ProBit Bits — ProBit Global’s Weekly Blockchain Bits Vol. 23

TerraUSD’s Do Kwon denied being “on the run”

Back to the Luna/TerraUSD collapse, last week saw South Korean prosecutors claim that the founder of the stablecoin, Do Kwon, is “obviously on the run” and not cooperating with their investigations. TerraUSD (or UST) is the algorithmic stablecoin that collapsed earlier this year and saw its then-$18-billion value crumble suddenly.

TerraUSD-like stablecoins could be banned

Meanwhile, Bloomberg reports that legislation to regulate stablecoins — still being drafted in the U.S. Congress — would place a two-year ban on coins similar to TerraUSD (UST).

Vitalik argues that DAOs and their decentralization actually matter

Ethereum’s Vitalik Buterin made a case against the view that highly decentralized autonomous organizations (DAOs) do not work. According to him, since most autonomous organizations are “decentralized in nature” by gathering large amounts of capital in a single pool and using token holders’ votes to fund allocations, decentralization matters in autonomous organisations.

CFTC charges Ooki DAO, bZeroX for illegal commodity transactions in digital assets

Talking DAOs, the Commodity Futures Trading Commission (CFTC) last week filed a federal civil enforcement action in the U.S. District Court for the Northern District of California against the Ooki DAO. The DAO was charged with violating the same laws as bZeroX which it succeeded. CFTC had filed and settled charges against bZeroX for illegally offering leveraged and margined retail commodity transactions in digital assets. It was also alleged to have engaged in activities that were only registered for futures commission merchants (FCM) to perform and failed to adopt a customer identification program as part of a Bank Secrecy Act compliance program. The respondents — bZeroX and its founders Tom Bean and Kyle Kistner — were ordered to pay a $250,000 civil monetary penalty and to cease and desist from further violations of the Commodity Exchange Act (CEA) and CFTC regulations, as charged.

Hong Kong open to STOs, official says

Last week, the Deputy Secretary for the Hong Kong Treasury Bureau, Chan Ho-lin, pointed out that more than a dozen potential companies are interested in Security Token Offerings (STOs).

Nasdaq may be launching a crypto custody service soon

Last week, Nasdaq, a major US multinational financial services corporation, reported that it will launch its own crypto custody service. The move is said to align with the equity exchange operator’s broader mission to be a service provider in the crypto space rather than facilitate the trading of cryptocurrencies. Ira Auerbach, the newly named head of Digital Assets says Nasdaq is uniquely positioned as a traditional financial player to take custody of clients’ digital assets over crypto-native firms because of its knowledge of institutional clients’ needs regarding using a financial product. It will initially offer custody services for Bitcoin and Ethereum to institutional investors like hedge funds.

Russia working to allow cryptocurrencies for cross-border settlements

Last week, Russian central bank and finance ministry officials say they have agreed to allow cross-border cryptocurrency settlements, despite related sanctions and concerns about frozen crypto assets, similar to those in the UK.

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