Day: February 23, 2023

‘It would be absurd’ for a US court to rule private NFTs as securities: Lawyer

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Blockchain Association’s chief legal officer says “it would be absurd” for a United States court to rule that digital assets on private blockchains are securities, following a federal judge’s decision to allow a lawsuit against Dapper Labs’s NBA Top Shots NFTs to play out.  U.S. attorney Jake Chervinsky made the comment after federal judge Victor Marreo denied a motion to dismiss a 2021 lawsuit that accused Dapper Labs of selling nonfungible tokens (NFTs) as unregistered securities. Chervinsky was among a host of lawyers on Twitter to reiterate that the judge’s…

Trade group accuses SEC of ‘stealthy’ overreach in Coinbase insider trading case

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The United States Securities and Exchange Commission has again been accused of overstepping its authority and unfairly labeling crypto assets as securities, this time in its insider trading case against ex-Coinbase employees. In an amicus brief filing on Feb. 22, the U.S.-based Chamber of Digital Commerce argued the case should be dismissed as it represented an expansion of the SEC’s “regulation by enforcement” campaign and seeks to characterize secondary market transactions as securities transactions. We have serious concerns about the SEC’s attempt to label these tokens as securities in the context…

TUSD Leverages Chainlink Proof of Reserve for Real-Time Verification of Stablecoin Minting – Bitcoin News

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On Wednesday, the stablecoin project Trueusd announced that it is leveraging Chainlink Proof of Reserve (POR) technology to provide real-time verification for the minting of trueusd tokens. The trueusd crypto asset has a circulating supply of over 968 million tokens and is the sixth-largest stablecoin by market capitalization. Archblock Uses Chainlink to Verify Reserves Before Minting New TUSD Stablecoins Archblock, the issuer of the trueusd (TUSD) stablecoin, has announced that it is using Chainlink to verify reserves before minting new TUSD stablecoins. According to the project, it is the first…

Frax Finance to retire algorithmic backing amid stablecoin crackdown

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The community of decentralized finance stablecoin protocol Frax Finance has voted to fully collateralize its native stablecoin Frax (FRAX), marking an end to the algorithmic backing of the protocol. The FIP-188 governance proposal initially posted on Feb. 15 reached a quorum following a 98% vote in favor, according to a snapshot on Feb. 23 — which would change the collateralization model of FRAX. “The time has come for Frax to gradually remove the algorithmic backing of the protocol,” last week’s proposal read. Near unanimous vote to move $frax to 100% CR…

CoinEx crypto exchange sued by New York for failing to register with state

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Cryptocurrency exchange CoinEx has been sued by the New York Attorney General, Letitia James, alleging the firm falsely represented itself as an exchange due to failing to register as a securities and commodities broker-dealer in the state. A 38-page petition filed by James in the New York Supreme Court on Feb. 22 alleged CoinEx “engaged in repeated and persistent fraudulent practices” and violated the state’s Martin Act — considered one of the most strict anti-fraud and securities regulation laws in the United States. She also asserted CoinEx listed various tokens…