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
Her Mind Had Gone Out For A Stroll & Fallen Down The Rabbit Hole
Her Mind Had Gone Out For A Stroll & Fallen Down The Rabbit Hole' is the first programmable piece of art by Kitty Bast. The owner constructs, modifies & tattoos their very own Doll Lady... Is she falling down a rabbit hole, lost in a sea of cats or gazing into the unknown void? Do you like Pink Ladies or Lilac Ladies? Or do you pick the Wild Card? There's always a wild side to an innocent doll face. Is she obsessed with crypto ponies or crypto kitties? Or does she have an insatiable desire for Mr. Honey Badger. Come inside and have a nice cup of NFTea with the bunnies. Is your lady chained to the blockhain? Does your lady shed Bitcoin tears or ETH tears? Does your doll face don a Rotten Heart? Do you HODL to the Moon to meet the ETH Kitty? Do you have an obsession for cyborgs or Puddin'? Would you like a slice of Death by Pink? Is The Cat's Eye green or golden? Little trolls with mini daggers not included. The cheshire cat might trade you his ears for your goggles. Modifications of the Host. How long is forever? Sometimes, just one second.
Mars House
Mars House is the first NFT digital house in the world. Upon purchase of Mars House NFT, 3D files will be sent to the new owner by Krista Kim Studio Inc. for file upload to the owner’s Metaverse. Technical support for Mars House integration on Metaverse is provided. (Architectural Digest, March 14, 2021) “Kim ventured into NFTs while exploring meditative design during quarantine; her hope was to use the influx of digital life as an opportunity to promote wellbeing. Comprised entirely of light, the visual effects of her crypto-home are meant to omit a zen, healing atmosphere. The artist also partnered with musician Jeff Schroeder of The Smashing Pumpkins to create a calming musical accompaniment. So what makes the file a compelling purchase? Beyond the promise of buying into the lucrative NFT market, the home and all of the furniture in it can be built in real life by glass furniture-makers in Italy, as well as through MicroLED screen technology. Kim also has a strong visions the art being projected, as well. “Everyone should install an LED wall in their house for NFT art.” says the artist. “ This is the future, and Mars House demonstrates the beauty of that possibility.” The owner is in agreement to the following terms and conditions upon purchase of Mars House (hereby referred to as Mars House NFT): The collector agrees to own one copy of Mars House NFT on a single Metaverse platform. The collector is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio Inc. will provide technical support to upload and integrate Mars House NFT on a Metaverse platform. If/when Mars House is resold, the collector is required to delete all Mars House NFT 3D file(s) from his/her Metaverse, and provide verification of deletion to Krista Kim Studio Inc. before new 3D files are transferred to the new owner by the artist. The new owner is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio will send Mars House NFT 3D files directly to the new owner and provide support for Metaverse integration. This verified ownership transfer system will be appointed to Krista Kim Studio Inc. trusteeship, after 40 years of the date of the sale. Krista Kim Studio Inc. retains ownership of Mars House NFT copyright. All rights reserved. All reproductions of Mars House (NFT) in both digital and physical formats, are restricted. Mars House NFT physical furniture pieces, made of tempered printed glass in Italy, may be commissioned by the collector as NFT physical pieces.
CryptoKitties
Shalom! I'm Kitty #445655. My friends describe me as hairy and smelly. I'm convinced that that one day cats will rule this planet. One day I'll prove it. This will be an amewsing friendship.
Genesis
JosĂ© Delbo sent me his striking pencil sketch and powerful inked work, which I then interpreted in oil on canvas. I wanted to create a very painterly piece with obvious brush marks etc, but I was also aiming for a nostalgic feel, a kind of 1980’s superhero comic book look, the kind I grew up with. My goal with this animation was to try to recreate, in part, the creative process that both artists went through with the visual information I had. I was able to showcase my painting process more accurately as I could take photographs of my progress throughout. Consecutive images could then be layered like brush strokes over José’s drawing to create the impression that this was one continuous artwork from pencil, to ink, to completed painting. The representation of the line sketch at the beginning, then pencil/ink and lastly the paint layers being applied demonstrate both artists’ struggle for the right lines, tone, form, and colour until the work is finally completed. As the oil was still wet with each photograph the glare of my studio lights can be seen in the brush strokes. Eventually, the figure emerges and as it does, our hero comes to life, looking directly at the viewer -- but is he grimacing in approval or disgust? We will never know for sure as just before he can say anything, white paint is brushed across the canvas entirely and the process begins again. Only the bat is quick enough to escape.
#65679
By OthersideDeployer