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Emmer intends to introduce an appropriations amendment that will limit the SEC's utilization of funds for digital asset enforcement until comprehensive rules and regulations are put in place. Tom Emmer, the Majority Whip of the U.S. House of Representatives, who has previously expressed concerns about the Securities Exchange Commission's (SEC) actions in the crypto currency industry, on Friday, Sep. 8, introduced a significant amendment that once more drew attention to the SEC's actions. In his statement, Tom Emmer criticizes Gary Gensler, alleging that the SEC chair has overstepped his authority, which is negatively affecting the American people. Emmer urges Congress to utilize their available methods and proper procedures to thwart any potential misuse of taxpayer funds by Gary Gensler and the SEC. In the past, Rep. Tom Emmer has jointly sponsored several bills aiming to enhance regulatory transparency in the United States. Emmer recently used Twitter to unveil his late...

Nathaniel Chastain will reportedly have until Nov. 2 to surrender himself following his conviction for wire fraud and money laundering related to insider trading on OpenSea. A federal judge has sentenced former nonfungible token (NFT) marketplace OpenSea product manager Nathaniel Chastain to 3 months in prison for wire fraud and money laundering related to insider trading on the platform. In an Aug. 22 announcement from the United States Department of Justice, U.S. Attorney Damian Williams said Chastain had been sentenced to 3 months in prison, 3 months of home confinement, and 3 years of supervised release in addition to being ordered to pay a $50,000 fine and forfeit ill-gotten Ether (ETH) from the NFT trades. Inner City Press reported he would be required to surrender himself on Nov. 2, with Chastain's lawyers planning to appeal the decision and request bail. “Respect for the law and general deterrence militate for punishment,” reportedly said the judge at sentencing. “But [Cha...

New York Representative Ritchie Torres had an exclusive interview with Cointelegraph to discuss why retail investors are still at risk following the XRP court ruling. On July 13, 2023, United States District Court Judge Analisa Torres ruled that Ripple’s XRP (XRP) token should not be considered a security when sold on retail digital asset exchanges. Stuart Alderoty, chief legal officer at Ripple, told Cointelegraph that last week’s ruling makes it clear that the U.S. Securities and Exchange Commission’s (SEC) theory that a token can be an investment contract and, therefore, a security, no longer has support in the law. He said of the ruling: “That is not only a huge win for Ripple, but it’s a win for all of crypto in the United States. The SEC can no longer tout their record in crypto, which was, up till now, by and large, settlements with players that didn’t have the resources to fight back.” While this may be, New York Representative Ritchie Torres told Cointelegraph that the Ripple...

A team of researchers proposed five “argumentative schemes” designed to protect the rights of crypto crime suspects while also helping investigators. A team of researchers from Friedrich-Alexander-Universität Erlangen-Nürnberg recently published a paper detailing methods investigators and court s can use to determine the validity of deanonymized data on the Bitcoin (BTC)  blockchain . The team’s preprint paper, “Argumentation Schemes for Blockchain Deanonymization,” lays out a blueprint for conducting, verifying and presenting investigations into crimes involving cryptocurrency transactions. While the paper focuses on the German and United States legal systems, the authors state that the findings should be generally applicable.  Bitcoin-related crime investigations revolve around the deanonymization of suspected criminals, a process made more challenging by blockchain s’ pseudonymous nature. Users conducting blockchain transactions are identified by wallets (unique software address...

Blockchain technology — including zero-knowledge proofs — doesn’t yet provide adequate solutions for identity verification. The emergence of blockchain technology presents an opportunity to reexamine and innovate solutions used in our day-to-day life. Blockchains and, broadly speaking, the digital space fuelled by an artificial intelligence revolution urgently need to establish verifiable human identities to ensure trust, accountability and regulatory compliance. There are a variety of emerging technologies, both on- and off-chain, that could serve as the basis for a functioning trust framework. One solution, in particular, is often referred to as the holy grail of verifications — zero-knowledge Know Your Customer (zkKYC) verification. What are zk and KYC? ZK stands for zero-knowledge, a cryptography term used to create cryptographic proofs without revealing the underlying confidential information. Z-based solutions are pioneering privacy across the web. The blockchain industry fueled...

Crypto lawyers suggest including highly detailed instructions in one’s will and appointing a crypto-savvy next-of-kin, among other suggestions. The average crypto investor probably isn’t planning on dying of old age anytime soon, but that doesn’t mean they shouldn’t have a plan in place to pass on their crypto in the event they meet an unlikely demise, lawyers warn. Speaking to Cointelegraph, Dubai-based crypto lawyer Irina Heaver believes that “billions” worth of Bitcoin (BTC) has been lost due to a lack of proper death-related planning by hodlers. She noted that many families have been unable to access their loved one’s crypto assets due to private keys being taken to the grave, and emphasized the importance of discussing crypto assets with family and including them in their will. Heaver said that the typical crypto investor is a “male millennial” between the ages of 27 to 42, which is the age range where arranging one’s financial affairs in case of death is the “last thing” to com...