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Update (Oct. 15 at 6:31 am): This article has been updated to remove a story about AED Stablecoin receiving preliminary approval in the United Arab Emirates to launch a stablecoin pegged to the UAE dirham. 
An FTX customer is suing hedge fund Olympus Peak, alleging the firm owes him additional recovery after he sold his claims in the collapsed trading platform.
Nikolas Gierczyk, an FTX user from California, reportedly <a data-ct-non-breakable="null" href="https://www.bloomberg.com/news/articles/2024-10-11/ftx-customer-claims-hedge-fund-cheated-him-on-bankruptcy-gains" rel="null" target="null" text="null" title="https://www.bloomberg.com/news/articles/2024-10-11/ftx-customer-claims-hedge-fund-cheated-him-on-bankruptcy-gains">sued</a> the hedge fund Olympus Peak, claiming the company could gain more than $1 million from their deal. Gierczyk alleges the hedge fund <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ftx-customer-sues-hedge-fund-over-claims" rel="" target="_self" text="null" title="https://cointelegraph.com/news/ftx-customer-sues-hedge-fund-over-claims">failed to honor a right to further recovery</a> he had negotiated in their agreement.
According to a Bloomberg report, Gierczyk sold his $1.59 million claim against FTX to the hedge fund at a 42% discount, receiving a $930,000 payout. However, with FTX’s reorganization plan approved, customers are now expected to receive 129% to 146% of their claims.
<h2 id="strong-harris-beats-biden-lags-trump-on-crypto-policy-galaxy-research-strong">Harris beats Biden, lags Trump on crypto policy — Galaxy Research</h2>
United States presidential candidate Kamala Harris is friendlier toward cryptocurrency than her boss, President Joe Biden, but not nearly as pro-industry as rival Donald Trump, Galaxy Research said on Oct. 14.
Harris promises to meaningfully improve the regulatory environment for US crypto firms, but she holds unfavorable positions on other relevant issues, such as taxes, Bitcoin&nbsp;(<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) mining and self-custody, according to a&nbsp;<a data-ct-non-breakable="null" href="https://x.com/intangiblecoins/status/1845845163588907486" rel="null" target="null" text="null" title="https://x.com/intangiblecoins/status/1845845163588907486">post</a>&nbsp;by Alex Thorn, Galaxy’s research head, on the X platform.
“While trump is undoubtedly more favorable for the industry, we’re optimistic that harris could be more supportive than biden has been,” Thorn said.
According to Galaxy, Harris remains “extremely hostile” to the industry on taxes. Her plans include “rolling back Trump’s tax cuts,” likely resulting in higher capital gains taxes for crypto holders, Galaxy said.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">Continue reading</a>
<h2 id="dubai-s-crypto-regulator-cracks-down-on-unlicensed-firms">Dubai’s crypto regulator cracks down on unlicensed firms</h2>
Dubai’s crypto regulator has initiated a crackdown on unregulated crypto companies and firms violating its marketing rules.&nbsp;
On Oct. 9, Dubai’s Virtual Assets Regulatory Authority (VARA) <a data-ct-non-breakable="null" href="https://www.vara.ae/en/regulations/regulatory-notices/vara-strengthens-enforcement-program-issues-fines-and-a-public-warning-against-engaging-with-unlicensed-virtual-asset-firms/" rel="null" target="null" text="null" title="null">issued</a> fines and cease-and-desist orders to seven businesses for breaching marketing regulations and operating without required licenses.&nbsp;
VARA said it’s conducting further investigations in collaboration with other local authorities. The regulator did not specify which companies have received the sanctions.&nbsp;
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dubai-crypto-regulator-cracks-down-unlicensed-firms" rel="null" target="null" text="null" title="null">Continue reading</a>
<h2 id="ftx-investors-end-lawsuit-targeting-sullivan-cromwell">FTX investors end lawsuit targeting Sullivan &amp; Cromwell</h2>
FTX investors have voluntarily dismissed their proposed class-action lawsuit against United States law firm Sullivan &amp; Cromwell (S&amp;C).&nbsp;
On Feb. 16, a group of FTX creditors <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ftx-creditors-sue-sullivan-cromwell-alleging-fraud-involvement" rel="null" target="null" text="null" title="null">sued the law firm</a>, alleging that it played a role in FTX’s multibillion-dollar fraud and that the company benefitted from it financially. The suit wanted compensation for damages for civil conspiracy, aiding and abetting fiduciary breaches and aiding and abetting fraud.&nbsp;
S&amp;C served as an outside counsel to FTX in several deals and oversees the FTX bankruptcy proceedings.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ftx-investors-drop-lawsuit-against-sullivan-and-cromwell" rel="null" target="null" text="null" title="null">Continue reading</a>

FTX customers sue hedge fund, Harris lags Trump on crypto policy: Law Decoded

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