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Introduced in March 2023, Australia’s bill on digital asset market regulation has faced a series of report delays by the Senate, and it's now been sent back for amendments. Australia’s Senate Committee on Economics Legislation has finally provided feedback to the cryptocurrency bill introduced by senator Andrew Bragg. The committee on Sept. 4 reported on the draft bill referred to as “The Digital Assets (Market Regulation) Bill 2023,” asking the bill authors to add some amendments. The Senate particularly concluded that it would pass the bill with minor amendments such as removing the term nonfungible tokens (NFTs) from the definition of regulated digital assets. Among other recommendations, the lawmakers asked the bill authors to exclude certain asset-based tokens — such as the Gold and Silver Standard and the BetaCarbon Token — from the definition of stablecoin. The Senate also asked to extend the transition period from three to nine months. In the report, the Senate also urged...

The Kim Nam-guk Prevention Law comes in response to a scandal involving some National Assembly members moving large amounts of crypto. The South Korean government is moving forward with new laws to require officials to report on their holdings of cryptocurrencies like Bitcoin (BTC). South Korea’s National Assembly has unanimously passed a bill that obligates lawmakers and high-ranking public officials to report on their crypto assets. The lawmakers approved the new bill during a plenary session on May 25, the local news agency News1 reported. According to the report, the bill involved amendments to the National Assembly Act and the Public Service Ethics Act. The amendment to the National Assembly Act was unanimously passed with the support of 269 votes from 269 lawmakers present. The amendment to the Public Service Ethics Act received 268 votes from 268 lawmakers present. Passed on May 22, the amendment to the National Assembly Act officially places cryptocurrency in the list of reg...

BlockFi said selling its cryptocurrency lending platform might not generate value for creditors. Disgruntled creditors of the bankrupt cryptocurrency lending firm BlockFi have submitted a new court filing in response to the company’s latest restructuring plan. On May 12, BlockFi outlined its Chapter 11 plan of reorganization in a filing with the United States Bankruptcy Court in Trenton, New Jersey. The firm said that selling BlockFi might not generate enough value for creditors as it owes nearly $1.3 billion to its top 50 creditors . In response, BlockFi creditors submitted another court filing on May 15, arguing that BlockFi deliberately took measures to delay the trial. Represented by the law firm Brown Rudnick, BlockFi creditors wrote that BlockFi sold about $240 million worth of crypto before filing for bankruptcy in late November 2022. The creditors emphasized that the crypto lender sold the assets “at the nadir,” referring to a massive market slump following the collapse of F...

The comments from the hosts of lawyers comes as Judge Victor Marreo said that Dapper Labs’ NBA Top Shot Moments NFT may constitute a security. Blockchain Association’s chief legal officer says “it would be absurd ” for a United States court to rule that digital assets on private blockchains are securities , following a federal judge's decision to allow a lawsuit against Dapper Labs's NBA Top Shots NFTs to play out.  U.S. attorney Jake Chervinsky made the comment after federal judge Victor Marreo denied a motion to dismiss a 2021 lawsuit that accused Dapper Labs of selling nonfungible tokens (NFTs) as unregistered securities. Chervinsky was among a host of lawyers on Twitter to reiterate that the judge’s denial of the motion does not mean a ruling has been made on the lawsuit, only that it was “facially plausible.” “The judge didn't decide anything. He allowed the case to proceed past a motion to dismiss because the securities claims were at least ‘plausible,’ an extremel...

The new foundation will be governed by a board of 3 or more members, and no organization will hold more than one seat. The DAO that governs privacy-focused Blockchain Secret Network (SCRT) has voted to restructure its Secret Foundation as a non-profit with a “transparent operation,” according to the proposal’s official page. Congrats to the #SecretNetwork community! The Secret Foundation has been restructure d as an NPO, with a community-elected board & amendments requested by the founder. # Blockchain #cryptocurrency — Krypton AI (@KryptonAi) February 10, 2023 The proposal stated that the new foundation “will be registered as an NPO [non-profit organization] and provide an annual account of its activities, including key performance indicators (KPIs), budgets, and goals.” The foundation will be run by a board made up of three or more community members. No single organization will be allowed to hold more than two seats on the board, according to the proposal. It passed wit...