India's Crypto Industry Advocacy Body Is Disbanded by Parent: Sources
India‘s crypto policy body, the Blockchain and Crypto Assets Council has been disbanded, its parent body, the Internet and Mobile Association of India, informed the members this morning. By Amitoj
The Blockchain and Crypto Assets Council was the only body representing the interests of India‘s crypto industry.
“It is unfortunate that this has happened when things have become difficult,” an industry source said.The move was announced as a”collective decision” in a video conference call with industry stakeholders and representatives of crypto exchanges.
“We were told that the IAMAI has distanced itself from advocacy for crypto exchanges,” one of the people said.As for what the decision meant for the industry,”we did not get a straight answer,” the person said.Differences hademerged
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and a global bear market.39 seconds ago US Bankruptcy Judge Freezes Crypto Hedge Fund Three Arrows Capital’s Assets A federal judge in a New York bankruptcy court has frozen the assets of crypto hedge fund Three Arrows Capital (3AC).Now, 3AC is in bankruptcy court, facing angry lenders who want their money back.0:00 News A United States (U.
“It is unfortunate that this has happened when things have become difficult,” an industry source said. The move was announced as a”collective decision” in a video conference call with industry stakeholders and representatives of crypto exchanges.” Bankruptcy Judge Freezes 3AC’s Assets Judge Martin Glenn, a United States bankruptcy judge for the Southern District of New York, granted an emergency motion Tuesday to freeze the remaining assets of bankrupt crypto hedge fund Three Arrows Capital (3AC), CNBC reported, noting that it attended the hearing. “We were told that the IAMAI has distanced itself from advocacy for crypto exchanges,” one of the people said. Neither founder turned on his video, and both remained muted for the duration, with all dialogue conducted through counsel. As for what the decision meant for the industry,”we did not get a straight answer,” the person said. Global consulting and advisory firm Teneo was assigned to manage the liquidation. Differences had emerged within the IAMAI and some members of the BACC on how to react to the imposition of stiff taxes on crypto trading. Bankruptcy Judge Martin Glenn issued an order on Tuesday allowing the subpoenas after being told by the counsel for the liquidators that the founders’ whereabouts are unknown and there were fears they could be selling off tens of millions in assets.
Some industry participants felt a legal challenge was the best way forward, a view that was not supported by the IAMAI. An attorney representing Teneo, Adam Goldberg, stressed in the hearing: A key part of this motion is to put the world on notice that it is the liquidators that are controlling the debtor’s assets at this stage. As of Friday, that access had not been granted, the filing says. Representatives have not yet had a conversation about whether a new body will be formed to advocate for the industry. UPDATE (July 15, 09:07 UTC): Clarifies purpose of industry body in headline, first paragraph; reorders and tweaks wording throughout. The Singapore-based hedge fund filed for Chapter 15 bankruptcy protection in the Southern District of New York on July 1. Read more about .” Neighbors in surrounding offices said they had last seen people in the 3AC office in early June.
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