#status

Anthony Shnayderman and Itai Bronshtein filed a class-action lawsuit against the NFT platform OpenSea, alleging that it has engaged in trading unregistered securities. The plaintiffs, who purchased several non-fungible tokens, including those from the Bored Ape Yacht Club collection, claim these assets have lost their value due to their illegal status.

In a move that feels like it’s straight out of a crypto-thriller, the UK government proposed a new legislation aimed at clarifying the legal status of digital assets such as cryptocurrencies, NFTs, and others. Known as the Property (Digital Assets etc.) Bill, this marks a significant milestone in providing legal recognition for all digital assets, classifying them as personal property.

The term "ultrasound money" refers to a currency that resists inflation and maintains its long-term purchasing power.

The Unibot Telegram bot for cryptocurrency trading has terminated its partnership with the Unibot on Solana developers, urging them to adopt a new name and to remunerate the community that has supported them for an extended period. According to the Unibot team, this decision was made in the interest of security.

In the ongoing SEC vs Binance case, Federal Judge Amy Berman Jackson is seeking the commission's arguments to determine if digital assets should be classified as securities. Binance is set to engage in discussions, especially concerning staking and the definition of securities' 'duration'.

Yesterday on Twitter, Elon Musk confessed that his call-out for a fistfight was just a jest that, evidently, went a bit too far. Musk mentioned that after suggesting a face-off with Mark at the Colosseum, Zuckerberg shot down the idea without batting an eye, citing he was "traveling." "Is there anywhere he will fight?" Musk tweeted. Meanwhile, Zuckerberg voiced his frustrations on Threads, implying Musk isn't serious about the showdown, citing some impending surgery and being elusive about confirming a final date. "I'm going to focus on competing with people who take the sport seriously," Zuckerberg writes. Such spectacles would even make Cirque du Soleil green with envy.

In a pivotal ruling on July 25, Judge Philip Jeyaretnam of the Singapore High Court declared cryptocurrency as personal property, placing it on par with fiat money. Judge Jeyaretnam's elucidation is notable for the legal status of digital assets. It was stemmed from a case where ByBit accused its former employee, Ho Kai Xin, of illicitly transferring approximately 4.2 million USDT from the company's coffers to personal accounts. The court mandated Ho to return the funds to cryptocurrency exchange.

Ethereum staking service Lido is planning partnerships with restaking platforms Mellow Finance and Symbiotic.

Hong Kong police have arrested Joseph Lam, a crypto influencer and former lawyer, in connection with the ongoing investigation into cryptocurrency exchange JPEX. Lam, who has over 190,000 Instagram followers, was arrested today and his office was raided. The arrest follows the Securities and Futures Commission's warning against JPEX for misleading statements about its licensing status. The police have received at least 83 complaints involving JPEX, with virtual assets worth about HK$34 million ($4.3 million) reported.

US District Judge Analisa Torres in New York had previously indicated that XRP sales to sophisticated investors fulfilled the criteria for an investment contract under federal securities law However, this characterization didn’t extend to programmatic investors, which pertains to the general public buying crypto through exchanges.