As a seasoned researcher who has spent countless hours delving into the intricacies of the digital asset market, I find myself both perplexed and amused by the ongoing saga of regulatory battles and legal maneuvers that seem to be the norm rather than the exception in this rapidly evolving landscape.
On October 23rd, the Nigerian government chose to dismiss all cases against Binance executive Tigran Gambaryan, who had been imprisoned in a Nigerian jail for over seven months.
As an analyst, I can share that I’ve learned about the dismissal of charges being communicated by the legal representative speaking on behalf of the nation’s government prosecutor, specifically the Economic and Financial Crimes Commission (EFCC).
In simpler terms, the attorney for the Economic and Financial Crimes Commission (EFCC) stated that Gambaryan, a U.S. resident, did not hold a significant position within the cryptocurrency trading platform Binance, which was under investigation by the authorities.
An alternative explanation for the dismissal of charges against Gambaryan, beyond his junior position, was said to be his deteriorating health and urgent requirement for medical attention.
Ripple files Form C, appeals SEC ruling on XRP institutional sales
On October 25th, Ripple Labs submitted a Form C to the United States Court of Appeals for the Second Circuit. This was confirmed by the company’s top legal official, Stuart Alderoty, via a public post.
The Form C was filed to challenge a recent ruling from the US Securities and Exchange Commission, specifically contesting the court’s application of the Howey test.
In simpler terms, Ripple’s appeal outlined the reasons for their case review, asking for a fresh examination (de novo) by the appeals court, where they can reconsider the legal judgments made previously.
The filing follows an August decision by the US District Court for the Southern District of New York, which imposed a $125 million fine on Ripple for institutional XRP (XRP) sales.
FTX settles lawsuit against the Bybit exchange for $228 million
As per records from a legal document filed on October 24th, the bankruptcy administration of FTX has consented to a $228 million settlement with the Bybit trading platform, as part of a lawsuit aimed at recouping funds to reimburse previous clients and claimants.
Back in 2023, the FTX estate initiated a legal action, and the recently reached settlement permits FTX to take out about $175 million worth of digital assets that were being stored on Bybit.
Approximately $53 million worth of BIT tokens from our digital assets portfolio will be sold to Mirana Corp, a subsidiary of the Bybit trading platform that specializes in investments.
The settlement still requires court approval and is scheduled to be decided on Nov. 20.
Denmark Tax Council recommends bill to tax unrealized crypto gains
On October 24th, Denmark’s Tax Law Council proposed the creation of a new law taking effect from 2026, which could lead to the taxation of profits or losses on cryptocurrencies for Danish crypto investors even if those gains have not been realized.
In a 93-page document, the council unveiled their findings on taxing cryptocurrencies in Denmark, where Danish Tax Minister Rasmus Stoklund expressed concern about Danish crypto investors being overtaxed using the “capital gains tax” method.
Stoklund proposed a more straightforward method for taxing cryptocurrencies through the introduction of fresh taxation guidelines.
As an analyst, I find that the report tends to favor the concept of “annual inventory taxation,” whereby one’s investment portfolio is viewed as a continuous, yearly “inventory” subject to taxation, irrespective of whether any assets have been sold during that particular year.
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2024-10-28 22:07