Franklin

Boost

Read

Stellar

<h2 dir="ltr" id="span-span-recapping-the-week-in-defi-span-span">Recapping the Week in DeFi</h2>
As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed&nbsp;
about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.
<h3 dir="ltr" id="span-span-ripple-ordered-to-pay-125m-in-securities-law-violation-case-possibly-ending-sec-vs-ripple-conflict-span-span">Ripple Ordered to Pay $125M in Securities Law Violation Case, Possibly Ending SEC vs. Ripple Conflict</h3>
<figure class="image"><img src="https://storage.bsc.news/3/image3_f7af6fde9d.png" alt="image3.png" width="undefined" height="undefined">
</figure>
A federal judge has ordered Ripple Labs to pay $125 million in civil penalties for violating securities laws, potentially concluding the SEC vs. Ripple case. The fine, imposed by Judge Analisa Torres, follows Ripple's breach of securities regulations in 1,278 institutional sales. The penalty is far lower than the $1 billion initially sought by the SEC.
Read the full&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/ripple-ordered-to-pay-125-m-in-securities-law-violation-case-possibly-ending-sec-vs-ripple-conflict" rel="noopener noreferrer nofollow">story</a>.
<h3 dir="ltr" id="span-span-binance-hit-with-86m-tax-demand-by-indian-authorities-over-gst-registration-span-span">Binance Hit with $86M Tax Demand by Indian Authorities Over GST Registration</h3>
<figure class="image"><img src="https://storage.bsc.news/3/image5_9d80a306f5.png" alt="image5.png" width="undefined" height="undefined">
</figure>
The Directorate General of GST Intelligence (DGGI) in Ahmedabad has issued a show-cause notice to Binance, the world's largest cryptocurrency exchange, demanding a GST payment of Rs 722 crore ($86 million). This is the first such action by the DGGI against a cryptocurrency firm, signaling India's regulatory push in the virtual currency market.
Find more information&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/binance-hit-with-86-m-tax-demand-by-indian-authorities-over-gst-registration" rel="noopener noreferrer nofollow">here</a>.&nbsp;
<h3 dir="ltr" id="span-span-judge-approves-12-7b-repayment-plan-for-ftx-creditors-span-span">Judge Approves $12.7B Repayment Plan for FTX Creditors</h3>
<figure class="image"><img src="https://storage.bsc.news/3/image4_e58fda1c82.png" alt="image4.png" width="undefined" height="undefined">
</figure>
A New York judge has approved FTX and Alameda Research to repay $12.7 billion to creditors, resolving a 20-month lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC). The settlement includes $8.7 billion in restitution and $4 billion in disgorgement, with no civil penalty sought by the CFTC.
Learn more in the&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/judge-approves-12-7-b-repayment-plan-for-ftx-creditors" rel="noopener noreferrer nofollow">article</a>.
<h3 dir="ltr" id="span-span-franklin-templeton-unveils-u-s-money-fund-on-arbitrum-span-span">Franklin Templeton Unveils U.S. Money Fund on Arbitrum</h3>
<figure class="image"><img src="https://storage.bsc.news/3/image1_7624c91543.png" alt="image1.png" width="undefined" height="undefined">
</figure>
Franklin Templeton has launched its OnChain U.S. Government Money Fund (FOBXX) on Arbitrum, an Ethereum Layer 2 blockchain. Initially introduced in 2021, FOBXX was the first U.S.-registered fund to use a public blockchain for transactions. It originally launched on the Stellar network and expanded to Polygon in April 2023.
Details&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/franklin-templeton-unveils-u-s-money-fund-on-arbitrum" rel="noopener noreferrer nofollow">here</a>.&nbsp;
<h3 dir="ltr" id="span-span-us-policy-group-proposes-bitcoin-tax-free-zone-to-boost-digital-economy-span-span">US Policy Group Proposes Bitcoin Tax-Free Zone to Boost Digital Economy</h3>
<figure class="image"><img src="https://storage.bsc.news/3/image2_37d6e57ab6.png" alt="image2.png" width="undefined" height="undefined">
</figure>
A new USABTC policy group proposes a Bitcoin tax-free Digital Economic Zone (DEZ) in the U.S., aiming to boost the country's leadership in the digital economy. Bitcoin transactions within the DEZ would be exempt from capital gains taxes, though converting Bitcoin back to traditional currency would still be taxed.
Read the full story&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/us-policy-group-proposes-bitcoin-tax-free-zone-to-boost-digital-economy" rel="noopener noreferrer nofollow">here</a>.&nbsp;

Weekly Article Recap: 8/05-8/09

Table of Contents

BSCN

Other articles published on Aug 16, 2024

Cardano Skyrockets 68% in Volume as ADA Price Finally Delivers

U.S. and China Governments Among Top Bitcoin Holders

CryptoLand: Your One-Stop Solution for the Crypto World

Illicit crypto activity drops 20%, but stolen funds surge, Chainalysis says

Chaos Labs Raises $55M Amid Surging Demand for On-Chain Risk Management Tools

Judge Approves $12.7B Repayment Plan for FTX Creditors

Join our free newsletter for daily crypto updates!