Alabama | Crypto

The legislation “embraces innovation, protects participants and empowers internet-native communities to compete with big tech incumbents,” said a16z’s Miles Jennings. The US state of Alabama has become the second US jurisdiction after Wyoming to grant decentralized autonomous organizations (DAOs) legal status under the DUNA Act. The Decentralized Unincorporated Nonprofit Association (DUNA) Act (Senate Bill 277) was introduced in February by Republican Senator Lance Bell. The House passed it 82-7 with 16 abstentions on March 17, and has now been signed by Alabama Governor Kay Ivey, according to a16z Crypto. Speaking about the bill’s passage, a16z Crypto’s head of policy and general counsel, Miles Jennings, said on Wednesday that “decentralized governance is essential to crypto’s future — it’s one of the core constructs in market structure legislation.” Read more

While a judge granted a motion by Changpeng Zhao, he also ordered the plaintiffs in the case against Binance to file a second complaint or face ”total or partial dismissal.” A federal court in Alabama has granted a motion to dismiss a 2024 complaint filed against Binance, its separate US entity Binance.US and former Binance CEO Changpeng “CZ” Zhao over allegations that the cryptocurrency exchange facilitated transferring funds to terrorist groups. In a Wednesday order, US District Court for the Middle District of Alabama Magistrate Judge Chad Bryan granted a motion filed by Zhao requesting that significant portions of the complaint be dismissed. The complaint, filed in February 2024, alleged that the three defendants “violated, and may be continuing to violate, the Anti-Terrorism Act” by facilitating the transfer of funds to Hamas. While Bryan granted the motion to dismiss, he also ordered that the group of plaintiffs submit a second amended complaint no later than April 10 or potentially face “the prospect o...

Sate Senator Keith Kelley of Alabama echoed concerns made by some banking groups after the passage of the GENIUS Act in July. Keith Kelley, a Republican state senator representing Alabama’s 12th district, is sounding the alarm for the potential impact of the federal stablecoin bill, the GENIUS Act, two months after it was signed into law by US President Donald Trump. In a Wednesday op-ed for 1819 News, Kelley said there was a loophole in the GENIUS Act that, if exploited, could “devastate” the economies of rural areas like many in Alabama. According to the senator, the bill would allow “cryptocurrency platforms to distribute financial rewards,” incentivizing people to withdraw funds or close accounts at small community banks in the state. Read more