View moreIn This Week’s Recap:
- BankSocial To Consensus 2024
- New Hampshire DAO Legislation
- Kucoin Indicted
- SEC to Fine Ripple
- Hot Topics
The Big Idea
BankSocial To Consensus 2024
Team BankSocial is headed to Consensus 2024! Thanks to the power of our community, we will be featured on the main stage at Consensus 2024, the world’s pinnacle Web3 event. John Wingate and Becky Reed along with Vice chair of the National Credit Union Administration, Kyle Hauptman will be speaking about the evolution of finance, web3, open banking, and more.
We can’t wait to educate and network!
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Adoption News
New Hampshire DAO Legislation
New Hampshire is currently considering HB 645, which seeks to establish a new legal framework tailored specifically for DAOs. Proposed by the 2022 New Hampshire Commission on Cryptocurrencies and Digital Assets, this innovative legislation differs from approaches taken by other states by creating a standalone framework exclusively for DAOs. Rather than adapting existing legal entity laws, such as those for LLCs, HB 645 proposes a unique legal status for DAOs, complete with legal personhood and limited liability, registered on a public registry.
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CEX, Rugs, Block and Roll
DOJ Indicts Kucoin Founders
The United States Justice Department has revealed an indictment against cryptocurrency exchange KuCoin and two of its founders, accusing them of conspiring to operate an unlicensed money transmitting business and violating the Bank Secrecy Act (BSA).
According to a statement released on March 26, the U.S. Department of Justice alleges that KuCoin founders Chun Gan and Ke Tang deliberately neglected to establish an Anti-Money Laundering program at the exchange, resulting in the platform being utilized for money laundering and terrorist financing. Additionally, the company itself faces charges of operating an unlicensed money-transmitting business and breaching the BSA.
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Crypto News
SEC Aims To Fine Ripple
According to court documents, the US Securities and Exchange Commission (SEC) aims to impose a substantial fine of $1.95 billion on Ripple Labs. This proposed fine comprises $876 million in disgorgement, $198 million in prejudgment interest, and an extra $876 million civil penalty.
Stuart Alderoty, Chief Legal Officer at Ripple Labs, took to social media to disclose the SEC’s request, noting that redacted versions of the court papers will be accessible by March 26. Ripple Labs is expected to provide its response to the SEC’s motion by April 22.
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While anyone can access the BankSocial ecosystem, certain features including the exchange require Verifiied®- our simple KYC solution. Login to My.BankSocial.io and start the process now.
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Hot Topics
What’s on everyone’s mind?
Japan’s Government Pension Investment Fund (GPIF), recognized as the world’s largest pension fund holding assets worth $1.5 trillion, is venturing into diversification by contemplating Bitcoin and gold as potential investment avenues. This shift in strategy signifies not only a transformation in GPIF’s investment approach but also demonstrates its proactive adaptation to the evolving global market dynamics.
The Hedera mainnet has processed over 45 billion real life transactions at time of publication. Humming along! Additionally, nearly 3 million new Hedera accounts have been created this year.
Fidelity has filed for a spot Ethereum ETF. This filing occurs within recent speculation that the SEC is considering classifying ETH as a security.
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All The Love and All The Power!
was originally published in BankSocial News on Medium, where people are continuing the conversation by highlighting and responding to this story.
