CRYPTOCURRENCY
US Supreme Court Steps In On Coinbase Customer Contract Dispute
The US Supreme Court is set to decide on a contract dispute between Coinbase and its customers, potentially impacting user agreement drafting and enforcement in the digital currency trading sector.
Ripple CEO Brad Garlinghouse Criticizes Former SEC Chair Jay Clayton's Regulatory Approach
Ripple CEO Brad Garlinghouse criticizes former SEC Chair Jay Clayton for his aggressive regulatory approach, citing hypocrisy based on a 2020 lawsuit against Ripple. The ongoing legal tussle and recent developments highlight the broader regulatory uncertainties in the crypto industry.
Chamber of Digital Commerce Joins Forces to Counter SEC's Lawsuit Against Binance.US
The Chamber of Digital Commerce has spearheaded a collective effort to defend Binance.US against the SEC's lawsuit. The chamber, along with Binance.US and other industry stakeholders, is challenging the SEC's regulatory approach, marking a significant collaborative resistance within the cryptocurrency sector.
Binance and CEO Changpeng Zhao Face Class-Action Lawsuit Over Alleged Market Manipulation Targeting FTX
Binance and its CEO, Changpeng Zhao, are facing a class-action lawsuit filed by plaintiff Nir Lahav, accusing them of unfair competition and SEC law violations. The lawsuit alleges that Binance manipulated the cryptocurrency market to harm competitor FTX, leading to a significant decline in FTX's utility token, FTT. The case brings into focus the broader implications of regulatory efforts in the crypto industry.
TikTok Crypto Influencers Mislead Viewers
More than one-third of cryptocurrency influencers on TikTok have posted misleading videos about Bitcoin and other cryptocurrencies, according to a recent study. Many of these influencers fail to provide disclaimers warning users about the risks of investing in cryptocurrencies. Moreover, many are pushing services and investments for their own profit, without disclosing the payments they receive. The potential financial risks for unwary investors are high, with one in three misleading videos on TikTok mentioning Bitcoin. Viewers are advised to do their own research before making any investments.
Terraform Labs co-founder defends against SEC allegations
Do Kwon, co-founder of Terraform Labs, has defended himself against allegations of fraud from the US Securities and Exchange Commission (SEC). Kwon’s lawyers have requested the dismissal of the lawsuit, claiming that the SEC's allegations are unfounded and that US law prohibits regulators from asserting jurisdiction over the digital assets in question. The lawyers also argued that the SEC failed to prove Kwon’s involvement in the collapse of Terra’s stablecoin, UST.
Terraform Labs Co-Founder Argues Against SEC Lawsuit
Terraform Labs co-founder, Do Kwon's lawyers have argued in court against the SEC's lawsuit for illegally offering unregistered securities. The lawyers claim the SEC's acquisitions are unfounded and that the stablecoin in question is a currency, not a security. Additionally, Kwon's arrest and subsequent extradition remain uncertain.
AI Companies Respond to Copyright Infringement Claims
Stability AI, Midjourney, and DeviantArt have responded to a lawsuit brought by artists who claim that their work was used without permission to train generative AI systems. The companies argue that the resulting AI-generated images are dissimilar to the artists’ work, and that the lawsuit lacks specific information about the allegedly misused photos.
NFT Co-Founder Faces Lawsuit Over Crypto Wallet Dispute
Rebase co-founder Edmond Truong is being sued by Krzysztof Gagacki, who claims to be a co-founder of the nonfungible token (NFT) project. Gagacki alleges that Truong misappropriated $2 million into a separate wallet owned and controlled by him without his consent, ousting Gagacki from the firm and causing damage to his reputation.
XRP Not a Security According to Hogan
Jeremy Hogan, partner at Hogan & Hogan, argues that Ripple’s XRP does not fit the definition of an investment contract and is therefore not a security. The SEC lawsuit against Ripple claims that the company illegally sold XRP as an unregistered security, but Hogan argues that the SEC has not demonstrated an implied or explicit investment contract.