Genesis suing DCG to recover $620m in outstanding loans

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Here is what we have for you today

• Genesis suing DCG to recover $620m in outstanding loans

• Mr. Beast-endorsed ‘Creator League’ shelved amid NFT controversy

• Ripple Labs chair criticizes Joe Biden’s crypto policy

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Here is what else we dug for you

Genesis is suing DCG to recover $620m in outstanding loans

In the midst of current bankruptcy proceedings and settlement talks, Genesis Global is suing its parent firm, Digital Currency Group (DCG), to reclaim $620 million in outstanding loans.

Here is what we know about the story:

• In the midst of current bankruptcy proceedings and settlement negotiations, Genesis Global is suing Digital Currency Group (DCG), the parent firm, to recoup $620 million in unpaid loans.

• On Wednesday, September 6, the lawsuit was submitted to a bankruptcy court in New York.

• Genesis is suing for debts that they say became due in May.

• This debt consists of two loans, one for $500 million to DCG and the other for about 4,550 Bitcoin (BTC) to DCG International Investments Ltd.

MrBeast-endorsed ‘Creator League’ shelved amid NFT controversy

Gaming critics of the usage of blockchain technology, in particular the promised non-fungible token (NFT) community passes, have forced eFuse, a leader in esports technology, to postpone the launch of the "Creator League."

Here is what we know about the story:

• The launch of eSports tech superpower eFuse's next initiative, the "Creator League," has been delayed due to gamers' disapproval of the use of blockchain technology, notably the promised non-fungible token (NFT) community passes.

• Renowned influencers such as Bella Poarch, iShowSpeed, and Clix were set to be a part of the operation, which got extensive exposure thanks to MrBeast's advertising campaigns on YouTube.

• Nevertheless, a black cloud of criticism has suddenly descended on the initiative.

• The disclosure of the NFT community passes sparked outrage among league players, many of whom said they were kept in the dark about the blockchain aspect.

Ripple Labs chair criticizes Joe Biden’s crypto policy

The legal system of the United States is ready to play a critical role in reviving the cryptocurrency business, which some think has been impeded by the Biden administration's cryptocurrency policy. Chris Larsen, the chair and co-founder of Ripple Labs, shared his thoughts with Bloomberg on September 7.

Here is what we know about the story:

• The legal system of the United States is prepared to play a critical role in reviving the cryptocurrency industry, which some think has been impeded by the Biden administration's crypto policy.

• Chris Larsen, chair and co-founder of Ripple Labs, shared his thoughts with Bloomberg on September 7.

• He claimed that recent legal developments point to a road of clarity for the crypto business. Larsen stressed that Ripple's partial triumph over the Securities and Exchange Commission (SEC) in July was a watershed moment.

• He sees the legal system as a method to address these flaws, notwithstanding his belief that regulators should have supplied the required clarification.

• Larsen also addressed a recent court decision in favor of Grayscale, which was granted permission to transform its Bitcoin trust into a spot Bitcoin ETF.

NFT Spotlight: LATASHÁ

LATASHÁ is an LA-based rapper who endorses and proliferates freedom in her music career through NFTs. In early 2021, she minted an NFT for her song “Ilikedat” on Zora and became one of the first artists to sell music videos as an NFT. From then on she has been almost single-handedly defining the music video NFT market.

In addition to her personal artistic endeavors, she also acts as a steward of Web3 events as the head of community programming at Zora and the creator of Zoratopia — an educational platform where she organizes events and conversations to give artists, collectors, and curious bystanders better access to information regarding how the metaverse and NFTs can benefit them.

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