Bitcoin SV

<p><img src="https://media.licdn.com/dms/image/C4D0BAQGBc3KzyqgZpQ/company-logo_100_100/0/1630682957789/bsvblockchain_logo?e&#61;1717632000&amp;v&#61;beta&amp;t&#61;U7zkNYc4LY7sDMJ8PwRvcpd7908X3dKeHNUm_6cmPOk" /></p><h2 id="header-0"><a href="https://www.linkedin.com/company/bsvblockchain/" rel="noopener noreferrer nofollow">BSV Blockchain</a></h2><p>The SEC&#39;s challenge against alleged cash transfers by Terraform Labs during bankruptcy proceedings, aimed at covering legal expenses, coincides with the US Supreme Court hearing arguments regarding a lawsuit accusing Coinbase of running a fraudulent sweepstakes, sparking a debate over arbitration jurisdiction. Meanwhile, Gemini commits to refunding $1.1 billion to customers and pays a $37 million fine to the New York Department of Financial Services, as the Bank for International Settlements issues recommendations for regulating global stablecoin arrangements in the EU/UK.</p><p>The BSV Blockchain Gazette is presented by Bryan Daugherty, Public Affairs Director of Americas for BSV Blockchain, featuring:</p><ul><li><a href="https://www.linkedin.com/company/senateaggop/" rel="noopener noreferrer nofollow">Senate Agriculture Committee</a> Chair Debbie Stabenow (D-MI)</li><li>Rep. <a href="https://www.linkedin.com/in/victoria-spartz-91440a8/" rel="noopener noreferrer nofollow">Victoria Spartz</a> (R-IN)</li><li><a href="https://www.linkedin.com/company/house-financial-services-democrats/about/" rel="noopener noreferrer nofollow">House Financial Services Committee</a></li><li><a href="https://www.linkedin.com/company/supreme-court-of-the-u-s-/" rel="noopener noreferrer nofollow">Supreme Court of the United States</a></li><li><a href="https://www.linkedin.com/company/secgov/" rel="noopener noreferrer nofollow">U.S. Securities and Exchange Commission</a> (SEC)</li><li><a href="https://www.linkedin.com/company/nydfs/" rel="noopener noreferrer nofollow">New York Department of Financial Services</a> (DFS)</li><li><a href="https://www.linkedin.com/in/bernie-moreno-4251884/" rel="noopener noreferrer nofollow">Bernie Moreno</a> (Candidate for US Senate)</li><li><a href="https://www.linkedin.com/company/bis/" rel="noopener noreferrer nofollow">Bank for International Settlements</a> (BIS)</li></ul><h3 id="us">US</h3><h3 id="senate-agriculture-committee-chair-proposes-new-legislation-for-crypto-regulation">Senate Agriculture Committee Chair proposes new legislation for crypto regulation</h3><p>Senate Agriculture Committee Chair Debbie Stabenow (D-MI) said in an interview that top lawmakers in both chambers are exploring efforts to advance legislation to address crypto and digital commodity regulation. She is also reportedly working on a new bill to regulate digital commodities and reauthorize the CFTC.</p><h3 id="rep-spartz-urges-congressional-action-on-crypto-classification-amid-sec-critique">Rep. Spartz urges congressional action on crypto classification amid SEC critique</h3><p>Rep. Victoria Spartz (R-IN) tweeted that Congress, rather than the SEC, should clarify whether crypto is a security or a commodity, stating that she is “disturbed by the amount of power the SEC has been accumulating.”</p><h3 id="house-committee-marks-bills-including-resolution-against-sec-accounting-bulletin">House Committee Marks bills including resolution against SEC accounting bulletin</h3><p>The House Financial Services Committee is scheduled to hold a markup of several bills today, including H.J. Res. 109, a resolution disapproving of the SEC’s Staff Accounting Bulletin 121.</p><h3 id="sec-challenges-terraform-labs-39-alleged-cash-transfers-amid-bankruptcy-proceedings">SEC challenges Terraform Labs&#39; alleged cash transfers amid bankruptcy proceedings</h3><p>The SEC is challenging alleged cash transfers from Terraform Labs to its lawyers just before it filed for bankruptcy, using some of the money to cover legal expenses for co-founder Do Kwon.</p><h3 id="supreme-court-hears-coinbase-sweepstakes-case-debate-over-arbitration-venue">Supreme Court hears Coinbase sweepstakes case, debate over arbitration venue</h3><p>The US Supreme Court heard oral argument in litigation accusing Coinbase of running a bogus sweepstakes, as the parties are debating whether a federal court or an arbitrator should decide whether the case belongs in arbitration.</p><h3 id="gemini-commits-to-1-1-billion-refund-pays-37-million-fine-to-ny-dfs">Gemini commits to $1.1 billion refund, pays $37 million fine to NY DFS</h3><p>The New York Department of Financial Services (DFS) announced that Gemini has committed to return at least $1.1 billion to Gemini Earn Program customers through the Genesis bankruptcy proceeding, and Gemini will also pay a $37 million fine to DFS.</p><p>Bernie Moreno, who is running to replace Sen. Sherrod Brown (D-OH), criticized Sens. Elizabeth Warren (D-MA) and Brown on X, arguing that “left wing radicals” should not be creating legislation regulating crypto.</p><h3 id="eu-uk">EU/UK</h3><h3 id="senatorial-candidate-criticizes-warren-and-brown-on-crypto-regulation-stance">Senatorial Candidate criticizes Warren and Brown on crypto regulation stance</h3><p>The Bank for International Settlements (BIS) <a href="https://www.bis.org/fsi/fsisummaries//global_stablecoins.htm" rel="noopener noreferrer nofollow">published recommendations</a> for the regulation, supervision, and oversight of global stablecoin arrangements, aiming to address risks while supporting responsible innovation.</p>

Coinbase sweepstakes case sparks jurisdiction debate

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