Crypto group backs Custodia in Supreme Court battle over Fed access
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South Korea's Supreme Court plans to introduce procedures for the seizure and disposal of crypto assets, which are expected to be formally implemented in October.
According to Mars Finance, on July 6th, the South Korean Supreme Court proposed a draft amendment to its civil enforcement rules, aiming to establish procedures for the seizure, attachment, and liquidation of crypto assets, providing a clear legal basis for courts to enforce civil judgments involving cryptocurrencies. According to the draft, after a court issues a seizure order, the debtor will be immediately prohibited from disposing of the relevant crypto assets and must transfer the assets to a court enforcement officer. The seizure will officially take effect upon the officer's receipt. Regarding asset disposal, the court can directly transfer the crypto assets to the creditor according to the value determined by the court, or instruct the enforcement officer to sell the assets. The enforcement officer can transfer the assets to a dedicated account of a Virtual Asset Service Provider (VASP) for sale, or entrust a relevant platform to sell them on their behalf; if necessary, the assets can also be converted into more liquid cryptocurrencies such as Bitcoin before liquidation. Furthermore, the draft amendment clarifies preservation measures for crypto assets during litigation, including preliminary attachment and injunctions, to prevent debtors from transferring or concealing crypto assets. The South Korean Supreme Court stated that with the increasing number of civil cases involving crypto assets, it is necessary to improve the relevant enforcement rules. The draft will be open for public comment until August 11, and the revisions are expected to take effect in October this year.
Crypto lobbying group Digital Chamber has submitted an amicus brief opposing Satoshi Nakamoto's claim to ownership of Bitcoin.
PANews reported on July 7th that Galaxy Research stated on its X platform that the US cryptocurrency lobbying group Digital Chamber has filed its second amicus brief with the New York State Supreme Court. This brief opposes an ownership claim made by an anonymous plaintiff using the pseudonym "Noah Doe." Previously, Noah Doe and other anonymous plaintiffs sought New York court confirmation that they owned 39,069 long-dormant Bitcoin addresses and their assets, arguing that these wallets constituted "abandoned property."
The US Department of Justice extradited members of the Scattered Spider hacking group involved in a cryptocurrency ransomware attack that exceeded $100 million.
According to Mars Finance, on July 2nd, the U.S. Department of Justice announced the extradition of 19-year-old Peter Stokes, a dual U.S. and Estonian citizen, from Finland. He is accused of being a member of the hacking group Scattered Spider (also known as Octo Tempest, UNC3944, and 0ktapus). Prosecutors allege that the group committed over 100 cyber intrusions, obtaining over $100 million in cryptocurrency ransom and causing millions of dollars in business disruptions, evidence collection, and system recovery losses. The indictment states that Peter Stokes was arrested in Finland in April 2026 under an Interpol Red Notice, extradited to the United States last week, and made his first court appearance in Chicago federal court on July 1st. He currently faces multiple charges, including conspiracy, unlawful intrusion into computer systems, and fraud. Prosecutors also allege that Peter Stokes participated in an attack on a luxury jewelry retailer in May 2025, stealing company data and demanding approximately $8 million in cryptocurrency ransom. The victimized company did not pay the ransom, but still suffered losses exceeding $2 million due to business disruptions and system repairs. The U.S. Department of Justice stated that this case was part of the FBI's "Operation Riptide" operation against cybercrime, reflecting the ongoing efforts by law enforcement to strengthen international cooperation in combating ransomware and cybercrime using cryptocurrencies.
Vanguard Group publicly advertised for a head of digital assets, having explicitly stated that crypto assets were inconsistent with its long-term investment philosophy.
According to Mars Finance, Vanguard Group is hiring a Head of Digital Assets for its Personal Wealth business. The job requirements include over 10 years of relevant experience, a deep understanding of digital assets (tokenization, stablecoins, custody, settlement, etc.), and innovation and risk management capabilities in a regulatory environment. This position will be responsible for developing Vanguard's strategy, roadmap, and implementation in the digital asset space, including assessing digital asset capabilities, product development, operating models, and cross-functional collaboration with product, technology, operations, risk, legal, and compliance departments. It will also require representing Vanguard in external communications with industry players, regulators, and clients. It is understood that Vanguard began allowing brokerage clients to trade crypto ETFs and mutual funds last December, but the company has explicitly stated that it has no plans to launch its own crypto investment products, believing that digital assets are still inconsistent with its long-term investment philosophy.
Bitunix analysts: The Federal Reserve has downplayed policy guidance, with "uncertainty premium" becoming the main battleground, rather than the interest rate path.
According to BlockBeats, on July 7th, the focus of global markets is gradually shifting from interest rate direction to policy communication methods. Federal Reserve Governor Waller stated that forward guidance should not be a fixed framework and could even be completely eliminated if necessary, reiterating that the central bank will not deliberately maintain low interest rates to address government fiscal deficits. This means that the market will rely more on real-time economic data rather than pre-determined interest rate paths from central banks, reducing policy predictability. It also means that asset prices will become increasingly sensitive to inflation, employment, and economic data, and market volatility may refocus during periods of major data releases. On the other hand, Middle East risks have escalated again. Reports of missile attacks on merchant ships in the Strait of Hormuz have surfaced again, threatening to shatter the previously established window of easing tensions between the US and Iran. Trump reiterated that he would not rule out escalating military action if negotiations fail. However, Saudi Arabia lowered its official selling price for crude oil to the Asian market in August, reflecting relatively ample supply. The energy market is currently still oscillating between "geopolitical risks" and "supply easing," and whether oil prices can rebound in the short term depends on whether the conflict further impacts actual supply. On the other hand, the issues of Japanese debt pressure and the continued weakening of the yen have resurfaced, and market doubts about the Bank of Japan's policy space have not subsided. The trend of global capital flowing into high-yield dollar assets has not changed significantly. For the crypto market, what truly deserves attention is not a single event, but the loss of the "certainty" provided by central bank forward guidance. As policy begins to rely entirely on data, geopolitical risks escalate, and global liquidity remains tight, the crypto market will continue to be primarily driven by changes in risk appetite and liquidity momentum in the short term. Price movements will continue to be repeatedly disrupted by macroeconomic events and market sentiment. Until capital flows truly form a unified direction, a cautious stance is expected to persist.
Starting October 1st, South Korea will introduce civil seizure rules for crypto assets, allowing courts to directly freeze, transfer, and dispose of digital assets through local crypto exchage.
PANews reported on July 6 that, according to Solid Intel, South Korea will introduce civil seizure rules for crypto assets starting October 1, allowing courts to directly freeze, transfer, and dispose of digital assets through local crypto exchage.