Crypto World Updates
The Legal Triumph of Justin Sun over the SEC
Tron founder Justin Sun won a key legal battle against the SEC with his latest victory, that saved him powerful ammunition for defense. In an ongoing lawsuit, New York District Judge further rejected the SEC motion that sought to limit Sun’s planned defenses; a fundamental moment in this year long stand-off charging him for unregistered securities offerings and market manipulation of TRON (TRX) & BitTorrent (BTT). This is a significant ruling, as it gives Sun carte blanche to start attacking the SEC’s jurisdiction over overseas transactions. The ruling in this case is likely to serve as a significant precedent for the regulation of digital assets worldwide.
Hong Kong dDao Regulation Push
In its efforts to become a global center of technological innovation in the blockchain and Web3 space, Hong Kong is moving forward with new derestrictive policy frameworks for Decentralized Autonomous Organizations (DAOs). Introduced by legislator Johnny Ng, the rules are designed to make Hong Kong an attractive place for global talent and capital interested in DAOs through increased legal certainty as well as protections.
The ruling comes after a high-profile court case between Mantra and DAO, which highlighted significant wrangling over DeFi governance. And while other financial hubs such as Singapore and Dubai flex for greater control over the crypto sector, HKMA’s regulatory move could establish a precedent in this growing blockchain market.
An Australian Crackdown on Crypto Scams
Australia has apparently increased a crackdown on cryptocurrency scams, removing more than 600 fake schemes. The scams are estimated to have cost investors many millions of dollars, which has finally seen the Australian Securities and Investments Commission (ASIC) step in. The government’s tough stance is a reflection of the need for consumer protection in fast expanding market of cryptocurrencies. Mature regulation like that of Australia could provide a blueprint for other countries looking to protect their citizens from the perils accompanying crypto investments, as digital assets find wider adoption.
Prediction Market Soars in Anticipation of Trump vs. Harris
Amid curiosity about a hypothetical 2024 U.S. presidential contest with Donald Trump facing off against Kamala Harris, prediction market platform Polymarket has experienced an overwhelming influx of users betting on the outcome. Operating entirely based on cryptocurrency, this platform is reflective of the rising interest in political forecasting via decentralised technologies. The potential battle between Trump and Harris is the discussion of bettors and this proves how blockchain technology can help to be a determinant without being monetary in different industries like politics. With upcoming elections in 2022 and all eyes turning to the start of another grueling campaign season, these markets afford a unique perspective for understanding current public sentiment and political speculation on U.S news.
