BRICS Moving to Ban Crypto & Building Their Own?
Along w/ 🇺🇸 DOJ seizes $500K in Crypto from 🇰🇵 Hackers, 🇰🇷 Prosecutors Raid 7 CEXs, & Get to Know the Crypto-Curious Dems Around the Capital
Web3's Most Important Weekly News in the Government and the Courtroom, alongside Political Profiles and Additional Insight.
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In Government — (Web3 Regulation/Policy News)
by Lucy Pappas
🇺🇸 - Senator Warren Calls for Crypto-mining Energy Use Disclosures.
In a letter to the US Environmental Protection Agency and Department of Energy, Senator Elizabeth Warren and 6 other senators are requesting both agencies to require emissions and energy use reporting by crypto-miners.
Why this Matters. As Twali’s Max Moncaster reflected on following Crypto DC, the Web3 community must consider Crypto-Friendly Energy policy as much a priority as DeFi and Privacy, “given that a mining operations may one-day need to contend with utility companies and the United States’ highly-regulated energy grid.”
🇮🇳🇷🇺 - India’s Central Bank Wants to Ban Cryptos & Russia is Banning Crypto as Payment.
Amidst already seen increased regulation this year, India pushes to ban crypto due to “the destabilizing effect of cryptocurrencies on the monetary and fiscal stability of a country.” Putin signed a law that prohibits the use of digital assets as forms of payments in Russia.
Combining These Two is Important Because: as we’ve mentioned, reports indicate mounting collaboration amongst BRICS (Brazil, Russia, India, China, and South Africa) — including creating a blockchain-based settlement system.
🌎 - UN Policy Brief on Crypto and Developing Countries.
The United Nations argues that benefits of cryptocurrencies are far outweighed by the costs felt in developing countries citing:
Crypto increases the risk of financial instability.
Crypto undermines the effectiveness of capital controls.
Crypto jeopardizes the monetary sovereignty of countries.
Why this Matters. Calls for international-collaboration on crypto-regulation are increasing. Here, the UN’s policy recommends regulating everything from exchanges and digital wallet registration to also their advertisement.
Take Them to Court — (Web3 Legal News)
by Lucy Pappas
🇺🇸 - US Justice Department Seizes $500K in Crypto from North Korean Hackers.
$500,000 in ransom payments and cryptocurrencies were recently seized by the Justice Department. From whom? Hackers backed by the North Korean Gov. who extorted this amount from US health care facilitiesin crypto.
Why this Matters. Crackdown on cybercrime is at the top of many governments’s to-do lists, with anti-money laundering clauses frequently being featured in new regulation.
Further Reading. Research from Chainanalysis indicates that DeFi protocol hacks are the most common hacking-target, looking at data from Q1 2020 to Q2 2022. Read more about crypto-cybercrime in “Theft, Money, and NFT Market Manipulation.”
🇰🇷 - 7 Crypto Exchanges in South Korea Raided by Prosecutors
The aftermath of Terra’s collapse continues this week as seven crypto exchanges in South Korea were raided by prosecutors investigating into Do Kwon’s role in the collapse of both UST and LUNA.
Why this Matters. Depending on whether Do Kwon is found guilty of intentionally motivating the fall of Terra, we expect to see even more calls for stablecoin regulation, around the world.
🇬🇧 - UK Court Allows Serving Legal Documents Via NFTs.
The High Court of England and Wales set precedence for the lawful use of NFTs as legal documents in allowing the founder of Italy-based online gambling company to sue anonymous users through a NFT drop.
Why this Matters. Through NFTs, serving anonymous parties just became extremely easy — now, all a prosecutor needs is a wallet address. This is a huge step for prosecuting crypto-related cybercrime.
Further Reading. Wrapped reported about the first use of NFTs as serving papers one month ago, when Holland & Knight served a defendant via NFT. Here’s a refresher.
Two Crypto-Curious Democrats Around our Nation’s Capital
by Justine Doughty (Glenn Ivey) & Max Moncaster (Rev. Wendy Hamilton)
Up to midterms, Wrapped will be profiling candidates welcoming of crypto either from recent or upcoming primaries or politicians with significant support of crypto. This week meet:
Rev. Wendy Hamilton & Glenn Ivey
Sources for Rev. Wendy Hamilton’s Profile include:
Sources for Glenn Ivey’s Profile include:
Glennivey’s Official Website