Cryptocurrency news: Kraken rejects SEC allegations, UK clarifies the legal status of cryptocurrencies, Tether hires PayPal’s former head of government affairs. Learn about key changes in digital asset regulation.
Kraken Challenges SEC Allegations
Cryptocurrency exchange Kraken has denied the allegations made by the U.S. Securities and Exchange Commission (SEC). The regulator accused the company of violating securities laws, claiming that assets like Solana (SOL), Cardano (ADA), Algorand (ALGO), Filecoin (FIL), and others were considered investment contracts. However, Kraken insists that these assets do not fall under the legal definition of securities, arguing that the laws from 1934 do not apply to this case. This statement underscores the importance of legal recognition of cryptocurrencies and their regulatory status.
Brazil Lifts Freeze on Starlink and X Accounts After Fine Payment
After a fine of $3.3 million was paid, Brazil’s Supreme Court lifted the freeze on accounts linked to Elon Musk’s projects, Starlink and X (formerly Twitter). This action was taken due to legal disputes over failure to comply with court orders regarding the removal of content threatening democracy. Meanwhile, Brazil’s Attorney General’s Office argued that the actions taken to protect free speech rights remain a subject of public debate.
The UK Clarifies Legal Status of Cryptocurrencies
In September 2024, the UK government introduced a bill aimed at establishing the legal status of Bitcoin (BTC) and other cryptocurrencies as personal property. The move is designed to resolve disputes over digital assets and address questions regarding non-fungible tokens (NFTs). This legislation is expected to have a positive impact on the development of the crypto industry by offering legal protection to owners and companies associated with digital assets.
Coinbase Launches Legal Defense Fund for NFT Projects
The Stand With Crypto organization, supported by Coinbase, announced the creation of a legal defense fund for NFT projects. The $6 million fund is backed by OpenSea and venture firm a16z. This initiative aims to help artists and developers working on blockchain projects who face legal challenges due to SEC claims. It highlights the importance of legal support for projects in the context of ongoing regulatory uncertainty.
Tether Hires PayPal’s Head of Government Affairs
Tether, one of the largest stablecoin issuers, announced the appointment of Jesse Spiro as head of government affairs. Spiro, who previously worked at PayPal, will oversee interactions with lawmakers and regulators. This appointment highlights Tether’s commitment to responsible innovation and strengthening its legal framework, especially as U.S. lawmakers discuss stablecoin legislation in Congress.
Nigerian Government Accuses Four Crypto Traders of Forex Violations
The Nigerian government has filed charges against four cryptocurrency traders for violating foreign exchange regulations. They are accused of conducting illegal cryptocurrency transactions without a banking license, which could lead to significant legal repercussions for crypto platforms in the country.
Moonpay Expands Operations in Australia
Moonpay has successfully registered in Australia to offer digital currency exchange services. This will allow the company to provide alternative payment methods to local users and continue its global expansion in new markets. Moonpay has emphasized its commitment to complying with anti-money laundering regulations and ensuring consumer safety.
Zano Partners With Confidential Layer for Enhanced Privacy in Transactions
Zano, a Layer 1 (L1) blockchain, has partnered with Confidential Layer to provide secure and private transactions across different blockchains. Users will be able to add enhanced privacy features to their assets while maintaining liquidity. This partnership highlights the growing importance of financial privacy in the digital economy.
Conclusion
The cryptocurrency world is experiencing active interactions between regulators and the industry, leading to both legal tensions and new opportunities for growth. It’s important to follow the development of regulatory initiatives, as they could significantly impact the future of digital assets.
