The United States Securities and Exchange Commission has formally listed nine
cryptocurrencies as securities during an insider trading case that involves an ex-employee of
the crypto exchange Coinbase.
The nine projects that were categorized as such are AMP (AMP), Rally (RLY), DerivaDEX
(DDX), XYO (XYO), Rari Governance Token (RGT), LCX (LCX), Powerdleger (POWR), DFX
Finance (DFX), and Kromatika (KROM).
the SEC argued in its complaint brought up against the 3 former coinbase employees being
investigated: “A digital token or crypto asset is a crypto asset security if it meets the definition of a security, which the Securities Act defines to include “investment contract,” i.e., if it constitutes an investment of money, in a common enterprise, with a reasonable expectation of profit derived from the efforts of others”
**fs with quote
“Designating these tokens as securities could have broad implications that may go beyond this single case,” stated the Commissioner of the Commodity Futures Trading Commission in a letter published on her Twitter.
In this regard, the Commissioner further stated: “Major questions are best addressed through a transparent process that engages the public to develop appropriate policy with expert input”.
Well, Coinbase is not the only cryptocurrency exchange the SEC is keeping tabs on, according to a staffer from Senator Cynthia Lummis’ office
Evidently, The SEC is investigating Binance as well as every U.S. cryptocurrency exchange,
XRP lawyer John E. Deaton in a recent tweet reaffirmed his earlier statement that the SEC is
likely to sue another exchange this year.
” I say the SEC will sue an exchange or more than one. The SEC will likely pick 2-4 exchanges that each sell 5-10 of the same tokens the SEC claims are securities. It could be 1 Complaint
vs several defendants.”
The financial regulator faces a battle with the Commodity Futures Trading Commission as it
attempts to establish itself as the crypto market's main U.S. regulator.
In 2014, the CFTC asserted it’s jurisdiction over what it called “virtual currencies,” and in fact a
the Digital Commodities Consumer Protection Act of 2022 was just introduced to give the CFTC new powers to regulate digital commodities.
The bill, however, has less than a 50% chance to pass..
Binance.US has decided to delist the AMP token “out of an abundance of caution” after the SEC recently alleged AMP was a security in its insider trading case against an ex-Coinbase
employee and two associates, according to a Binance company blog post on Monday.
Binance.US said the trading of AMP may resume in the future on its platform, but noted “we are taking this step now until more clarity exists around the classification of AMP.”
Meta, formally known as Facebook, announced its plans to expand NFT features to 100
countries across the globe, after they started up a similar program on social media platforms–
This allows users to display their owned NFT’s as their profile pictures.
Meta announced in a statement quote “mark Zuckerberg announced we are rolling out digital
collectibles to 100 more countries. Now, more people, creators, and businesses can showcase
their NFTs on Instagram.”
**make an FS with a quote, please
They went on to say “Additionally, we now support wallet connections with coinbase wallet and dapper, as well as the ability to post digital collectibles minted on the flow blockchain.”
Tiffany and Co want cryptopunk holders to buy matching bling for 30 thousand ETH
luxury jewelry brand Tiffany confirmed that it's now entering into the world of crypto with a
collection of its own, teaming up with CryptoPunks – one of the most popular and expensive
NFT projects..
The name of this project? Well, of course, it’s “N-F-Tiff"
There will only be a limited supply, sitting at 250, which will quote "transform your NFT into a
bespoke pendant handcrafted by Tiffany & Co. artisans"
The price tag? Just a measly 30 ETH. With the current price of ETH sitting at $1,660, that brings the total to just under 50 grand!
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