Welcome to This Week in Crypto, a newsletter covering the most important crypto news for the week.?If you want this update sent to your email every Friday morning, subscribe at www.thecryptolegalhandbook.com/newsletter.
- SEC Declines Action Against Ether?- The biggest news of the week saw the SEC send a declination letter to MetaMask providers Consensys that it was closing its investigation into whether ETH is a security with a recommendation that the SEC not pursue enforcement.
- Kraken Motion to Dismiss Hearing?- The ND of Cal. held a hearing on Thursday on Kraken’s motion to dismiss the SEC’s claims against it. The judge indicated that, similar to what happened in Coinbase’s case, he was not inclined to dismiss the case and that the case would proceed to discovery.?
- Ripple Class Action To Continue?- A class action against Ripple Labs will continue following an order on summary judgment issued by the ND of Cal. While Ripple Labs was granted SJ in its favor on state and federal claims, the Court found, as a matter of law, certain state law claims could continue to discovery.?
- SEC Crypto Enforcer Leaves?- The SEC’s Chief of the Crypto Asset and Cyber Unit, David Hirsch, announced on LinkedIn he had resigned.?
- Cumberland Trading Obtains NY BitLicense?- The trading firm is the only entity to secure a BitLicense in 2024.
- Evolve Bank Told to Cease Operations—The Federal Reserve has demanded that Evolve Bank cease and desist operations until it addresses alleged deficiencies in its risk management and compliance departments. While not directly crypto-related, Evolve had a reputation for being a “crypto-friendly” bank.?
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