 California moved one step closer to regulating crypto by passing a bill allowing crypto firms to operate with a license. If the bill is signed into law, then it will go into effect in Jan. 2025, requiring all crypto companies to get licensed in the state. More: - The California State Assembly voted 71-0 in favor of the Digital Assets Law, known as AB2269, on Aug. 30.
- The bill had previously passed the California Senate by a 31-6 vote.
- Now, it rests in the hands of Gov. Gavin Newsom, who has until Sept. 30 to sign or veto the bill.
- This is the second attempt to regulate crypto in California. The first was proposed in 2015 but failed.
- If passed, The Digital Financial Assets Law would impose strict crypto regulations, and crypto exchanges would need to get licensed through the Department of Financial Protection and Innovation.
- Failing to license in the state would result in a $100,000 penalty.
- The Blockchain Association, a crypto lobbying group, pushed back against the bill, saying it would hinder innovation and force companies to leave the state.
- The group wrote on Twitter that the bill would "create shortsighted and unhelpful restrictions that would impede crypto innovators' ability to operate and push many out of the state."
Zoom out: - New York passed the "BitLicense" in 2015, a landmark cryptocurrency regulation, forcing crypto companies to operate under a license.
- The move was met with backlash from crypto companies and NYC Mayor Eric Adams.
- Many found the regulations to be cumbersome, stating that crypto startups are being burdened with more regulations than the standard financial establishment.
- Others have criticized it for forcing crypto companies to leave the state.
- As a result, On June 25, 2020, New York regulators implemented a more lenient legal framework for obtaining a license.
Bloomberg 
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 Kyle Roche, a crypto lawyer, has withdrawn from several lawsuits against crypto firms, including Binance, Tether, and others. More - Roche represented companies like Binance, Tether, DigFinex, and others as their legal counsel for class action lawsuits.
- Leaked videos of Roche show him discussing his relationship with his crypto clients over drinks.
- The videos show Roche and Christen Ager-Hanssen discussing investment opportunities in a litigation-financing product.
- The video revealed that Roche and Ava Labs were involved in a secret pact to undermine rivals' blockchain via court actions.
- The videos were posted on CryptoLeaks, and as a result, court documents reveal that the attorney is now withdrawing from the cases.
- He has filed a motion to drop out of Bitfinex, Tether, DigFinex, and Global Trade Solutions legal cases.
- He did not file to withdraw in cases brought against Solana, Dfinity, Celsius, Binance.US, and Block.One.
- Roche is no longer involved in the law firm's class action practice, according to court documents.
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 Washington, D.C., is suing Microstrategy co-founder Michael Saylor for tax fraud. Washington claims in court documents reveal that Saylor knowingly avoided paying $25M in taxes since 2005. More: - The documents reveal that Saylor avoided paying $25M in taxes by claiming to be a resident of other lower tax jurisdictions.
- Saylor is listed as living in Virginia and Florida; however, the claim is that he lived in a luxury penthouse on the Georgetown Waterfront.
- Michael Saylor claims to have lived in Miami and says, "Although MicroStrategy is based in Virginia, Florida is where I live, vote, and have reported for jury duty, and it is at the center of my personal and family life."
- Microstrategy, a software company that Saylor served as CEO, is also being sued to claim that it was aware that Saylor lived in D.C. for more than half the year, making him a resident of that jurisdiction.
- According to the claim, the company filed inaccurate tax forms claiming Florida addresses in efforts to avoid D.C. taxes.
Bloomberg
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Reddit co-founder Alexis Ohanian's VC Seven Seven Six will allocate $177M toward the cryptocurrency market. More: - Ohanian also raised $500M earlier this year to support early-stage cryptocurrency startups.
- The new fund is called "Kryptós" and was launched during the crypto winter as the firm sees a ripe opportunity in the crypto space.
- Founding partner Katelin Holloway at Seven Seven Six said: "This is the best time to buy if you're really long on the industry. It's on sale. Everything is on sale."
Crypto Potato
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 Faruk Fatih Özer, the founder of Thodex, fled with $2B in crypto last year and has been arrested in Albania. He is facing over 40,000 years behind bars. More: - Thodex, one of Turkey's largest exchanges, went dark in April 2021, leaving 400,000 users without access to their accounts.
- The exchange had accumulated $2B in users' funds. Özer then fled with the funds; Turkey issued an international arrest warrant for him.
- Albanian Minister of Internal Affairs Bledar Çuçi has confirmed that Özer has been found and arrested.
- Extradition proceedings have started, and his identity was verified using biometrics results.
- Özer and the other founders face 40,564 years in jail for fraud and money laundering.
- Özer is being held in Elbasan and is expected to appear in court soon. More than 60 people associated with Thodex have been arrested with their laptop computers, mobile phones, and bank cards all seized as evidence.
Toms hardware
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Christopher Hamilton was extradited to the U.S. in connection with the OneCoin crypto scam. A U.K. judge has ordered the extradition of Hamilton for laundering $105M worth of crypto. More: - Hamilton and Robert McDonald are facing charges due to their involvement with a $4B crypto Ponzi scheme led by Ruja Ignatova, dubbed the "Crypto Queen."
- OneCoin, Launched in 2016 by Ignatova, is a scam that duped investors across 175 countries to lose $4B.
- OneCoin's blockchain did not exist, and the promoters made false statements to investors that it has 120 billion coins.
- The "Crypto Queen" has been on the run since 2017 and made the FBI's most-wanted list.
- Hamilton, a British citizen, will be extradited to the U.S. to face money laundering and wire fraud charges.
- McDonald, the co-accused, and Hamilton had filed to be tried outside the U.S., citing that most crimes took place while they were in the U.K.
- Judge Nicolas Rimmer dimissed their plea and extradited them to the U.S. since most victims of the fraud were based out of the U.S.
- Hamilton wil be tried in the U.S, but McDonald was eventually exempted from the extradition on the basis of human rights due to his wife being critically ill.
- Although the "Crypto Queen" has yet to be found or arrested, several of the OneCoin beneficiaries are facing trials around the globe.
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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