The Bitcoin mining industry continues to face a challenging year as the price of Bitcoin (BTC) hovers below $20,000, coupled with rising energy costs in North America and Europe. Regulators have also recently started clamping down on crypto mining, as a recent report from the Bitcoin Mining Council (BMC) found that Bitcoin has seen a 41% increase in energy consumption year-on-year (YoY). As a result, a number of crypto mining companies have been forced to sell off equipment, while others have filed for bankruptcy. Yet, this hasn’t been the case for some miners, particularly those focused on clean energy solutions …

The United States Department of Justice has announced charges against two Chinese intelligence officers who allegedly bribed a double agent with Bitcoin. In an Oct. 24 announcement, the Justice Department said Guochun He and Zheng Wang had attempted to obstruct the prosecution of an unnamed global telecommunications company based in China, which allegedly involved paying a U.S. government employee roughly $61,000 in bribes using Bitcoin (BTC). However, the individual was a double agent working on behalf of the Federal Bureau of Investigation and did not move against authorities in the Eastern District of New York in the case against the …

Crypto lending platform Celsius filed for Chapter 11 bankruptcy on July 13, 2022. Although the Celsius case involves digital assets, it remains subject to United States Bankruptcy Code under the Bankruptcy Court for the Southern District of New York. While this may be, a series of unusual events have ensued since Celsius filed for bankruptcy. For instance, Chief United States Bankruptcy Judge Martin Glenn — the judge overseeing the Celsius case — stated on Oct. 17 that the court will look abroad for guidance. Glenn specifically mentioned that “Legal principles that are applicable in the United Kingdom are not binding …

Turkish President Recep Tayyip Erdoğan unveiled new details about the e-Human project powered by blockchain ahead of Turkey’s national blockchain summit. Cointelegraph Turkey reported the e-Human project will be based on blockchain tech to keep all services, data and capabilities used by the system under protection. While it has a sci-fi name, Turkey’s e-Human project acts as a digital service point where Turkish Presidency can share data related to its services and tools related to career, remote education, talent acquisition. Students, new graduates and public employees can access job and internship opportunities in the public and private sectors, certified training …

Nine months into the conflict between Ukraine and Russia, sanctions against the latter have continued to grow at an aggressive pace. This time around, legislators for the European Union announced that they are introducing a complete ban on all cross-border crypto payments between Russia and its citizens. To elaborate, a prohibition of all “crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet” has now been initiated by the EU in response to Russia’s continued annexation of Ukrainian land, repeated mobilization of troops within the country and threats of nuclear escalation. It is worth noting that previous …

Considerable anxiety exists in the world of Web3 related to regulation and the legal status of cryptocurrency projects. It’s particularly apparent in the United States, where the Commodity Futures Trading Commission (CFTC) fueled concerns in September with an announcement that it was imposing a $250,000 fine on a decentralized autonomous organization (DAO), Ooki DAO, and its investors. The fine was particularly ominous, considering DAOs are intended to be “regulation proof.” The CFTC said in its statement on the issue that Ooki DAO’s bZeroX protocol offered illegal off-exchange trading of digital assets. The agency took issue with the fact that the …

Over the last few years, the cryptocurrency industry has been a primary target for regulators in the United States. The legal battle between Ripple and the United States Securities and Exchange Commission (SEC), Nexo’s lawsuit with the securities regulators of eight states, and the scrutiny targeting Coinbase’s Lend program last year are only a few high-profile examples. This year, even Kim Kardashian had first-hand experience with regulatory scrutiny after agreeing to pay a $1.26 million fine for promoting the dubious crypto project EthereumMax. While Ethereum developers intended to pave the way for key network upgrades in the future, it seems …

This month, the European Union (EU) agreed on the text for a unified licensing regime for cryptocurrency exchanges to operate across the EU bloc as part of its Markets in Crypto Assets Regulation (MiCA). The United States — despite being a traditional global leader in legal frameworks for technological innovation — has not provided that same regulatory clarity. National cryptocurrency exchanges in the U.S. are regulated at the state level through a patchwork of money transmission laws that overburden companies while under-protecting consumers. In our view, many digital tokens are properly characterized as digital commodities rather than securities. Yet, a …

In less than a week, Terraform Labs founder Do Kwon’s passport will expire. Interpol issued a red notice for Kwon last month, and this month, his assets were reportedly frozen by the South Korean government. Kwon has been tweeting freely in response — and almost always denies the reports. “I don’t know whose funds they’ve frozen, but good for them, hope they use it for good,” he wrote in one message. Playing a game of cat and mouse with both the authorities and the public, Kwon seems to be living a life of freedom while enjoying his internet access. Meanwhile, …

Members of the United Kingdom’s House of Lords have introduced legislation aimed at eliminating the need for paper trade documents, increasing the likelihood of using blockchain technology to trace records. In an Oct. 12 announcement, MP Michelle Donelan and the U.K. Department for Digital, Culture, Media and Sport said the Electronic Trade Documents Bill had been introduced in the country’s parliament. The legislation proposed removing “needless paperwork and bureaucracy” by making digital documentation legally recognized for trade. “Electronic trade documents also increase security and compliance by making it easier to trace records — for instance, through the use of blockchain …

The city of Rio de Janeiro is seeking crypto firms to operate its tax property seasoning in 2023, according to a decree published on Oct. 11, allowing taxpayers to use crypto alongside fiat currency to pay tributes. The move makes Rio the first Brazilian city to accept digital assets as payment for taxes. It is expected that taxpayers will be able to pay with more than one crypto asset and that other types of taxes will be enabled in the future, the city stated. The decree also states that companies willing to provide the services must be registered with the …

The charges incited a public debate — is the requirement to disclose the amount paid to promote an investment opportunity important? What’s new? Celebrities and social media influencers have long enjoyed a lucrative revenue stream in promoting and endorsing services and products ranging from clothing to beauty products, and even supplements and medications. The Federal Trade Commission (FTC) regulates endorsements by requiring various acts and disclosures, including whether a financial relationship exists between the endorser and the company, whether a post was paid for and even by requiring an endorser to personally try a product before endorsing it. Still, the …