crypto law
Mango Markets exploiter said actions were ‘legal,’ but was it?
The $117 million Mango Markets exploiter has defended that their actions were ‘legal,’ but a lawyer suggests that they could still face consequences. Self-described digital art dealer Avraham Eisenberg, outed himself as the exploiter in a series of tweets on Oct. 15 claiming he and a team undertook a “highly profitable trading strategy” and that it was “legal open market actions, using the protocol as designed.” I believe all of our actions were legal open market actions, using the protocol as designed, even if the development team did not fully anticipate all the consequences of setting parameters the way they are. — Avraham Eisenberg (@avi_eisen) October 15, 2022 The Oct. 11 exploit worked through Eisenberg and his team manipulating the value of their posted collateral — the platforms’ n...
President of Panama shoots down crypto bill citing FATF guidelines
Panama’s President Laurentino Cortizo has partially vetoed Bill No. 697 dubbed the “crypto bill” saying it requires more work to better fit Panama’s financial regulations. President Cortizo previously warned in May he wouldn’t sign the bill unless it included additional Anti-Money Laundering rules after Panama’s National Assembly passed the crypto bill in late April 2022. Local media outlet La Prenda obtained a copy of the 32-page veto, reporting the President wrote it’s “imperative” the cryptocurrency laws conform to new regulations recommended by the Financial Action Task Force (FATF) outlining “fiscal transparency and prevention of money laundering”. President Cortizo has previously described the legislation as an “innovative law”, and indicated approval of certain aspects of the ...
Bipartisan bill to give CFTC authority over exchanges and stablecoins
A bipartisan group of lawmakers in D.C. introduced an updated bill on April 28 to regulate cryptocurrency developers, dealers, exchanges, and stablecoin providers, bringing them under the regulatory control of the United States Commodity Futures Trading Commission (CFTC). The Digital Commodity Exchange Act of 2022 (DCEA) was re-introduced to Congress by Republican Representatives Glenn Thompson and Tom Emmer with support from Democrat co-sponsors Darren Soto and Ro Khanna. The updated version includes a section covering stablecoin providers, who can register as a “fixed-value digital commodity operator.” These operators would be obligated to share how the stablecoin operates, retaining records for the regulator along with providing information on the assets backing the “fixed-value digital...
