgement. The SEC accused Ishan Wahi and his brother Nikhil of insider trading and wire fraud, specifically related to trades made with tokens slated for listing on Coinbase after Ishan Wahi shared the exchange's plans with associates. While Lin agreed to the SEC's injunction against Ramani, she did not order prejudgment interest on disgorged funds. The SEC claimed that nine of the tokens invested in by Nikhil Wahi and Ramani were securities. Lin accepted the SEC's argument that the tokens traded by Ramani were offered and sold as investment contracts, hence classified as securities....

The Virginia Senate in the United States has passed a significant bill that paves the way for the establishment of a dedicated workgroup tasked with studying the overall cryptocurrency ecosystem and making recommendations to support its growth. Introduced as Senate Bill No. 339 on Feb. 5, the bill seeks to gather recommendations on fostering and expanding blockchain technology, digital asset mining, and cryptocurrency within the state. Senator Saddam Azlan Salim proposed the bill on Jan. 9, aiming to exempt miners from the requirement to obtain money transmitter licenses and to prohibit targeted ordinances affecting digital asset mining activities. The bill received overwhelming support in the Virginia House, with 97 yeas, one nay, and two abstentions, leading to its passage on March 4. The proposed crypto workgroup will comprise 13 members, including representatives from the Senate, the House of Delegates, the blockchain industry, and local government. With a deadline of Nov. 1,...

The Indian government has issued an advisory requiring tech companies developing new artificial intelligence (AI) tools to obtain government approval before their release. Released by the Indian IT ministry on March 1, the advisory stipulates that AI tools deemed "unreliable" or still in a trial phase must be approved prior to public release and labeled as potentially providing inaccurate answers. Furthermore, platforms must ensure that their tools do not compromise the integrity of the electoral process, especially with general elections anticipated this summer. This advisory follows recent criticism of Google and its AI tool Gemini for delivering inaccurate or biased responses. Rajeev Chandrasekhar, India’s deputy IT minister, emphasized that platform safety and trust are legal obligations, indicating that disclaimers like "Sorry Unreliable" do not exempt platforms from compliance with the law. In November, India announced plans for regulations to combat the spread of AI-generated...

South Korea's Personal Information Protection Commission has initiated an investigation into the Worldcoin project following complaints regarding its handling of personal data. The investigation focuses on Worldcoin's practice of scanning individuals' irises in exchange for cryptocurrency and its procedures for collecting, processing, and potentially transferring sensitive personal information overseas. In an official statement, the regulator emphasized its commitment to enforcing local privacy regulations and pledged to take appropriate measures if any breaches are identified. Worldcoin has been actively collecting data on individuals' faces and irises at multiple locations across South Korea since the start of the investigation. This is not the first time South Korean authorities have intervened in privacy-related matters. Last year, the Personal Information Protection Commission fined OpenAI, founded by Worldcoin CEO Sam Altman, for leaking personal information of South Korean...

The Securities and Futures Commission (SFC) in Hong Kong has issued a public warning regarding fraudulent websites impersonating licensed crypto exchanges in the region. On March 4, the SFC alerted the public about suspicious websites posing as HSKEX and OSL Digital Securities Limited, two licensed crypto trading platforms. The fraudulent websites were added to the SFC's Suspicious Virtual Asset Trading Platforms Alert List after reports emerged of users experiencing difficulties withdrawing funds and encountering excessive fees and taxes on the fake platforms. In response, the Hong Kong Police Force has taken action to block access to these fraudulent websites. Investors are urged to exercise caution and conduct thorough due diligence before engaging with any virtual asset trading platform to avoid falling victim to scams. This warning comes amidst a significant increase in virtual asset-related crimes in Hong Kong, nearly tripling since 2021, although specific statistics on arrests...

Minister of Treasury and Finance Mehmet Şimşek has provided insights into Turkey's cryptocurrency regulation efforts, indicating that new legislation is likely to proceed through Parliament following the upcoming election. In a joint broadcast with Habertürk TV and Bloomberg HT, Şimşek emphasized the government's approach of regulation over prohibition, stating that many developing nations have sought guidance from Turkey on the proposed draft. Highlighting the international perspective, Şimşek mentioned an upcoming visit by the Financial Action Task Force (FATF) delegation in April-May for an on-site inspection. He expressed optimism that Turkey could be removed from the FATF's gray list by June 2024, provided political factors do not intervene. In addressing market stability, Şimşek reassured that the government is focused on maintaining a balanced approach, avoiding tax regulations that could disrupt the markets. He emphasized ongoing efforts to ensure fairness in taxation across...

Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti) has urged the Ministry of Finance to review cryptocurrency taxation policies, signaling the increasing significance of crypto in the country's economy. Executive members at Bappebti cite crypto's anticipated integration into the financial sector as a reason for reassessing the 0.11% value-added tax and 0.1% income tax on crypto transactions. Despite generating approximately $2.49 million in government revenue from crypto taxes in January alone, Bappebti emphasizes the need for annual reviews of these taxes to align with standard tax evaluation practices. Implemented in April 2022, these taxes aimed to treat crypto as a commodity rather than a currency, in line with the Trade Ministry's definition. As Indonesia witnesses a rise in crypto adoption, with the number of crypto holders surpassing 12.4 million in 2023, the government's response to taxation will impact the regulatory landscape and market dynamics, shaping the...

Binance, the world's largest crypto exchange, faces mounting challenges as Nigeria's House of Representatives Committee on Financial Crimes demands CEO Richard Teng's appearance by March 4th. The Central Bank of Nigeria accuses Binance of involvement in money laundering and terrorism financing, prompting the committee's call to action. Committee Chairman Ginger Onwusibe emphasized the constitutional mandate to protect Nigerians from financial crimes, warning of consequences if Teng fails to comply. Nigeria, grappling with recession and tax collection challenges, aims to safeguard its finances and investors from predatory practices. The move against Binance follows a historic $4.3 billion fine imposed by a US federal judge for lapses in internal controls, including failure to report suspicious transactions. Nigeria's actions signal a broader international crackdown on Binance, with the Nigerian Communications Commission ordering telecom companies to block access to the exchange....