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The Daily: South Korea's short-lived military rule sparks record crypto trading volume and more

South Korea's military rule affected crypto markets, HYPE token's value soared, TRON hit new highs, Celsius CEO pleaded guilty, and the U.S. government moved seized crypto.

theblock.co • 04/12/2024 - 14:01 PM

Former Celsius CEO Alex Mashinsky pleads guilty to two criminal counts in NY court: reports

Alex Mashinsky, former CEO of Celsius, pleaded guilty to commodities fraud and price manipulation, facing up to 20 years in prison amid the company's bankruptcy proceedings.

theblock.co • 03/12/2024 - 20:42 PM

The Daily: US appeals court rules OFAC exceeded its authority in Tornado Cash sanctions, WalletConnect launches its first airdrop season and more

The Fifth Circuit Court of Appeals ruled on Tuesday that the Treasury Department’s Office of Foreign Assets Control (OFAC) ”overstepped its authority” by sanctioning crypto mixer Tornado Cash, reversing a lower district court decision. WalletConnect has launched its first airdrop season and eligibility checker, allocating 50 million of the total supply of 1 billion WCT tokens to over 160,000 users, including builders and contributors. A Brazilian lawmaker has introduced a bill to create the Strategic Sovereign Bitcoin Reserve, allocating up to 5% of the nation’s $372 billion financial assets to the cryptocurrency via a phased acquisition strategy. The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

theblock.co • 27/11/2024 - 18:43 PM

US appeals court says Treasury 'overstepped' authority in Tornado Cash sanctions

A U.S. appeals court ruled on Tuesday that OFAC exceeded its authority by sanctioning Tornado Cash, a crypto mixer. The court reversed the district court decision, arguing that Tornado Cash’s smart contracts are not “property” and therefore cannot be sanctioned. Coinbase’s Paul Grewal called the ruling a “historic win” for crypto.

theblock.co • 27/11/2024 - 02:18 AM

SEC chair Gensler's departure sparks hope for compromises in crypto cases, regulation

Over the past few years, the agency has brought hefty cases against big industry players, including against crypto exchange Coinbase, for not registering lawfully with the agency. The agency could also go for a less aggressive approach and come to some compromises in ongoing cases.

theblock.co • 22/11/2024 - 20:24 PM

Texas judge tosses out SEC's expanded 'broker' rule, which broke with 90 years of legal tradition to rope in crypto traders

A Texas court has order the U.S. Securities and Exchange Commission to throw out a controversial rule that broadly redefined the term “dealer” in a move that impacted both crypto-focused and traditional finance firms. The Blockchain Association and Crypto Freedom Alliance of Texas lodged a lawsuit against the agency in April, the month the expanded rule took effect.

theblock.co • 21/11/2024 - 20:07 PM

The Daily: FTX co-founder Gary Wang avoids prison time, BlackRock's Bitcoin ETF sees unprecedented first-day options trading and more

FTX co-founder Gary Wang avoided prison time at a sentencing hearing on Wednesday, according to Inner City Press and Reuters. BlackRock’s IBIT spot Bitcoin ETF achieved nearly $1.9 billion in notional exposure during its first day of options trading on Tuesday. Bernstein analysts named Robinhood the top “crypto deregulation trade,” following Donald Trump’s election win this month, raising their HOOD share price target to $51 — around 45% upside potential. The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

theblock.co • 20/11/2024 - 18:54 PM

NBA star Shaq agrees to pay $11 million to settle long simmering class action lawsuit over promoting NFTs

Basketball hall-of-famer Shaquille O’Neal has agreed to pay $11 million to settle charges in a class action suit related to the Astrals NFT project he promoted. O’Neal, who is also part of a massive consolidated case against celebrity “brand ambassadors” for FTX, attempted to dismiss the case.

theblock.co • 19/11/2024 - 19:53 PM

US Attorney's Office for the Southern District of New York to pare back crypto-related cases: Reuters

The SDNY plans to reduce its focus on crypto cases, reallocating resources while continuing to pursue significant enforcement actions against industry players.

theblock.co • 15/11/2024 - 18:06 PM

LAWSUITS

Dogecoin lawsuit against Elon Musk dropped amid market surge

Dogecoin investors have dismissed their class-action lawsuit against Elon Musk, alleging price manipulation during the memecoin's surge in 2021, after a federal court's ruling.

theblock.co • 15/11/2024 - 17:10 PM

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