'Unworkable' Bill to Ban Blockchain Immutability is Introduced in Illinois
A recently introduced Illinois Senate Bill has been ridiculed by the crypto community over its "unworkable" plans to force blockchain miners and validators to do "impossible things" — such as reversing transactions if ordered to do so by a state court. The Senate Bill was quietly introduced into the Illinois legislature on Feb. 9 by Illinois Senator Robert Peters but appears to have been only recently noticed by Florida-based lawyer Drew Hinkes who discussed the bill in a Twitter post on Feb. 19. (Cointelegraph)
Wyoming lawmakers Pass Bill to Prevent Forced Disclosure of Private Keys
Wyoming lawmakers have passed a bill that will prohibit courts in the state from forcing someone to disclose their digital asset private keys, with one minor exception. The bill was passed through the Wyoming House of Representatives in the state’s 67th general session of 2023 on Feb. 15. If the bill is approved by Wyoming Governor Mark Gordon, the law will come into effect on Jul. 1, 2023. (Cointelegraph)
FDIC Tells CEX.IO to Redact Insurance Promises
Cryptocurrency exchange CEX.IO has received a cease-and-desist order from the FDIC, as seen in a letter published by the U.S. regulator on Feb. 15. The Federal Deposit Insurance Corporation’s legal division said that CEX.IO has made false or misleading statements suggesting that the FDIC insures it. CEX.IO’s official website claims that “U.S. dollars held in your CEX.IO fiat currency wallet are FDIC-insured up to $250,000 per account” without qualification. (cryptoslate)
CFTC and SEC Cases Against SBF Deferred Until After Criminal Trial
A New York judge has granted a request from prosecutors to defer civil proceedings from the Commodities Futures Trading Commision (CFTC) and the Securities Exchange Commision (SEC) until after Sam Bankman-Fried’s criminal trial in October. U.S. District Judge of Manhattan Kevin Castel on Feb. 13 granted the motions to stay the civil proceedings “without prejudice,” meaning the cases will now be halted until after the Department of Justice's (DOJ’s) criminal trial concludes. The motion was first submitted on Feb. 7 by Damian Williams, U.S. Attorney for the Southern District of New York, requesting to defer both civil cases against the FTX founder and former CEO. (Cointelegraph)<br><br>Get the latest news here: Cointime channel—https://t.me/cointime_en<br>
SEC to up Scrutiny of Firms Offering or Giving Advice About Crypto
Crypto brokers and investment advisors offering or giving advice about cryptocurrencies will be put under the scope of the United States' securities watchdog this year. A Feb. 7 statement from the Securities and Exchange Commission’s (SEC) Division of Examinations outlined its priorities for 2023, suggesting brokers and advisers dealing in crypto will need to be extra careful when offering, selling or making recommendations regarding digital assets. It stated that SEC-registered brokers and advisors will be closely watched to see if they followed their “respective standards of care” when making recommendations, referrals and providing investment advice. (Cointelegraph)
US Senator's Resolution Encourages Capitol Gift Shops to Accept Cryptocurrency
A U.S. lawmaker has introduced a resolution that encourages Capitol gift shops to accept cryptocurrency payments. He stressed that lawmakers “should increase accessibility and signal our support for the burgeoning cryptocurrency industry to those who visit Capitol Hill.” (Bitcoin.com)
Crypto Association in Turkey Vows to Block Exchanges That ‘Victimize Traders’
A new organization has been established in Turkey with the aim to monitor and help develop the country’s crypto sector, local media reported. Its first task will be to address recent problems with some cryptocurrency exchanges and boost confidence in the industry as a whole. (Bitcoin.com)
Following The EU Consumers Legislation, Porsche Gives 14 Days Return Option For Its NFT Buyers
Following Directive 2011/83/EU, Porsche created a new precedent in the NFT world by excluding the 14-day return policy from the contract terms on their first NFT collection. The European Parliament and Council’s Directive 2011/83/EU of October 25, 2011, on Consumer Rights, has ruled in Article 9, I that “Save where the exceptions provided for in Article 16 apply, the consumer shall have a period of 14 days to withdraw from a distance or off-premises contract, without giving any reason, and without incurring any costs other than those provided for in Article 13(2) and Article 14.”
Thailand Issues New Regulations on Custodied Cryptocurrencies
Thailand's Securities and Exchange Commission (SEC) has issued new regulations on custodied cryptocurrencies. Companies offering crypto custody services are now required to “establish a digital wallet management system to accommodate efficient custody of digital assets and keys and ensure the safety of clients’ assets,” the regulator described. (Bitcoin.com)
Authorities in Germany, Bulgaria, Serbia, Cyprus Take Down Crypto Scam Network
Authorities in Germany, Bulgaria, Serbia, and Cyprus have taken down a cryptocurrency scam network in collaboration with Europol. “The suspects used advertisements on social networks to lure victims to websites covertly operated by the criminals, which offered seemingly exceptional investment opportunities in cryptocurrencies,” Europol detailed. (Bitcoin.com)
