Day: September 9, 2023

Congressman Tom Emmer seeks amendment to limit SEC’s crypto oversight

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Tom Emmer, the Majority Whip of the U.S. House of Representatives, who has previously expressed concerns about the Securities Exchange Commission’s (SEC) actions in the cryptocurrency industry, on Friday, Sep. 8, introduced a significant amendment that once more drew attention to the SEC’s actions. In his statement, Tom Emmer criticizes Gary Gensler, alleging that the SEC chair has overstepped his authority, which is negatively affecting the American people. Emmer urges Congress to utilize their available methods and proper procedures to thwart any potential misuse of taxpayer funds by Gary Gensler…

SEC urges court to grant Ripple Labs appeal citing ‘knotty legal problems’

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The U.S. Securities and Exchange Commission has submitted a filing urging the court to grant its motion to appeal a ruling from the Ripple Labs lawsuit that deemed that XRP was not a security when sold to retail investors. The agency argued that there are “knotty legal problems” surrounding the court’s application of the law — specifically the Howey Test — that warrant a review. #XRPCommunity #SECGov v. #Ripple #XRP BREAKING: The SEC has filed its Reply Memorandum in Further Support of its Motion to Certify Interlocutory Appeal.https://t.co/KE1MzYKbVD — James…

Turkey sentences Thodex founder to over 11,000 years in prison

Turkish crypto exchange Thodex’s founder and his two siblings face over 11,000 years in jail each after being convicted of fraud, money laundering, and running a criminal organization. A Turkish court sentenced Faruk Fatih Ozer — the man behind Thodex, a crypto exchange that went bankrupt in 2021 — to 11,196 years and 10 months in prison for crimes including fraud alongside his two siblings. According to a Sept. 7 report by state-run Turkish news agency Anadolu, the Istanbul court delivered its verdict to Ozer and his two siblings —…

Crypto VC funding rebounds in August, climbing 20% to $660m

Crypto venture capital investments surged by 20% in August, reaching $660 million, up from $550 million in July. In a potential shift of tides, the crypto venture capital sector witnessed a slight uptick in funding during August despite the ongoing bear market. The latest data suggests that while the number of projects securing funds has decreased, the total amount of funding has risen. According to a Sept. 7 monthly report by Wu Blockchain, the venture capital investments in the crypto space amounted to $660 million in August, marking a 20%…

NounsDAO Barrels Toward Treasury Split After NFT Holders Rally for ‘Rage Quit’

Under the crypto club’s newly enacted rage quit rules, if 20% of Nouns NFTs call for a “fork” they can split from the main group and take their share of the project’s 30,620 ether tokens (worth about $50 million at press time) with them. Each Nouns NFT is worth about 36.5 ETH ($59,600) in book value, giving the current fork a treasury of 7,598 ETH (about $12.4 million). Source

EOS aims to catch up with Borroe.Finance and Shiba Inu’s momentum

EOS supporters are bullish, hoping the latest regulatory approval in Japan will help sustain the upswing. For Shiba Inu (SHIB), all eyes are on Shibarium following its relaunch. Supporters expect prices to edge higher as the layer-2 blockchain finds adoption. Considering investors’ confidence in Borroe.Finance (ROE), most are convinced its native token, ROE, is a superior alternative to leading altcoins. EOS pinning hopes on regulatory approval for recovery EOS has been steady following the unexpected crash on Aug. 17. However, many holders expect the latest regulatory approval to support prices, even…

FBI questions Winklevoss twins on DCG’s CEO misconduct

US federal officials are scrutinizing the internal financial transactions of DCG and its subsidiary, Genesis Global Capital. During the current analysis of the Digital Currency Group and its branch, Genesis Global Capital, agents from the Federal Bureau of Investigation, staff from the Securities and Exchange Commission, and New York City prosecutors recently engaged in discussions with Cameron Winklevoss to delve into the fraud accusations he has raised against Barry Silbert, as cited by Bloomberg News. Winklevoss accuses DCG and Silbert of disseminating misleading details regarding the financial health of Genesis,…

CZ responds to Binance liquidity and employee turnover concerns

Binance CEO Changpeng “CZ” Zhao has dismissed recent rumors, asserting the firm’s financial and employee stability despite market uncertainty. In a recent communication disseminated via X (formerly known as Twitter) on Sept. 7, CZ vehemently refuted the negative publicity that has been shadowing Binance, attributing it to a concoction of adverse news, bank runs, legal actions, and the cessation of fiat channels, among other factors. These elements, he noted, have fostered a climate of fear, uncertainty, and doubt (FUD) in the crypto community. Saw some debates in the community. When…

Coinbase prioritizes international expansion amid US litigation

Coinbase outlines a strategy for international growth, focusing on countries with clearer cryptocurrency regulations. Coinbase, a cryptocurrency exchange headquartered in the United States, has announced its intentions to concentrate its near-term operations in countries with more defined cryptocurrency regulations. In a blog post on Sept. 6, vice presidents Nana Murugesan and Tom Duff Gordon identified six key markets: the European Union, United Kingdom, Canada, Brazil, Singapore, and Australia. The post elaborated that these regions have been making strides in creating clearer rules around cryptocurrency, which makes them attractive for business…