NFT News by Thebittimes.Com

Despite the so-called FUD, Changpeng Zhao said in reality, the crypto industry has scored a number of massive wins in recent weeks. Binance co-founder and CEO Changpeng ‘CZ’ Zhao has hosed down recent rumors against his firm, assuring its balance sheet and employee retention remain robust, despite the recent market uncertainty. The Binance boss blamed negative news, rumors, bank runs, lawsuits, the closing of fiat channels, product wind-downs and employee turnovers for creating an environment of FUD (fear, uncertainty, doubt) in a Sept. 7 post on X (Twitter).  Saw some debates in the community. When you do the right thing, and there is FUD, you don't have to do anything. The community defends you. Let me summarize. There have been a lot of negative news/rumors, bank runs, lawsuits, closing of fiat channels, product wind downs,… — CZ Binance (@cz_binance) September 7, 2023 He then used the opportunity to clarify Binance’s current financial position: “Guess what we don't have...

The group sent a detailed letter to the U.S. House Financial Services Committee accusing the crypto market of seeking favorable legislation under the guise of crypto innovation. An alliance of industry watchdogs based in the United States has united to express opposition to a proposed draft bill on the crypto market structure by the United States House Financial Services Committee. In detailed correspondence addressed to the committee, groups, including Americans for Financial Reform and the Center for Responsible Lending, claimed that stakeholders in the crypto industry had actively lobbied in support of the committee’s draft proposal, known as the Digital Asset Market Structure Discussion Draft bill. The watchdogs asserted that the crypto industry failed to demonstrate any practical use cases beyond speculative investment. The letter accused the crypto market of seeking favorable legislation under the guise of crypto innovation: “Of particular concern is the proposed bill’s provi...

Brad Garlinghouse hinted that the eagerly-awaited Hinman documents could tip the balance in Ripple’s favor. With just one day until the Hinman documents are due to be unsealed, Ripple CEO Brad Garlinghouse suggests the documents will be “well worth the wait." In a June 12 Twitter reply to a question raised by crypto YouTuber Jungle Inc, Garlinghouse said that while he did not want to “overstep,” both he and Ripple's chief legal officer Stuart Alderoty see the documents as being worth the 18-month fight to get them unsealed.  Wish I could go in depth now, but we've waited this long (18+ months), I don't want to overstep… suffice it to say @s_alderoty and I believe they were well worth the wait. — Brad Garlinghouse (@bgarlinghouse) June 12, 2023 The Hinman documents refer to internal SEC messages concerning a 2018 speech given by former SEC Director William Hinman. In the speech, Hinman said that while cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) may star...

Commercial lawyers with a solid knowledge of blockchain and crypto tech will be in particularly high demand. Crypto-versed lawyers will play an increasingly important role in Web3 firms — particularly after the implosion of FTX and the industry braces for regulatory turbulence, two legal academics believe. Boston Law School professor and chief compliance officer at crypto exchange Bitstamp, Thomas Hook, told Cointelegraph that Web3 lawyers will soon become “business differentiators” because they’ll be faced with the tough task of helping firms navigate through legal and regulatory uncertainties. This will ultimately determine how fast firms can take their products and services to market, Hook explained: “Given the lack of clarity in many regulations and the complexity, Web3 companies will continue to need legal and compliance representatives to support them. These types of individuals are becoming business differentiators as they can help or hinder a business to get to market quickly...

Despite dismissing the case, the judge acknowledged the lawsuit reflects a potentially dangerous trend of fraudulent-like promotional schemes. A federal judge in California has dismissed a class action lawsuit against reality TV star Kim Kardashian, boxing champ Floyd Mayweather and the founders of EthereumMax, explaining that the submissions failed to meet the “heightened pleading standards” for fraud claims. The judge has, however, left room for the plaintiffs to refile the proposed class action lawsuit if certain provisions are amended. In the original Jan. 7 Court filing submitted by Scott+Scott Attorneys At Law, the plaintiffs argued that Kardashian, Mayweather, and also former NBA superstar Paul Pierce didn’t disclose they were being paid to promote EthereumMax (EMAX). The plaintiffs alleged that they promoted it with the objective to “artificially inflate the price of the token” through the use of “false or misleading statements.” Kim Kardashian promoted EMAX in a Jun. 2021 p...

The State Department should submit a report on the use of cryptocurrencies as a viable reward payout with evidence that suggests it's more encouraging for whistleblowers. The United States lawmakers have proposed an amendment to the State Department Basic Authorities Act of 1956 that includes information on crypto rewards and payouts. The proposed amendment under the National Defense Authorization Act (NDAA) requires the Department of State, an executive department of the U.S. federal government responsible for the country's foreign policy and relations, to inform about any crypto payouts or rewards within 15 days of making it. The NDAA is the name for each of a series of United States federal laws specifying the annual budget and expenditures of the U.S. Department of Defense. The official document read: “Not later than 15 days before making a reward in a form that includes cryptocurrency, the secretary of State shall notify the Committee on Foreign Affairs of the House of R...