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SEC Subpoena: Sushi DAO Requests $3M USDT Legal Defense Fund

• The Securities and Exchange Commission (SEC) has issued a subpoena to Sushi DAO and its “head chef,” Jared Grey, as part of the regulator’s ongoing efforts to scrutinize the decentralized finance (DeFi) industry and cryptocurrencies.
• Following the SEC’s recent subpoena, the protocol’s head chef, Jared Grey, has requested a $3 million USDT legal defense fund from the decentralized autonomous organization.
• A range of revenue streams will support the Sushi DAO legal defense fund to limit the financial burden on the organization while providing sufficient funds to cover legal expenses and protect its financial solvency.

SEC Subpoena Issued To Sushi DAO

The Securities and Exchange Commission (SEC) has issued a subpoena to Sushi DAO and its “head chef,” Jared Grey, as part of the regulator’s ongoing efforts to scrutinize the decentralized finance (DeFi) industry and cryptocurrencies.

Request for $3 Million USDT Legal Defense Fund

Following the SEC’s recent subpoena, the protocol’s head chef, Jared Grey, has requested a $3 million USDT legal defense fund from the decentralized autonomous organization. The fund will be used to cover potential legal and financial consequences resulting from their investigation.

Revenue Streams Supporting Legal Defense Fund

A range of revenue streams will support the Sushi DAO legal defense fund in order to limit their financial burden while providing sufficient funds for their legal expenses. These include 50% of Kanpai fees generated by their decentralized exchange platform; 35% of grants generated by business development activities; 15% of tokens generated from selling tokens on market using Time-Weighted Average Price method; 1 million USDT available if needed for additional legal expenses.

Cooperation With SEC Investigation

Grey has stated that they are cooperating with SEC investigation but will not comment publicly on ongoing investigations or other matters related to this inquiry.

Sufficient Funds To Cover Legal Expenses

The protocol has made sure that there are sufficient funds available in order to cover any potential costs arising out of this investigation as well as protecting their financial solvency during this period.

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Unlock the Crypto Market: Join Crypto.ro’s The Alliance Conference!

• Crypto.ro is hosting the much-awaited “The Alliance” conference in Timisoara, Romania on September 21, 2023.
• The Alliance brings together top creative thinkers, industry game changers, driven entrepreneurs and passionate blockchain fans to discuss new trends and opportunities in the crypto market.
• Crypto.ro also provides extensive insights into the crypto sphere, including market movements, legislative changes and a free cryptocurrency course for investors.

Crypto.ro Hosting “The Alliance” Conference

Crypto.ro, Romania’s leading cryptocurrency and blockchain media platform, just announced it is hosting the much-awaited “The Alliance” conference in Timișoara on September 21st 2023 at Galla Events venue.

What Is The Alliance?

“The Alliance” is a must-attend crypto conference for those looking to meet like-minded investors, share tips and discover the hottest trends in the crypto market with an anticipated 500 global attendees.

About Crypto.ro

Crypto.ro stands as a top crypto media hub that provides current and precise details on the evolving landscape of cryptocurrencies such as news updates on market movements and legislative changes as well as offering a free cryptocurrency course for investors to gain knowledge from before investing their money into any given project or coin . It also features reviews of numerous exchanges which helps investors determine which exchange best suits their needs when entrusting their funds too .

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FCA Takes Action Against Unregulated Crypto ATMs

• The UK FCA is taking legal action against unregulated crypto ATMs in London.
• The FCA has issued warnings to unregistered crypto ATM providers in the UK region.
• The FCA believes unregistered crypto ATMs pose a high risk of money laundering.

UK Financial Watchdog Crackdown On Crypto ATMs

The UK Financial Conduct Authority (FCA) has taken legal action against unregulated crypto Automatic Teller Machines (ATM) in the city of London. Crypto ATMs are stand-alone machines that allow users to buy and sell cryptocurrencies, such as Bitcoin and Ethereum, for cash. However, the FCA deems these machines as illegal if they are not registered or regulated under any legal force.

FCA’s Warning To Unregistered Crypto ATM Providers

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA recently released a statement saying “Crypto ATMs operating without FCA registration is illegal” and warned crypto ATM providers to cease all operations immediately or face legal proceedings. The financial watchdog stated that it views unregistered crypto ATMs as “high risk” because they could be advantageous to illicit activities such as money laundering.

Joint Operations With Law Enforcement Partners

In line with its warning, the FCA is currently conducting inspections on sites suspected of hosting illegally operating crypto ATMs using its enforcement powers. In addition, it has also entered into joint operations with law enforcement partners such as the National Economic Crime Centre and Metropolitan Police to tackle operators of illegal crypto ATMS across London.

Regulating Crypto Industry Development

As cryptocurrency adoption continues to surge globally, several regulators including the FCA have increased their efforts in regulating all aspects of the industry’s development process – from cryptocurrency exchanges to wallets and now even crypto ATMs. This move is aimed at ensuring that digital assets are used for legitimate purposes only and do not become means for criminal activities such as money laundering or frauds.

Conclusion

Overall, the UK financial watchdog’s crackdown on unregulated crypto ATMs indicates its commitment to protect investors from potential risks associated with digital asset investment while also encouraging responsible innovation within the industry by avoiding any fraudulent activities through proper regulation

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Coinbase CEO Reiterates: Staking Services Should Not Be Registered as Securities

• Coinbase CEO Brian Armstrong addressed the current regulatory approach enforced by the U.S. government, saying that staking services should not be registered as a security under the SEC.
• Armstrong also noted that Coinbase maintains a “good relationship” with regulators, and that the crypto industry needs clear rules to stay within regulatory parameters for good consumer protection.
• Lastly, he spoke about their latest product, Base, an Ethereum Layer 2 network and expressed excitement for DeFi projects being conducted by major firms such as JP Morgan, Visa, Mastercard and Franklin Templeton.

Coinbase’s Regulatory Approach

In an interview with Bloomberg, Coinbase co-founder and Chief Executive Officer (CEO) Brian Armstrong addressed the current regulatory approach enforced by the U.S. government. The CEO of the U.S.-based exchange has reiterated that “staking” services shouldn’t be registered as a security under the jurisdiction of the Securities and Exchange Commission (SEC), saying: Customers never turn their assets to Coinbase for instance. And we really just are providing a service that passes through those coins to help them participate in staking, which is a decentralized protocol.

Good Relationship With Regulators

Furthermore, the Coinbase CEO has stated that despite the ongoing regulatory actions that the SEC has carried out in recent months following the FTX collapse, the company maintains a “good relationship” with regulators, not only in the U.S., but also in Europe, Asia and Canada where they provide their services. In addition, Armstrong has explained that clear rules need to be published so customers can be provided with good consumer protection whilst preserving innovation potential within this industry: “If clear rules are published we are happy to follow it; if rules change we’re happy to follow those” he said.

Base Testnet Launch

Speaking with Bloomberg further on this topic Armstrong addressed their new product launch: “Base” an Ethereum Layer 2 network testnet – expressing his excitement for decentralized finances (DeFi) projects being conducted by major companies such as JP Morgan Chase , Visa Inc., Mastercard Incorporated & Franklin Templeton Investments.. He also said how important it is for US to remain technology hub in order to develop & grow these projects further – with Coinbases help they can do just this!

Crypto Has The Power To Update Financial Systems

The Coinbase CEO touched on how powerful cryptocurrency could be when integrated into financial systems stating: “We want to bring this industry within regulatory parameters so that we have good consumer protection but preserve innovation potential… Crypto has power to update financial systems & make them much more efficient & accessible than ever before.”

Conclusion

In conclusion it is evident from this interview how excited Brian Armstrong is about cryptocurrency integration into existing financial systems & its ability to revolutionize them – while still maintaining strong regulation protocols set out by relevant governing bodies such as The SEC etc… It will certainly be interesting see how these developments unfold over coming years!