TRON DAO Reserve Appoints Wintermute as the Latest Member and Whitelisted Institution
Geneva, Switzerland, 10th August, 2022, ChainwireThe TRON DAO Reserve has announced Wintermute as the ninth Member and Whitelisted Institution to mint Decentralized USD (USDD), the over-collateralized decentralized stablecoin on TRON, Ethereum, and BNB Chain.
Wintermute is a leading global algorithmic trading firm and an established player in digital asset markets. With an average daily trading volume of over $5 billion, Wintermute facilitates OTC trading and provides liquidity across both centralized and decentralized exchanges. Its mission is to enable, empower and advance a truly decentralized world for more transparent, fair, and efficient markets and products.
Being the first over-collateralized decentralized stablecoin, USDD is significantly different from other stablecoins in the crypto industry. It surpasses several massive milestones with over $2.3 billion in backing and a market cap of $725 million as of July 2022.
The TRON DAO Reserve (TDR), which governs the stablecoin, acknowledged USDD's elastic price against the USD amidst market turmoil but is committed to defending the stability of the ecosystem. The TDR is dedicating resources to fostering organic growth and maintaining full transparency. During recent volatile market events, USDD has stayed strong as expected and stabilized organically.
The simple facts of over-collateralization of transparent reserves and steady restabilization of the token value came as a natural experiment that shows how much USDD is a force to be reckoned with, especially amid various discussions of industry-wide regulation.
The appointment authorizes Wintermute to mint and burn USDD as a collaborator with the Reserve. As a Member and Whitelisted Institution, Wintermute will advise the TDR and make recommendations to enhance, develop, and supply general aid for the USDD network.
The TRON DAO Reserve website is live, and historical token issuance records are published here live on the TDR website 24/7.
About USDD
USDD is an over-collateralized decentralized stablecoin launched collaboratively by the TRON DAO Reserve and top-tier mainstream blockchain institutions. The USDD protocol runs on the TRON network, is connected to Ethereum and BNB Chain through the BTTC cross-chain protocol, and will be accessible across more blockchains in the future. USDD is pegged to the US Dollar through TRX under a Linked Exchange Rate System (LERS) and maintains its price stability under the guidance of the TRON DAO Reserve. It enables access to a stable and decentralized digital dollar system that in turn assures financial liberty for everyone.
Website | Twitter | Telegram | Discord | Medium
ContactsSam [email protected]
Raullen Chai says IoTeX and MachineFi Lab support the Ethereum merge
Citi Group calls the merge the most significant in crypto history since bitcoin launched
JP Morgan analyst say that thanks to the merge, crypto has found its floor
The news comes ahead of MachineFi Lab’s historic W3bstream launch
IoTeX and its core developer MachineFi Lab have announced they are prepared to fully support the Ethereum Merge, which could happen as soon as 19 September 2022. IoTeX is among several other blockchain projects that have come forward, announcing its solidarity with Ethereum's Proof-of-Work (PoW) to Proof-of-Stake (PoS) switch.
"The Ethereum merge is one of the most long-awaiting events recently in the crypto and blockchain space," said IoTeX CEO and Co-Founder Raullen Chai. "The entire IoTeX team and I are very excited about Ethereum's transition to a Proof-of-Stake protocol and have ensured we are technically, completely ready ahead of time to support the merge."
Chainlink announced it would not support any PoW Ethereum forks and would only support the Ethereum PoS. It called for caution, warning that PoW-deployed smart contracts could behave unexpectedly during the merge.
Tim Beiko, the Ethereum developer, leading the software development for merging the current Ethereum blockchain with the Beacon chain, a new proof-of-stake consensus layer, said Ethereum users would unlikely notice any differences in the network's operation.
Kraken Intelligence's most recent Monthly Market Recap and Outlook says investor confidence in Ethereum is rising. At the same time, ETH volatility has decreased ahead of the merge, an upgrade that makes Ethereum more environmentally friendly.
Chandler Guo, a prominent Chinese Ethereum miner, has expressed opposition to the merge announcing plans to hard fork, a move that Tron's Justin Sun has backed.
New York-based banking giant Citi Group also commented on the merge, one of the most significant events in crypto history since Bitcoin launched. The financial institution said that ETH would transition into a deflationary asset among the consequences of the merge and set it on a potential road map to greater scalability through sharding.
CoinShares released a report saying,
"institutions are flocking to Ethereum for seven straight weeks as the merge nears."Ethereum saw inflows totaling US$16m and is enjoying a near seven-consecutive-week run of inflows totaling US$159 million," the report adds. "We believe this turn-around in investor sentiment is due to greater clarity on the timing of The Merge where Ethereum shifts from proof-of-work to proof-of-stake."
According to a Business Insider article, JPMorgan analysts believe cryptocurrency has "found a floor." They argue that the "real driver has been the Ethereum merge and positive data following the launch of the Sapolia testnet in early July and Ropsten testnet in June, indicating the merge is viable in 2022." Investors highly anticipate the upcoming event, it added.
The news comes ahead of MachineFi's impending W3bstream release. Launching the world's most advanced data oracle is another milestone in the crypto space that will disrupt the IoT sector by providing a decentralized alternative for the internet connectivity of billions of intelligent devices.
As stated by Samsung Next, Draper Dragon, and Escape Velocity Ventures, MachineFi Lab investor, this new digital asset category will undoubtedly shake the Web3 reward economy. It will give back control to billions of people of their data and empower them with revenues of up to $3,000 annually, a figure that will significantly increase over time.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
X Open Hub Adds 30 New Cryptocurrencies and 2 Emerging Market Indices to its Vast Asset List
Global provider of cutting-edge liquidity and technology solutions for financial institutions, X Open Hub has announced additions to its vast multi-asset offerings. The company has introduced 30 new cryptocurrencies and two emerging market indices, CH50cash and IND50cash, to the 5000+ global instruments it already offers.
With 12+ years experience offering world-class technology and transparent liquidity solutions for banks and brokers, X Open Hub is committed to supporting financial firms. The company aims to help them achieve cost-optimized business models through improved operational efficiency and increased profitability.
The Crypto Winter Is Ending Say AnalystsDespite the ongoing cryptocurrency winter, millennials and Gen Zs are increasingly looking at digital assets for investment purposes. A rise in awareness and education regarding this class of assets, along with their low correlation with price moves in traditional investment instruments, has been driving this interest.
Increasing regulatory oversight across numerous countries is expected to lend stability to the digital asset class. Additionally, the rise of DeFi projects is also likely to drive interest in cryptocurrencies. Moreover, the decline in crypto prices in recent months has many investors wondering whether to buy the dip before the crypto winter ends.
Historically, there have been four such crypto winters, including the current one. Each time, the market has reversed within around a year. So, investors might be looking at acquiring digital currencies while the prices are still low and before the market begins to rise once again.
X Open Hub Adds 30 New CryptosBrokers are increasingly looking at offering their clients opportunities to trade the most popular and promising digital currencies. X Open Hub has added 30 new cryptocurrencies to its already long list of crypto offerings.
The new crypto offerings available through X Open Hub’s liquidity solution are extensive and include:
AAVE, ALGORAND, APECOIN, CHILIZ, COSMOS, CRONOS, CURVEDAO, DECENTRALAND, DYDX, ELROND, FANTOM, FILECOIN, FTX, GALA, GRAPH, INTERCOMP, IOTA, KILOSHIB, KYBER, MAKER, METAL, NEO, SANDBOX, STEPN, SUSHI, TRON, VECHAIN, WAVES, ZCASH and ZILLIQA.
“We believe brokers need to stay abreast of trends and should perceive a wide range of cryptocurrencies as an additional tool to attract new customers or manage their retention. In the last quarter, we devoted a lot of attention to developing our asset class offering and equipping our partners with all the tools necessary to remain competitive in the market,” stated Michael Copiuk, CEO of X Open Hub.
IND50cash and CH50cash
X Open Hub has also added the IND50cash and CH50cash indices to its liquidity offerings. The IND50cash is based on the Nifty 50, the benchmark index that includes 50 of the most profitable companies across 12 sectors listed on the Indian stock markets. This makes it a well-diversified index. Alternatively, the CH50cash, is based on the China A50, a pan-China benchmark index that includes the top 50 companies, based on market cap, listed on the Shanghai and Shenzhen stock exchanges.
A Global Leader
Established in 2010, X Open Hub is the institutional arm of the XTB, which is listed on WSA and licensed across multiple jurisdictions, including the UK FCA, CySEC, IFSC, FSCA, and more. XOH has created a niche by providing complete front- and back-end technology and responsive support to propel growth for financial firms. X Open Hub’s solutions include deep institutional liquidity on more than 5,000 global instruments, including indices, shares, forex, cryptocurrencies, commodities, and ETFs, and a powerful white label platform that can be fully customised and branded for each brokerage. X Open Hub also offers multiple integration options to ease operations for brokers, such as FIX protocol, xAPI, MT4/MT5 Bridge or Gateway, and integration with Prime XM, Gold-I, oneZero, and more. This has helped the company gain over 100 clients across more than 30 countries within a decade of being launched.
Speak to the X Open Hub Team about cryptocurrencies and emerging market indices.
Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice
WIN NFT HERO to Bring Engaging Gaming Experience with New Features and Rewards
Singapore, Singapore, 9th August, 2022, ChainwireWIN NFT HERO strives to bring an exceptional play-to-earn (P2E) gaming experience to users in the GameFi space with new features and rewards.
P2E has been the latest trend in GameFi since last year. However, during recent months, GameFi appeared to have taken a dip in the polls due to most blockchain games putting too much emphasis on “earning.” Because earnings aren’t guaranteed, it began to deter players from an all-around good gaming experience.
Yet, since GameFi is still generally considered the entry into the metaverse, investor confidence in the industry hasn’t deteriorated too much over short-term market swings. As GameFi is embracing a new stage of development, TRON's blockchain game WIN NFT HERO looks set to take the lead and bring a next-level P2E gaming experience.
Built on the TRON blockchain, WIN NFT HERO is a "GameFi+NFT" turn-based strategy game where users fully own their in-game NFT assets, such as heroes and equipment. Allowing players to win various in-game assets for free and trade them in the official marketplace, the game is dedicated to building a "free-to-play" TRON metaverse.
The hero NFTs consist of five elements: quality, attribute, class, skill, and bond. Although each hero has their position, both short-range tanks and long-range attackers are indispensable in winning combats. Moreover, heroes of the same class or gene form bonds, which substantially boosts the squad's performance in combat. To perform better in combat, players must create strategic plans in advance: select different heroes, arrange their positions, choose the appropriate equipment, and build bonds.
As for the gameplay, WIN NFT HERO now offers four modes: Adventure, ALLSTAR, Dungeon, and Mission. Exciting rewards are available in each mode, allowing users to enjoy P2E fun in explorations and combats. Moreover, as the metaverse is continuously being perfected, WIN NFT HERO will introduce more game modes to meet users' demands.
WIN NFT HERO is currently embarking on a new round of closed testing alongside testing events offering generous rewards. As the game progresses to a new milestone, more rewards for early birds will be released. Stay tuned for more details in the coming weeks.
About WIN NFT HERO
WIN NFT HERO is a “GameFi + NFT” 3D cartoon-style turn-based strategy game launching soon. WIN NFT HERO is designed to allow the exchange of various heroes and equipment on the market to acquire strong spells and skills, which players can then use to win battle rewards.
WIN NFT HERO | Twitter | Telegram | Discord
ContactsBilly [email protected]
Binance Denies WazirX Connection
Binance CEO has claimed that his firm never finalized the deal to acquire major Indian crypto exchange WazirX.
Binance Turns Away From WazirX
Binance CEO Changpeng Zhao has again stirred controversy with his comments about the Indian crypto exchange. According to CZ, the deal between Binance and WazirX fell through.
CZ tweeted,
“On 21 Nov 2019, Binance published a blog post that it had “acquired” WazirX. This transaction was never completed. Binance has never - at any point - owned any shares of Zanmai Labs, the entity operating WazirX…WazirX is responsible all other aspects of the WazirX exchange, including user sign-up, KYC, trading and initiating withdrawals.”
According to him, Binance only serves as a tech solution for WazirX, providing only wallet services for the exchange.
WazirX Parent Company In Trouble With Regulator
The comments from the Binance CEO followed the controversies that have been dogging WazirX recently. India’s financial watchdog, the Directorate of Enforcement (ED), has brought money-laundering charges against the exchange’s operator Zanmai Labs. Reportedly, investigations led by the ED revealed that WazirX was receiving sizeable funds from questionable non-bank financial institutions and their fintech partners. The exchange has also been accused of laundering these funds abroad. The ED is also accusing Zanmai Labs of creating a “web of agreements” through different entities in order to obscure the ownership of WazirX.
CZ Sides With Regulator
Recognizing the severity of the matter, CZ has understandably taken a strong stand in support of the regulators, especially considering its previous dealings with the exchange. He said,
“Recent allegations about the operation of WazirX and how the platform is managed by Zanmai Labs are of deep concern to Binance. Binance collaborates with law enforcement agencies all around the world. We would be happy to work with ED in any way possible.”
On Saturday, CZ appealed to WazirX users to transfer all their funds to Binance. Soon after, all off-chain transfers from Binance to WazirX were also disabled, preventing users from freely transferring funds between the two exchanges.
WazirX Founder Confirms Binance Deal
WazirX co-founder Nischal Shetty has contributed his own two cents to the matter, claiming that Binance did acquire WazirX. In response to CZ’s vehement denial of a finalized deal with the exchange, Shetty also tweeted,
“WazirX was acquired by Binance. Zanmai Labs is an India entity owned by me & my co-founders. Zanmai Labs has license from Binance to operate INR-Crypto pairs in WazirX. Binance operates crypto to crypto pairs, processes crypto withdrawal.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Crypto.com procures regulatory access to South Korea
Giant crypto exchange Crypto.com has secured access to the South Korean crypto market after acquiring two local companies which will provide it with EFTA and VASP registration in the country.
It was announced on Monday on its website that Crypto.com had secured very important regulatory compliance by procuring payment service provider PnLink Co., Ltd., and virtual asset service provider OK-BIT Co., Ltd.
Kris Marszalek, Co-Founder and CEO of Crypto.com said of the acquisitions:
“This is an exciting next step for Crypto.com in an important market. We are committed to working with regulators to continue to bring our products and services to market, particularly in countries like South Korea where consumers have shown strong interest and adoption of digital currencies.”
Patrick Yoon, General Manager of Crypto.com in S. Korea added:
“We believe our services can not only help further evolve and empower commerce in Korea, but also support the greater creation and development of our Web3 ecosystem. Korea is a tremendously important market for Crypto.com in advancing blockchain technology.”
It has not been disclosed by Crypto.com whether it can now offer full crypto trading services in South Korea, or whether it still needs to complete further requirements.
In spite of confidence in crypto being shaken quite dramatically in South Korea after the TerraUSD meltdown, obtaining regulatory compliance in the country is a major step for a platform like Crypto.com, given the high levels of crypto adoption in this dynamic Asian market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
The Fastest Millionaires Were Made In Crypto. Uniglo.io (GLO), Kava (KAVA) And Radix (XRD) Could Create The Next Wave
It used to take a long time to become a millionaire with any kind of investment. Unless you won the lottery overnight, investors often looked at their portfolio and hoped it could grow 10% or so a year. While there were always stories of people who invested in the likes of Apple in the 80s, you still would have needed quite a large sum invested to become a millionaire. Not with crypto, where a new generation of investors have been created almost overnight. Much, much quicker than the world has ever seen before.
You've probably seen some of these stories before. The people who lost millions of BTC on an old hard drive. Or those who spent 12 BTC to buy a pizza. And for those losers, there were winners, too. Like those who bought BTC for $0.10 and simply held. The rapid rate of growth in the likes of Bitcoin and other cryptocurrencies over the last few years have re-written the script on the sort of upside possible from investments. Now millionaires really can be made quickly, with crypto.
You might think your chance to make this kind of money is gone, with BTC already enjoying massive price gains, you might think it's too late. There's still a future for Bitcoin, but that might not be the best place to put your money right now. It might be slightly harder to become a crypto millionaire right now, in the current bear run. But it isn't impossible. And even if you don't end up making Lambo money, the right crypto investments right now could set your investments up for a fruitful future. One that's way stronger than if you have invested in traditional ways (with far less upside). Yes, there's still risk in crypto. But if you want to get rich from it, you might have to take those risks. Here are 3 tokens that could create the next wave of crypto riches:
Uniglo (GLO)
Uniglo is arguably the best coin many analysts have seen for some time. It's a community-driven deflationary token that has full and solid asset-backing. This gives it a price people can have real faith in, and isn't over-reliant on the performance of any one asset. It could be the answer to the globe's inflation issues.
Kava (KAVA)
Kava is extremely fast, something that makes a big difference in crypto with much of the market criticising the speeds of some of the more popular blockchains. It's an extremely scalable development environment that allows open-source scope and has a ton of upside for the future of crypto. It's currently available at around $2, which experts think is a great price with a ton of upside.
Radix (XRD)
Radix, or "Radically Different DeFi", clearly aims to be different. Their platform helps developers build solutions risk-free and quickly. It's also easy to scale and offers key rewards for coders working on the platform. There's a ton of interesting stuff going on with Radix, and it could be home to some future groundbreaking projects. That's why analysts recommend it for your portfolio immediately.
Conclusion
Analysts really like GLO, XRD and KAVA for your portfolio. Whether they can be the next millionaire-makers remains to be seen. But they've almost certainly got strong futures, so check them out.
Find Out More Here:
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
Telegram: https://t.me/GloFoundation
Discord: https://discord.gg/a38KRnjQvW
Twitter: https://twitter.com/GloFoundation1
Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice
Get Entries On These Crypto Before Extreme Positive Price Action Happens: Gnox (GNOX), Kava (KAVA), And Gnosis (GNO)
The FED has spoken, and collectively the markets have breathed a sigh of relief. Jerome Powell has outlined that the most recent rate hike of 75 basis points will be the last extreme rate hike. His tone struck investors as dovish, signalling the start of a move away from controlling inflation and towards economic stimulation in the coming months.
The Dow Jones Industrial Average saw its largest single-day leap since 2009, and the bearish market sentiment is reversing. The current state of the market represents an enormous opportunity for investors, and experts have touted Gnox (GNOX), Kava (KAVA), and Gnosis (GNO) to see explosive growth shortly. Gnox (GNOX)
Gnox will be a new addition to the BSC (Binance Smart Chain) ecosystem and is slated to launch in Q3 this year. Gnox has built strong momentum amongst the crypto community and sold out its second presale stage. Entering its third and final presale phase the token’s launch grows closer. Set to revolutionise DeFi (decentralised finance) earnings and bring the profits of DeFi yields to ordinary crypto investors. This project distils the complex process of earning within DeFi into a single investment vehicle.GNOX token holders will receive a monthly stablecoin reflection provided by the protocol’s treasury which is the first of its kind, built to earn for investors. Funded by buy and sell taxes, the treasury has been hard built to grow with time and thus deliver greater payouts to investors. As investors begin to receive these stablecoin payouts, the price of GNOX is expected to move sharply to the upside. Kava (KAVA)The Kava protocol is another project within the space garnering massive amounts of attention, introducing a new build type dubbed co-chain architecture. The Kava network combines the best of the Ethereum network and the Cosmos network. Powered by its Tendermint Consensus Engine, Kava incorporates the Ethereum ecosystem's richness and the Cosmos ecosystem's interoperability. This ultra scalable layer one protocol also offers a decentralised lending protocol. Thanks to its co-chain architecture, investors can borrow tokens not available on other lending platforms. KAVA trades at $1.87 and is slowly battling its way up through the ranks, currently resting at eighty-seventh ranked by market cap. As more and more users continue to join the network, Kava easily has the potential to break into the top twenty-five. Gnosis (GNO)Gnosis focuses on building infrastructure to improve DeFi. It offers three central functions for investors; to mint conditional tokens to speculate on real-world events, to provide better swap efficiency for traders through batch auctions, and offers the Gnosis Safe, the safest place to store assets on the Ethereum blockchain.Gnosis is one of the most exciting projects in the digital asset space and one that is genuinely ready to explode in value. GNO currently trades at $156, which is likely the investor’s last chance to buy this quality crypto at a discount. Find Out More Here:
Join Presale: https://presale.gnox.io/register
Website: https://Gnox.io
Telegram: https://t.me/gnoxfinancial
Discord: https://discord.com/invite/mnWbweQRJB
Twitter: https://twitter.com/gnox_io
Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice
We Show How Uniglo.io (GLO) Compares To The Early Days Of MakerDAO (MKR) And CurveDAO (CRV)
Picking up the right crypto coin at the right time can be key in the future of your portfolio. The most money is made by those who invested in the early days of a project, before it went mainstream and hit the big exchanges. That's where the real upside is. And there's one community-driven token that many are talking about and comparing it to the early days of MakerDAO and CurveDAO.
They're all DAO-based projects, and GLO could be set up to go on to rival the likes of CRV and even surpass it in the coming months. That's why it could be a great addition to your portfolio right now, especially as it's still available during pre-sale at a huge discount. That means you get to enjoy incredible potential gains that could skyrocket when more and more people find out about it. Now is the time with GLO, here's why...
Uniglo (GLO)
Uniglo makes full use of an active DAO, giving full votes on all major decisions and really rewarding its users for being part of the project. These users are also rewarded with an incredibly strong range of features and potential strong price growth that isn't prone to massive price dumps or over-speculation.
It shares some similarities with the early days of MKR and CRV, but also arguably has even more upside. If you're worried about growing inflation and how your dollars are becoming worth less and less over time, you might want to consider GLO as the perfect solution. It's completely deflationary, thanks to ultra-burn mechanics that make the token more scarce over time, alongside a full 1:1 asset-backed store of value with the GLO vault. The GLO vault is made up of a range of investments that include stablecoins, crypto, NFTs and even digitized versions of real-world assets like gold. This means it cannot be printed, and supply will continue to go down. That also means getting in early is key if you want all those upsides and more. So now could be the ideal timeframe to invest in GLO.
MakerDAO (MKR)
MakeDAO is an incredibly strong stablecoin, with a ton of benefits for holders. These include a strong and stable price, and a model that's based on being an unbiased currency. That means it isn't over-reliant on speculation, and gives holders a price they can have full faith in.
CurveDAO (CRV)
Curve acts as an exchange liquidity pool on the Ethereum blockchain that makes it easy for anyone to trade stablecoins. It's an incredibly efficient platform, and is arguably already the heart of the stablecoin trading world. It started off small like GLO, but went on to big things. Just like GLO could too.
Conclusion
GLO shares some similarities with the early days of CRV and MKR. But it also has a range of unique solutions that could set it up for an even bigger future. That's why it's recommended by analysts across the space right now.
Find Out More Here:
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
Telegram: https://t.me/GloFoundation
Discord: https://discord.gg/a38KRnjQvW
Twitter: https://twitter.com/GloFoundation1
Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice
All U.S. Crypto Exchanges Including Binance to be Investigated by SEC
According to a staffer from the office of United States Senator Cynthia Lummis, every exchange in the country, as well as Binance, is reportedly being investigated by the U.S. Securities and Exchange Commission (SEC).
Crypto Exchanges Under Investigation
Per a report from Forbes quoting an unnamed staffer from Senator Lummis’ office, the SEC is reportedly probing Binance and every exchange in the United States. There have also been widely circulated reports that the SEC is investigating the $20 billion exchange Coinbase. According to the source, the SEC is seeking to establish itself as the country’s chief crypto regulator as it battles it out with the U.S Commodity Futures Trading Commission for oversight and regulation of the industry (CFTC). Since 2014, the CFTC has maintained authority over “virtual currencies”, but the SEC has recently made its voice known indicating that it seeks to control the industry. The SEC's chairman, Gary Gensler has said on multiple occasions that many tokens might qualify as unregistered securities, which would place them under the purview of the SEC, and last week gave its strongest hint yet that it intends to clamp down on the nascent industry.
Regulators Step Up Oversight
Regulations have up stepped oversight lately after the SEC charged a former Coinbase employee along with two associates for insider trading. The regulator has also claimed that the exchange let customers trade “at least nine” unregistered securities. The Coinbase insider trading allegations have sent shockwaves across the industry, and it has emerged that the regulator was probing Coinbase. Binance U.S. responded by delisting one of the tokens mentioned as a so-called unregistered security – AMP. Since the insider trading filing, SEC chairman Gensler has gone on record saying that he does not see a difference between cryptocurrency exchanges and traditional stock trading venues, continuing that there are “inherent conflicts of interest” with exchanges that act as market makers. The SEC’s wrath continued last week when it charged 11 people behind the Forsage website which it has called a “crypto pyramid scheme,” and which cost users $300 million.
While the SEC and the CFTC battle it out to establish who should have regulatory oversight of the industry, the Senate Agriculture Committee introduced a bill this week, if passed, would see Bitcoin and Ethereum classified as commodities and give the CFTC oversight of the exchanges that list them for trading.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Crypto Price Analysis August-5: Ethereum, Ripple, Cardano, Solana, and Ethereum Classic
This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Ethereum Classic. Ethereum (ETH) After a significant rally, Ethereum seems to have found a local top above $1700, which has so far acted as strong resistance. The price did not manage to move beyond this level and fell by 3.4% in the […]
