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The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) has filed a lawsuit against the US Treasury Department and Secretary Scott Bessent.
According to CoinTelegraph, the union group accuses the Treasury of unlawfully disclosing personal and financial information to Elon Musk’s Department of Government Efficiency (DOGE). The AFL-CIO claims this act represents an intrusion into individual privacy and asserts that individuals should not be compelled to share information with DOGE or Musk.
In legislative developments, US Representatives French Hill and Bryan Steil have introduced a draft bill concerning stablecoins. The proposed legislation seeks to reinforce the global dominance of the US dollar by imposing a two-year moratorium on stablecoins backed by self-issued crypto assets.
The bill also mandates the Treasury to perform a study on stablecoins, with Hill emphasizing the goal of establishing a federal pathway for stablecoin issuers.
Coinbase (NASDAQ:COIN), a prominent cryptocurrency exchange, is set to confront a lawsuit after a federal judge ruled against its plea to dismiss claims that it acted as a “statutory seller.” US District Judge Paul Engelmaye’s decision means Coinbase will face allegations of selling 79 crypto assets deemed as securities without proper registration.
Despite the ruling, Coinbase maintains that it does not list, offer, or sell securities on its platform.
In related news, Braden John Karony, the former CEO of SafeMoon, has requested a postponement of his criminal trial. The delay is sought in anticipation of potential regulatory changes to digital asset oversight by the Trump administration.
Karony’s legal team points to President Donald Trump’s recent executive order and comments from SEC Commissioner Hester Peirce regarding possible retroactive relief for certain crypto cases as grounds for the request.
Lastly, the law firms Burwick Law and Wolf Popper have served a cease and desist notice to Pump.fun, a platform accused of issuing over 200 tokens that allegedly infringe on the firms’ intellectual property.
Max Burwick, managing partner at Burwick Law, asserts that the platform has the necessary technical means to remove the tokens but has not taken action, potentially exposing the public to risks.
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