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.

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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
Who is Satoshi Nakamoto?
"Who is Satoshi Nakamoto?" is dedicated to the mysterious creation of Bitcoin, and acts as the showcase artwork within Javier ArrĂ©s’ exploratory series "Bitcoin, The Origin". "Who is the creator of Bitcoin?" The artist, ArrĂ©s, explores this question, and the feelings of doubt and mystery that accompany it, through his unique artistic language. An unknown, an enigma. It should be remembered that the name Satoshi Nakamoto is a pseudonym of Bitcoin's author or authors and gives us little insight into its true creator. For this Visual Toy, ArrĂ©s uses the signature claw machine, his famous half-operation, to symbolize our collective ignorance and unconfirmed belief: As soon as it has the stuffed animal within its grasp and appears to have solved the puzzle, the animal escapes again, and again. At present, there are three more public and studied possibilities who are either believed to be the creators of the currency or who directly claim the creation of it. It may be all or none of them, yet these three personalities leave us clues which are an important part of this interesting enigma. For this moment, it will remain unknown... In this artwork, ArrĂ©s elevates the claw machine from the apparatus, to an iconic pop art object serving as an important element to the Bitcoin creation narrative. Action is everywhere, with each movement serving an iconographical or metaphorical purpose related directly to cryptocurrency: Various ups and downs, roller coasters, mining points, robot, coins and more speak to a sense of hope, risk, mystery, randomness and possibility of pay out. Hundreds of manically thought out details make this creation one of the artist’s most complex Visual Toys to date. ------- "Bitcoin, The Origin" is a set of two Visual Toys, titled "Who is Satoshi Nakamoto" and "It’s Alive!" which reflect and explore the mystery and enigmas behind the creation of Bitcoin. ArrĂ©s presents these proposals to us in his signature style, full of iconography, fantasy, maniacal animations and a panoply of details (both subtle and overt) which simultaneously fascinate, hypnotize, and narrate this historical milestone through the singular vision of the artist. Through this series, ArrĂ©s freezes a crucial moment of cryptocurrency history, taking a still photo under his vision and turning it into two unique crypto artworks. ---- More info about Javier ArrĂ©s: https://javierarres.com/about.html
"Rick and Morty" The Wedding Squanchers (TV Episode 2015) - IMDb
"Rick and Morty" The Wedding Squanchers (TV Episode 2015) - IMDb
X*Y=K
ïœ„ă‚œïŸŸïœ„:.ïœĄ..ïœĄ.:*'(▜)'*:.ïœĄ. .ïœĄ.:*ïœ„ă‚œïŸŸïœ„* for more info see https://tinyurl.com/56unnr39
Alex in Wonderland
A figure, Alex, stands mostly naked in the midst of a physical and psychological maelstrom. He is clad only in nostalgic 80’s era socks, on a tenuous island between active waters and a variety of shark denizens. Sharks on the right side of the image are all beached, including a shark with a quartz crystal snout, an orange shark wrapped in a life buoy, and a shark further in the distance wearing an 80’s style shirt with the number “88”. On the left side is the largest shark, wearing bright glossy red lipstick and brandishing prominent teeth with braces. She is cordoned off from the figure by a roped float divider, and within her thought bubble is a warning symbol. Behind the figure, hovering in the air, are Grey aliens emerging from the distance, out of a series of elliptical UFO shaped interdimensional membranes. The Greys take on the visual form of spermazoa ostensibly impregnating the interdimensional thresholds. As is typical, these Greys inhabit a zone just behind the unconscious topology of Alex’s dissociative mind. Though Alex’s bottom half is representative, his top half mutates into a psychological cornucopia. In a manner akin to “Auto-Erotic Sphinx”, a predecessor work, the figure has self suctioned—an act of sensual infatuation, enjoyment, and exploration. Upward exists the figure’s primary conscious eye, adorned with a revolutionary beret emblazoned with a Bitcoin badge. The figure’s summit features the nose of a fighter jet facing off against video game Bullet Bills, one of whom is marked by a communist North Korean star. A cropped section of a UFO observes the contest. Alex’s mind branches both left and right. To the left is more singular embodied consciousness, manifesting two eyes and a Ganesh trunk grasping crayons. The right branch dissociates upward diagonally, emerging into an array of eyes, faces, teeth, tail, a unicorn horn, and much more—all of which participate in expressing his unconscious being; a democracy of psychic factions representing thought impressions and associations. All illumination and darkness– fernal, infernal, high consciousness and corporeal underbelly–reside in this realm. In the distance are relatively languid, light clouds, and against the firmament hovers a colossal distant eye peering over the scene and far beyond. This painting possesses underlying genetic traits with previous works such as “Auto-Erotic Sphinx with Toys”, “Dionysus”, and “Fuku-Shiva”. The work serves also as a nod to an earlier period of art inspiration during late teens and early twenties— born out of the nakedness, vulnerability, curiosity, and wonder inherent to coming of age and all subsequent psychedelic revelation.
Rogue Society Bots #10097
Rogue Society Bot is a collection of 15,777 unique Rogue Bot NFTs— unique digital collectibles living on the Ethereum blockchain. Your Rogue Bot doubles as your Rogue Society membership card, and grants access to members-only benefits and experiences. Future perks can be unlocked by the community through roadmap activation. Visit www.roguesociety.io for more details.