Law firm Gerstein Harrow LLP has filed a fresh motion in a miscellaneous enforcement case, seeking more than $344 million in frozen USDt stablecoins that the firm says are linked to Iranian entities. The filing argues that the plaintiffs are owed over $532 million in compensatory damages and more than $1.8 billion in punitive damages tied to acts of terrorism allegedly sponsored by Iran, covering a span of more than 25 years. The move forms part of a broader lawsuit aimed at recouping digital assets as compensation for victims of state-sponsored violence by North Korea and Iran, a strategy that has sparked considerable debate within the crypto community. In May, Gerstein Harrow filed a restraining notice against the Kelp decentralized autonomous organization, attempting to block the transfer of frozen Ether tied to the $293 million Kelp exploit in April. Critics have argued that such tactics can delay payments to victims of hacks, potentially deprioritizing those whose losses are direc...
South Korea’s Financial Services Commission (FSC) is accelerating the drafting of a formal framework for tokenized securities, with a detailed rule package slated for release in July as the country choreographs a 2027 transition of blockchain-based securities into its capital markets regime. The measures are expected to outline a roadmap for tokenizing assets such as stocks, bonds and money market funds, and may contemplate adjustments to over-the-counter trading limits as well as the pooling of similar underlying assets through fractional investment products. The FSC disclosed the plan at the second meeting of its public-private tokenized securities council, created in March to design issuance, trading, infrastructure and settlement rules ahead of the framework’s 2027 rollout. “The goal is to make an announcement in July,” stated FSC Vice Chairman Kwon Dae-young, underscoring that the forthcoming rules will serve the “institutionalization” of tokenized securities. The July package wil...