Crypto Weekly: Do Kwon Sentenced, Juventus Rejects Tether, UK Crypto Regulation

Do Kwon Sentenced for TerraUSD Fraud

• ⚖️ Do Kwon, creator of TerraUSD and Luna, has been sentenced to 15 years in prison for epic fraud.
• 💡 A US judge stated Kwon repeatedly misled everyday investors who trusted him with their life savings.
• 📉 Kwon admitted to misleading investors about Terra USD, a stablecoin intended to maintain a $1 value.

Juventus Rejects Tether Takeover Bid

• ⚽ Italian soccer giant Juventus has turned down a takeover bid from the crypto group Tether.
• 💰 The bid valued the club at over $1.2 billion, but the Anelli family's holding company, Exor, has no intention of selling shares.
• 📍 Tether is headquartered in El Salvador and led by Juventus supporter Paulo Arduino.

Coinbase and UK Crypto Regulation

• 🏛️ Coinbase has hired former British finance minister George Osborne to lead its internal advisory council, aiming to increase influence with governments outside the US.
• 🇬🇧 Britain will begin regulating crypto assets from October 2027, extending existing financial regulations to the industry to provide certainty and deter criminals.
• 🌍 This regulatory approach aligns Britain with the US, differing from the EU's tailored rules.

Digital Assets in Banking

• 🏦 Crypto giants Ripple and Circle have received preliminary approval from a US banking regulator to establish national trust banks.
• 🔑 If granted final permission, this could further integrate digital assets into the banking system, allowing companies to manage and hold assets and settle payments faster.
• 🚫 The license does not permit these companies to take cash deposits or make loans.