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India crypto app CoinSwitch chief calls for regulatory ‘peace, certainty,’ Reuters says

India needs crypto rules to resolve regulatory uncertainty, protect investors and boost the sector, CoinSwitch CEO Ashish Singhal said on Sunday, as reported by Reuters. “Users don’t know what will happen with their holdings – is government going to ban, not ban,” Singhal, who co-founded CoinSwitch, told Reuters at the World Economic Forum in Davos. “Regulations will bring peace … more certainty,” he added. While India’s central bank has in the past voiced concerns and even supported a ban on …

Lawsuits aimed at recouping UST/Luna losses test uncharted waters

Quick Take A major South Korean law firm, LKB & Partners, is suing Do Kwon and co-founder Daniel Shin on behalf of five investors. Other investors are also organizing online to launch their own lawsuits; we may end up seeing cases centered around whether TFL represented its products and the risks of investing accurately. This feature story is available to subscribers of The Block News Plus. You can continue reading this News Plus feature on The Block.

CFTC charges two men with $44 million cryptocurrency ‘Ponzi scheme’

The Commodity Futures Trading Commission (CFTC) on Thursday charged two US residents with fraud “akin to a Ponzi scheme” in soliciting about $44 million from at least 170 investors through a website and YouTube videos. Sam Ikkurty of Portland, Oregon, and Ravishankar Avadhnam of Aurora, Illinois, were identified in the CFTC announcement, which added that a restraining order had been issued by a judge freezing assets controlled by the two, preserving records and appointing a temporary receiver. The complaint alleges …

UK financial regulator advises against rush to add crypto markets, Financial Times says

Britain’s chief financial regulator cautioned in a speech on Friday against adding crypto markets to his agency’s territory too quickly amid a government plan to make the UK a crypto hub, the Financial Times reported. The UK’s chancellor, Rishi Sunak, revealed plans in April to regulate stablecoins and issue an NFT as part of a bid to position the UK as a crypto hub, The Block reported at the time. Still, the head of the Financial Conduct Authority (FCA), Charles …

DFS chief Adrienne Harris explains how — and why — New York is speeding up the BitLicense pipeline

New York’s financial regulator is accelerating its work on crypto business licensing. Speaking with The Block on May 19, Adrienne Harris, the superintendent of New York’s Department of Financial Services promoted her work on expanding the DFS’ licensing regime for crypto firms — famous under the moniker “BitLicense.” “Before my coming into DFS, the average time was up to a couple of years. We’re already moving much much faster. We’ve done three licenses this year, soon to do a fourth, …

Panama’s president not ready to endorse crypto regulation bill

Although Panama’s National Assembly passed a crypto asset regulation bill in late April, its president Laurentino Cortizo said he would not endorse it as written today. “If I’m going to answer you right now, at this moment, the information that I have — which is not enough — I will not sign that law at this moment,” Cortizo said on stage at the Bloomberg New Economy Gateway Latin America conference on May 18.  The bill would need to sufficiently take …

Polymarket appoints former CFTC chief Giancarlo as chair of advisory board

Former Commodity Futures Trading Commission (CFTC) head and crypto advocate Christopher Giancarlo has taken a seat as the chairman of crypto prediction platform Polymarket’s advisory board. The platform utilizes smart contracts to enable betting on event outcomes through the USDC stablecoin. Polymarket has said these are “decentralized information markets,” which are used to reflect public sentiment through funds. Still, the platform enables users to purchase a contract based on a certain outcome at a price set by other people’s sentiment …

Binance confirms its working to win German regulatory approval

Cryptocurrency exchange Binance said it’s in talks to become regulated in Germany as it engages with regulators across Europe, confirming reports from February that the company was looking to become regulated in the country. Speaking at the Finance FWD Conference in Hamburg, Binance CEO Changpeng Zhao said he was hopeful about the prospect of winning regulated status in Germany.  “We hope to get a licence in Germany,”  he said. “Our team is definitely talking to regulators and based on secondary …

TaxBit nets strategic investment from Haun Ventures

Crypto tax software provider TaxBit has netted an investment from Haun Ventures. The venture capital firm formed by former federal prosecutor and Andreesen Horowitz general partner Katie Haun is seeking to help develop crypto firms through funding and engagement with policymakers and regulators. News broke that Haun raised $1.5 billion for two crypto-focused VC funds in March of this year. Since then, the funds have invested in non-fungible token platforms and web3 community builders among other projects.   TaxBit is its …

Terraform Labs’ legal team resigns after UST collapse

The in-house legal team at Terraform Labs resigned shortly after the collapse of Terra’s algorithmic stablecoin wrought havoc on crypto markets. A person familiar with the matter told The Block that legal operations are now being handled by outside counsel. The LinkedIn profiles of Terraform Labs’ general counsel Marc Goldich, chief corporate counsel Lawrence Florio, and chief litigation and regulatory counsel Noah Axler show that all three stopped working for the company in May — all after less than a year …