Blockchain association calls SEC leadership shift of ’embarrassment’ FDIC clear: law decoded
The Blockchain Association (BA), a cryptocurrency and blockchain advocacy group, has accused the United States Securities and Exchange Commission (SEC) of costing companies more than $425 million in digital asset litigation.
In an October 31 update on BA's “Regulation Enforcement” page, the group reported that the SEC has filed 104 cases against the crypto industry between 2021 and 2023.
According to the association, self-reported “defensive litigation” spending against the SEC by BA member companies — “a small portion of the industry” — is about $426 million.
BA stated that the crypto industry and the “American electorate” are ready for change and support a “change of leadership at the SEC” to end the “legal cost” on the industry.
Coinbase has found more than “20 examples” of the FDIC telling banks to avoid crypto.
On November 1, Paul Grewal, Chief Legal Officer at Coinbase, said the firm had “received” more than 20 examples of the Federal Deposit Insurance Corporation (FDIC) telling banks to avoid crypto.
According to Grewal, the FDIC has told banks to “pause” or “refrain” or continue to offer crypto-banking services.
The discovery comes after Coinbase filed two Freedom of Information Act (FOIA) requests against the FDIC, asking it to disclose information about ongoing crypto isolation among US banks.
Coinbase's Grewal said the responses to the FOIA requests were “a shameful example of a government agency trying to cut off the financing of law-abiding American companies.”
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FTX estate sued KuCoin to recover over $50 million in assets
Alameda Research, a subsidiary of defunct crypto exchange FTX, has sued cryptocurrency exchange KuCoin for access to more than $50 million in assets locked up on its platform.
On October 28, the U.S. Bankruptcy Court for the District of Delaware – the court handling FTX's Chapter 11 case – stated that KuCoin will freeze its funds after FTX's bankruptcy starts in November 2022.
The file revealed that KuCoin initially refused to release its $28 million worth of assets despite several efforts to recover the seized funds.
Alameda's filing contends that the crypto exchange's failure to release the assets violates bankruptcy law and seeks a refund and potential damages for the delays.
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Australian police ‘new powers' lead to $142,679 crypto seizure
According to a report released by the Victoria, Australia Police Department on October 31, the recent authorization of “new powers” has enabled the first successful crypto seizure.
Victoria Police seized $142,679 worth of crypto assets after a 1997 confiscation law allowed officers to seize digital assets.
Officers in Victoria can now seize crypto assets in the possession of criminals with a search warrant.
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