Kingdom

Secret

United

On July 30, the Law Commission of England and Wales insisted that the United Kingdom government categorize all crypto assets as a new form of personal property in its final report.
It <a href="https://cointelegraph.com/news/england-law-commission-crypto-asset-property-reform">published a supplemental report</a> highlighting current legal inadequacies as an independent body primarily recommending and reviewing law reforms in its respective jurisdictions.
These inadequacies were of the current categorization of personal property and its legal implications concerning crypto assets. 
The commission stated that legal “flexibility” allows for “the recognition of a distinct category of personal property,” capable of recognizing and protecting “certain digital assets.”
<h2 data-ct-non-breakable="true" id="ftx-class-action-lawyers-move-to-block-sullivan-cromwell-s-dismissal-motion">FTX class action lawyers move to block Sullivan &amp; Cromwell’s dismissal motion</h2>
On July 29, FTX class action lawyers submitted a motion opposing the law firm Sullivan &amp; Cromwell (S&amp;C), claiming that the firm went beyond standard legal practices. 
The class action lawyers alleged that S&amp;C exceeded these legal practices in its efforts to actively facilitate the fraudulent activities of the defunct cryptocurrency exchange.
According to the submitted court documents, the class action lawyers stated that S&amp;C lawyers created “misleading strategies that furthered FTX’s misconduct.”
The ongoing lawsuit seeks damages for multiple counts, including aiding and abetting fraud, aiding and abetting fiduciary breaches and civil conspiracy.
<a href="https://cointelegraph.com/news/ftx-class-action-lawyers-block-sullivan-cromwell-dismissal-motion">Continue reading</a>
<h2 data-ct-non-breakable="true" id="bill-proposes-to-give-secret-service-more-power-to-pursue-crypto-crime">Bill proposes to give Secret Service more power to pursue crypto crime</h2>
On Aug. 2, two United States Senators introduced a bill seeking to expand Secret Service powers to combat crypto-related criminal activity.
Nevada-based Catherine Cortex Masto and Iowa-based Charles Grassley introduced the “Combatting Money Laundering in Cyber Crime Act of 2024” bill.
If pushed through and approved, the bill would allow Secret Service authorities to investigate crypto transactions made by unlicensed money-transmitting businesses.
It would also enable the Service to investigate potential fraud against US financial institutions to put financial activity “on federal law enforcement’s radar.”
<a href="https://cointelegraph.com/news/us-senators-introduce-bill-secret-service-against-crypto-crime">Continue reading</a>
<h2 data-ct-non-breakable="true" id="artists-sue-sec-over-confusing-security-status-of-nfts">Artists sue SEC over confusing security status of NFTs</h2>
On July 29, two artists sued the US Securities and Exchange Commission to determine whether non-fungible tokens (NFTs) fall within the agency’s regulatory remit.
The plaintiffs’ attorneys sought clarity on the acts that would trigger US securities laws during NFT creation and sales.
The SEC was questioned whether artists needed to “register” NFT art before selling to retail and whether public disclosures regarding “risks” were required.
<a href="https://cointelegraph.com/news/artists-sue-sec-over-confusing-nft-security-status">Continue reading</a>

UK body proposes property category for crypto assets, SEC sued over status of NFTs: Law Decoded

Table of Contents

Cointelegraph

Other articles published on Aug 6, 2024

Binance Maintains Investor Confidence Despite Past Challenges

Tech & Talk Concert on RWA to be held in Korea

Zoth Expands Strategic Investment Round to Launch Tokenized Liquid Note

US Bitcoin and Ether ETFs Hit Nearly $6B in Trading Volume

Binance Shows Resilience and Growth

Sui Sets The Standard for Blockchain Speed with New Mainnet Consensus Mechanism

Join our free newsletter for daily crypto updates!