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In a recent CNBC interview, CFTC Chair Rostin Behnam declared most crypto assets as commodities under current law. Behnam stated that under current laws in the U.S., most crypto assets are considered commodities, a standpoint that sheds light on their regulatory status. "It is figuring out how existing, decades-old law, fits into this new technology that seems to be changing and ultimately needs a new way of thinking around policy and legislating," says @CFTCbehnam on #crypto. "Under existing law, many of the tokens constitute commodities." pic.twitter.com/F3JPjWq3wG — Squawk Box (@SquawkCNBC) December 12, 2023 However, Behnam highlighted an ongoing “turf war” among U.S. regulatory bodies, notably between the CFTC and the Securities and Exchange Commission (SEC), over the authority to regulate the crypto currency industry. This conflict poses significant challenges in establishing clear regulatory guidelines for digital assets . You...

The Biden administration is urging Congress to consider the most significant updates to the Treasury’s sanctions authority since 2001. This move aims to better regulate the use of digital assets for financial transactions in regions impacted by terrorism. According to Bloomberg, U.S. foreign trade representative Wally Adeyemo said it was necessary to introduce a “secondary sanctions regime.” Such sanctions control a company or person within the U.S. financial system because it “also puts at risk any firm that continues to do business with a sanctioned target,” he said. The Treasury “provided Congress a set of common-sense recommendations to expand our authorities and broaden our tools and resources to go after illicit actors in the digital asset space,” Adeyemo added. Over the past few months, U.S. authorities have stepped up oversight of the cryptocurrency industry and are demanding stronger measures to combat the use of cryptocurrency by terrorists. You might also lik...

The fund is a part of a wider VCC umbrella that brings various real-world assets to the blockchain. Leading Swiss bank UBS has launched a live pilot of a tokenized version of its variable capital company (VCC) fund as part of Project Guardian, an initiative led by Singapore’s central bank.  In a press release, UBS Asset Management announced that the fund is part of a broader VCC umbrella designed to bring different types of real-world assets (RWA) to the blockchain. According to Thomas Kaegi, the head of UBS Asset Management for Singapore and Southeast Asia, the project is a milestone in understanding funds token ization. Kaegi said: “Through this exploratory initiative, we will work with traditional financial institutions and fintech providers to help understand how to improve market liquidity and market access for clients.” UBS Asset Management launched the controlled pilot of the tokenized money market fund through the company’s in-house token ization service called UBS Tokeni...

Despite a blanket ban on cryptocurrencies imposed by Beijing in 2021, many Chinese courts over the years have established that virtual asset holders have property rights. People’s courts in China exercise judicial power independently and are not subject to interference by an administrative or public organization. These courts try criminal, civil, administrative, and cases that involve economic disputes. The report titled "Identification of the Property Attributes of Virtual Currency and Disposal of Property Involved in the Case," acknowledged that virtual assets have economic attributes and thus can be classified as property, reported a local daily. Although China has deemed all foreign digital assets illegal by imposing a blanket ban, the report argued that virtual assets held by individuals should be considered legal and protected by law under the current policy framework. The report also added suggestions to deal with crimes involving virtual asset s and noted that sinc...

Cypher Protocol recovered nearly 50% of the stolen funds, worth approximately $600,000. On Aug. 7, the company suffered an exploit attack that reportedly wiped $1 million off its accounts. On Aug., 17, Cypher Protocol announced via its X account that it had frozen nearly half of the stolen funds on different CEX. update from cypher ~$600k has been frozen across CEXs, the return of these funds will be predicated on the cooperation of these CEXs and seizure warrants being issued by law enforcement — cypher ️ (@cypher_protocol) August 17, 2023 The hacker attacked some of the DEX vulnerabilities by using different accounts to take the funds in different cryptocurrencies, such as USDT, SOL, and wETH, among others. You might also like: Cypher Protocol freezes smart contract amid $1m exploit On Aug. 10, the company contacted the attacker and offered him a 10% white hat bounty worth around $120,000. Later on, the company said that the hacker didn’t return the fund...

TLDR In the RWA sector, the first explosion is from fixed-income products, driven by the treasury management demands of DAOs and Web3 companies. The top TVL rankings in the RWA sector are dominated by tokenized U.S. Treasury Bill projects. By incorporating RWA, DAOs can retain high liquidity for their assets while generating stable income with low correlation to on-chain activities, thus achieving better quality returns and risk diversification. The governance and operations of DAOs are not necessarily more efficient than traditional corporate structures. MakerDAO incurs high costs to purchase U.S. Treasury Bill ETFs through a complex trust structure, which is not feasible for most other DAOs and Web3 companies. In comparison, it is more efficient and feasible for DAOs to purchase tokenized RWAs on-chain through professional/compliant asset issuers. RWA coming into mainstream crypto Against the backdrop of the crypto winter and rising US interest rates, the new wave of DeFi innovation ...

The CEO of Terraform Labs’ affiliate firm Kernel Labs reportedly held the largest amount in illegal proceeds from Terra. More than six months after the collapse of the Terra ecosystem, South Korean authorities continue to investigate and freeze the funds of persons involved in Terra. After seizing 140 billion won ($108 million) from Terra co-founder Shin Hyun-Seong in November, the Seoul Southern District Court has recently ruled to confiscate more assets related to Terra. The South Korean court has ordered to freeze of 120 billion won ($92 million) in assets of former and incumbent CEOs of Terraform Labs’ affiliate firm Kernel Labs, The Korea Economic Daily reported on Dec. 20. Founded in 2018, Kernel Labs is a blockchain consultancy firm focused on decentralized applications and blockchain payment systems. Kernel Labs is believed to have close ties with Terraform Labs, as CEO Kim Hyun-joong once reportedly served as vice president of engineering at Terraform Labs. According to some...