The U.S. Bankruptcy Court for the District of Delaware has granted permission to the collapsed cryptocurrency exchange FTX to sell and invest its cryptocurrency holdings, valued at over $3 billion, to settle its debt with creditors.

The European Parliament has recently seen lawmakers resoundingly voice their support for the eighth iteration of the Directive on Administrative Cooperation (DAC8), a cryptocurrency tax reporting rule.

The U.S. Securities and Exchange Commission (SEC) has announced it charged Stoner Cats 2 for allegedly conducting an unregistered offering of crypto asset securities in the form of non-fungible tokens (NFTs).

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Top stories in the Crypto Roundup today:

• FTX Gets Court Approval to Sell and Invest $3.4 Billion in Crypto
• EU Lawmakers Approve Crypto Tax Reporting Rule DAC8
• SEC Charges ‘Stoner Cats’ Creator for Allegedly Selling Unregistered Crypto Securities
• Sponsored: Gate Trading Contest Now Live: Win a Share of $10,000 in $AITECH Tokens!

FTX Gets Court Approval to Sell and Invest $3.4 Billion in Crypto

 

The U.S. Bankruptcy Court for the District of Delaware has granted permission to the collapsed cryptocurrency exchange FTX to sell and invest its cryptocurrency holdings, valued at over $3 billion, to settle its debt with creditors.

Judge John Dorsey, approved the motion, effectively bypassing two notable objections that had earlier emerged against the strategy. FTX’s cryptocurrency holdings are estimated to be over $3.4 billion.

The decision allows FTX to sell, stake, and hedge its digital asset holdings. Representing FTX’s ad hoc committee of FTX customers, an attorney endorsed the proposal, while a lawyer for the unsecured creditors said every party involved looked to expedite the process.

In August, FTX requested permission to engage in these activities, as it noted hedging its digital assets would “allow the Debtors [FTX] to limit potential downside risk prior to the sale of such bitcoin or ether,” while staking would be beneficial to the estate and its creditors by generating low risk returns.

During the hearing, one attorney noted that FTX views the assets being sold as those of the debtors, while another noted that the assets are all in one pool and can’t be traced to the individual customer.

EU Lawmakers Approve Crypto Tax Reporting Rule DAC8

The European Parliament has recently seen lawmakers resoundingly voice their support for the eighth iteration of the Directive on Administrative Cooperation (DAC8), a cryptocurrency tax reporting rule.

In a plenary session held in Strasbourg, France, 535 members of the European Parliament voted in favor of DAC8, while 57 stood in opposition and 60 abstained. Per the European Union’s documentation, DAC8’s objective is to empower tax authorities to track and assess all cryptocurrency transactions – from organizations or individuals – within member states.

The directive states:

“On 8 December 2022, the European Commission proposed to set up a reporting framework which would require crypto-asset service providers to report transactions made by EU clients. This would help tax authorities to track the trade of crypto-assets and the proceeds gained, thereby reducing the risk of tax fraud and evasion.”

The plenary vote represents the final procedural step before the official adoption of DAC8. EU member states will now have until December 31, 2025, to implement the rules before they go into effect on January 1, 2026.

SEC Charges ‘Stoner Cats’ Creator for Allegedly Selling Unregistered Crypto Securities

The U.S. Securities and Exchange Commission (SEC) has announced it charged Stoner Cats 2 for allegedly conducting an unregistered offering of crypto asset securities in the form of non-fungible tokens (NFTs).

According to the SEC, the NFTs were offered to raise funds for an online animated series titled "Stoner Cats." The regulator has pointed to a specific event on July 27, 2021, when SC2 made available over 10,000 NFTs for purchase, each priced around $800. Within a mere 35 minutes, the company successfully sold out its offerings, amassing approximately $8 million.

The lightning-fast sell-out signaled significant investor interest, according to the SEC, which was likely fueled by SC2’s marketing strategies. Per the SEC’s press release, SC2's promotional strategies for the Stoner Cats NFTs leaned heavily on the potential benefits of ownership, including the ability to resell on secondary markets.

The regulator added that SC2 highlighting its team’s expertise in Hollywood production and crypto projects, as well as the involvement of well-known actors in the web series, led investors to anticipate profits.

The SEC also pointed to a 2.5% royalty that SC2 had embedded into every Stoner Cats NFT's architecture. Its investigation concluded that SC2 had violated the Securities Act of 1933 by offering and selling these crypto asset securities without registering them or qualifying for an exemption.

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