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"Prime Trust was obligated under the Bankruptcy Code to deliver all property belonging to Celsius [...] including these remaining crypto assets," said Celsius' legal team.
A Coinbase user claimed the crypto exchange "boldly flouts federal and state laws" by not completing the proper registration as a securities exchange in the United States.
Some players in the industry could find U.S. regulators making a "big overreach" if agencies like the SEC listed specific criteria for cryptocurrencies as securities.
As support for Tornado Cash developer Alexey Pertsev mounts, questions regarding the legality of his arrest and the future of DeFi innovation continue to come to the forefront.
“The government has brought the instant prosecution using ill-founded applications of criminal law to set precedent in the digital asset space,” said Nathaniel Chastain’s lawyers.
Specifically, the ECB will consider crypto firms’ business models, internal governance, and “fit and proper” assessments which apply to licensing other companies.
The commission said it would be seeking “permanent injunctions, disgorgement with prejudgment interest, civil penalties against and conduct-based injunctions."
While there is no shortage of legislative initiatives to regulate stablecoins, the idea of the American CBDC remains problematic.
"Either Galaxy owes BitGo a $100 million termination fee as promised or it has been acting in bad faith and faces damages of that much or more," said R. Brian…
“By treating autonomous code as a ‘person’ OFAC exceeds its statutory authority,” said Coin Center's Jerry Brito and Peter Van Valkenburgh.