Here’s what happened in crypto today

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

The former chair of Singapore’s financial watchdog has become the city-state’s next president. Australian lawmakers have sent the crypto bill presented by Senator Andrew Bragg back for minor amendments, after a long delay before the report was published. Meanwhile, the native token of the Gala ecosystem, GALA, has slumped after two co-founders filed separate lawsuits against each other.

Regulator who called crypto ‘highly risky’ becomes Singapore’s next president

Former Singaporean finance minister Tharman Shanmugaratnam won the country’s presidential race this past weekend—an outcome that received mixed reactions from the crypto community.

The former chair of the Monetary Authority of Singapore (MAS) earned more than 70% of the popular vote, according to local media reports. He will be sworn into office on Sept. 14.

As a member of the MAS, Shanmugaratnam called crypto a “highly volatile asset” and a “highly risky” investment product. However, that was before the regular green-lighted several crypto exchanges to operate in the country, including Crpyto.com, Bitstamp, Coinbase and Gemini Trust.

Following his departure from the MAS, the financial regulator has continued to work on streamlining digital assets into the country’s financial infrastructure. This included announcing a revised regulatory framework for stablecoins, which was part of a public consultation launched in 2022.

Australian lawmakers send back crypto bill by Andrew Bragg

Australia’s Senate Committee on Economics Legislation has finally provided feedback to the cryptocurrency bill introduced by senator Andrew Bragg.

The committee on Sept. 4 reported on the draft bill referred to as “The Digital Assets (Market Regulation) Bill 2023,” asking the bill authors to add some amendments.

The Senate particularly concluded that it would pass the bill with minor amendments such as removing the term nonfungible tokens (NFTs) from the definition of regulated digital assets.

Among other recommendations, the lawmakers asked the bill authors to exclude certain asset-based tokens — such as the Gold and Silver Standard and the BetaCarbon Token — from the definition of stablecoin. The Senate also asked to extend the transition period from three to nine months.

In the report, the Senate also urged the Board of Taxation to review the tax treatment of digital assets and transactions in Australia with a target to introduce legislation in early 2024.

The government should implement in full the recommendations of the Council of Financial Regulators for potential policy responses to debanking in Australia, the lawmakers added. The Australian Department of the Treasury previously admitted that the growing trend of banks cutting services to cryptocurrency firms could lead to unwanted consequences like driving the industry underground.

“The committee inquiry has demonstrated that the government’s approach to digital asset regulation is hurting Australian consumers and investment,” the document reads. According to the Senate, the bill by senator Bragg is the “first serious step towards implementing a comprehensive digital asset regulatory framework,” adding:

“The government has junked the ambitious crypto agenda of the former liberal government, and Australians will pay the price.”

Senator Bragg introduced the “Digital Assets (Market Regulation) Bill 2023” in March, aiming to “protect consumers and promote investors.” The draft bill provides regulatory recommendations for stablecoins, licensing of exchanges and custody requirements.

The latest report by the Senate Committee came a while after it was originally expected. The committee initially planned to provide a report on the bill by Aug. 2, but sought an extension of the reporting date to Aug. 16. The deadline was subsequently extended to Aug. 25 and then to Sept. 4.

GALA price slumps after founders lock horns in court 

Two co-founders of blockchain gaming platform Gala Games have sued each other in two separate lawsuits, one alleging the theft of $130 million worth of Gala and the other alleging corporate waste.

On Aug. 31, Gala co-founders Wright Thurston and Eric Schiermeyer filed lawsuits against one another in a Utah District Court.

On behalf of Gala, Schiermeyer — also the firm’s CEO — alleged that in early 2021, Thurston and his investment firm, True North United Investments, stole around $130 million worth of a token tied to the Gala Games ecosystem.

You can read both of the lawsuits here:
1. Gala Game's CEO Eric Schiermeyer's Lawsuit against co-founder: https://t.co/92ywN1fPnY
2. Gala Game's co-founder Write Thurston lawsuit against Gala's CEO: https://t.co/xCoFkXRkaG

— Jake Browatzke (@jakebrowatzke) September 2, 2023

The same day, Thurston’s True North filed a lawsuit against Schiermeyer — similarly on behalf of Gala — claiming he caused Gala to “sell off and waste millions of dollars in company assets” and lent millions of Gala’s funds to himself for personal purchases.

Schiermeyer’s suit requested Thurston be removed as a Gala director and seeks various relief and damages payments, including the return of the allegedly stolen GALA.

Thurston similarly requested that Schiermeyer be removed from Gala and sought at least $750 million in various damages and relief.

The price of GALA is currently down 12% over seven days, trading at $0.017 at the time of writing, according to data from CoinGecko. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.