ChainCatcher news, according to Jinshi reports, Manhattan District Attorney Alvin Bragg has rejected the request from elected President Trump to dismiss his criminal conviction in the "hush money" case following his victory in the presidential election. Alvin Bragg suggested freezing the case during Trump's presidency.In a letter to the judge handling the "hush money" case, Alvin Bragg emphasized that the jury had previously found Trump guilty on 34 felony charges in this case. However, considering the unprecedented nature of the case, namely that Trump could become the first U.S. president to face felony charges, Alvin Bragg proposed the possibility of freezing the case during Trump's four-year term, so that Trump would not be sentenced for his crimes before leaving office.

ChainCatcher news, New York State Supreme Court Judge Vincent Dinolfo ruled that Greenidge Generation's bitcoin mining facility will continue to operate, overturning the New York State Department of Environmental Conservation (DEC)'s previous decision to deny the renewal of the Title V air permit. The judge noted that the DEC made legal errors in its final decision and acted arbitrarily and capriciously.Greenidge stated that the Climate Act does not authorize DEC officials to unilaterally alter the law or determine the value of working-class jobs. As of the third quarter, Greenidge managed a hash power capacity of 3.1 EH/s, of which 1.3 EH/s is self-owned and 1.8 EH/s comes from hosted power, primarily supplied by its facility located in Dresden, New York.

ChainCatcher news, Standard Chartered Bank's Global Head of Digital Asset Research Geoff Kendrick believes that many of Trump's commitments to support cryptocurrencies will drive up Bitcoin. He expects that Trump will overturn Biden's veto of SAB121, a controversial accounting guideline from the U.S. Securities and Exchange Commission (SEC), which critics say prevents investment banks from offering cryptocurrency custody services on a large scale.Geoff Kendrick believes that Trump will quickly achieve this goal after taking office on January 20 next year, and he thinks this move will encourage more institutions to adopt cryptocurrencies.

ChainCatcher news, according to the Legal Daily report, a man named Deng Gang (pseudonym) was entrusted by his nephew Deng Dawei (pseudonym) to go to a designated location to collect virtual currency transaction payments, but he was threatened with a knife by the buyer Wang Qiang (pseudonym). Deng Gang was forced to notify Deng Dawei to transfer over 40,000 virtual coins to the other party. So, does the behavior of the suspect Wang Qiang constitute extortion or robbery?On November 4, a reporter from Legal Weekend learned from the People's Procuratorate of Jianghan District, Wuhan City, Hubei Province, that the defendant Wang Qiang was sentenced to four years and eight months in prison for extortion and concealing or disguising criminal proceeds in the first instance. After the Jianghan District Procuratorate filed a protest with the higher court, the second-instance court accepted the prosecution's opinion and determined that Wang Qiang constituted robbery. For his robbery and concealing or disguising criminal proceeds, the court decided to impose a combined sentence of eleven years and six months in prison, along with a fine; this judgment is final.

ChainCatcher news, Bithumb won the second trial of the corporate tax lawsuit for 130 million KRW (approximately 97,000 USD). On August 20, the Seoul High Court overturned the first-instance judgment, ruling in favor of Bithumb. This case originated in 2019 when tax authorities imposed a corporate tax of 180 million KRW (approximately 134,000 USD) on Bithumb due to its change in the assessment method for virtual assets, which was later reduced to about 130 million KRW.The second-instance court found that there were no clear accounting regulations at the time, and Bithumb's choice of the "weighted average method" for assessing virtual assets was legitimate. Furthermore, the virtual assets held by Bithumb should not be considered inventory assets, and thus there was no need to report the change in assessment method.

ChainCatcher news, according to News.bitcoin, a Nigerian Bitcoin supporter has filed a lawsuit challenging the government's restrictions on holding, using, and trading digital assets.The supporter stated that the lawsuit aims to lift the ban on cryptocurrency exchanges, ensuring that all Nigerians can use cryptocurrencies without restrictions.

According to ChainCatcher, Fox Business reporter Eleanor Terrett stated on the X platform that the U.S. House of Representatives will vote on SAB 121/HJ Res. 109 (Cryptocurrency Custody Accounting Standards Announcement) at 4 PM EST on July 10 (04:00 Beijing time on July 11), but it is expected that lawmakers will not secure enough votes to achieve the two-thirds majority needed to override Biden's veto.

ChainCatcher news, according to Cointelegraph, U.S. President Joe Biden's controversial veto of the SAB 121 bill may be voted on by the House of Representatives next week. SAB 121 is a proposed rule that requires entities holding cryptocurrencies to record these holdings on their balance sheets.According to the weekly schedule released by House Majority Leader Scalise, the rule is currently on the House's "legislation that may be considered" list. Voting to override or uphold the presidential veto is a constitutional obligation of the House, so a vote must take place again. The vote may occur on Tuesday or Wednesday.

ChainCatcher news, investment bank TD Cowen stated on Monday that the recent Supreme Court ruling overturning the Chevron principle may complicate cryptocurrency legislation efforts.The report stated: After the Supreme Court's action, there is a general belief that the ruling is favorable to the cryptocurrency industry. We partially agree with this view, as it will help the cryptocurrency industry challenge the rules and enforcement of the U.S. Securities and Exchange Commission in the future. However, this does not change any past rulings nor will it reconsider previous decisions.The report argues that a bigger question is what this decision means for lawmakers hoping to enact legislation to regulate the industry and stablecoins. Analysts stated, "We are discussing details that are typically not seen in legislation, such as what happens when retail investors participate in staking programs on trading platforms, or how AML/BSA controls would apply if tokens have previously hidden their origins through mixers. Both sides are no longer willing to heed the opinions of regulators, as the courts may now conduct secondary reviews of these decisions."

ChainCatcher news, Ripple recently profited in a class action securities lawsuit. Although Judge Hamilton dismissed most of the claims, he suggested that XRP might be a security, thus requiring stricter regulation. This contradicts last year's ruling by Judge Torres, who found that XRP is essentially not a security.This reflects a larger issue: the lack of legal and regulatory clarity in the U.S. crypto industry. Unless Congress or higher court rulings provide clarity for the industry, projects like Ripple may face more regulatory confusion.Ripple executives stated that Hamilton's ruling does not overturn Torres's 2023 ruling that XRP is not a security under federal law.Moish Peltz, a partner at New York law firm Falcon, Rappaport, and Berkman, added, "......The question of whether XRP is a security has not been resolved."

ChainCatcher news, according to theguardian, the U.S. Supreme Court has overturned one of its most important precedents, Chevron Deference. Chevron Deference is a part of U.S. administrative law that grants federal agencies the power to interpret laws when they are ambiguous.This ruling has a significant impact on the rule-making authority of the U.S. Securities and Exchange Commission (SEC) and other federal agencies, weakening their power in administrative law.

ChainCatcher news, according to Fox Business reporter Eleanor Terrett sharing information on X, the digital asset bank Custodia Bank has submitted a brief to the U.S. Court of Appeals for the Tenth Circuit, challenging a Wyoming judge's decision granting the Federal Reserve unrestricted power to deny its master account.Custodia is asking the appellate court to instruct the Wyoming district court to reverse its decision to deny Custodia's application for a master account and to grant it a master account.Custodia CEO Caitlin Long has hired two senior Supreme Court attorneys to defend her company. Here are some key points they argue:Custodia's lawyers claim that the Federal Reserve's power to refuse to open a master account for state-chartered banks undermines the dual banking system, which allows banks to freely choose whether to operate under state or federal charters;They also argue that the Federal Reserve discriminates against state-chartered banks seeking to obtain master accounts, which may violate the Monetary Control Act, a law that allows state-chartered banks seeking Federal Reserve services to gain fair access;They emphasize the use of the word "shall" in the Monetary Control Act by Congress, stating that "all services of Federal Reserve Banks... shall be open to non-member deposit institutions," to illustrate Congress's intent to allow all eligible banks equal access to Federal Reserve services.Previously, Custodia hoped to operate as an uninsured bank, issuing a stablecoin backed by cash and other assets. However, the Federal Reserve determined that the bank was not entitled to a master account in the Federal Reserve System and denied its application to join the Federal Reserve System, indicating that the Federal Reserve aims to isolate payment rails from crypto assets. It is reported that a Federal Reserve account allows holders to transfer reserves directly to another financial institution without another intermediary.

ChainCatcher news, according to market news, the emergency license suspension order for Binance in Florida has been overturned.

ChainCatcher news, before the U.S. House of Representatives voted on H.J. Res. 109 (which aims to overturn the SEC's SAB 121 regulation regarding digital assets), President Biden issued a threat statement indicating that he might exercise his veto power using executive authority if a resolution to overturn the SEC's policy were to pass. The White House stated that it "strongly opposes" House members' attempts to undermine the SEC's measures to "protect investors in the cryptocurrency market and safeguard the broader financial system."It is worth noting that in previous administrations, about one-third of veto threats were never acted upon, so it does not necessarily mean that a veto will be executed. Given the bipartisan support for the bill, Biden may have to weigh the pros and cons.Patrick Kirby, the policy head of the Crypto Council for Innovation, explained, "The president has 10 days (excluding Sundays) to sign the resolution into law, allowing it to become law without his signature or veto."Additionally, the SEC could decide to withdraw SAB 121 to avoid forcing Biden to decide whether to exercise his veto. (Cointelegraph)Previously, the U.S. Senate passed a resolution to overturn the SEC's SAB 121 by a vote of 60 to 38; however, this resolution may be vetoed once it reaches President Biden's desk.It is reported that the SEC's previously issued Staff Accounting Bulletin 121 requires companies to record their held cryptocurrency assets on their balance sheets, but critics argue that this regulation is overly stringent and effectively hinders major custodians and companies from holding cryptocurrency assets for their clients.

ChainCatcher news, according to information from the official U.S. Senate website, the Senate voted 60 to 38 to overturn the controversial SEC accounting rules for crypto assets.It is reported that the SEC's previously issued Staff Accounting Bulletin 121 (SAB 121) required companies to record the crypto assets they hold on their balance sheets, but critics argue that this regulation is too stringent and effectively hinders major custodians and companies from holding crypto assets for their clients.

ChainCatcher news, according to The Block, the U.S. House of Representatives voted to pass a resolution aimed at overturning the SEC's cryptocurrency custody accounting standards announcement. The House vote resulted in 228 - 182, with a majority of Republicans supporting the measure. 21 Democrats voted in favor.The announcement was first issued in 2022 and has sparked controversy over the past year. It requires cryptocurrency custodians to record the cryptocurrencies held by clients on their balance sheets as liabilities. The crypto industry is concerned that this move could prevent banks from safeguarding digital assets. However, on Wednesday, the White House released a "government policy statement," stating that President Biden would veto the resolution.The White House stated, "Limiting the SEC's ability to maintain a comprehensive and effective financial regulatory framework for crypto assets would lead to serious financial instability and market uncertainty." The resolution may be submitted to the Senate Banking Committee and then voted on by the full Senate.

ChainCatcher news, according to a statement released on Tuesday, imprisoned Terra co-founder Do Kwon has achieved a rare victory as Montenegro's appellate court overturned a lower court's decision in February to extradite him to the United States, citing "significant violations of criminal procedure regulations."It is reported that last month, Kwon appealed the ruling that sent him to the U.S. to face fraud charges related to Terra's $60 billion loss in May 2022. According to the appeal statement, the case is currently being sent back to the lower court for a second review.

ChainCatcher news, according to Digital Asset, the High Court of Podgorica, the capital of Montenegro, stated that "the decision to extradite Terraform Labs founder Do Kwon to the United States may be overturned again."Marija Rakovic, a public information officer at the High Court of Podgorica, said, "The appellate court has overturned the high court's extradition decision twice. If Do Kwon appeals the recent extradition decision again, the appellate court may overturn the high court's decision to extradite him to the United States once more." He added, "We do not intend to predict the appellate court's ruling, but rather (in principle) indicate our position on this possibility."