Day: June 6, 2023

Coinbase, Robinhood, CFTC to testify in Congress over draft crypto bill

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Coinbase, Robinhood, and representatives from the United States commodities regulator are set to testify before Congress on June 6 to discuss a newly proposed crypto bill.  The trio will be sharing their firm’s, or agency’s views on a proposed bill that could see certain crypto tokens classified as digital commodities, among other things. “Tomorrow I have the honor of testifying on Capitol Hill before the House Committee on Agriculture to share Coinbase’s views on the Digital Asset Market Structure Discussion Draft […] released last week,” said Coinbase Chief Legal Office…

SEC sues Binance and CZ for securities violations

The U.S. Securities and Exchange Commission is taking legal action against Binance and its CEO, Changpeng Zhao (CZ). The SEC lawsuit claims that Binance “unlawfully solicited” customers from the U.S. to trade assets on unregistered platforms. Also, the securities regulator alleged that contrary to what the defendants claimed, Binance and CEO Zhao were directly involved in Binance.US operations.  Meanwhile, the latest development comes shortly after another federal regulator, the Commodity Futures Trading Commission (CFTC), also sued Binance for operating without proper registration, thereby violating the Commodity Exchange Act.  Meanwhile, Binance…

Meme Coins On Bitcoin Blockchain Under Threat As Coders Seek Removal

Meme coins may be facing a daunting threat to their existence. The coders and validators of the Bitcoin blockchain, the very foundation on which these meme coins operate, are contemplating their removal.  This pivotal decision comes in the wake of a significant surge in Bitcoin blockchain gas prices witnessed in May, a surge fueled by the relentless growth of Bitcoin-based meme coins.  But what does this mean for the future of meme coins? Is this the end of their wild and unpredictable journey? Bitcoin Blockchain Faces Threat From Surging Meme…

61 cryptocurrencies are now seen as securities by the SEC

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The total number of cryptocurrencies the United States securities regulator has accused to be a “security” has now reached an estimated 61, after adding a few more from its lawsuit against crypto exchange Binance. The 61 cryptocurrencies accused obeing a “security” comes from years of various litigation undertaken by the Securities and Exchange Commission (SEC) which has outlined what cryptocurrencies it deems securities. In its most recent case against Binance, the SEC introduced 10 cryptocurrencies into the securities classification: BNB (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC),…

Swarovski submits trademark application for potential metaverse assets

Swarovski may take a leap into the metaverse with recent trademark applications on a range of products filed on May 30. The application covers numerous products, including cosmetics and NFT verified media, signaling the brand’s ambitions to establish a presence in the virtual realm. Another one may join the metaverse In a move that may signal its expansion into new domains, Swarovski, the Austrian company known for designing, manufacturing and marketing crystals and other gemstones, recently filed a trademark application on May 30. The announcement was initially unveiled by Michael…

Apple’s Vision Pro headset reveal swaps metaverse for ‘spatial computing’

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Apple’s newly revealed mixed-reality headset, the Apple Vision Pro, has both turned tech-enthusiast heads and raised eyebrows after its unveiling at the WWDC on June 5. There was however, one glaring omission from the launch — a single mention of the word “metaverse.” Apple Vision Pro is everything we hoped for and then some. But at $3,499 you’re either an early adopter or a AR/VR developer. Yet two things change after today: 1. “Metaverse” will stop being a bad word (even though Apple didn’t use the word) – sparking a…

Ex-NFL team owner Reggie Fowler gets 6 years for crypto ‘shadow banking’

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Reginald Fowler, a former NFL team owner, has been sentenced to six years of prison for operating as a “shadow bank” to the crypto sector, which involved over $700 million in unregulated transactions over a 10 month timespan in 2018. The 63-year-old, who was a co-owner of the Minnesota Vikings, was sentenced to a total of 75 months on bank fraud and money laundering charges, according to a statement from the United States Attorney’s Office in New York on June 5. Former co-owner of Minnesota Vikings sentenced to 75 months…

SEC complaint hints at why Brian Brooks resigned as Binance.US CEO

The SEC’s latest complaint against Binance could point to why former Binance.US CEO Brian Brooks chose to step down in August 2021, only three months after his appointment. According to a June 5 tweet from cryptocurrency lawyer James Murphy — known on Twitter as MetaLawMan — the SEC complaint cites an “unnamed source” who ran Binance.US for a brief period of time in 2021. The dates correlate with the time that Brooks was CEO of Binance.US. 1/ The SEC complaint against @Binance appears to solve the mystery of why Brian…

Why Did Bitcoin BTC Price Fall to $25.4K? SEC Lawsuit Against Binance Rocks Crypto Markets

Ether, the second largest crypto in market value, was recently changing hands below $1,800, off more than 5% from Sunday, same time. ETH and other major altcoins followed a similar path to bitcoin on Monday with the bulk of their declines coming in the immediate hours after the SEC suit. BNB, Binance’s exchange token, and SOL, the native cryptocurrency of the Solana blockchain, recently plunged more than 10%. ADA and MATIC, the tokens of smart contract platforms Cardano and Polygon, and popular meme coin DOGE were recently off more than…

Ethereum gas fees rising amid meme coin hype 

It is widely recognized that cryptocurrencies are subject to volatility, which is no longer a surprising fact. The crypto winter in 2022 led to several incidents and events that brought digital currencies to the forefront of discussions. As anticipated, much of the attention revolved around bitcoin (BTC) and ethereum (ETH), the two largest coins in terms of market capitalization.  While in the case of bitcoin, the focus fell entirely on the price drop, Ethereum made the news for several other reasons.    There are plenty of resources out there on…