This week, a panel of US appeals court judges has reignited the legal dispute surrounding Fortnite’s dance moves by overturning the dismissal of a lawsuit filed by professional choreographer Kyle Hanagami against Epic Games last year.
Billboard highlighted the opinion filed on November 1st, in which US 9th Circuit Court of Appeals Judge Richard Paez emphasized that while individual dance elements may not be eligible for copyright protection, their arrangement can be.
The lower court had previously ruled that choreographic works consisted of poses that were not protectable on their own.
It determined that the steps and poses used by Fortnite characters did not bear substantial similarity to Hanagami’s work, apart from four identical pose counts, as they lacked shared creative elements.
The 9th Circuit panel agreed with the lower court’s stance that isolated elements of choreography were not protectable.
However, Judge Richard Paez contended that likening portions of choreography to mere “poses” was akin to reducing music to just “notes.”
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The panel recognized that choreography encompasses various elements, including body position, shape, actions, transitions, use of space, timing, pauses, energy, canon, motif, contrast, and repetition, not limited to mere poses.
The panel ultimately concluded that Hanagami had credibly alleged that his creative choices in selecting and arranging choreographic elements, such as limb movements, hand and finger motions, head and shoulder actions, and tempo, were substantially similar to Epic’s choices in creating the emote.
In response, Hanagami’s lead attorney, David Hect, emphasized the significant impact of the court’s decision on the rights of choreographers and other creatives in the era of short-form digital media.
He expressed his client’s anticipation of litigating his claims against Epic Games.
Epic Games has previously faced multiple lawsuits regarding Fortnite’s “emote” feature, allowing players to trigger animations mimicking popular dance moves.
While it won one case in 2020, a false endorsement claim was allowed to proceed. Several other cases, including one involving The Fresh Prince of Bel-Air star Alfonso Ribeiro, were put on hold in 2019.
The case will now return to the district court, where the appeals court judges believe a more comprehensive record will provide a better opportunity to assess the appropriate level of copyright protection for Hanagami’s claims. Efforts to obtain a comment from Epic Games are underway.
Switzerland’s St.Galler Kantonalbank (SGKB), a prominent Swiss bank with a legacy dating back to 1868, has embraced the world of cryptocurrencies.
In a strategic move, SGKB has teamed up with SEBA Bank, a global financial institution specializing in cryptocurrencies, to introduce Bitcoin and Ether trading services for its customers.
This groundbreaking development was officially announced on November 1, 2023, marking SGKB’s foray into the digital asset landscape.
Following a successful testing phase earlier in the year, the new cryptocurrency service is now available to select SGKB clients.
Initially, customers can trade and hold Bitcoin and Ether, with plans to expand the offering to include more cryptocurrencies based on market demand.
St.Galler Kantonalbank, often referred to as SGKB, is a Swiss regional bank of considerable significance. It caters to a wide range of clients, offering retail and commercial banking services as well as private and institutional banking solutions.
As of the end of 2022, SGKB managed assets totaling 53.6 billion Swiss francs (approximately $58.9 billion), solidifying its position as the fifth largest bank in Switzerland.
SGKB’s partnership with SEBA Bank is designed to seamlessly integrate cryptocurrencies into its customers’ investment portfolios.
READ MORE:Rising Institutional Demand Will Propel Bitcoin Price to $120,000 by Year’s End
Falk Kohlmann, the Head of Market Services at SGKB, expressed enthusiasm for this new venture, stating, “We are pleased to offer a select client base access to digital assets and the digital economy.”
He further emphasized the bank’s commitment to meeting the evolving needs of its clients and ensuring the security of their digital assets through SEBA Bank’s expertise.
SEBA Bank, SGKB’s crypto partner, is a Swiss-regulated global financial institution specializing in the management, investment, and custody of cryptocurrencies, nonfungible tokens, and other digital assets.
Having obtained a banking license from the Swiss Financial Market Supervisory Authority in 2019, SEBA has been actively collaborating with major private and retail banks, including LGT Bank Liechtenstein and Bank Julius Baer, to integrate cryptocurrency services.
The Swiss cryptocurrency ecosystem has been rapidly expanding, with numerous local banks embracing digital assets.
In September 2023, Dukascopy Bank, a licensed Swiss bank, launched crypto-enabled services, including marginal trading and online retail banking accounts.
This demonstrates the growing recognition of cryptocurrencies’ importance in the contemporary financial landscape and the value they add when offered through regulated banks.
Elon Musk, the executive chairman of X, recently announced a significant policy change aimed at combatting misinformation and sensationalism on the platform.
In a post dated October 29th, Musk revealed that posts deemed misleading or inaccurate and subsequently “corrected” by X’s community-driven fact-checking feature, known as Community Notes, would no longer be eligible for revenue sharing.
The decision was made in a bid to prioritize accuracy over sensationalism within the X community.
Musk emphasized the importance of incentivizing accuracy, stating that any attempt to misuse the feature for nefarious purposes would be immediately apparent, given that the data is open-source.
However, this announcement left X users and Crypto Twitter enthusiasts with several questions and concerns. Some users questioned whether this policy would apply to notes added for context rather than correcting false information.
Bitcoin Archive, a prominent crypto-focused account, pointed out that not all Community Notes serve as refutations or corrections; some merely provide additional context.
READ MORE: The Best Crypto PR Agencies
Similarly, Not Jerome Powell, a finance-focused X account, argued that Community Notes applied in a humorous manner or those providing context should be exempt from this policy.
On the other hand, there was support for Musk’s decision. Dogecoin co-creator Billy Markus urged users to pay attention to those who vehemently disagreed with the change, suggesting that such opposition often came from individuals profiting from spreading misinformation.
Notably, X has not disclosed the number of accounts eligible for revenue sharing or provided details about the 100,000 contributors spanning 44 countries, according to an October 26th post by X CEO Linda Yaccarino.
This lack of transparency leaves many in the X community speculating about the exact implications of Musk’s new policy and how it will be enforced.
In conclusion, Elon Musk’s announcement regarding the ineligibility for revenue sharing of posts corrected by X’s Community Notes has stirred a mixed reaction within the platform’s user base.
While some question the scope of the policy and its potential impact on contextual notes, others see it as a necessary step to combat misinformation and promote accuracy.
Transparency regarding X’s contributor base and monetization eligibility remains a topic of interest and discussion among users.
The growth of crypto in recent years cannot be argued with, nor can the constantly growing level of interest in this particular style of potential financial gain from general punters – who appreciate it is not a normal stock market, it is slightly more volatile but in that considered risk, comes a slightly higher reward if you do your own due diligence.
That due diligence should absolutely be done by anyone, even those with only a rudimentary interest as we all know the horror stories involving FTX and Sam Bankman-Fried, and he is not alone in becoming a media example in this growing and burgeoning industry, and there will certainly be those out there who point to more traditional share trading markets, and even banks themselves, that have fallen to the wrong side of perceived incompetence, ended up in trouble and then cost their investors sums that leave all of our eyes watering.
But that is the game. That is the market – you win some, you lose some. You have to own that if you get involved and there are plenty of opportunities for bitcoin sports betting if you are so inclined, and that way you do remove the decision making on whether to hold or sell.
One thing that is separate from the above is the way that some sporting outlets are shamelessly capitalising on the block chain in an effort to extract even more from their loyal supporters and fan base. This is slowly becoming a hot topic in many countries where buying a crypto token gives a fan additional access to the club they love, but that token in, and of itself, is not actually a sustainable or real investment in the way most bit coin is.
The Government of the United Kingdom have been the latest to pile on to this distorted type of crypto adjacent tokens, and a cross party committee has this month strongly voiced their concerns as to how they are being presented, with an accused powerful misdirection on what they are truly worth.
“In the world of sport, clubs are promoting volatile cryptoasset schemes to extract additional money from loyal supporters, often with promises of privileges and perks that fail to materialise. Fan token schemes must not be used as a substitute for meaningful engagement with supporters.”
In the world of sport, obviously Socios are a major player now, given their involvement with a number of Premier League and top European clubs and the CMS committee report continued.
“The unique relationship between clubs and fans means that fan speculation on sport-based cryptoassets carries a real risk of financial harm to fans and reputational harm to clubs. We are also concerned that clubs may present fan tokens as an appropriate form of fan engagement in the future, despite their price volatility and reservations among fan groups. We recommend that any measurement of fan engagement in sports, including in the forthcoming regulation of football, should explicitly exclude the use of fan tokens.”
It is expected that fresh legislation will soon follow in the future.
Fans will remain torn on this, it is not the genuine industry but also, who is to deny it should not be a natural sister to the industry if it serves the wishe
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Uniswap’s founder, Hayden Adams, made a surprising move on October 20 by burning a staggering 99% of the HayCoin (HAY) supply, as announced on X (formerly Twitter).
This drastic measure was taken in response to growing concerns about excessive price speculation surrounding the token in recent days, which had seen its value skyrocket.
Adams initially deployed the HAY token for testing purposes five years ago, well before the launch of the decentralized Uniswap protocol.
At that time, he had created a small test liquidity pool with only a minuscule fraction of the total HAY supply, retaining over 99.9% of the tokens in his wallet.
However, in a surprising turn of events, HAY had recently been trading at astronomical six-figure prices, largely resembling the behavior of meme coins.
Adams expressed his astonishment, stating, “Over the years, a few people have noticed it and bought it as a joke or for the novelty of it.
I was extremely surprised to see people buying and selling significant dollar amounts this past week, treating it like a memecoin. Crypto can be weird sometimes.”
READ MORE: Prosecutors Seek to Disqualify ‘Effective Altruism’ as Defense in Sam Bankman-Fried’s Fraud Trial
According to Adams’ post, he burned approximately $650 billion worth of HAY tokens, branding the price speculation as “silly.”
He expressed his discomfort with owning almost the entire supply of a token that had become the subject of memes and speculation, which ultimately led him to burn the entire amount in his wallet.
Token burning is a process that permanently removes tokens from circulation, but it can also have inflationary effects on their price by reducing the available supply.
At the time of writing, the HAY token was trading at $2,392,640, reflecting a remarkable surge of over 235% in the past 24 hours, according to CoinGecko.
However, Hayden Adams’ decision to burn the tokens did raise some eyebrows on X. In addition to its impact on the HAY price, some users pointed out the potential tax implications of such a move.
One user speculated, “Assuming a cost basis of $0, a ~$650 billion disposal gives rise to ~$128 billion long-term capital gains liability.”
Others suggested that Adams could have sold the tokens before burning them and donated the profits to a charitable cause.
In conclusion, Hayden Adams’ decision to burn 99% of the HAY token supply was driven by concerns about price speculation, making a significant impact on the cryptocurrency market and prompting discussions about the tax implications of such actions.
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The United States government has quietly amassed a substantial Bitcoin holding, making it one of the largest cryptocurrency holders globally.
Recent data analysis conducted by the crypto firm 21.co reveals that the U.S. government currently possesses approximately 194,188 BTC, with an estimated value of $5.3 billion.
It’s important to note that these figures are considered conservative estimates based on publicly available information.
The analysis focused on tracking the movement of Bitcoin within U.S. government wallets associated with three significant seizures of the cryptocurrency since 2020.
These seizures include the Silk Road’s confiscation of 69,369 BTC in November 2020, the Bitfinex Hack’s seizure of 94,643 BTC in January 2022, and the James Zhong seizure of 51,326 BTC in March 2022.
The U.S. government has taken stringent measures to secure its Bitcoin holdings, primarily storing them offline in encrypted hardware wallets.
These wallets are safeguarded within the premises of the Justice Department and the Internal Revenue Service, ensuring their protection against potential cyber threats.
It’s important to clarify that seized assets don’t automatically become the property of the government.
The U.S. Marshals Service, the primary agency responsible for managing seized property, gains possession of the seized Bitcoin only after a court issues a definitive forfeiture judgment.
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Following this, the government can choose to sell a portion of the seized Bitcoin through an auction system based on court liquidation orders.
While auctions have been the traditional method for the government to dispose of seized Bitcoin, recent years have seen a shift towards utilizing cryptocurrency exchanges for these sales.
One notable example occurred in March of this year when the U.S. government auctioned 9,118 BTC on Coinbase, as confirmed through public filings.
This strategic approach to handling seized cryptocurrency reflects the evolving landscape of digital assets within the U.S. government.
Notably, it contrasts with the earlier instance in 2014 when billionaire Tim Draper acquired 30,000 BTC through U.S. government auctions, emphasizing how the government’s tactics have evolved over time.
As the U.S. government continues to navigate the complexities of cryptocurrency holdings, its substantial Bitcoin reserves stand as a testament to the ever-increasing importance of digital assets in the global financial landscape.
This development underscores the need for transparency and accountability in managing such holdings, ensuring they are utilized to benefit the American people and uphold the principles of responsible financial management.
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California Governor Gavin Newsom has given the green light to a new cryptocurrency bill that will usher in stricter regulations for businesses engaged in cryptocurrency activities, slated to take effect in July 2025.
In an announcement made on October 13th, Newsom revealed that the legislation, officially titled the Digital Financial Assets Law, will necessitate both individuals and companies to obtain a Department of Financial Protection and Innovation (DFPI) license if they intend to participate in digital asset-related business activities.
This move builds upon California’s existing money transmission laws, which already prohibit financial and transfer services from operating without proper licensing from the DFPI commissioner.
The Digital Financial Assets Law goes a step further by empowering the DFPI to impose robust audit requirements on cryptocurrency firms and compel them to maintain detailed financial records.
According to the bill, licensees must maintain records, including a comprehensive general ledger updated at least monthly, listing all assets, liabilities, capital, income, and expenses for a minimum of five years following each activity.
The legislation also underlines that non-compliance will result in enforcement actions against offending firms.
READ MORE: Secret Audio Exposes Alameda Research’s Misuse of FTX User Funds, Unveiling Shocking Details
Interestingly, in a similar timeframe in 2022, Governor Newsom declined to endorse a comparable bill designed to establish a regulatory framework for digital assets within California.
Even though the bill had garnered unanimous support in the California State Assembly, Newsom opted not to sign it, explaining that it lacked the adaptability needed to keep pace with the swiftly evolving cryptocurrency landscape.
Instead, he expressed his preference for waiting until federal regulations were in place before collaborating with the legislature to formulate comprehensive cryptocurrency licensing measures.
This development aligns with broader discussions within the United States about extending existing financial regulations, like the Electronic Fund Transfer Act, to encompass cryptocurrencies as a means of combating fraudulent transfers.
Rohit Chopra, the director of the Consumer Financial Protection Bureau, recently voiced his intention to grant such authorization, aiming to minimize the risks associated with errors, hacks, and unauthorized cryptocurrency transfers.
In summary, California’s Digital Financial Assets Law, set to take effect in July 2025, represents a significant step forward in regulating cryptocurrency activities, requiring licensing for individuals and businesses and introducing stringent audit and record-keeping requirements to ensure compliance with financial regulations.
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The criminal trial of Sam “SBF” Bankman-Fried entered its third day with Adam Yedidia, FTX developer and Bankman-Fried’s former MIT roommate, testifying about the $8-billion deficit FTX disclosed before its bankruptcy.
On October 5, at the United States District Court for the Southern District of New York, Yedidia discussed the association between the cryptocurrency exchange, FTX, and Alameda Research.
This connection is crucial in allegations of fraud against SBF. Yedidia revealed a bug in FTX’s code that made Alameda’s liabilities stay constant, causing an approximately $8 billion miscalculation.
When Yedidia asked SBF about rectifying the issue, the latter estimated it would take “six months to three years.”
Under Assistant U.S. Attorney Danielle Sassoon’s interrogation, Yedidia shared that he left FTX after discovering Alameda had misused customer funds to settle its loans.
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He also noted that Bankman-Fried had instructed him to discuss FTX’s code issues using the encrypted messaging app, Signal.
The app, which has an auto-delete feature, was promoted by SBF to the entire company.
Yedidia quoted SBF emphasizing the risks of retaining messages, especially if regulators unearthed unfavorable information.
Another significant revelation was Yedidia’s confrontation with SBF in the Bahamas concerning the $8-billion discrepancy.
The ex-CEO allegedly tried to provide assurances then. Furthermore, Sassoon’s queries probed Yedidia about Bankman-Fried’s intimacy with ex-Alameda Research CEO, Caroline Ellison.
Yedidia shared an awkward conversation where SBF confessed to their physical relationship and pondered dating her, to which Yedidia responded negatively.
Ellison will reportedly testify against Bankman-Fried, based on her plea deal.
The trial saw a twist in August when Judge Lewis Kaplan canceled SBF’s bail, convinced by the prosecution’s claims that he attempted to intimidate witnesses, including Ellison, by disclosing some of her personal diaries to journalists.
Starting with jury selection on October 3, the trial is set to continue till November.
Key witnesses, including Gary Wang, an FTX co-founder, might take the stand post-Yedidia.
The prosecution might also summon ex-FTX officials like Nishad Singh and Constance Wang.
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