The world of cryptocurrencies has come across an overwhelming event, which was the dire need for the industry. The event comes as Ripple files its Sur-Reply to the SEC’s motion to strike the fair notice affirmative defense. The filing has brought in much-needed zeal in the crypto business. Which has reinforced the community’s stance against …
Nike has filed a lawsuit against an online reseller using unauthorized Nike shoe images in non-fungible tokens (NFTs). “Those unsanctioned products are likely to confuse consumers, create a false association between those products and Nike, and dilute Nike’s famous trademarks,” Nike alleges. Nike Sues Online Retailer Over NFT Sales Sneaker giant Nike filed a lawsuit […]
Irkutskenergosbyt, the local power distributor in Irkutsk Oblast, has filed 137 lawsuits against customers who are utilizing subsidized electricity to mine digital currencies in underground and garage mining facilities. The utility intends to recoup 63 million Russian rubles (about $790,000) in compensation by taking the cases to court, according to Tass, citing its director, Andrey Kharitonov. These home miners, according to the business, are involved in entrepreneurial operations while paying for their electricity at population rates, which are four times lower than commercial prices. The owners of subterranean crypto farms are also putting more strain on the system in residential areas, causing outages and breakdowns. 2021 had over 1200 Cases of Gray Mining Over 1,200 examples of ‘grey’ mining were found in 2021 alone, according to Kharitonov. Nineteen of the 137 lawsuits were settled for a total of 21 million rubles. He explained that all other claims are still being considered and that no cases have been lost thus far. Cryptocurrency mining, according to the CEO, considerably increases the amount of electrical energy consumed in the region. While consumers of Irkutskenergosbyt used roughly 7 billion kilowatt-hours (kWh) in 2020, the total was closer to 8 billion kWh in 2021. The number of private dwellings and apartment buildings, on the other hand, has stayed virtually stable. The Irkutsky and Shelekhovsky districts have the highest concentration of mining farms, according to the electricity utility. The prices of electricity in these remote locations are lower than in Irkutsk. Households in some portions of the region have access to the cheapest electricity in Russia for only 0.86 rubles ($0.01) per kWh, while companies pay 3.6 rubles per kWh. Miners Who Lost in Court will Cover the Price Difference for the Power They Consumed The miners who lost in court will now be required to pay not just the difference in price for the power they have already consumed, but also to sign new commercial contracts with Irkutskenergosbyt. After a considerable amount of mining equipment was brought from China when Beijing initiated a statewide crackdown on the industry in May last year, their region became known as Russia’s “mining capital.” Igor Kobzev, the governor of Irkutsk Oblast, joined rising calls in October 2021 to classify cryptocurrency mining as a form of business activity and impose higher electricity bills and taxes on miners. The Russian federal government granted Russian regions the authority to set local electricity pricing in residential areas in December.
So far, the Securities and Exchange Commission (SEC) in the United States has brought 97 cryptocurrency enforcement proceedings. In addition to this, the securities regulator has fined digital asset market participants a total of $2.35 billion in monetary penalties. Last week, Cornerstone Research released a report titled SEC Cryptocurrency Enforcement: 2021 Update. According to the company, the report examined SEC enforcement activities from July 2013 to December 2021, the company elaborated in detail: “Since the first action in July 2013, the SEC has brought a total of 97 enforcement actions as of December 31, 2021.” According to the report, there were 58 cryptocurrency-related litigations and 39 administrative proceedings in the enforcement activities. Almost half of the 58 lawsuits were filed in the state of New York. As of January 3, 31 lawsuits had been settled. Moreover, the securities regulator issued ten overdue filing orders, twenty trading suspension orders, as well as a number of subpoenas and administrative actions. The study revealed that the SEC’s enforcement effort has remained focused on cryptocurrencies under the current administration. The report notes: “Under the new administration, the SEC’s enforcement activity has continued to focus on cryptocurrency-related actions.” Last week, Gary Gensler, Chairman of SEC stressed that crypto trading platforms must be regulated to ensure investor protection. In December last year, the chairman added a crypto adviser to his executive staff. Earlier this month, The North American Securities Administrators Association (NASAA) and state regulators said that ‘investments related to cryptocurrencies and digital assets are our top investor threat by far.’
$1 billion worth of USDT was recently sent from tether to binance and In today’s Tether news, we find out why. Amid the current market crash, $1 billion worth of USDT was transferred from Tether to Binance despite the past few days being devastating for the crypto market as well as the legacy markets. Bitcoin’s […]