Law

Law Decoded: Police and thieves on their screens, Oct 2–9

Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note Historians typically date the birth of international policing as we know it today to the 1800s, a response to the explosion in nationalist movements and non-governmental political radicalism in Europe. Just as new linking …

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Indictments issued for BitMEX senior team are a signal to all

On the morning of Oct. 1, the United States government authorities in New York issued indictments for four of the senior team of BitMEX, the famed “wild card” exchange based in Hong Kong. Despite that, the crypto exchange still continues to operate its services.  BitMEX is one of the world’s largest crypto exchanges and has …

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Institutionalize crypto markets now: There must be compliance controls

Thanks to regulatory uncertainty from the United States Securities and Exchange Commission and a hodgepodge of state licensing requirements, the development of crypto trading in the U.S. remains stuck in the backwaters of trading reserved for Over-the-Counter Bulletin Board issues. In order to ensure the continued and healthy growth of digital asset markets, it is …

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It looks like the SEC isn’t done with trading app Abra just yet

Back in July, the Securities and Exchange Commission alongside the Commodity Futures Trading Commission fined investment app Abra for providing trading on synthetic assets.  At the time, that looked like the end of the matter. However, in response to Cointelegraph’s Freedom of Information Act (FOIA) request for details in the Abra case, the SEC cited …

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Blockchain legislation passes the House, heads for Senate

The updated Consumer Safety Technology Act, which now includes the Digital Taxonomy Act and the Blockchain Innovation Act, has passed in the House of Representatives and is now headed for the Senate as of Tuesday afternoon. The Digital Taxonomy Act provides definitions for the terms “digital asset” and “digital unit” and would task the Federal Trade Commission …

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CFTC charges crypto futures trading platform for failure to register in the US

On Monday, the Commodity Futures Trading Commission filed charges against Laino Group for soliciting U.S. investors to trade in futures on commodities including Ether, Litecoin and Bitcoin without registering with the commission. Per the CFTC’s complaint the St. Vincent-registered Laino Group, doing business as PaxForex, used a network of U.S.-based affiliates to solicit American retail …

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Law Decoded: Transformations in crypto exchanges and traditional institutions, Sept. 18-25

Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note The final scene of Animal Farm, Orwell’s classic fable of revolution gone wrong and a staple of secondary-school reading lists throughout the English-speaking world, features a card game. The pigs who run the farm …

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SEC vs. Telegram: Part 3 — The extraterritorial reach of US securities laws

As mentioned in the first and second parts of this story, on March 24, 2020, in a widely reported and closely followed decision, Judge Peter Castel imposed a sweeping preliminary injunction preventing Telegram from issuing its planned crypto asset, Grams. Shortly thereafter, the judge clarified his initial ruling by explicitly holding that the injunction applied …

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Indian police begin probe into alleged $270K cryptocurrency exchange scam

The operator of Delhi-based cryptocurrency platform Pluto Exchange is accused of duping 43 investors of more than $272,000. A local news outlet Millennium Post reported that the Economic Offence Wing of the Delhi Police has launched a probe against the operators of the Pluto Exchange after 43 investors filed a complaint with the EOW. Bharat …

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Six people face charges for allegedly bribing Amazon staff to help sellers

Agron Beqiri/NurPhoto via Getty Images The US is cracking down on an elaborate scheme to boost some third-party Amazon sellers at the expense of others. A Grand Jury in Washington has indicted six people (via The Verge) for allegedly bribing Amazon staff and contractors to gain an edge in the internet giant’s Marketplace. To start, …

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