Regulatory uncertainty creates rash of ‘novel’ lawsuits: Legal experts
“Litigation and enforcement activity is likely to accelerate in the current regulatory climate, perhaps in unpredictable ways,” says lawyers from Choate Hall & Stewart LLP. Regulatory uncertainty surrounding crypto has created a “fertile environment” for crypto-related litigation and enforcement to grow, according to lawyers from Choate Hall & Stewart LLP.In an analysis piece published on Law360 on June 28, lawyers from Choate Hall & Stewart LLP, including Mike Gass, Diana Lloyd and Alex Bevans, noted increasing evidence that “novel applications of existing laws” are being used to litigate....
Related News
An increase in crypto popularity triggers the moves from different jurisdictions to regulate digital assets. They see the need to control most activities within the space to secure investors’ funds. Hence, lots of regulatory measures come into the crypto space. But through the several regulatory requirements for crypto activities, many uncertainties are gradually manifesting. On […]
Regulatory uncertainty and the slow embrace of cryptocurrencies continue to be key impediments to the growth of Kenya’s digital currency market, experts say. They also assert that without speedy regulation, which they believe will hasten the adoption of digital currencies, Kenya’s sector will remain open to fraud. Kenya’s Embrace of Crypto Slow, Exchange Reps Point to Need for Legislation George Mwakisha, the business development manager at Binance Kenya, says the country can reap the full benefits of digital currencies if it moves to pass the relevant legislation, local....
Terraform Labs CEO Do Kwon is unlikely to face criminal charges in the U.S. over the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST), according to legal experts. They explained that civil charges are more likely, including lawsuits by cryptocurrency investors.
Do Kwon Unlikely to Face Criminal Charges
The recent collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) has raised questions about whether their creator, Do Kwon, can be held accountable.
Randall Eliason, a professorial lecturer in law at the George....
Authorities in Nigeria have been told to consider upgrading the country’s cryptocurrency regulatory guidelines because current regulations are not consistent with the realities on the ground. According to legal experts, the growing interest in cryptocurrencies by Nigerians means the country needs to have “clear-cut guidelines” for the industry.
Nigerians Continue to Defy Central Bank
Legal experts who spoke at a two-day workshop recently held in Nigeria have urged authorities to consider upgrading the country’s cryptocurrency regulatory guidelines.....
The European Commission published a draft directive last week proposing to amend existing anti-money laundering rules to include virtual currencies such as bitcoin. If adopted, exchanges as well as custodial wallet providers will need to collect customers’ identity documents and report suspicious activity on their platform to relevant authorities. In an attempt to avoid regulatory overreach, a group of Dutch Bitcoin startups and experts is now reaching out to the Dutch Ministry of FInance offering their expertise, hoping to potentially adjust the proposed directive amendment. Uncertainty....