Bits of Blocks (2024)

15/02/2024

The SEC is likely to capture DeFi in new dealer rules - but protocols have no path to compliance. What's going to happen?

The US Securities and Exchange Commission (SEC) has broadened its definition of a "dealer" to encompass a wider range of financial activities. The rules require that anyone who meets the expanded "dealer" definition must register with the SEC and become a member of a self-regulatory organisation. Th...

15/02/2024

Security Alliance's SEAL Team is a really exciting Web3 project to help protect users and protocols under active exploit.

A leading group of Web3 security researches and lawyers (including the authors of this piece) launched a request for comment yesterday on a new security approach to assist in reducing DeFi hacks. The Whitehat Safe Harbor Agreement is intended to incentivize "Whitehats", so-called ethical security ha...

11/02/2024

🔒 In the lastest BitsofBlocks post🔍 we explore the SIM swapping issue around the $400M hack after the FTX collapse. 💼💻 While many speculated it was insiders it looks to just be a SIM swap gang. Cybersecurity is increasingly vital in our digital age, and understanding the legal landscape surrounding such incidents is crucial for businesses and individuals alike. 💡

Prosecutors in the United States have charged three individuals with coordinating and executing a hack which saw over USD$400 million removed from FTX wallets the day after the defunct digital currency exchange filed for bankruptcy. The devastating hack, which was initially thought to be under "susp...

09/02/2024

📰 Unpacking insights from the Block Earner v. ASIC Judgment! Below we explain the key lessons learned from the case, shedding light on its implications for blockchain regulation and innovation and products involving crypto-assets.
This hotly awaited decision can highlight danger areas on yield products, but also where products involving DeFi might be outside the regulatory perimeter.

🌱

https://wix.to/gDUBHRn

The judgment in ASIC v Web3 Ventures Pty Ltd (trading as Block Earner) was released today and has been greatly anticipated. The matter focused on two products offered by Block Earner, "Access" through which customers could send funds through to Aave and Compound, prominent DeFi lending protocols whi...

09/02/2024

Access all areas? Unpacking the lessons earned from the Block Earner v ASIC judgment

The judgment in ASIC v Web3 Ventures Pty Ltd (trading as Block Earner) was released today and has been greatly anticipated. The matter......

https://www.bitsofblocks.io/post/access-all-areas-unpacking-the-lessons-earned-from-the-block-earner-v-asic-judgment

The judgment in ASIC v Web3 Ventures Pty Ltd (trading as Block Earner) was released today and has been greatly anticipated. The matter focused on two products offered by Block Earner, "Access" through which customers could send funds through to Aave and Compound, prominent DeFi lending protocols whi...

08/02/2024

Call your lawyer! Sim swapping FTX hackers prosecuted

Prosecutors in the United States have charged three individuals with coordinating and executing a hack which saw over USD$400 million......

https://www.bitsofblocks.io/post/call-your-lawyer-sim-swapping-ftx-hackers-prosecuted

Prosecutors in the United States have charged three individuals with coordinating and executing a hack which saw over USD$400 million removed from FTX wallets the day after the defunct digital currency exchange filed for bankruptcy. The devastating hack, which was initially thought to be under "susp...

08/02/2024

Future proof: Regulating DeFi as Critical Infrastructure

The rise of decentralised finance (DeFi), based on smart contract and peer to peer technologies, has highlighted reliance on existing......

https://www.bitsofblocks.io/post/future-proof-regulating-defi-as-critical-infrastructure

/CTF

The rise of decentralised finance (DeFi), based on smart contract and peer to peer technologies, has highlighted reliance on existing centralized intermediaries in combating illicit financial activities including money laundering, terrorism financing and sanctions violations. In their 2023 Synthesis...

08/02/2024

AI deepfakes challenge KYC and internal controls

From Barack Obama calling Donald Trump a "complete dipsh*t", Mark Zuckerberg bragging about having "total control of billions of people's......

https://www.bitsofblocks.io/post/ai-deepfakes-challenge-kyc-and-internal-controls

/KYC

From Barack Obama calling Donald Trump a "complete dipsh*t", Mark Zuckerberg bragging about having "total control of billions of people's stolen data", to explicit images circulating on X, artificial intelligence (AI) technologies are being used to create fake but convincing materials proliferating....

07/02/2024

🌟 The UK High Court has been asked to declare that Craig Wright is not the mysterious founder of Bitcoin, Satoshi Nakamoto. 🤔💼 This legal battle follows on from litigation by Dr Wright in which he has asserted he is Satoshi and might shed interesting light on one of cryptocurrencies greatest mysteries. 🌐 https://wix.to/fcQJiFK

The trial to determine whether Australian computer scientist Craig Wright is the pseudonymous creator of bitcoin, Satoshi Nakamoto, commences in the UK High Court this week. Wright faces a claim by the Crypto Open Patent Alliance (COPA), a crypto and tech consortium. COPA contends that Wright's hist...

07/02/2024

Satoshi Naka-who? UK High Court to determine who is Wright

The trial to determine whether Australian computer scientist Craig Wright is the pseudonymous creator of bitcoin, Satoshi Nakamoto,......

https://www.bitsofblocks.io/post/satoshi-naka-who-uk-high-court-to-determine-who-is-wright

The trial to determine whether Australian computer scientist Craig Wright is the pseudonymous creator of bitcoin, Satoshi Nakamoto, commences in the UK High Court this week. Wright faces a claim by the Crypto Open Patent Alliance (COPA), a crypto and tech consortium. COPA contends that Wright's hist...

02/02/2024

🌐 Japan's new policies are signaling a significant move towards embracing web3 technologies. A noteworthy development in the world of blockchain! 🇯🇵💼

Lawmakers from Japan's governing Liberal Democratic Party are hard at work developing a range of policies aimed specifically at fostering Web3 projects by clarifying relevant laws and regulations. This work continues Japan's progressive approach to regulating digital assets to best position the coun...

02/02/2024

🏛️ Dive into the latest on the Binance case as the judge quizzes the SEC. Legal aficionados or crypto keeners, this one's worth keeping an eye on.

In last week's summary judgment hearing in the Securities and Exchange Commission (SEC) versus Binance, the judge posed a simple yet confounding question: "What is the difference between a crypto asset that is a security and a crypto asset that isn't?" Judge Amy Berman Jackson, with a sly twinkle in...

02/02/2024

📊 The remarkable recoveries of FTX and Celsius continue to grow despite the crypto market's volatility, with FTX Australia and FTX Trading customers looking at a recovery of potentially 100%💼🚀

Creditors of the defunct crypto exchanges, FTX Trading Ltd and Celsius Network, finally saw some light at the end of the tunnel this week with the promise of creditor distributions now on the horizon. However, legal challenges and contention remain over the calculation of creditor claims in FTX and....

02/02/2024

Number go up: FTX and Celsius recoveries buoyed by crypto markets

Creditors of the defunct crypto exchanges, FTX Trading Ltd and Celsius Network, finally saw some light at the end of the tunnel this week......

https://www.bitsofblocks.io/post/number-go-up-ftx-and-celsius-recoveries-buoyed-by-crypto-markets

Creditors of the defunct crypto exchanges, FTX Trading Ltd and Celsius Network, finally saw some light at the end of the tunnel this week with the promise of creditor distributions now on the horizon. However, legal challenges and contention remain over the calculation of creditor claims in FTX and....

01/02/2024

Full Court press: Judge quizzes SEC in Binance case

In last week's summary judgment hearing in the Securities and Exchange Commission (SEC) versus Binance, the judge posed a simple yet......

https://www.bitsofblocks.io/post/full-court-press-judge-quizzes-sec-in-binance-case

In last week's summary judgment hearing in the Securities and Exchange Commission (SEC) versus Binance, the judge posed a simple yet confounding question: "What is the difference between a crypto asset that is a security and a crypto asset that isn't?" Judge Amy Berman Jackson, with a sly twinkle in...

01/02/2024

Japan serves up Web3 friendly policies

Lawmakers from Japan's governing Liberal Democratic Party are hard at work developing a range of policies aimed specifically at......

https://www.bitsofblocks.io/post/japan-serves-up-web3-friendly-policies

Lawmakers from Japan's governing Liberal Democratic Party are hard at work developing a range of policies aimed specifically at fostering Web3 projects by clarifying relevant laws and regulations. This work continues Japan's progressive approach to regulating digital assets to best position the coun...

01/02/2024

Australia sanctions Medibank attacker in first use of cyber powers

In a coordinated action with the US and UK governments, Australia has imposed targeted financial sanctions on Aleksandr Ermakov, a......

https://www.bitsofblocks.io/post/australia-sanctions-medibank-attacker-in-first-use-of-cyber-powers

In a coordinated action with the US and UK governments, Australia has imposed targeted financial sanctions on Aleksandr Ermakov, a Russian citizen and alleged cybercriminal, for his role in the Medibank hack 18 months ago. This marks the first time that the Government has utilized new powers to dete...

25/01/2024

ALRC pitches Corps Act 2.0

Last week, the Australian Law Reform Commission (ALRC) completed its review into the legislative framework for Corporations and Financial......

https://www.bitsofblocks.io/post/alrc-pitches-corps-act-2-0

Last week, the Australian Law Reform Commission (ALRC) completed its review into the legislative framework for Corporations and Financial Services Regulation, and released a Final Report containing a whopping 58 recommendations to reform the existing regime. The report, titled Confronting Complexity...

25/01/2024

Congress presses Meta on crypto plans

The United States House Financial Services Committee (Committee) has pressed Meta (previously Facebook) to share details about its......

https://www.bitsofblocks.io/post/congress-presses-meta-on-crypto-plans

The United States House Financial Services Committee (Committee) has pressed Meta (previously Facebook) to share details about its cryptocurrency and blockchain plans following the company's filing of a number of related trademark applications in 2022. Committee member Maxine Waters sent a letter to...

25/01/2024

From Baht to Blockchain: Thailand's SEC embraces tokenisation

In a significant move, Thailand's Securities and Exchange Commission (SEC) has introduced new rules to reshape the landscape for digital......

https://www.bitsofblocks.io/post/from-baht-to-blockchain-thailand-s-sec-embraces-tokenisation

In a significant move, Thailand's Securities and Exchange Commission (SEC) has introduced new rules to reshape the landscape for digital asset businesses and tokenisation in the country. The focus is on fostering investor participation while supporting national development goals. Retail investors ar...

24/01/2024

Australia joins US sanctions targeting Hamas fundraising

This week, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a fresh round of sanctions on Hamas......

https://www.bitsofblocks.io/post/australia-joins-us-sanctions-targeting-hamas-fundraising

This week, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a fresh round of sanctions on Hamas following the October 7 terrorist attack on Israel. Australia and the UK have also joined forces by placing sanctions on key Hamas officials and financial facilitato...

21/01/2024

🤖 Australia's Interim Response to Safe and Responsible AI 🇦🇺

Australia takes a significant step towards shaping the future of Aussie AI with its recently issued interim response on safe and responsible AI practices. The document outlines key principles that prioritize ethical considerations in AI development and deployment. 🤝

The Australian Government has released its interim response to the "Safe and responsible AI in Australia" consultation paper. The 25-page response states the adoption of AI and automation could inject an additional $170 - $600 billion annually into Australia's GDP by 2030, heralding a transformative...

19/01/2024

Australia issues interim response on Safe and Responsible AI

The Australian Government has released its interim response to the "Safe and responsible AI in Australia" consultation paper. The 25-page......

https://www.bitsofblocks.io/post/australia-issues-interim-response-on-safe-and-responsible-ai

The Australian Government has released its interim response to the "Safe and responsible AI in Australia" consultation paper. The 25-page response states the adoption of AI and automation could inject an additional $170 - $600 billion annually into Australia's GDP by 2030, heralding a transformative...

19/01/2024

US State Legislatures bizarrely seek to “ban” Central Bank Digital Currencies

State legislatures in the United States are oddly fighting back against the JUS Federal government's proposed introduction of a Central......

https://www.bitsofblocks.io/post/us-state-legislatures-bizarrely-seek-to-ban-central-bank-digital-currencies

State legislatures in the United States are oddly fighting back against the JUS Federal government's proposed introduction of a Central Bank Digital Currency (CBDC). Florida's Governor Ron DeSantis has recently sought to block the use of CBDCs in business money transactions by signing a bill to amen...

19/01/2024

US States bizarrely seeking to "ban' Central Bank Digital Currencies.

State legislatures in the United States are oddly fighting back against the JUS Federal government's proposed introduction of a Central Bank Digital Currency (CBDC). Florida's Governor Ron DeSantis has recently sought to block the use of CBDCs in business money transactions by signing a bill to amen...

19/01/2024

A bridge too far? Cross-chain bridges under MiCA

The EU's Markets in Crypto-assets Regulation (MiCA or MiCAR), one of the first comprehensive regulatory framework for crypto-assets, will......

https://www.bitsofblocks.io/post/a-bridge-too-far-cross-chain-bridges-under-mica

The EU's Markets in Crypto-assets Regulation (MiCA or MiCAR), one of the first comprehensive regulatory framework for crypto-assets, will come into force in 2024 across the EU. Since MiCA was introduced in its draft form, there has been ongoing debate on how the regime would impact different corners...

18/01/2024

Coinbase and SEC in legal stoush over Securities Law ... but agree Tokens aren't themselves securities

June 2023 saw the Securities and Exchange Commission (SEC) sue Coinbase , alleging breach of securities laws in ‘operating its crypto......

https://www.bitsofblocks.io/post/coinbase-and-sec-in-legal-stoush-over-securities-law-but-agree-tokens-aren-t-themselves-securiti

June 2023 saw the Securities and Exchange Commission (SEC) sue Coinbase , alleging breach of securities laws in ‘operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency’. The exchange was charged for unregistered sale and offering ...

16/01/2024

🔔 Urgent: Celsius creditors who have received a clawback offer must take action within a very short window and act swiftly to avoid being locked into a potential clawback litigation process.💡 Piper Alderman's blockchain team are assisting Australians who are caught up in the situation. https://wix.to/FbJfbRn

Legal news and interesting updates on Blockchain projects from Michael Bacina, Blockchain/IT Lawyer and lead of Piper Alderman's Blockchain & Fintech Group

16/01/2024

Celsius creditors feeling the heat over preference claims

Celsius, the crypto exchange and lending platform that went bankrupt 18 months ago, circulated a batch of notices to former customers......

https://www.bitsofblocks.io/post/celsius-creditors-feeling-the-heat-over-preference-claims

Celsius, the crypto exchange and lending platform that went bankrupt 18 months ago, circulated a batch of notices to former customers late last week offering to resolve potential preference claims in the firm's bankruptcy. The move follows Celsius creditors' and the US Bankruptcy Court's approving C...

15/01/2024

📰 Exploring Crypto Predictions for 2024! 📈 Our ever-changing legal landscape in the crypto world demands constant attention. 🤝 We have saved you the hassle of reading all the 2024 crypto predictions with a summary of the leading predictions. 💼 Understanding these trends is key to informed decision-making. Read more here: https://wix.to/7WVWNNK 🔍 Let's stay ahead of the curve! 💡

The new year has arrived with the usual rush of 2024 predications from major blockchain, crypto and institutional players and leading finance publications. We give an overview of some of their key predications below, so you don't have to read them all. A16Z Crypto Considered one of the powerhouse cr...

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