Tag Archives: transactions

Crypto Industry Eyes Tax Exemptions for Small Sales and Staking via Lawmaker Dinners

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Crypto tax policy remains a priority for the industry in 2025, with nonprofits like the American Innovation Project hosting dinners to educate lawmakers on clarity needs. Key pushes include de minimis exemptions for small transactions and favorable staking reward treatments, aiming for executive and legislative advancements under the Trump administration. The American Innovation Project organized [.] Source:.
https://bitcoinethereumnews.com/crypto/crypto-industry-eyes-tax-exemptions-for-small-sales-and-staking-via-lawmaker-dinners/

Fortnite maker Epic Games and Google say they’re settling 5-year legal fight over Android app store

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SAN FRANCISCO (AP) — Video game maker Epic Games has reached a “comprehensive settlement” with Google that could bring an end to its five-year legal battle targeting Google’s Play Store for Android apps.

Epic and Google announced the settlement agreement in a joint legal document filed Tuesday in a San Francisco federal court. The two companies stated that the agreement “would allow the parties to put their disputes aside while making Android a more vibrant and competitive platform for users and developers.”

Epic, the creator of the popular online game Fortnite, secured a significant victory this summer when a federal appeals court upheld a jury verdict condemning Google’s Android app store as an illegal monopoly. The unanimous ruling paved the way for a federal judge to implement potentially transformative changes designed to provide consumers with more choices.

While the specific terms of the settlement remain confidential and require approval from U.S. District Judge James Donato, the companies broadly outlined portions of their agreement in their joint filing. They indicated that the settlement closely follows Judge Donato’s October 2024 ruling, which ordered Google to dismantle the digital barriers that currently shield its Android app store from competition.

One notable provision of the ruling mandates that Google’s app store must allow the distribution of rival third-party app stores, enabling consumers to download alternative app platforms to their devices if they choose.

Google had hoped to reverse these changes through an appeal, but the July ruling by the Ninth Circuit Court of Appeals dealt a significant legal setback to the tech giant. This is part of a series of antitrust challenges affecting various parts of Google’s vast internet business.

Epic Games initially filed lawsuits in 2020 against both Google’s Play Store and Apple’s iPhone app store in an effort to bypass exclusive payment processing systems that imposed commissions ranging from 15% to 30% on in-app transactions.

The newly proposed settlement would require Google to reduce those commissions to a range of 9% to 20%, depending on the type of transaction.

Epic CEO Tim Sweeney described the settlement as an “awesome proposal” in a social media post.

A court hearing on the matter is scheduled for Thursday.
https://ktar.com/national-news/fortnite-maker-epic-games-and-google-say-theyre-settling-5-year-legal-fight-over-android-app-store/5770938/

New York Court Extends Asset Freeze to Aid Singapore’s Multichain Liquidation

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A New York court has issued a provisional order under Section 1519 directing Circle to maintain the freeze on three Ethereum wallets containing approximately $63 million in stolen USDC stablecoins. This order supports the Singapore liquidators of the collapsed crypto bridge Multichain as they seek U.S. recognition of their liquidation case.

Judge David S. Jones ordered Circle to keep the three Ethereum wallets frozen and to preserve the dollar reserves backing the stolen USDC. The move aims to “avoid potential immediate and irreparable harm” that could occur if the freeze were lifted, allowing the assets to move or be claimed outside the court’s supervision.

In addition to this, a related class action lawsuit filed by U.S. investors pursuing the same funds has been paused pending the Chapter 15 review. This class action was recently transferred from New York state court to the Southern District of New York after Circle invoked the Class Action Fairness Act, which enables large, diverse-party class actions to be heard in federal court.

The current order is provisional under Section 1519 of the U.S. Bankruptcy Code, which permits courts to grant temporary relief when urgent action is required to protect assets before a foreign insolvency case is formally recognized. The court will review whether the Singapore liquidation qualifies as a “foreign main proceeding” under Chapter 15, the part of U.S. law that governs international insolvency cooperation.

If the case is recognized formally, the Singapore liquidators will be authorized to operate in the U.S., allowing them to locate, preserve, and recover Multichain’s assets under coordinated court supervision.

Multichain, previously known as Anyswap, was once one of the largest cross-chain asset bridges in the crypto space, linking multiple networks including Binance Chain, Avalanche, Polygon, and Ethereum. These cross-chain bridges work by locking tokens on one blockchain and issuing equivalent tokens on another, facilitating the movement of assets between separate networks without the need for selling or converting them.

At its peak, Multichain boasted a total value locked (TVL) of around $9.2 billion in early 2022, according to DefiLlama data. However, difficulties began in May 2023 when transaction freezes occurred and reports emerged that CEO Zhaojun had been arrested and detained in China.

The developments in this case highlight ongoing challenges in the crypto industry related to security, asset recovery, and international legal cooperation.

*Decrypt has reached out to Circle, attorney Joel H. Levitin representing Multichain, and the three Multichain liquidators at KPMG Singapore for comment.*
https://decrypt.co/346907/new-york-court-extends-asset-freeze-singapores-multichain-liquidation