Spain Brings Forward MiCA Crypto Rules by Six Months After EU Pressure

The rules introduce tough consumer-protection measures for crypto firms, and in principle kick in at the end of next year for companies seeking a new license. Companies already operating under national law, however, can carry on for a further 18 months, and regulators are anxious that an overlong implementation period would place customers of the bloc’s roughly 2,000 registered crypto companies at a disadvantage.

Craig Wright Wins U.S. Appeal in Billion-Dollar Bitcoin Dispute

The Kleiman estate, now represented by David’s brother Ira, “has not shown that the court relied on an erroneous legal standard or made a clear error of judgment” when it struck down sanctions that were imposed on Wright for having, in the lower-tier District Court’s words, “wilfully obstructed” the legal process, Appeal Court judges said.

Crypto Shareholder Requirements Set Out by EU Banking Regulators

New European Union laws known as the Markets in Crypto Assets regulation, MiCA, due to take effect in December 2024, require prospective crypto license holders to show owners and executives have a good reputation. MiCA authorizations – which will allow crypto companies to operate across the 27-nation bloc – can be withdrawn if executives don’t meet the grade, added the consultation, which is open for comment until January.

Coinbase Picks Ireland as EU Hub

“Ireland has a supportive political environment for FinTech companies, as well as a globally respected regulator,” said a statement by Coinbase’s Vice President and Regional Managing Director for Europe, the Middle East and Africa, of the EU country that already plays host to tech giants like Apple and Google. “We look forward to working with regulators in Ireland, Germany and beyond, to bring this industry to its full potential with the advent of MiCA.”

Do Kwon’s SEC Case May Hinge on Role of Jump Trading, Court Documents Show

Jump’s involvement may matter due to an incident a year earlier, in which UST temporarily lost its peg to the dollar. While Kwon told investors the coin maintained its $1 value because of its automated algorithm, SEC experts say that it was, rather, due to Jump intervening in the market at Terraform’s behest.

DLT Securities Rules Are Here to Stay, EU Official Says

The new legislation “is here to stay,” as, despite a review due to take place after three to six years, legally speaking the current, lighter rules will continue to apply by default, said Keller, who is at the commission’s Securities Market Unit. “It’s very unlikely that the DLT pilot would be discontinued.”

EU Privacy Watchdog Takes Aim at ‘Excessive Centralization’ of Digital Euro

“A high standard of privacy and data protection is instrumental in gaining citizens’ trust in this new digital currency,” the European Data Protection Board’s Deputy Chair Irene Loizidou Nicolaidou said in a statement, saying she wanted to “ensure that data protection is embedded early on in the design phase of the digital euro when used both online and offline.”

Banks Must Disclose Crypto Exposures, Global Regulator Says

Under the proposals, which would take effect in 2025, “banks would be required to disclose qualitative information on their activities related to cryptoassets and quantitative information on exposures to cryptoassets and the related capital and liquidity requirements,” said the committee, which is linked to the Bank for International Settlements, a network of central banks based in Basel, Switzerland.

EU Regulator Warns of ‘Opaque’ Crypto Firms as It Seeks to Close MiCA Loopholes

“Opaque group structures may also render it difficult for clients of service providers to know which entity they are dealing with and its regulatory status,” ESMA said in a statement today, adding that some existing crypto companies “may lack a strong compliance culture … and their large scale and geographic scope allow them to maintain a high level of agility in terms of where they can operate, increasing the risk of conflicts of interest, regulatory arbitrage and an unlevel playing field.”

Genesis Ordered to Comply With Terra Subpoena Within 5 Days

Rakoff is also grappling with how to extract information from Kwon in connection with the case. Kwon’s lawyers have argued he can’t come to the U.S. as he is serving a jail sentence in Montenegro for possession of a fake passport, but “the laws of physics do not make it impossible for him” to be deposed, Rakoff said in a September order, warning that Kwon wouldn’t be allowed to make any declaration in the case without having been available for cross-questioning.

EU Markets Regulator Warns of DeFi’s ‘Serious Risks’

“Although investors’ exposure to DeFi remains small overall, there are serious risks to investor protection, due to the highly speculative nature of many DeFi arrangements, important operational and security vulnerabilities, and the lack of a clearly identified responsible party,” said the report prepared by the Paris-based agency, promising annual reports on the sector.

U.S. State Regulators Intervene in Coinbase’s Unregistered Securities Case

Now, three new amicus briefs, which allow parties who are interested but not directly affected by the case to aid the court’s reasoning, argue crypto is neither significant nor special, and that the SEC can take on digital assets under existing law.

Bankman-Fried Seeks to Probe Lawyers’ Involvement in $200M ‘Sham’ Alameda Loans

Wang is expected to finish his testimony later Tuesday, to be followed by Caroline Ellison, the former head of Alameda Research who is also Bankman-Fried’s ex-girlfriend. Both Wang and Ellison have pleaded guilty and are cooperating with investigators.

Italy’s Cipollone Defends Digital Euro as He Seeks ECB Role

A digital euro would “reinforce the ability to pay with public money throughout Europe with a technology and infrastructure that is based in Europe,” he told members of the European Parliament’s Economic and Monetary Affairs Committee, promising offline functionality, accessibility and “excellent solutions” to protect privacy.

Banks Would Have to Disclose Crypto Holdings Under New BIS Plan

Signature Bank, the New York financial institution that shuttered on March 12, “failed to understand the risk of its association with and reliance on crypto industry deposits,” and executives didn’t acknowledge that fears over crypto instability might also encourage other customers to withdraw funds, the report said.

Dutch Crypto Companies Score Legal Win in Fight Against $2.3M Supervision Bill

The legislation is still consistent with general norms of good governance, and the companies should still be regarded as under supervision, the judges said. The ruling has no bearing on costs for 2020, judges said, and a separate legal case is still ongoing for 2022 fees.

Central Bank Group Unveils Data Project Mapping Crypto Transfers

“Though relatively small compared with total on-chain network traffic, identified flows between crypto exchanges are significant and substantial economically,” said the study, which initially looked at transactions on the Bitcoin network. “The output of Project Atlas could serve as a starting point for preliminary assessments and inform the drafting of data reporting requirements and regulation of crypto market actors.”

Lack of U.S. Crypto Laws Irrelevant to Bankman-Fried Allegations, DOJ Says

“While the existence of a law might be relevant to establish a statutory duty of care, the absence of regulation is not relevant to whether money was, in fact, entrusted to the defendant’s care by his victims,” the DOJ filing said, adding that the existing criminal rulebook is sufficient. “There are prohibitions on misappropriating customer assets – they are the very laws that the defendant has been charged for violating.”

Sam Bankman-Fried Sues His Insurer as Legal Bills Mount

CNA, also known as the Continental Casualty Company, has “unjustifiably failed to make timely payment on Mr. Bankman-Fried’s claims as required by the Policy,” said the filing, adding that those alleged breaches “have caused, and threaten to cause, substantial and irreparable harm to Mr. Bankman-Fried for which there is no adequate remedy at law.”

EU Plans for Wholesale CBDC Out Within Weeks, French Central Banker Says

Signatories to the letter, sent Sept. 26, include the Netherlands’ Michiel Hoogeveen, former Belgian Finance Minister Johan van Overtveldt and Markus Ferber, economic spokesperson for the EU’s largest, center-right political grouping, the European People’s Party.

Bankman-Fried Seeks to Block Prosecutors Calling FTX Investors, Former Insiders as Witnesses

The DOJ “asks the Court to permit percipient witnesses to offer their own opinions and interpretations on issues that the jury must evaluate from the objective perspective of a reasonable person,” a move for which there’s no legal basis, Cohen said, adding that the defense should at least be able to cross-question any government witnesses.

Bankman-Fried Saw Missing FTX Billions as ‘Rounding Error,’ Biographer Says

“Even his best friends, inside the company said, ‘Sam is just not built to manage people,’” Lewis said, adding that Bankman-Fried didn’t know the names of other members of the board of directors, and appears to have viewed their role as mere rubber-stamping.

JPEX Crypto Exchange Probe Sees 4 More Arrests: SCMP

The arrest of people who the police say are “relatively close to core” of the scandal brings the total number of detentions to 18, and a number of other fugitives are still being tracked, the report said, adding that one suspect was allegedly found destroying documents with paper shredders and bleach in an apartment bathtub.

Circle Intervenes in Binance’s SEC Case, Argues Stablecoins Aren’t Securities

“Payment stablecoins, on their own, do not have the essential features of an investment contract,” meaning they fall outside of SEC jurisdiction, Circle’s filing said. “Decades of case law support the view that an asset sale — decoupled from any post-sale promises or obligations by the seller — is not sufficient to establish an investment contract.”

Europe’s Crypto Industry Wants Staking Clarity as Regulations Loom

“From staking and lending, people can obtain certain gains, and those gains are interesting from the tax perspective,” Luis Calvo-Parra Martínez, an official from the tax arm of the European Commission, told the same event, adding that “it would be good for legal certainty to have a legal definition for those [services], which now – I wouldn’t say is lacking, but could be put more black on white.”

Market Maker KeyRock Secures Swiss Anti-Money Laundering Clearance

The market maker, based in Belgium, joins the likes of crypto firm Bitcoin Suisse and custodian BitGo in registering with VQF, a financial standards organization approved by Swiss regulators to monitor compliance with anti-money laundering standards.