1. Dogecoin Replaces Cardano as 6th Largest Cryptocurrency  CoinDesk
2. Dogecoin Pulls Ahead Of Cardano As 8th Largest Cryptocurrency, Charles Hoskinson Makes This Prediction -  Benzinga
3. As Elon Musk closes in on Twitter, his favorite cryptocurrency soars  Fortune
4. Dogecoin surges on Elon Musk's Twitter deal  Reuters
5. Dogecoin Becomes The 8th Largest Cryptocurrency, Overtaking Cardano  Business Blockchain HQ
6. View Full Coverage on Google News

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Dogecoin Replaces Cardano as 6th Largest Cryptocurrency - CoinDesk

From regulation to taxation, Japan has been hostile to cryptocurrency gaming. That stance is threatening the country's position as a global leader in gaming.  Japan Today

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From regulation to taxation, Japan has been hostile to cryptocurrency gaming. That stance is threatening the country's position as a global leader in...

Like any other investment, cryptocurrency can be exciting and rewarding when the market is hot and when it cools down, investors, funds, and the lawyers who advise them can face tricky questions.

As noted in a recent Practising Law Institute Briefing, Cryptocurrency and Bankruptcy: What Lawyers Need to Know Now That Crypto Winter Is Here, crypto is not immune to the effects of a declining market nor to bankruptcy and its related laws.

During the information-packed One-Hour Briefing, presenter Noah Schottenstein, of DLA Piper, walks attendees through the basics of the crypto finance market, defining its unique features as compared to traditional finance. He goes on to explore novel legal issues that bankruptcy courts are only beginning to face.

As explained by Schottenstein, the crypto winter that began earlier this year was associated with the crash of the Terra/Luna cryptocurrencies. The dramatic dip in the crypto market ultimately saw high-profile bankruptcy filings, including the Three Arrows Capital hedge fund and the retail-focused crypto platforms Voyager and Celsius.

The Briefing continues with discussion of topics such as the application of avoidance actions to cryptocurrency transactions, the types of claims and protections retail depositors and other counterparties may hold in bankruptcy proceedings, and the overlay between regulatory structures and bankruptcy law.

In-house counsel, outside attorneys, and compliance, finance, and other allied professionals interested in the structure of cryptocurrency finance markets and bankruptcy law can get up to date with this program and learn why expectations surrounding the impact of bankruptcy may be upended in this evolving landscape.

Crypto and securities regulation

The bankruptcy program comes at a time when the intersection of regulations and crypto is an increasingly hot topic. At The SEC Speaks in 2022, presented by PLI with the SEC in Washington, D.C. on September 8 and 9, a main topic was crypto, crypto, crypto, said Kurt Wolfe, co-host of PLIs inSecurities podcast, in an episode about the conference. Every single panel that I attended talked about crypto, even some of the ones you wouldnt think of, like trading and markets, he said.

Wolfe and co-host Chris Ekimoff discussed the significance of Chairman Genslers opening remarks for The SEC Speaks, titled Kennedy and Crypto. In his speech, the Chairman asserted, Nothing about the crypto markets is incompatible with the securities laws. Investor protection is just as relevant, regardless of underlying technologies.

Interested in learning more?

PLI offers a wealth of resources on cryptocurrency.

If youd like to brush up on the basics, check out the one-day program Think Like a Lawyer, Talk Like a Geek 2022: Get Fluent in Technology, taking place via live webcast and in person on October 14. This unique program is designed to give lawyers the necessary background to become more knowledgeable advocates in technology-related matters and understand the emerging trends in this field, including blockchain, cryptocurrencies, and NFTs.

For those interested in diving into the growing crypto trend of DAOs, or decentralized autonomous organizations, PLI will offer Decentralized Automated Organizations (DAOs): Practical Applications and Legal Framework. Register for the November 16 One-Hour Briefing to learn how DAOs have the potential to disrupt the traditional economic system as they become active investors and lenders, while raising significant issues of securities, tax, and corporate law.

See additional crypto-related content on PLIs website.

Practising Law Institute is a nonprofit learning organization dedicated to keeping attorneys and other professionals at the forefront of knowledge and expertise. PLI is chartered by the Regents of the University of the State of New York and was founded in 1933 by Harold P. Seligson. The organization provides the highest quality, accredited, continuing legal and professional education programs in a variety of formats which are delivered by more than 4,000 volunteer faculty including prominent lawyers, judges, investment bankers, accountants, corporate counsel, and U.S. and international government regulators. PLI publishes a comprehensive library of Treatises, Course Handbooks, Answer Books and Journals also available through the PLI PLUS online platform. The essence of PLIs mission is its commitment to the pro bono community. View PLIs upcoming programs here.

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Cryptocurrency In A Declining Market: What Lawyers Need To Know About Bankruptcy, Regulation, And Other Trends - Above the Law

A proposal out of Stanford University to make crypto transactions reversible is adding a wrinkle to discussions of crime and fraud prevention. Researchers suggested that mutability the ability to reverse blockchain transactions would help prevent crime.

One of the advantages of cryptocurrency is that it is possible for the market individuals, traders and banks to decide if reversibility is wanted. Not only would a new (reversible) cryptocurrency be able to test the acceptance or desire for reversible transactions, it would help to test the idea that reversibility reduces crime.

Although cryptocurrency is not a tool of the dark web, its sometimes portrayed as such. Fraud, scams and other forms of crime do happen and are growing in proportion with the amount of money invested and the number of coins traded.

One of the main ways law enforcement addresses crime in crypto markets is with blockchain forensics. Blockchain forensics is a growing field in law enforcement where transactions are analyzed to follow and recover stolen or fraudulently obtained cryptocurrency assets. It first achieved prominence a few years ago when the United States Internal Revenue Service used it to successfully recover the ransom Colonial Pipeline paid to the hackers who took control of it. But in the highly decentralized and risky world of cryptocurrencies and nonfungible tokens, blockchain forensics is becoming an important tool for compliance as well as regulation, creating potential impacts on legitimate traders.

Related: Get ready for the feds to start indicting NFT traders

Investigators closely scrutinize the transactions recorded on blockchains, looking for signs people are trying to hide or disguise their tokens. Some of these include rapidly switching between ledgers, using tools that mask or fake IP addresses, multiple small transactions and using a tumbler or mixer service, where crypto from many sources is pooled together to disguise where its coming from.

Reversibility would make it much easier for law enforcement to recover stolen and fraudulently obtained funds, reducing the potential rewards from crime. That could reduce the risk for banks and other established financial institutions in offering cryptocurrency services to the general public as opposed to being special investments. It would also reduce any problems associated with human error, such as fat finger errors. This would help make cryptocurrency much more useful for exchange, investment and other mundane uses.

On the other hand, reversibility or mutability would also run up against the idea of the blockchain itself. Mutability could make the blockchain as vulnerable to manipulation as any other repository of information, which would stultify one of its key security features. And attempting to impose a standard for when the blockchain could be edited would seemingly violate another important feature: that of decentralization.

The anonymous, decentralized nature of cryptocurrency finance makes tension between regulators and cryptocurrency somewhat inevitable. For ideological or privacy reasons, many people are attracted to the promise of anonymity offered by the blockchain, but those features attract more scrutiny from regulators as that same anonymity can enable transactions that range from those where taxes arent collected to the sale of illegal drugs or weapons or enabling countries such as North Korea evade international sanctions.

As cryptocurrencies become more mainstream, financial institutions and investors will also push regulators and exchanges to adopt protections or weaken the anonymity to comply with securities and Anti-Money Laundering laws.

Related: Bidens anemic crypto framework offered nothing new

Mutability would make blockchain forensics even more important to regulators and investors. As an analogy, various government agencies and financial institutions require that companies and individuals keep accurate financial records. Many fraud schemes require manipulation of these records embezzlers have to cover their tracks, stock waterers try to convince people a company is doing better than it actually is in order to inflate the share price and on and on. When they get discovered, forensic accountants are called in to put together accurate financial statements.

Blockchain forensics firms would end up in charge of protecting the integrity of the blockchain, effectively becoming the de facto central authority and leading to inevitable variations of Can we trust them?

But the final say on making the blockchain reversible or mutable should be the decentralized force of the market itself. The most unique thing about cryptocurrency is that there are and can be so many currencies competing against one another all at once. In early modern Europe, a stable currency emerged out of hundreds of unstable ones, backed by high-purity precious metals and managed by a central bank. This astonishing achievement of men in tights, as economist Nathan Lewis memorably put it, was driven not by power-hungry monarchs but by merchants in places such as London and Amsterdam who demanded stability, while ordinary people benefited because they could rely on their money being valuable.

Unless decentralized finance can come up with an alternative that improves security and stability while not compromising its principles, a similar process may be underway.

Brendan Cochrane is the blockchain and cryptocurrency partner at YK Law. He is also the principal and founder of CryptoCompli, a startup focused on the compliance needs of cryptocurrency businesses.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Reversible blockchain transactions are key to fighting crime and wide adoption - Cointelegraph

Pro-Russian groups are raising funds in cryptocurrency to prop up paramilitary operations and evade U.S. sanctions as the war with Ukraine wages on, a research report published Monday revealed.

As of Sept. 22, these fundraising groups had raised $400,000 in cryptocurrency since the start of the invasion on Feb. 24, according to TRM Labs, a digital asset compliance and risk management company.

The research revealed that groups, using encrypted messaging app Telegram, are offering ways for people to send funds which are used to supply Russian-affiliated militia groups and support combat training at locations close to the border with Ukraine.

One group TRM Labs identified raising funds is Task Force Rusich which the U.S. Treasury describes as a "neo-Nazi paramilitary group that has participated in combat alongside Russia's military in Ukraine." The Treasury Department's Office of Foreign Assets Control(OFCA) has sanctioned Task Force Rusich.

On a Telegram channel, TRM Labs discovered this group was looking to raise money for items such as thermal imaging equipment and radios.

Russian paramilitary groups are raising funds in cryptocurrency using messaging app Telegram, according to research published by TRM Labs.

Matt Cardy | Getty Images News | Getty Images

The Novorossia Aid Coordinating Center, which was set up in 2014 to support Russian operations in Ukraine, raised about $21,000 in cryptocurrency, mainly bitcoin, with the aim of buying drones, the report said.

Russia was hit by a number of sanctions after its unprovoked invasion of Ukraine earlier this year that aimed to cut it off from the global financial system. At the time, there were concerns that Russia could use cryptocurrency to evade these penalties. However, experts said that there is not enough liquidity in the crypto system on the scale Russia would require to move money.

But with the paramilitary groups, they're moving money on a smaller scale, which is enough for the items they need to buy.

These groups are likely using exchanges that don't necessarily comply with anti-money laundering and other regulations, according to Ari Redbord, head of legal and government affairs at TRM Labs.

"They're probably using non-compliant exchanges to off-ramp those funds [into fiat currency]," Redbord told CNBC.

"And you can do that. You just can't do that at scale. And I think that's that that's where ... we'll say, will there be more? Of course, there'll be more. But will it be billions of dollars? Highly unlikely."

Redbord said TRM Labs used a combination of publicly available wallet addresses as well as cross-checking other websites and activity online to identify the Russian-linked groups. However, he did say it's not possible to know whether these groups were working with the Russian government or are in any way backed by the Kremlin.

Cryptocurrencies have been thrust into the spotlight during the Russia and Ukraine war. Ukraine has been seeking donations via digital coins, which can be sent quickly across the world. But they're now also being used by Russian paramilitary groups.

"I think an interesting part of this story is that crypto is just a form of payment in these cases. It's a way to move funds. And there's an example of it being used for good and example of it being used for bad in this context," Redbord said.

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Pro-Russian groups are raising funds in crypto to prop up military operations and evade U.S. sanctions - CNBC