07/08/2024 UK body proposes property category for crypto assets, SEC sued over status of NFTs: Law Decoded

The Law Commission’s final report urges the UK government to reclassify crypto assets, addressing current legal gaps.

UK body proposes property category for crypto assets, SEC sued over status of NFTs: Law Decoded

The Law Commission’s final report urges the UK government to reclassify crypto assets, addressing current legal gaps.

On July 30, the Law Commission of England and Wales insisted that the United Kingdom government categorize all crypto assets as a new form of personal property in its final report.

Itpublished a supplemental reporthighlighting current legal inadequacies as an independent body primarily recommending and reviewing law reforms in its respective jurisdictions.

These inadequacies were of the current categorization of personal property and its legal implications concerning crypto assets.

The commission stated that legal “flexibility” allows for “the recognition of a distinct category of personal property,” capable of recognizing and protecting “certain digital assets.”

FTX class action lawyers move to block Sullivan & Cromwell’s dismissal motion

On July 29, FTX class action lawyers submitted a motion opposing the law firm Sullivan & Cromwell (S&C), claiming that the firm went beyond standard legal practices.

The class action lawyers alleged that S&C exceeded these legal practices in its efforts to actively facilitate the fraudulent activities of the defunct cryptocurrency exchange.

According to the submitted court documents, the class action lawyers stated that S&C lawyers created “misleading strategies that furthered FTX’s misconduct.”

The ongoing lawsuit seeks damages for multiple counts, including aiding and abetting fraud, aiding and abetting fiduciary breaches and civil conspiracy.

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Bill proposes to give Secret Service more power to pursue crypto crime

On Aug. 2, two United States Senators introduced a bill seeking to expand Secret Service powers to combat crypto-related criminal activity.

Nevada-based Catherine Cortex Masto and Iowa-based Charles Grassley introduced the “Combatting Money Laundering in Cyber Crime Act of 2024” bill.

If pushed through and approved, the bill would allow Secret Service authorities to investigate crypto transactions made by unlicensed money-transmitting businesses.

It would also enable the Service to investigate potential fraud against US financial institutions to put financial activity “on federal law enforcement’s radar.”

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Artists sue SEC over confusing security status of NFTs

On July 29, two artists sued the US Securities and Exchange Commission to determine whether non-fungible tokens (NFTs) fall within the agency’s regulatory remit.

The plaintiffs’ attorneys sought clarity on the acts that would trigger US securities laws during NFT creation and sales.

The SEC was questioned whether artists needed to “register” NFT art before selling to retail and whether public disclosures regarding “risks” were required.

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Arts

https://cointelegraph.com/news/law-commission-new-property-category-crypto-assets

Interesting NFTs
Verifactory
The factory process behind the making of a verification badge. 10-second loop, 30 fps. Created using Cinema4D, X-Particles, TurbulenceFD, Redshift, and After Effects.
Really Remote Working Part 2
The second imagined space in the series. Created during the lockdown period whilst being confined to the same place every day, this piece is part of a series of imaginary places that I dreamed of being able to work from.
self controlling hands
The title already says a lot. In the crypto universe it is often called: DYOR - Do Your Own Research. This work is a remake of a work of art by M.C Escher, who drew the hands that draw themselves. This artwork shows the self-controlling hands in 3d on a graphics tablet with a display. The hands are symbolic of blockchain technology because every transaction is transparent and can be verified on a block explorer. Each block content has a timestamp, which is represented by the clocks in this work.
The River Plate Machine
Digital illustration for the cover of These Football Times magazine in its issue dedicated to the Argentine football team "Club Atlético River Plate". Original from 2020. For this cover I have created a complex machine that links all the generations and legends of the club with its great shield and emblem crowning the center as the heart of the fantasy machinery. Full of details and ornaments this is a highly detailed work. An authentic trip to the history of River through the imagination and the colors of the club. The most significant titles of the club are also included, such as the Libertadores Cup, the famous Intercontinental and the new Super Liga and the Argentine Cup in its newest cup design. If you see a hen, don't be surprised, it is the nickname that its fans give themselves, and they like it. ----- https://javierarres.com/about.html
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By OthersideDeployer