Category: Law/Suing

New York Lawmakers Highlight Potential of Bitcoin, Ethereum, Ripple and Litecoin, Create New Crypto Task Force

New York is now home to the first crypto task force in the United States. Governor Andrew Cuomo of New York State has signed the Digital Currency Study Bill, which creates a digital currency task force to explore the effects of digital currencies on financial markets in the state. The task force, whose members are appointed by the Governor, Senate and Assembly, will submit reports by December 15, 2020. According to the announcement,

Source: New York Lawmakers Highlight Potential of Bitcoin, Ethereum, Ripple and Litecoin, Create New Crypto Task Force | The Daily Hodl

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US Lawmakers Seek to Exclude Crypto from Securities

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Two members of the US House of Representatives have tabled a new bill before the Congress on Thursday to exclude cryptocurrencies from the standard securities laws.

This bipartisan bill called the ‘Token Taxonomy Act’ was presented by Reps. Warren Davidson, R-Ohio and Darren Soto, D-Florida. In September, Rep. Davidson hosted a roundtable in Washington, DC, to discuss the cryptocurrency-related bill and regulatory shortcomings towards the nascent industry. More than 50 participants from the financial industry participated including experts from Fidelity, Nasdaq, State Street, Andreessen Horowitz, and the U.S. Chamber of Commerce.

The bill, if passed, will amend the Securities Act of 1933 and the Securities Exchange Act of 1934, and is seeking to exclude ‘digital tokens’ from being defined as securities.

Rep. Davison, in a statement, said: “In the early days of the internet, Congress passed legislation that provided certainty and resisted the temptation to over-regulate the market. Our intent is to achieve a similar win for America’s economy and for American leadership in this innovative space.”

Singapore Starts Probing Goldman Sachs for 1MDB Scandal

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Singapore’s law enforcement authorities have extended their criminal probe against the Malaysian state investment fund 1Malaysia Development Berhad (1MDB) to include Goldman Sachs, according to a Bloomberg report.

Although the city-state’s authorities have been investigating Goldman Sachs’ involvement with the Malaysian scandal-plagued firm since 2017, now they are focusing on the firm’s local unit. The primary focus of the investigation is to see if Goldman’s Singapore subsidiary was involved in moving around $600 million acquired from the three controversial bond deal sales from 2012 to 2013.
The Scandal Explained

1MDB came under the limelight soon after its establishment in 2009, which was then chaired by the former Malaysian Prime Minister Najib Razak. Leaked financial documents surfaced that huge sums of money were borrowed via government bonds and syphoned into bank accounts in Switzerland, Singapore, and the US.