The House Financial Services Committee is advancing legislation to allow tailored regulations for innovative firms, fostering collaboration with regulators, while the SEC asserts jurisdiction over Tron Founder Justin Sun due to his extensive travel to the US. Additionally, the UK Financial Conduct Authority emphasizes prioritizing trust over speed in crypto registrations.
The BSV Blockchain Gazette is presented by Bryan Daugherty, Public Affairs Director of Americas for BSV Blockchain, featuring:
US
US financial legislation advances, offering tailored regulations for innovative firms
The House Financial Services Committee marked up and advanced a series of bills, including the Financial Services Innovation Act of 2024, which would allow companies working on innovative financial services or products to work with regulators in crafting “alternative compliance strategies,” allowing them to build and operate under tailored regulations.
SEC asserts jurisdiction over Tron Founder Justin Sun amid lawsuit amendments
The SEC filed an amended complaint in its lawsuit against Tron founder Justin Sun, arguing that because he “traveled extensively” to the US, the case falls under the country’s jurisdiction.
Crypto trader found guilty in $110 million mango markets scam
A Manhattan federal jury found crypto trader Avraham Eisenberg guilty of illegally taking $110 million out of Mango Markets by inflating the value of its tokens and then borrowing against that valuation.
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Former attorney Mark Scott granted bail pending appeal in OneCoin laundering case
US District Judge Edgardo Ramos granted former attorney Mark Scott’s motion for bail pending appeal of his 10-year prison sentence after he was found guilty of laundering $400 million in proceeds from the OneCoin crypto scam.
Receiver and defendants seek $1.8 Million in sanctions in SEC case against Debt Box
A court-appointed receiver and defendants in the SEC’s case against crypto project Debt Box are requesting that the SEC pay roughly $1.8 million in sanctions to cover the attorney fees and legal costs incurred by the allegedly ill-gotten temporary restraining order and receivership.
EU/UK
FCA emphasizes trust over speed in crypto registrations
UK Financial Conduct Authority (FCA) Executive Director for Markets and International Sarah Pritchard said in a speech that the FCA will prioritize trust over speed when it comes to crypto registrations.
FATF Ministers reaffirm commitment to combat financial crime
The Ministers of the Financial Action Task Force (FATF) met to reaffirm their commitment to combat financial crime, recognizing that the FATF must lead global efforts to implement standards to regulate virtual assets and VASPs for anti-money laundering and combating terrorist financing.
