Quote of the week: “Many Web2 companies are trying to figure out how metaverse fits into their business models. What does it mean to transfer the ownership of assets to users and to be more decentralized? Is it worth the risk associated with giving up control and ownership? There are legal considerations among others to think through before moving that direction.” – Jason Fung, former Head of Gaming at TikTok. Source: https://cointelegraph.com/
Celsius Files for Bankruptcy: On July 13, cryptocurrency lending platform Celsius filed for Chapter 11 bankruptcy to allow for restructuring. The filing caused its token price to tank by more than 50%. Source: https://www.fxempire.com/news/
International Regulation Featuring South Africa: The deputy governor of the South African Reserve Bank confirmed that new legislation surrounding cryptocurrencies will be introduced in the next 12 months. South Africa’s reserve bank will classify cryptocurrencies as financial assets. Cryptocurrencies will be under the scope of the Financial Intelligence Centre Act and will be monitored for money laundering, tax evasion, and terrorism financing. Source: https://cointelegraph.com/
Multicoin Capital Announces $430 Million Fund: Despite the market turmoil, crypto venture capital giant Multicoin Capital is not putting on the brakes and announced its $430 million venture fund for crypto startups. The fund will provide capital for projects related to DAOs, open finance, and Web3 infrastructure, among other focuses. Source: https://finance.yahoo.com/
Lawsuit Filed Against Solana: A class-action lawsuit against Solana was filed by a California resident and Solana investor this week. The plaintiff accused Solana of drawing illegal profits from its native token and promoting an unregistered security. Source: https://www.fxempire.com/news/
Judge Orders Three Arrow’s US Assets Frozen: On July 1, Three Arrows Capital filed for Chapter 15 bankruptcy. On July 12, in an emergency hearing, a U.S. district court judge ruled that Three Arrows Capital can no longer transfer or dispose of its U.S. assets, as court-appointed liquidators seek to appraise those assets. This ruling comes after liquidators accused the firm’s founders of not cooperating with legal proceedings. Source: https://finance.yahoo.com/