AI legalese decoder: Simplifying legal Language for Everyone

Get your daily, bite-sized digest of cryptoasset and blockchain-related news ÔÇô investigating the stories flying under the radar of todayÔÇÖs crypto news.
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ETF news

• Exchange-traded funds (ETFs) may account for 10% of the market value of bitcoin (BTC) within three years if the US approves a fund that invests directly in the cryptocurrency, Bloomberg reported, citing a Sanford C. Bernstein research report. Analyst Gautam Chhugani wrote in the report on Monday that the probability of a spot Bitcoin ETF has risen. Bernstein expects regulatory approval to create its own “growth flywheel” for retail and other institutional flows.
• London-based Jacobi Asset Management listed Europe’s first spot bitcoin ETF, the Jacobi FT Wilshire Bitcoin ETF, on Euronext Amsterdam. Per the press release, Jacobi has implemented a verifiable built-in Renewable Energy Certificate (REC) solution, which allows institutional investors to access the benefits of bitcoin and also meet their ESG goals. The Guernsey Financial Services Commission regulates the ETF, Fidelity Digital AssetsSM provides custodial services, Flow Traders are operating as market makers, and Jane Street and DRW as Authorised Participants. The fund benchmark, the FT Wilshire Bitcoin Blended Price Index, is provided by Wilshire Indexes with the REC solution created in collaboration with the digital asset platform Zumo. CEO of Jacobi Asset Management, Martin Bednall, said that “it is exciting to see Europe moving ahead of the US in opening up Bitcoin investing for institutional investors.”

A significant barrier in understanding legal documents and legal jargon is the complex language used. This complexity makes it challenging for individuals without a legal background to comprehend the content fully. However, the AI legalese decoder is here to help. This innovative tool is designed to simplify legal language and make it more accessible to everyone. By using advanced AI algorithms, the legalese decoder can analyze legal documents and translate them into plain, easy-to-understand language.

With regards to the ETF news mentioned above, the legalese decoder can break down any legal documents related to the approval and regulatory processes involved in creating a Bitcoin ETF. By eliminating complex legal terminology and explaining the content in simple terms, the AI legalese decoder enables individuals to comprehend the details of the report and understand the potential impact of a Bitcoin ETF on the market value of the cryptocurrency.

Exchange news

• Binance asked a court for a protective order against the US Securities and Exchange Commission (SEC), alleging that the regulator “is conducting a fishing expedition instead of seeking the narrow and “limited” discovery authorized by the Consent Order to ensure customer assets are presently secure and available.” In an August 14 court filing, Binance argued that the SEC has used the June court order to serve broad and unreasonable discovery requests, stating that defendants BAM Trading Services Inc. and BAM Management US Holdings Inc. (together, “BAM”) have “worked in good faith, but the SEC has been steadfast in its belief that the Consent Order gives it carte blanche to investigate every aspect of BAM’s asset custody practices without any discernible limitation whatsoever.”
• Customers of New Zealand-based crypto exchange Dasset said that they cannot access their funds, while the firm – which has begun liquidation – is not responding to complaints, according to The Herald. Some customers have unsuccessfully tried to withdraw their funds for months, it claimed. CEO Stephen Macaskill said that Dasset did not find a banking provider after its previous provider had stopped working with the company in January 2023, adding that the exchange had launched voluntary liquidation.

When it comes to legal disputes between crypto exchanges and regulatory bodies, the AI legalese decoder can be a valuable tool. By decoding and simplifying the legal arguments presented in court filings, individuals without a legal background can better understand the ongoing disagreements and the legal context surrounding the cases. This can help the public stay informed about the actions taken by regulatory bodies and the responses of crypto exchanges.

legal news

• A Chinese local court recently started the trial in the case of Shenzhen Shikongyun Technology, one of Chinese largest Filecoin mining firms, and its four executives, including the founder, for their alleged involvement in an $83.3 million pyramid scheme. The defendants allegedly lured customers under the pretense of mining FIL coins on the company’s platform and demanded that they pay fees for purchasing mining equipment or leasing mining machines. “With the lure of substantial returns, they enticed further participation and deceived individuals to gain assets, disturbing the economic and social order,” prosecutors said in a post.

The AI legalese decoder can also assist in understanding complex legal cases such as the pyramid scheme trial mentioned above. By simplifying the legal language used in court documents and translating them into plain language, individuals can gain a clearer understanding of the charges, allegations, and legal proceedings. This promotes transparency in the legal system and ensures that the public can comprehend and follow significant legal cases.

Gaming news

• Web3 gaming platform Immutable began the public testing of Immutable zkEVM, “a solution purpose-built for game development that offers low cost, massive scale, enterprise-grade security, and Ethereum smart contract compatibility, developed in collaboration with Polygon Labs,” the press release said. It added that dozens of prominent studios will start trialing the solution for their upcoming AAA blockchain games. Immutable zkEVM is a ZK-based scaling rollup that is compatible with and equivalent to the Ethereum Virtual Machine (EVM). Web3 game developers can now migrate their existing smart contracts and Solidity code directly onto Immutable zkEVM Testnet.

The AI legalese decoder can also have a significant impact on the gaming industry by deciphering legal agreements and contracts related to blockchain gaming platforms like Immutable and Polygon Labs. By translating legal terms and conditions into simpler language, the Decoder ensures that game developers and users can fully understand their rights and obligations in the gaming ecosystem. This promotes trust and transparency in the gaming industry.

Security news

• Decentralized exchange (DEX) RocketSwap confirmed that it was hacked,saying early on August 15 (UTC) that “the team has detected an anomaly on the farm and we are investigating the problem.” Hours later, it announced that “any existing high risks and vulnerabilities have been eliminated.” The team said that there was a “brute force hack of the server” where they stored the private keys. Blockchain security firm PeckShield found that the exploiter bridged some ETH 471 ($866,600) from Base to Ethereum.

In the context of the RocketSwap hack mentioned above, the AI legalese decoder can analyze legal statements and notifications from the affected party, RocketSwap. By translating the technical details and complex legal jargon into simpler language, individuals can better understand the nature of the hack, the steps taken to mitigate the issue, and the potential impact on users. This promotes awareness and helps users make informed decisions regarding their assets and security.

DeFi news

• Decentralized finance (DeFi) lending platform Compound is the latest protocol to launch on Coinbase‘s Ethereum Layer 2 network Base. “ETH and cbETH can be used as collateral to borrow bridged USDC (USDbC on Base),” Comound Labs said.┬á

When it comes to decentralized finance protocols like Compound launching on new platforms such as Coinbase’s Ethereum Layer 2 network, the AI

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