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Articles by Cryptocurrency Law
Sanctions Against Tornado Cash Removed by US Government, Following Court Ruling Amidst North Korean Controversy
The US Department of the Treasury published a press release on 21 March 2025, announcing the removal of economic sanctions against Tornado Cash. Tornado Cash is a firm which enables crypto transactions to retain a higher level of privacy and is also known as a ‘cryptocurrency mixer’. Allegations had previously been made under the Biden administration that Tornado Cash had aided in the laundering of over US$7B for cyber hackers from North Korea, as well as other groups.
US Crypto Legal Update: Stablecoins, Trump Debanking Order and IRS Crypto Rule
The GENIUS Act updates stablecoin oversight by dividing regulatory authority between state and federal levels while imposing stricter transparency and compliance rules. Trump plans to reverse “Operation Choke Point 2.0” via an executive order, aiming to improve banking access for crypto firms and push for Federal Reserve master accounts for crypto banks.
Ronaldinho's STAR10 Token Sparks Crypto Controversy Amid Security Gaps and Potential Insider Trading
Ronaldinho launched his STAR10 memecoin on the Binance Smart Chain with exclusive perks like signed collectibles and VIP experiences. The token’s rapid price surge and high market cap led to significant insider profits, raising concerns about tokenomics. Security flaws in the smart contracts—such as potential token burning by the owner—were flagged, though some issues have since been addressed.
SEC Clarifies: Memecoins Are Collectibles, Not Securities, According to New Guidance
The SEC has updated its guidance on meme coins, categorising them as collectibles rather than securities. This change coincides with the SEC freezing lawsuits against major crypto companies. The SEC clarified that meme coins do not generate yield or convey rights to business assets, meaning they do not require registration as securities. The Securities and Exchange Commission has updated its guidance on meme coins after a controversial few months for the sector.
Texas Advances Bill to Senate as Some US States Drop Bitcoin Reserve Efforts
Several US states have rejected Strategic Bitcoin Reserve proposals in the past month due to volatility concerns during a period when Bitcoin dropped 22% from its January peak. Texas Senate Bill 21 has passed the state’s Banking Committee with unanimous support and now moves to the full Senate for further debate. The Texas proposal would create a reserve for cryptocurrencies, with market capitalisations over US$500 billion and would operate outside the state treasury for investment flexibility.
Ohio Legislators Propose Bill to Ban Crypto Taxation on Digital Asset Payments
Ohio lawmakers introduced a bill to exempt crypto, stablecoins, and NFTs from state taxes when used as payment, ensuring parity with fiat transactions The bill clarifies that mining, staking, and crypto swaps won’t be classified as “money transmission” and protects mining in industrial zones. Nearly 30 states have explored Bitcoin reserves or crypto-related policies, but most efforts have failed due to internal political disagreements.
On the Radar - What to watch this week in Crypto
Bears might be sweating, up to $3b in short-side liquidations could be triggered with a move to $100k US policymaker announcement this week suggests that some restrictive policies may pause. Altcoin Analysis: ETH and SOL Could the bears be in trouble here? That’s front and centre in my mind heading into the end of this week. Let’s break down some reasons why I think that might be the case.
Money Laundering Crackdown: AUSTRAC Puts 50 Firms, Including Crypto Exchanges, On Notice
Australia’s financial crimes watchdog, AUSTRAC, has written to over 50 companies, including many involved in the crypto industry, over their failure to meet their reporting requirements under Australia’s anti-money laundering and counterterrorism financing laws. AUSTRAC said it’s already taken action against 13 crypto exchanges this year for failing to disclose the criminal histories of key employees.
Catastrophic $LIBRA Collapse Leads to Calls to Impeach Argentine President Milei
Argentinian President, Javier Milei, is facing calls for his impeachment after he endorsed a crypto project named $LIBRA that suddenly and catastrophically collapsed over the weekend. The president had posted on X / Twitter that the project would help boost the Argentine economy, seeing its market cap soar to around US$4.5 billion. Project insiders sold over US$100 million worth of tokens, triggering panic selling, with the token price falling 94% in just a few hours.
India Clamps Down on Crypto: $190 Million Seized in Bitconnect Ponzi Scheme Probe
Indian authorities confiscated nearly US$190M in cryptocurrency linked to the Bitconnect Ponzi scheme, which defrauded thousands of investors worldwide before collapsing in 2018. Officials also seized cash, an SUV, and electronic devices in Gujarat, connecting them to individuals involved in the scheme The Ponzi scheme affected 4,000 investors across 95 countries and led to losses of US$2.4B.
New York Crypto Trader Charged in Multi-Million Dollar Scheme Under New CFTC Leadership
The US CFTC charged New York trader Rashawn Russell for a US$1.5M crypto fraud, marking one of its first enforcement actions under acting Chair Caroline Pham. Russell misused investor funds for personal expenses and Ponzi-like payments, falsely promising high returns. He pleaded guilty to wire fraud. The US Commodity Futures Trading Commission (CFTC) has charged New York resident Rashawn Russell with fraud in one of its first crypto-related enforcement actions under acting Chair Caroline Pham.
Czech President Enacts Crypto-Friendly Law, Bitcoin Reserve Next?
The Czech Republic has achieved unprecedented political unity in adopting crypto-friendly regulation through the implementation of the EU’s MiCA framework, which will provide clear rules for taxation and banking access. The Czech National Bank is also considering a significant investment by planning to allocate up to 5% of its €140 billion assets to Bitcoin.
Trial for Pavel Durov Set for 2026; Tornado Cash Developer's Release Imminent
Telegram founder Pavel Durov’s criminal case in France is suspended for at least a year, leaving him stuck in the country while Telegram faces leadership uncertainty. French authorities arrested Durov over Telegram’s alleged obstruction of 2,500 criminal cases, including fraud and terrorism. Meanwhile, Tornado Cash developer Alexey Pertsev was freed under electronic monitoring as he appealed his 64-month sentence. Telegram founder Pavel Durov’s criminal case in France will be suspended for a year.
Ransomware Profits Tumble 35% to $813M in 2024, Marking First Decline Since 2022: Chainalysis
A new Chainalysis report reveals a 35% drop in ransomware earnings; down from US$1.25B in 2023 to US$813.55M in 2024. Law enforcement efforts and global collaboration contributed to this decline; major groups like LockBit and BlackCat faced significant disruptions. Although more targets emerged, fewer victims paid ransoms; criminals resorted to re-listing old attacks to remain relevant.
GENIUS Move: Senator Hagerty Introduces US Stablecoin Bill
Senator Bill Hagerty introduced the GENIUS Act to establish a clear regulatory framework for stablecoins. The proposal defines issuance procedures and designates oversight roles of federal institutions and state agencies. It also mandates monthly audited reports on fiat reserves for issuers, with criminal penalties for non-compliance, aiming to promote innovation while ensuring financial stability.
SBF's Parents Seek Presidential Pardon After 25-Year Sentence, May Consult Trump Insiders
Sam Bankman-Fried’s parents are exploring a Trump pardon, but it’s unclear if they’ve taken formal steps, per Bloomberg. Polymarket bettors give him a 6% chance of receiving clemency, reflecting skepticism compared to Ross Ulbricht’s strong public support. SBF’s fraud conviction and FTX collapse make widespread support unlikely, despite his claims that many creditors have recovered funds. The title says it all, and it looks like everyone wants to be pardoned these days.
Court Sides with SEC, Dismisses Kraken's Jurisdiction Defence in Crypto Oversight Battle
A California federal judge ruled in favor of the SEC, dismissing Kraken’s “major questions doctrine” defense. Kraken retained its “fair notice” defense, with the court noting that the SEC must prove Kraken had sufficient understanding of how securities laws, like the Howey Test, apply to its platform’s transactions.
Breaking: SEC Withdraws Controversial SAB 121, Shifts Crypto Accounting Guidance
A widely disliked accounting rule has finally received its marching orders: the controversial SAB 121 is being axed.
TD Cowen Warns Trump's Memecoin Could Spark Partisan Strife, Delay Crypto Legislation Efforts
Trump’s launch of the TRUMP memecoin before his inauguration created market turbulence which intensified when Melania Trump released her own token. TD Cowen’s analysts warn that the memecoin launch risks delaying crucial crypto regulation by triggering partisan investigations and resistance. Representative Maxine Waters has raised national security concerns about the possibility of foreign entities using TRUMP token purchases to influence the presidency anonymously.
Fun No More: Law Firm Pursues Legal Action Against Pump.fun as Platform Cashes in Millions
US law firm Burwick announces legal action against pump.fun on behalf of memecoin investors who lost funds through the platform, which allegedly enabled various forms of harmful content while collecting substantial fees. Despite the platform’s controversial status and the fact that only 0.4% of its 14 million wallets have made significant profits, pump.fun’s founders have generated hundreds of millions in earnings.
UK Judge Rejects $1.19 Billion Bitcoin Recovery Case, Citing Unrealistic Success Odds
James Howells, a UK IT specialist, lost his decade-long legal battle to retrieve a hard drive containing £600 million in Bitcoin, as a high court judge ruled his case against Newport city council had no realistic chance of success. The council argued the hard drive legally became its property once discarded in the landfill, with environmental restrictions further preventing excavation, a position upheld by Judge Keyser KC.
Czech Republic to Exempt Long-Term Bitcoin Holdings from Capital Gains Tax Starting 2025
Starting January 1, 2025, long-term crypto holdings in the Czech Republic held for over three years will be exempt from capital gains tax The law aligns with the EU’s MiCA framework and applies rules similar to securities, incentivising long-term investments but raising concerns over unclear guidelines. Despite concerns, the unanimous approval showcases the Czech Republic’s support for crypto innovation, joining nations like Switzerland and UAE in favourable crypto taxation.
New AUSTRAC Task Force to Combat Crypto ATM Use in Money Laundering
Australia’s financial crime watchdog, AUSTRAC, has established a cryptocurrency task force to crack down on the nation’s crypto ATMs, which it said are increasingly being used by criminal gangs to launder money. AUSTRAC said Australians are falling victim to crypto scams and being tricked into laundering money for crime gangs by making deposits into crypto ATMs, in some cases losing their entire life savings.
Celsius Founder Alex Mashinsky Agrees to Plead Guilty in Crypto Fraud Case
Alex Mashinsky, founder and ex-CEO of Celsius, pleaded guilty to two counts of fraud. His legal team also agreed not to appeal any jail time over 30 years, although it’s unlikely Mashinsky will be behind bars for the full duration. Mashinsky admitted to misleading investors regarding Celsius’ regulatory status. The entire time he was also selling off CEL tokens at an artificially inflated price, making off with US $42m.
Paul Atkins Wary of SEC Chair Role, Concerned About 'Cleaning Up' Gensler's Mess
Gary Gensler’s aggressive SEC enforcement has left a contentious legacy, prompting his resignation effective January 2025. Paul Atkins, a pro-crypto candidate, is the likely frontrunner for SEC chair under Trump but faces competition from other blockchain-friendly contenders like Teresa Goody Guillén and Heath Tarbert. The next SEC chair will significantly shape crypto policy, with debates over “regulation by enforcement” remaining a key issue.
‘Chill Guy’ Memecoins Iced Out By Artist’s Legal Threat
Phillip Banks, the creator of the ‘Chill Guy’ meme you’ve probably seen plastered across social media recently, has threatened legal action against memecoins illegally using his artwork. Banks made his threats on X / Twitter, stating he’ll be issuing take down orders on “for-profit-related things”, with a particular focus on shitcoins.
Gary Gensler Resigns as SEC Chair, Chris Giancarlo, Ex-CFTC Chair for Crypto Czar?
Gary Gensler resigns as SEC Chair, effective January 20, coinciding with President-elect Trump’s inauguration, marking the end of a tenure marked by aggressive cryptocurrency regulation. Gensler and the SEC face a lawsuit from 18 US states for overstepping authority in crypto enforcement, accused of acting without Congressional approval. Potential candidates for the SEC Chair include Paul Atkins, Pam Bondi, and less than crypto-friendly nominee Bill Stebbins.
Bitcoin Hits High at $94,002 Amid Rapid Crypto Evolution and Bold Policy Moves
The crypto market has entered a bull run, driven by optimism around pro-crypto policies and regulatory clarity expected in the United States. Matt Hougan of Bitwise highlighted that groundbreaking ideas in cryptocurrency are suddenly feasible, such as a US Bitcoin Reserve. Regulatory changes, including the likely departure of SEC Chair Gary Gensler, are reducing uncertainty around the market. Hougan advises investors to adopt index-based strategies to navigate the market safely.
XRP Wobbles as Ripple CEO Questions Trump's Potential SEC Chair Pick Original
XRP, despite a weekly surge of 57%, is down 3.4% today, buoyed by Societe Generale’s announcement of a MiCA compliant stablecoin on XRPL and potential Ripple and Cardano collaborations. Speculation about SEC Chair Gary Gensler resigning has positively influenced XRP amidst election results. Ripple CEO Brad Garlinghouse criticises potential SEC Chair candidate Robert Stebbins for past regulatory actions.
Coining a Plan: Coinbase CEO Meets Trump on Policy Picks
With the dust beginning to settle from Trump’s historic election as US President, the new administration is starting to take shape. According to the Wall Street Journal, Trump is set to meet with Coinbase CEO Brian Armstrong to discuss potential policy leaders in the crypto space. Despite Armstrong publicly endorsing Hester Peirce, it has been reported privately that she is not interested in the role as head of the SEC.
Stand With Crypto Expands to Australia in Effort to Educate Local Policymakers
The Coinbase-backed crypto political advocacy group, Stand With Crypto, has expanded into Australia, holding an event yesterday to mark its Aussie launch. The group’s agenda includes sensible crypto legislation for regulatory clarity and growth, and shifting the crypto narrative away from scams and towards real-world use cases. Stand With Crypto was launched in the US and actively campaigned for pro-crypto candidates during the recent US election.
Senator Lummis pushes forward crypto plans after Trump victory: Law Decoded
United States Senator Cynthia Lummis expressed support for President-elect Donald Trump’s proposal for a Bitcoin reserve after Trump won the 2024 US presidential elections on Nov. 5. Lummis, a Wyoming Republican and strong crypto advocate, highlighted her intention to pursue the legislation in the Senate, suggesting that the US acquire 1 million BTC — about 5% of its supply — and hold it for at least 20 years.
Cardano’s ADA Rallies as Founder Charles Hoskinson Vows to Help Shape US Crypto Policy
ADA has surged significantly, nearly 80% over the past week, a bump partly driven by market enthusiasm following Donald Trump’s re-election and rumors about founder Charles Hoskinson’s involvement in crypto policy. However, Hoskinson clarified he has no formal role in the upcoming administration, although he intends to work closely with US lawmakers to shape crypto policies. And of course, Solana users are seething and coping that ADA has outranked SOL in the last week.
Victoria Police Seize $142,679 in Crypto Under New Legal Framework
Victoria Police successfully implemented changes to the Confiscation Act in 23-24, according to a new report. The report outlines one case in particular, where VicPol gained control of nearly $150k in digital assets. The crypto became available as laws allow Victorian Police to search data storage devices for recovery phrases. These phrases were then used to access six different crypto wallets related to the search warrant.
Tether Reports $2.5 Billion Net Profit in Q3 from US Treasuries and Gold Gains
Tether has posted US $2.5b worth of profits through Q3 2024. The company’s gains come on the back of substantial holdings in US Treasury yield and gold (which has surged 15%). Tether’s financial report also noted market cap growth of 30% throughout 2024. The company is allegedly under investigation by the US Government for potential breach of anti-money-laundering (AML) laws. Criminal investigations be damned – top stablecoin Tether (USDT) has enjoyed an immense third quarter in 2024.
Commissioner Uyeda Calls SEC Approach a ‘Disaster’ for Whole Crypto Industry
The SEC continues its aggressive stance against crypto, despite recent approvals of Bitcoin and Ethereum ETFs. SEC Commissioner Uyeda criticises the agency’s ‘regulation by enforcement’ policy, contributing to market uncertainty. Internal discord is evident as Gensler asserts crypto rules are clear, contradicting industry and internal views. Lawsuits and enforcement actions underscore ongoing regulatory challenges and industry resistance.
FBI Crafts Fake Crypto Token in Historic Sting to Tackle Market Manipulation, Charges 18
The FBI has charged 18 individuals and organisations across several different countries with fraud and other crimes following a sophisticated investigation that uncovered widespread cryptocurrency market manipulation. As part of the investigation the FBI created its own crypto token, NexFundAI, to allow it to observe ‘market maker’ firms’ attempts to fraudulently pump the token’s price through wash trading and other illegal tactics at the expense of legitimate investors.
FTX Gains Court Approval for $16 Billion Bankruptcy Plan, Set to Repay Customers
A US bankruptcy court has approved FTX’s plan to repay customers approximately US$16B in cash and interest. FTX’s repayment strategy will return at least 118% of customers’ account balances from November 2022, with 98% of creditors set to receive the payments and 94% expressing support for the plan. While some customers are disappointed that they won’t benefit from recent crypto market gains, the repayment plan marks a step toward addressing the financial losses caused by FTX’s collapse.
SEC Files Appeal in Ripple Case, Chief Legal Officer Says Ripple Considers Cross Appeal
The SEC has launched an appeal against the final judgement in its case against Ripple, which was handed down in August. A spokesperson for the regulator says that the judgement conflicts with decades of precedent in securities law. Ripple’s CEO Brad Garlinghouse has responded to the appeal on X / Twitter, labelling Gary Gensler and the SEC irrational and out of touch. It’s the encore nobody wants to hear.
Are FTX Repayments Starting? Here’s What You Need to Know
Rumours have been floating crypto social media that defunct exchange FTX is planning to repay victims of its billion-dollar collapse as soon as tomorrow. However, according to official documents, FTX’s legal team is set to attend a court hearing on October 7th to finalise aspects of its repayment plan. Therefore, FTX will not be repaying customers before this date.
ASIC Sounds Alarm to Sceptical Crowd at Sydney Digital Asset Event
ASIC Commissioner, Alan Kirkland, flagged that most crypto-based businesses in Australia will require a financial services licence to avoid litigation in remarks made at the AFR’s Crypto and Digital Assets Summit on Monday. Australia’s digital assets industry figures at the summit reacted with alarm to the comments, concerned this litigious approach coupled with Australia’s web3 legislative vacuum will continue to stifle innovation and drive developers overseas.
Caroline Ellison, Former Alameda CEO, Gets 2 Years and Forfeits $11B In FTX Case
Caroline Ellison, ex-CEO of Alameda Research, was sentenced to two years in prison for her role in the FTX fraud, despite cooperating with prosecutors. Judge Lewis Kaplan, who also sentenced FTX founder Sam Bankman-Fried to 25 years, emphasised the seriousness of her actions, rejecting a “get-out-of-jail-free card”. Ellison’s cooperation was crucial in convicting Bankman-Fried.
Shots Fired: SEC Chief Gary Gensler Faces Tough Questions Over Crypto Enforcement Action
SEC Chair Gary Gensler faced bipartisan criticism during a House Financial Services Committee hearing over the agency’s approach to regulating crypto. Democrat Ritchie Torres challenged Gensler on how the SEC defines securities, using Yankees tickets and NFTs as examples. Gensler was seemingly unable to answer the question and only referenced the Howey Test for clarification. Republican Majority Whip Tom Emmer heavily criticised Gensler over a mishandled case involving crypto startup DEBT Box.
Members Of Congress from Both Chambers Call on SEC to Drop Controversial Crypto Rule
Members of Congress have penned a series of letters to US regulators demanding they amend, or completely wipe, the controversial SAB 121 rule. SAB 121 forces banks to list their clients’ crypto holdings as liabilities, making them expensive to manage in comparison to other assets. The SEC has demonstrated some willingness to soften their stance, with BNY Mellon granted an exemption to begin its own crypto custody service.
Harris Now Reportedly Supports AI, Crypto, Community Has Mixed Feelings
During a Manhattan fundraiser, Kamala Harris vowed to encourage innovation in AI and digital assets. The Democratic candidate said she would focus on creating a consistent regulatory framework and supporting industries like semiconductors and clean energy. Despite the comments, crypto people are still seeking clearer crypto policies. Vice president and Democratic candidate Kamala Harris made her first comments about crypto during a Manhattan fundraiser.
ASIC Says All Crypto Start-Ups Must Have Financial Services Licence
Australia’s financial watchdog, ASIC, is updating its guidelines to ensure all crypto-related products must secure a financial services license before operating. The move follows several failed lawsuits from ASIC against yield-generating products BlockEarn and Finder Wallet. The policy changes have been divisive, with some positive on the improved regulatory clarity, while other commentators believe the framework will stifle innovation.
Judge Approves Terraform Labs Bankruptcy Plan for Wind-down Following SEC Settlement
Terraform Labs, the company behind the catastrophic 2022 collapse of TerraUSD and Luna, has finally settled with the SEC as bankruptcy proceedings come to a close. The business, headed by Do Kwon, agreed to a suspended US $4.47 billion fine. The fine is only to be paid back after eligible customers are refunded for losses incurred by the 2022 de-pegging. Do Kwon remains a wanted man by South Korean and US authorities on criminal charges.
Consumer Watchdog Flags Tether for Lack of Transparency in US Dollar Reserves Audit
Consumers’ Research has launched a report accusing Tether of publishing false transparency reports and engaging with sanctioned actors in the financial space. Tether has a history of allegedly false transparency claims, including a 2018 report from a law firm instead of an audit by an accounting firm. While Tether is taking steps to improve transparency, the company has never provided an audit by a major accounting firm.
UK Bill to Classify Cryptocurrency as Personal Property
A bill which would see digital assets, such as Bitcoin and other cryptocurrencies, recognised as personal property was yesterday introduced in the UK Parliament. When passed into law, this bill would mark the first time in British history that digital assets have been legally recognised as property. Granting digital assets legal status as personal property will enhance owners’ protection from crimes such as fraud and theft and simplify the resolution of property disputes.
First US Congressional DeFi Hearing Reveals Sharp Divide Over Regulatory Framework
The first ever US congressional hearing into decentralised finance (DeFi) has highlighted the stark partisan divide over regulation of the emerging sector. The Democrats are focussed on reducing investor harms by cracking down on fraud and market manipulation, whereas the Republicans favour a lighter-touch regulatory approach intended to foster growth.
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