One of the biggest news items this week involves the FTX founder Sam Bankman-Fried. Through his lawyers, the disgraced former billionaire is seeking to have most of the criminal charges levied against him dismissed.
Staying within matters of the law, the new DeFi project HedgeUp (HDUP) is positioning itself for new regulations as it prepares to launch in the coming month.
Sam Bankman-Fried seeks dismissal of criminal charges
Sam Bankman-Fried, the founder of the collapsed crypto exchange FTX, is seeking the dismissal of criminal charges levied against him by the federal government. Sam Bankman-Fried is charged with cheating investors and looting customer deposits while making risky trades at his other firm, Alameda Research.
In a court filing made on Monday by his lawyers, the disgraced former billionaire and CEO said that prosecutors improperly made federal crimes out of civil and regulatory issues. These issues, the filing argued, were a result of an industrywide collapse of the crypto market.
His lawyers said in the papers that FTX lasted far longer than other companies in the industry before its collapse. They also described the US government’s response as “dramatic and troubling.”
Through these filings, Sam Bankman-Fried’s lawyers sought the dismissal of most of the charges levied against him.
Increasing regulation
The collapse of FTX and several other huge crypto firms last year led to calls for clearer regulation of cryptocurrencies. And in response, regulatory bodies in some parts of the world have stepped up.
The most definitive of these attempts at regulation is the Markets in Crypto Act (MiCA). On Thursday, April 20th, members of the European Parliament approved the most comprehensive regulatory framework in crypto yet.
MiCA will regulate crypto platforms and traders by imposing rules on transparency, authorization, disclosure, and supervision of transactions. It also regulates stablecoins and public offers of crypto assets through such things as ICOs.
In Asia, Japan and Hong Kong are also in the process of passing and adopting crypto regulation. Japan’s Financial Services Agency (FSA) has made clear its plan to lift previously imposed restrictions on foreign-issued stablecoins. On the other hand, Hong Kong is moving forward with its proposed licensing regime for crypto exchanges launching in the country.
Experts say we should expect more regulations in the future. This means that crypto projects like HedgeUp (HDUP) will have to position themselves to be compliant when they launch.
HedgeUp (HDUP) positions itself for new regulations
HedgeUp (HDUP) is an alternative asset marketplace built on the Ethereum blockchain. The marketplace will provide a platform for people to invest in alternative assets via asset-backed NFTs. These are NFTs that are backed by real products, like gold, diamonds, jewelry, and more, that will be stored by the project in a secured vault.
Because HedgeUp (HDUP) will be involved in asset management, that is, managing the reserves backing NFTs, the project will have to adhere to new regulations if it plans to operate in certain jurisdictions.
HedgeUp (HDUP) has also launched the presale of its token, HDUP. This is, of course, a public offer of a digital currency.
For more information about HedgeUp (HDUP) Presale use the links down below:
- Website: https://hedgeup.io/
- Presale: https://app.hedgeup.io/sign-up
- Telegram: https://t.me/HedgeUpChat
- Twitter: https://twitter.com/HedgeUpOfficial
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