Weekly Article Recap: 8/05-8/09

Recapping the Week in DeFi

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.

Ripple Ordered to Pay $125M in Securities Law Violation Case, Possibly Ending SEC vs. Ripple Conflict

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.

Binance Hit with $86M Tax Demand by Indian Authorities Over GST Registration

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. 

Judge Approves $12.7B Repayment Plan for FTX Creditors

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 Unveils U.S. Money Fund on Arbitrum

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. 

US Policy Group Proposes Bitcoin Tax-Free Zone to Boost Digital Economy

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.