Brendan Cochrane, J.D., CAMS

Jump Crypto president resigns amid CFTC investigation. Kanav Kariya, the president of Jump Trading’s digital asset arm, Jump Crypto, has stepped down amid reports of an investigation by the Commodity Futures Trading Commission (CFTC). Kariya announced his resignation on June 24 via social media, stating he plans to focus on personal relationships and reading while seeking his next venture. The details of the CFTC investigation into Jump Crypto remain unclear, but it may involve trading activities mentioned in the investor lawsuit and the SEC’s case against Terraform Labs. #Secret3 #cryptonews #blockchain #defi #cryptocurrency Read more: https://lnkd.in/gQchPGii

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🚨 Breaking News in Crypto Regulation 🚨 The Fifth Circuit Court of Appeals has delivered a groundbreaking decision, ruling that the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) overstepped its authority by sanctioning Tornado Cash's immutable smart contracts. This ruling is a monumental moment for the decentralized finance (DeFi) and blockchain community. The court determined that immutable smart contracts, which are autonomous and unalterable, do not constitute "property" or "persons" under OFAC's regulatory framework. This distinction has far-reaching implications for how decentralized technologies are regulated. The judgment overturns a previous ruling and highlights the growing tension between regulatory frameworks and the decentralized nature of blockchain innovations. By emphasizing that autonomous software protocols cannot be sanctioned like traditional entities, the court has set a precedent that could reshape regulatory approaches across the cryptocurrency industry. This decision is a win for innovation but also a reminder of the challenges regulators face in addressing decentralized technologies. The crypto community will undoubtedly be watching closely to see how this impacts the future of DeFi, smart contracts, and blockchain governance. What are your thoughts on this ruling? Does it mark a turning point in how governments approach decentralized tech, or will we see more regulatory hurdles ahead? Let’s discuss! #Blockchain #Cryptocurrency #DeFi #SmartContracts #Regulation #Innovation https://lnkd.in/gCJQJNH9

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𝐒𝐄𝐂 𝐂𝐡𝐚𝐫𝐠𝐞𝐬 𝐂𝐫𝐲𝐩𝐭𝐨𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 𝐅𝐢𝐫𝐦𝐬 𝐓𝐫𝐮𝐬𝐭𝐓𝐨𝐤𝐞𝐧 𝐚𝐧𝐝 𝐓𝐫𝐮𝐞𝐂𝐨𝐢𝐧 The U.S. Securities and Exchange Commission (SEC) has officially charged TrustToken and TrueCoin with securities violations concerning their TrueUSD (TUSD) stablecoin. 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀: · The SEC claims that from November 2020 to April 2023, TrustToken and TrueCoin offered unregistered securities and investment contracts linked to TUSD and their DeFi platform, TrueFi. · The complaint asserts that the companies misled investors by promoting TUSD and TrueFi as “safe and trustworthy” investments. · Both firms have expressed a willingness to settle, agreeing to pay a total of $163,766 in penalties, with TrueCoin also required to disgorge an additional $340,930. · This case is part of the SEC’s broader efforts to enforce compliance within the cryptocurrency sector, which has seen penalties surge over 3000% in the past year alone. 𝗪𝗵𝘆 𝗧𝗵𝗶𝘀 𝗠𝗮𝘁𝘁𝗲𝗿𝘀: By enforcing registration requirements, the SEC aims to safeguard investors from misleading claims and unregulated products. Increased regulatory scrutiny can bolster investor trust in the cryptocurrency market, provided it leads to greater transparency. As enforcement actions like this one become more common, we may see a push for clearer regulatory frameworks that address the unique nature of digital assets. The relationship between regulators and the crypto industry remains strained, emphasizing the need for dialogue and collaboration to foster a healthy market. As the landscape evolves, so too must our understanding of these complex legal issues. #Cryptocurrency #SEC #InvestorProtection #LegalUpdate #TrueUSD #RegulatoryCompliance #CryptoLaw https://lnkd.in/dZ_KrAgb Disclaimer: The Content in this post is for informational purposes only derived from references and does not constitute any professional advice. We do not claim ownership of any data or Information referenced.

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US District Court Decision Boosts Binance US Security and Regulatory Compliance: A Win for the Crypto Community The order from the US District Court for the District of Columbia allowing Binance US to invest corporate assets with third-party advisors, invest customer fiat funds in US Treasury bills, and transfer assets to non-affiliated third-party custodians, with the stipulation that these entities are not affiliated with Binance International and must maintain control within the US, can have several positive impacts on the crypto community, some of which I have highlighted here: 1. Increased Trust and Security- Ensuring that the entities managing funds are not affiliated with Binance International can help address concerns about the commingling of funds and potential conflicts of interest. This separation can enhance trust in Binance US as a more independent and regulated entity. Additionally, investing customer fiat funds in US Treasury bills, which are considered one of the safest investments, can provide additional security and assurance to customers about the safety of their funds. 2. Enhanced Financial Management- Allowing corporate assets to be managed by third-party advisors can lead to more efficient and effective asset management and ensure better financial health for the company. To top it up, the ability to invest in different financial instruments, like US Treasury bills, provides diversification, which can help mitigate risks associated with holding assets in a single type of investment. 3. Transparency and Accountability: The measures to keep control within the US and the involvement of non-affiliated custodians can increase transparency and accountability. This certainly will act as a catalyst to boost customer confidence in the platform, potentially attracting more users. 4. Institutionalization of Crypto Assets: By involving established financial practices and instruments, the order helps in the institutionalization of crypto assets. This can lead to greater acceptance and integration of cryptocurrencies into the broader financial system. A key point to remember here is the role of Courts which are playing a crucial role in shaping the crypto environment through their interpretations and enforcement of laws, setting precedents, and providing clarity on regulatory issues. #CryptoLaw #Web3 #Courts #BlockchainLaw #DigitalAssets #SmartContracts #Web3Legal #CryptocurrencyRegulation #web3lawyer

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🚨𝘛𝘩𝘦 𝘍𝘛𝘊'𝘴 𝘭𝘢𝘵𝘦𝘴𝘵 𝘳𝘦𝘱𝘰𝘳𝘵 𝘳𝘦𝘷𝘦𝘢𝘭𝘴 𝘵𝘩𝘢𝘵 𝘧𝘳𝘢𝘶𝘥 𝘭𝘰𝘴𝘴𝘦𝘴 𝘧𝘳𝘰𝘮 𝘉𝘪𝘵𝘤𝘰𝘪𝘯 𝘈𝘛𝘔𝘴 𝘩𝘢𝘷𝘦 𝘴𝘶𝘳𝘱𝘢𝘴𝘴𝘦𝘥 $65 𝘮𝘪𝘭𝘭𝘪𝘰𝘯 𝘪𝘯 𝘫𝘶𝘴𝘵 𝘵𝘩𝘦 𝘧𝘪𝘳𝘴𝘵 𝘩𝘢𝘭𝘧 𝘰𝘧 2024. 𝘐𝘯 𝘢 𝘳𝘦𝘤𝘦𝘯𝘵 𝘴𝘵𝘢𝘵𝘦𝘮𝘦𝘯𝘵, CFTC 𝘊𝘰𝘮𝘮𝘪𝘴𝘴𝘪𝘰𝘯𝘦𝘳 𝘚𝘶𝘮𝘮𝘦𝘳 𝘒. 𝘔𝘦𝘳𝘴𝘪𝘯𝘨𝘦𝘳 𝘦𝘮𝘱𝘩𝘢𝘴𝘪𝘻𝘦𝘥 𝘵𝘩𝘢𝘵 𝘗𝘪𝘨 𝘉𝘶𝘵𝘤𝘩𝘦𝘳𝘪𝘯𝘨 𝘴𝘤𝘢𝘮𝘴 𝘢𝘭𝘰𝘯𝘦 𝘩𝘢𝘷𝘦 𝘤𝘢𝘶𝘴𝘦𝘥 𝘢 𝘴𝘵𝘢𝘨𝘨𝘦𝘳𝘪𝘯𝘨 $75 𝘣𝘪𝘭𝘭𝘪𝘰𝘯 𝘪𝘯 𝘭𝘰𝘴𝘴𝘦𝘴. 𝘛𝘩𝘦 𝘍𝘉𝘐’𝘴 2023 𝘐𝘯𝘵𝘦𝘳𝘯𝘦𝘵 𝘊𝘳𝘪𝘮𝘦 𝘙𝘦𝘱𝘰𝘳𝘵 𝘢𝘭𝘴𝘰 𝘱𝘰𝘪𝘯𝘵𝘦𝘥 𝘵𝘰 𝘢 𝘴𝘩𝘢𝘳𝘱 𝘪𝘯𝘤𝘳𝘦𝘢𝘴𝘦 𝘪𝘯 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘴𝘤𝘢𝘮𝘴, 𝘯𝘰𝘸 𝘵𝘩𝘦 𝘭𝘦𝘢𝘥𝘪𝘯𝘨 𝘤𝘳𝘪𝘮𝘦 𝘤𝘢𝘵𝘦𝘨𝘰𝘳𝘺 𝘵𝘳𝘢𝘤𝘬𝘦𝘥 𝘣𝘺 𝘵𝘩𝘦 𝘐𝘊3 🚨 Crypto-enabled scams are clearly on the rise, but the real question is: are we doing enough to combat them as they grow? Is our approach proportional to the scale of the threat? We love talking about how blockchain makes it easier to trace stolen funds and how law enforcement has had some big wins in catching scammers, seizing assets, and getting victims compensated. And that’s awesome! It really is. But let’s be honest: we’re still letting these crimes happen. There’s a huge gap in prevention, and we need to do more to stop people from getting scammed in the first place. I believe that education is key, and it’s something we’re not focusing on enough. If more people understood the risks, fewer would get caught up in these scams. We need more initiatives to raise awareness, and we need people to speak up and share their stories so others can learn and avoid the same traps. If you're not familiar with Erin West's work in this field, I highly recommend checking it out (Operation Shamrock). She's also hosting a session on Pig Butchering tomorrow, and there's still time to register if you want to learn more (https://lnkd.in/eTFnVttF). 📌Here are some helpful resources that point out red flags: 🔗 SEC, Ponzi Schemes Using Virtual Currencies: https://lnkd.in/eRX9dkQm 🔗 FinCEN, Alert on Pig Butchering: https://lnkd.in/eiKr9H7U 🔗 CFTC, Crypto Investment Red Flags: https://lnkd.in/eeRHVpvR 🔗 FTC, What To Know About Cryptocurrency and Scams: https://lnkd.in/eTFENGVK 🔗 FBI, Token Impersonation Scams: https://lnkd.in/edqWZWyQ 🔗 Research Paper, Economics of Pig Butchering:  https://lnkd.in/ewbmND6P

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AIPLA submitted comments to the USPTO on Statutory Experimental Use Exceptions. 🔗 Read the comments here: https://lnkd.in/e8DFThS7 #AIPLA #Advocacy #IP #IPLaw #IntellectualProperty #USPTO #Comments #Association #Membership

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New USPTO Appeals Review Panel Decision Clarifies Means-Plus-Function Claims and Jepson Preambles in Ex parte Chamberlain (formerly In re Xencor) The USPTO's new Appeals Review Panel (ARP) decision (post-dated May 21, 2024), has provided some clarity on means-plus-function (MPF) claims and the limiting nature of Jepson claim preambles. The case, formerly known as In re Xencor, Inc., was remanded by the Federal Circuit to the USPTO to reconsider its approach to these issues. Key takeaways from the ARP decision: 1. Means-Plus-Function Claims: The ARP concluded that the specification need only describe the corresponding structure, not equivalents thereof, to satisfy the written description requirement under 35 U.S.C. § 112(f). This decision restores power to the idea that MPF claims can be used to cover a broader scope even when equivalents are not available. 2. Jepson Claim Preambles: The ARP found that the preamble of a Jepson claim is typically limiting, and therefore must also be supported by the written description. 3. Broad Method of Treatment Claims: The ARP maintained that the broad preamble "method of treating a patient" lacked written description support, as the specification failed to describe treating all patients for all diseases. The decision emphasizes the need for patent claims to align with the inventor's contribution described in the specification. While the decision clarifies the interpretation of MPF claims, it also highlights the ongoing challenges biotech innovators face in obtaining method of treatment claims. https://lnkd.in/g7MKiRVM

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CFTC Issues Order Against Uniswap Labs for Offering Illegal Digital Asset Derivatives Trading The CFTC, part of its continuing enforcement focus in the digital asset decentralized finance (DeFi) space, issued an order filing and settling charges against Universal Navigation Inc. d/b/a Uniswap Labs. The order finds Uniswap Labs illegally offered leveraged or margined retail commodity transactions in digital assets via a decentralized digital asset trading protocol. Uniswap Labs must pay a $175,000 civil monetary penalty and cease and desist from violating the Commodity Exchange Act (CEA). #CFTC, #digitalassets, #blockchain, #regulatorycompliance Read More 👇: Release: https://lnkd.in/eUHDH_y9 Order: https://lnkd.in/e-iEkwFq

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“El Salvador Launches Tokenized T-Bills Offering” #cryptonews - NexBridge Digital Financial Solutions and Bitfinex Securities have teamed up to offer the first regulated tokenized T-Bills offering in El Salvador. The product aims to provide access to investments in… https://lnkd.in/dyMDHYaD

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Two leading #crypto industry trade groups, the Blockchain Association and the Crypto Freedom Alliance of Texas, have sued to block a new #SEC rule that expands the definition of the term “dealer” under US securities laws in ways that may capture #DeFi platforms and other crypto traders. Among other things, the groups argue that the expansion is overreaching, unclear, and conflicts with longstanding securities regulations. They also note that while the expanded definition targets traditional financial market participants, it could also significantly and negatively impact the digital assets industry by pulling even passive contributors to crypto liquidity pools into its scope. Key shortcomings identified by the trade groups include: 1️⃣ The SEC failed to conduct a meaningful economic analysis of the rule's impact on the crypto asset industry because it was too challenging for the SEC to complete. 2️⃣ The rule exceeds the SEC's statutory authority by defining “dealer” based on an individual's trading activity rather than the kinds of services they provide consumers. 3️⃣ The SEC further violated the Administrative Procedures Act by forgoing a substantive response to the crypto industry's concerns, and by failing to clarify how the rule would apply to crypto participants. #Crypto #Blockchain #SEC #Regulation #DigitalAssets #LegalChallenge #Innovation

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FTX co-founder Gary Wang sentenced to probation and time served. FTX co-founder Zixiao “Gary” Wang was sentenced to time served, forfeiture of assets, and three years of probation on November 20 in a U.S. district court in New York. This ruling marked the conclusion of legal proceedings against the top executives implicated in the cryptocurrency exchange’s dramatic 2022 collapse. Wang became the fifth and final executive to be sentenced. #Secret3 #cryptonews #web3 #blockchain #cryptocurrency Read more: https://lnkd.in/gYi2vEeY

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Coinbase CLO Exposes SEC Double Standards on Crypto Rules ➡️ Read All : https://lnkd.in/eQ6KAwrF Coinbase’s Chief Legal Officer, Paul Grewal, has raised concerns over the U.S. Securities and Exchange Commission’s (SEC) inconsistent stance on crypto classification. Grewal pointed out... [...] #Coinbase #SECCryptoStance #DigitalAssets #RippleCase #RegulatoryScrutiny #Crypto #Legal #NBTC

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#CFPB Report Targets Games and Virtual Worlds - What #Blockchain Game and #Metaverse Companies Need to Know #FinancialServices #Gaming #VirtualWorlds #VideoGame #BankRegulation #BankRegulatory #FinancialProducts #PaymentSystems #Crypto #CryptoCurrency #VR #VirtualReality #GameDeveloper #GameDevelopment

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