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Celsius demands $3B in Bitcoin from Tether in latest lawsuit

Bankrupt crypto lender Celsius Network is suing stablecoin issuer Tether to reclaim 57,428.64 Bitcoin, currently valued at over $3 billion. 

The lawsuit filed on Aug. 9 alleges that Celsius made three types of Bitcoin transfers to Tether in the 90 days leading up to its bankruptcy filing: to secure existing debt, to cross-collateralize new and existing debt, and to settle the debt fully.

The lawsuit alleges that Celsius claims these transfers were preferential and fraudulent, unjustly benefiting Tether during a period of market turmoil.

Celsius also accuses Tether of breaching their loan agreement by liquidating the former’s Bitcoin collateral at below-market rates, causing further financial harm.

In response, Tether maintains that it acted per the terms of their 2022 agreement and that the liquidation of Celsius’s Bitcoin collateral was done at Celsius’s direction and with their consent.

The stablecoin issuer further asserts that the lawsuit’s demand for the return of Bitcoin at its current value, rather than its value at the time of liquidation, is unreasonable.

SEC delays decision on Hashdex’s joint spot Bitcoin, Ether ETF

The US Securities and Exchange Commission (SEC) has delayed its listing decision on Hashdex’s proposed joint spot Bitcoin and Ether exchange-traded fund (ETF) on Nasdaq.

According to an Aug. 9 filing, the SEC extended the review period to September 30, 2024, to allow more time for consideration of the proposed rule change. The initial 45-day review period was set to end on August 16, 2024, but the SEC decided that additional time was necessary to evaluate the proposal and any issues it may raise.

The delay means that the SEC will either approve, disapprove, or initiate further proceedings on the ETF by the new deadline.

Nasdaq submitted a proposal to the SEC in June, seeking approval to list and trade shares of the Hashdex Nasdaq Crypto Index US ETF. If approved, this ETF would allow investors to buy and sell shares that track the value of both leading cryptocurrencies.

Crypto.com, others criticize CFTC’s proposed prediction market rules

Investment adviser Dragonfly and crypto exchanges Crypto.com and Gemini have joined Coinbase to oppose a Commodity Futures Trading Commission (CFTC) proposal that could ban prediction markets.

The rule would prohibit betting on political contests, award shows, or sports events, which critics argue is overly broad. In a letter to the CFTC, Dragonfly’s Jessica Furr and Bryan Edelman emphasize that political event contracts serve significant economic functions and offer valuable predictive data.

Meanwhile, Gemini co-founder Cameron Winklevoss contended in an Aug. 10 X post that the rule stifles innovation and exceeds the CFTC’s authority.

Much earlier, Steve Humenik, Crypto.com’s special vice president, asserted that the proposed rule disregards the proper legal review process and suggests that Congress, not the CFTC, should address any ambiguities in the law.

Read more: Ripple hit with $125M fine, 94% less than SEC’s demand