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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

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

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

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

Bitfinex hacker Ilya Lichtenstein sentenced to five years in prison for attempting to launder 120,000 bitcoin

Ilya Lichtenstein was sentenced to five years for the 2016 Bitfinex hack and money laundering. His wife awaits sentencing, having played a lesser role.

theblock.co • 14/11/2024 - 22:40 PM

Crypto lobbying groups file court brief supporting lawsuit against SEC, seeks clarity over token airdrops

Crypto lobbying groups support a lawsuit against the SEC for clarity on token airdrops, arguing they don't violate securities laws, while criticizing the agency's regulatory practices.

theblock.co • 28/10/2024 - 23:01 PM

The Daily: Nigeria drops charges against Binance exec, Buterin hits back against Saylor's comments on regulated bitcoin custody and more

Nigeria drops charges against Binance exec Gambaryan; Buterin critiques Saylor; Bernstein predicts $200K bitcoin price by 2025; Variational raises $10.3M; Tesla retains 11,509 BTC.

theblock.co • 23/10/2024 - 17:33 PM

US sentences man to 5 years in prison for $20 million crypto fraud involving fake Coinbase website

An Indian national, Chirag Tomar, was sentenced to 60 months in prison for stealing over $20 million from victims using a spoofed Coinbase website.

theblock.co • 18/10/2024 - 09:38 AM

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