UK Crypto Seizure Signed Into Law 📜

GM. This is Degen Scoop. It’s FRIDAY, here are the stories that we’ll be closing out the week with:

• UK Crypto Seizure Signed Into Law 📜

• Yuga Labs Wins $1.5M Lawsuit 🎉

• Bandai Namco Bullish on Blockchain 🎮

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

UK Bill Intended For Illicit Crypto Seizure Signed Into Law

In the UK, a new bill which grants law enforcement broader powers to seize and freeze crypto assets linked to crime, has become law in the UK after receiving royal approval. The bill which was introduced last September, covers a range of criminal activities, including drug trafficking and cybercrime.

The provisions allow local law enforcement to seize crypto without a conviction, facilitating time-sensitive cases. This is worrisome for our friends in the UK if there need not be a conviction in place to seize assets. Amendments have been made to extend the measures to cover terrorism, and additional provisions help authorities seize other assets to identify crypto tied to criminal activity.

Despite the UK's aim to become a global crypto hub, it has intensified efforts to combat crypto-related crimes and scams, with law enforcement agencies seizing hundreds of millions of pounds worth of crypto linked to criminal activities. It will be interesting to watch this play out and see the precedent that is set.

Yuga Labs Wins $1.5M Lawsuit Against Ryder Rips Over Bored Ape Copyright Infringment

In a landmark ruling, a U.S. District Judge in California has sided with Yuga Labs, the creators of the popular Bored Ape Yacht Club (BAYC). The case was regarding a trademark infringement case against Ryder Ripps and Jeremy Cahen. The court has ordered the defendants to cease all sales and marketing of their allegedly infringing NFTs, pay $1.575 million in damages, Yuga's attorney fees, transfer their fake apes' smart contract, and relinquish related online assets.

The dispute arose when Ripps and Cahen argued that their use of Yuga's BAYC trademarks was protected under the First Amendment as satire and parody. However, the court rejected this defense, granting Yuga Labs $200,000 in damages for cybersquatting violations and issuing a permanent injunction against the defendants.

The ruling dismissed the defendants' counterclaim that Yuga Labs made false accusations and used inappropriate imagery in its NFTs, emphasizing the validity and protectibility of Yuga's trademarks. This victory is seen as significant not only for combating scammers that steal intellectual property but also for supporting creators in the crypto space.

Bandai Namco Exec Sees Blockchain As The New Standard For Gaming in Asia

Bandai Namco, the renowned Japanese game publisher responsible for popular titles like Elden Ring and Pac-Man, is actively exploring blockchain gaming, with a focus on the Asian market. Farghaly, one of Bandai Namco’s Senior Vice Presidents, revealed that the company is internally researching how Web3 infrastructure could integrate into its mobile-focused business model.

According to Farghaly, the lower stigma around blockchain games in Asia has led to more activity, making it likely that the first successful Web3 and crypto games with large audiences will emerge in the Asian market. The company launched the blockchain-powered game Ryuzo, where players can own Ryu creatures as NFTs on the Oasys blockchain. Farghaly recognizes the unique value of tokenized ownership and tradeability of digital assets.

He predicts that the mobile gaming sector will lead the adoption of Web3 and crypto, driven by the ability to take assets out and mint them on platforms like iOS and Google. Farghaly suggests that mobile gaming is ahead in embracing Web3 and crypto, with PC adoption lagging without multi-platform support. The stigma against NFTs remains strong in the West, but the value proposition of digital ownership is not only strong but inevitable.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.