In this weekly recap, we cover:
- US House Republicans’ proposed crypto bill, spearheaded by Republican Chairs Patrick McHenry and Glenn Thompson, that aims to classify crypto assets as digital commodities, sparking significant debate within the sector.
- The unfortunate security breach of Atomic Wallet, resulting in a $35 million loss, and the ensuing controversy and criticism over the company’s security posture.
- The Metropolitan Museum of Art (The Met) intending to return $550,000 to the bankrupt cryptocurrency exchange, FTX, adding another twist to the latter’s unfolding bankruptcy saga.
- Genesis Global’s reprieve in bankruptcy proceedings, as the judge extends the deadline to submit a recovery plan amidst increasing frustrations from the firm’s creditors.
- Terra cofounder Do Kwon’s release on controversial bail by Montenegro’s High Court, and the ongoing scandal involving alleged funding of Montenegro’s political party, Europe Now.
- Arbitrum’s temporary halt, which paused transactions for roughly an hour, underlining the tension between decentralization and the practicalities of operational control.
- The Blockchain Association filing an amicus brief to support Coin Center’s lawsuit against the U.S. Treasury over its sanctions on Tornado Cash, a cryptocurrency mixer accused of laundering more than $7 billion worth of digital assets.
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