This Week In Crypto: Kraken Order, CZ Released, Shaq Attacked

A lot happened this week…Need a primer on crypto law??

Check out?The Crypto Legal Handbook

Kraken Loses Motion to Dismiss SEC Suit?- The SEC’s suit will next proceed to discovery. The Court acknowledged digital assets themselves are not securities, leaving the SEC now to prove each offer to sell crypto by Kraken was sold as an investment contract.?Kraken’s CLO, Marco Santori, provided an optimistic perspective on the ruling.

Binance Class Action?- A class action lawsuit was filed by three plaintiffs whose crypto was stolen by scammers and subsequently sent to Binance to launder the funds, making recovery impossible. The suit alleges Binance did not have a compliance policy to adequately prevent money laundering, which the plaintiffs claim led to their loss.?Legal commentary?suggests the allegations may be too remote from the actual loss to prevail.?

CZ Out of Prison??- Speaking of Binance, it has been reported that its founder, CZ, has been released from prison and will spend the rest of his 4-month sentence in a halfway house. Sources on this seem iffy, so chalk this up as a maybe.?

Solana ETF Snag?- The SEC has reportedly rejected CBOE’s filing for a Solana ETF based on their view that Solana is a security.?

Shaq Attacked—A judge is allowing a civil lawsuit against Shaquille O’Neil to proceed over his promoting NFTs under the theory that Shaq was a statutory seller.?

Mango Settlement?- Members of the Mango Market DAO voted to settle charges with the SEC, requiring the DAO to pay $223,000 and destroy all MNGO governance tokens.?

Crypto Rules Everything Around Me?- A judge has ordered Martin Shkreli to relinquish copies he made of a 1-1 Wu-Tang Clan album he previously owned and then sold to the PleasrDAO collective.

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