WEB3
by BSCN
August 11, 2024
A recap of notable news from the week.
As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed
about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.
A federal judge has ordered Ripple Labs to pay $125 million in civil penalties for violating securities laws, potentially concluding the SEC vs. Ripple case. The fine, imposed by Judge Analisa Torres, follows Ripple's breach of securities regulations in 1,278 institutional sales. The penalty is far lower than the $1 billion initially sought by the SEC.
Read the full story.
The Directorate General of GST Intelligence (DGGI) in Ahmedabad has issued a show-cause notice to Binance, the world's largest cryptocurrency exchange, demanding a GST payment of Rs 722 crore ($86 million). This is the first such action by the DGGI against a cryptocurrency firm, signaling India's regulatory push in the virtual currency market.
Find more information here.
A New York judge has approved FTX and Alameda Research to repay $12.7 billion to creditors, resolving a 20-month lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC). The settlement includes $8.7 billion in restitution and $4 billion in disgorgement, with no civil penalty sought by the CFTC.
Learn more in the article.
Franklin Templeton has launched its OnChain U.S. Government Money Fund (FOBXX) on Arbitrum, an Ethereum Layer 2 blockchain. Initially introduced in 2021, FOBXX was the first U.S.-registered fund to use a public blockchain for transactions. It originally launched on the Stellar network and expanded to Polygon in April 2023.
Details here.
A new USABTC policy group proposes a Bitcoin tax-free Digital Economic Zone (DEZ) in the U.S., aiming to boost the country's leadership in the digital economy. Bitcoin transactions within the DEZ would be exempt from capital gains taxes, though converting Bitcoin back to traditional currency would still be taxed.
Read the full story here.
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