Celsius Sues StakeHound Over $150M In Assets, US Finance Committee Asks Crypto Industry For Opinions, Russian Duma Passes Digital Ruble Bill, Stablecoins Are “Existential Threat To political sovereignty”

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Get your daily, bite-sized roundup of crypto asset and blockchain-related news, digging into the stories flying under the radar in today’s crypto news.

legal news

  • Bankrupt Crypto Lender Celsius is suing the liquid participation platform StakeHound about the latter’s alleged failure to return $150 million worth of ethereum (ETH), polygon (MATIC), polkadot (DOT) and other tokens. According According to court documents, in 2021, Celsius entrusted StakeHound with 25,000 ETH native staked, 35,000 ETH native, 40 million MATIC and 66,000 DOT. He traded the tokens for StakeHound’s liquid stake stTokens. “StakeHound continues to withhold or deprive Celsius of possession of all of these valuable native tokens,” Celsius said, adding that “StakeHound went even further [arguing that it] it “is not required to exchange native ETH” for the stTokens that StakeHound previously issued to Celsius, thereby threatening to permanently deprive Celsius and its creditors of “the funds.” StakeHound should be obligated to turn over the tokens to Celsius and pay damages, plus attorneys and other fees, the lender said.

Regulation News

  • He US Senate Finance Committee is asking the cryptocurrency industry for help in better understanding how Congress can address the tax challenges and opportunities presented by digital assets. on a tuesday letter, Chairman Ron Wyden and Ranking Member Mike Crapo listed questions grouped into nine categories: Market Marking for Traders and Dealers, Trade Safe Harbor, Digital Asset Loan Treatment, Wash Sales, Build Sales, Staking and Mining, Valuation and justification, non-functional currency and reports. The Committee will collect responses to these questions on an ongoing basis through September 8, the letter added.
  • South Korea will require companies that own or issue cryptocurrencies to disclose their holdings in financial statements starting in 2024. according to write rules. These companies will be required to disclose information on the amount, characteristics, business models and accounting policies on the sale of digital assets, profits, volume and market value of the assets. If companies sell digital assets, the sales will be recognized as earnings once obligations to holders have been met, according to the announcement, while the costs of developing platforms and digital assets will not be recognized as intangible assets.

CBDC news

  • The lower chamber of the Federal Assembly of the Russian Federationthe State Duma, approved the digital ruble bill in the third reading on July 11. The legislation must then be approved by the upper house of the assembly, the Federation Council, after which the president must approve it. The bill establishes the legal definitions of “platform”, “participants” and “users”, while also providing guidelines for the central bank digital currency (CBDC) ecosystem. The central bank of Russia, the bank of russiait will become the main operator of the digital ruble infrastructure and will be responsible for all assets stored.
  • He Reserve Bank of India (RBI) is targeting 1 million transactions per day through the CBDC by the end of this year, a senior official said on Tuesday, while Reuters reported. There are 1.3 million customers and 0.3 million merchants using CBDC as of June 2023, RBI Deputy Governor T Rabi Sankar said in a speech. The central bank wants to introduce CBDC not only as a payment instrument, but also as digital money, and there has to be a separate strategy to get customers to use CBDC, Sankar added.

Stablecoin News

  • Stablecoins are an “existential threat to political sovereignty.” […] We have to be very careful when allowing these types of instruments,” said the Reserve Bank of India Lieutenant Governor T Rabi Sankar said: The Hindu reported. Stablecoins are more viable than private assets and are an alternative to CBDCs, but they are only beneficial to certain economies they are tied to, he said, such as Europe and the US, but not India. “That’s one aspect we need to look at. What about India’s capital regulations or monetary policy? If the big stablecoins are pegged to some other currency, there is a risk of dollarization,” Sankar argued.

investment news

  • Alluvialthe software company behind the liquid stake protocol Liquid Collective, Announced which closed a Series A round, raising $12 million, co-led by ethereal companies and Variantwith other sponsors, including Brevan Howard Digital, avon companies, rising capital, a capital, robot companies, fenbushi, IOSG, block daemon, and others. Alluvial previously raised a seed round of $6.2 million from strategic participants, including Coinbase Ventures, kraken, Productand Oven. The funds will be used to promote its liquid staking solution, “enabling the widespread adoption of liquid staking on a global scale.” saying ad.

nft news

  • convenience store giant 7 Eleven launched free Slurpee non-fungible tokens (NFTs) on Polygon to celebrate its 96th anniversary on July 11. Customers could get their Slurpee drink virtually and “then head over to 7-Eleven.com for a digital Slurpee drink dispenser.” saying ad.