Crypto Weekly Recap: Court Rules Cryptos Not Securities; Circle Gains EU Approval; Mt. Gox Repayments Begin; & More (Jun 30-Jul 6, 2024)

By MelegaSwap | melegaswap | 7 Jul 2024


This week, Bitcoin plummeted to as low as $53,600 on some exchanges, marking its first time trading at this level since February.

This catastrophic crash ensued after the defunct Mt. Gox crypto exchange initiated transferring billions of dollars worth of Bitcoin (BTC) and Bitcoin Cash to centralized exchanges. This move aimed to repay creditors following a hack in 2014 that led to a decade-long wait for repayment.

Furthermore, on-chain data indicates that the German government has been selling thousands of Bitcoins over the past weeks, consistently sending large amounts of BTC to exchanges.

Despite this bearish trend, Web3 applications experienced record user growth in the second quarter. Daily unique active wallets (dUAW) surpassed 10 million over the quarter, reflecting a remarkable 40% increase compared to the first quarter and setting a new record.

Now, let's delve into the most significant cryptocurrency developments of the past week, covering six key stories that highlight the crypto market's dynamic nature.

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TOP CRYPTO NEWS RECAP (Jun. 30-Jul. 06, 2024)

  • Court Rules Cryptocurrencies, BNB Sales Not Securities in SEC vs. Binance Case
  • UK High Court Freezes Craig Wright’s Assets
  • Circle Gains EU Approval as First Global Stablecoin Issuer
  • Gox Begins Repayments in Bitcoin and Bitcoin Cash
  • Judge Labels OHM and KLIMA as Commodities in $120M Ponzi Case
  • Roaring Kitty Fraud Lawsuit Over GameStop Dropped After Three Days

Court Rules Cryptocurrencies, BNB Sales Not Securities in SEC vs. Binance Case

A U.S. federal court ruled that cryptocurrencies and secondary sales of Binance's BNB token are not securities, marking a significant victory for the crypto industry. Judge Amy Berman Jackson found that the SEC failed to prove that BNB purchasers expected profits, a key criterion of the Howey test.

This decision follows the SEC's crackdown on crypto exchanges after the FTX collapse. The ruling may influence other legal battles, like the SEC vs. Ripple. Despite no evidence of misappropriation, Binance faces further legal proceedings.

UK High Court Freezes Craig Wright’s Assets

The UK High Court has issued a World Freezing Order against Craig Wright's assets to aid podcaster Peter McCormack in recovering nearly $2 million in legal fees. Wright sued McCormack for defamation in 2019 after McCormack publicly accused him of falsely claiming to be Bitcoin's creator, Satoshi Nakamoto.

Recall that the court ruled Wright was not Nakamoto, dismissing his intellectual property claims and supporting McCormack's defense. This judgment enables McCormack to seek reimbursement for his legal expenses.

Circle Gains EU Approval as First Global Stablecoin Issuer

On July 1, Circle became the first global stablecoin issuer to receive regulatory approval under the EU’s Markets in Crypto-Assets (MiCA) framework. Circle’s USDC and EURC are now compliant, easing investor concerns about stablecoin redemption or fund transfers.

CEO Jeremy Allaire announced France as Circle's European HQ, highlighting its progressive digital asset regulation. He also emphasized MiCA's historical significance as the first comprehensive digital asset regulation. Other exchanges like Uphold, Bitstamp, and Binance have adjusted their stablecoin policies in response to the new regulations.

Mt. Gox Begins Repayments in Bitcoin and Bitcoin Cash

Mt. Gox, the defunct crypto exchange, has initiated debt repayments to creditors in Bitcoin and Bitcoin Cash through selected crypto exchanges as part of its rehabilitation plan. As of July 5, 2024, 47,288 BTC had been moved from the exchange’s known addresses.

Repayments will proceed once account validity and creditor acceptance conditions are met. Founded in 2010, Mt. Gox handled 70% of global BTC transactions at its peak before losing 850,000 BTC to a security breach, leading to its bankruptcy in 2014.

Judge Labels OHM and KLIMA as Commodities in $120M Ponzi Case

In a crypto fraud case, an Illinois district court judge sided with the Commodity Futures Trading Commission (CFTC), declaring OHM and KLIMA commodities. The Ponzi scheme, led by Sam Ikkurty of Oregon, promised victims 15% annual returns from investments in digital asset commodities, including Bitcoin, Ether, OHM, and KLIMA.

Instead, Ikkurty misled investors, dropping the fund’s value by over 98.99%, resulting in a $20 million shortfall. Judge Mary Rowland ordered Ikkurty to pay over $120 million in restitution and disgorgement.

Roaring Kitty Fraud Lawsuit Over GameStop Dropped After Three Days

GameStop investor Martin Radev has voluntarily dropped his securities fraud lawsuit against Keith Gill, known as Roaring Kitty, just three days after filing it. The dismissal, filed on June 1, was "without prejudice," potentially allowing Radev to refile in the future.

The lawsuit accused Gill of using social media to orchestrate a "pump and dump" scheme, causing investor losses. Legal experts noted the lawsuit's weak arguments, predicting it would struggle to prove fraud. Gill recently made headlines with significant stock acquisitions, including a major stake in Chewy.

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