money / 85 posts found
Why Are People Burning CryptoPunks for Ordinals NFTs?
On June 17, CryptoPunk #8611 was permanently removed from circulation. The NFT, which had recently sold for 54.49 ETH (just over $94,000 at the time), was soon after transferred to an Ethereum burn address, meaning it can never be recovered. From there, the asset was inscribed on the Bitcoin blockchain as an Ordinal, that ecosystem’s equivalent of an NFT, and then sent to a Satoshi wallet. Moreover, anyone who burns a Punk will receive an allowlist spot for a new Bitcoin Ordinals collection: Ordinal Maxi Biz. The event has raised Web3’s collective eyebrow, and for good reason. Punk #8611 isn’t […]
Ethereum Co-Founder: ETH’s Commodity Status Is ‘a Foregone Conclusion’
In the midst of the ongoing legal skirmishes between the U.S. Securities and Exchange Commission (SEC) and the cryptocurrency industry, Joseph Lubin, co-founder of Ethereum, remains unbothered. Lubin, who also serves as the CEO of ConsenSys, the blockchain-based financial infrastructure company, expressed his views on the regulatory status of Ether (ETH), the native cryptocurrency of the Ethereum platform, during a recent interview with CNBC. When asked what he would say to regulators who argue that Ether is a security, Lubin didn’t mince words. “The SEC has spoken,” Lubin underscored. “The SEC actually spoke, the CFTC has spoken very crisply [..] […]
Ripple Breaks New Ground With Regulatory Approval in Singapore
San Francisco-based Ripple Labs has been granted provisional regulatory approval by the Monetary Authority of Singapore (MAS) to operate and expand its digital asset products and services in the city-state. The in-principle approval from the country’s central bank was granted to Ripple’s local subsidiary, Ripple Markets Asia Pacific, and sets the stage for Ripple to enhance the cross-border transfers of its associated cryptocurrency, XRP. What a provisional license means for Ripple Over the past year, Ripple has witnessed significant growth in its Singapore operations. The company reported that most of its global On-Demand Liquidity (ODL) transactions flow through the city-state, […]
Binance Lays Off 50 U.S. Staff, Faces Investigation in Europe
Binance, the world’s largest cryptocurrency exchange, is facing mounting regulatory challenges in Europe and the United States in the aftermath of the United States Securities and Exchange Commission (SEC) filing a civil lawsuit against the company on June 5. French authorities are investigating the company for alleged “aggravated money laundering” and other illegal activities related to digital asset services, according to Le Monde. Simultaneously, Binance is preparing to exit the Netherlands after failing to secure a virtual asset service provider (VASP) license, the company explained in a blog post on June 16. On top of that, Binance’s U.S. affiliate has […]
Machi Big Brother Files Defamation Suit Against ZachXBT
Today, well-known NFT trader and crypto figure Jeffrey Huang, who goes by the Web3 pseudonym Machi Big Brother, announced he had filed a lawsuit against on-chain internet sleuth ZachXBT. Huang accused the latter of “publishing and maliciously promoting an article that falsely presented [Huang] as a criminal that had embezzled millions of dollars of cryptocurrency and manipulated markets” and refusing to take down the post and associated tweet when asked. The article Huang is referring to in the lawsuit is entitled “22,000 ETH Embezzled and Over Ten Projects Failed: The Story of Machi Big Brother (Jeff Huang)” and was published […]
Can Ripple Leverage the SEC Hinman Emails in Court?
The crypto industry in the U.S. is facing its greatest challenge in the history of its nascent existence. After steadily ramping up anti-crypto rhetoric and the enforcement of securities laws in recent years, the United States Securities and Exchange Commission (SEC), led by Chair Gary Gensler, filed civil lawsuits against the largest crypto exchanges in existence — Binance and Coinbase —during the week of June 5, 2023. The legal action removed any doubt regarding the regulatory body’s commitment to what many — even dissenting SEC Commissioners — have labeled a “regulation by enforcement” approach to the industry. However, the SEC’s […]
Ripple Calls for Investigation Into Former SEC Director Amid Controversy
Ripple’s Chief Legal Officer, Stuart Alderoty, has called for an investigation into former U.S. Securities and Exchange Commission (SEC) director Bill Hinman. The call comes in the wake of the court-ordered release of a trove of documents by the SEC, which has been embroiled in a legal dispute with Ripple since 2020. The documents, which were recently unsealed by a judge’s order, reveal conflicting thoughts and opinions within the SEC regarding the regulation of the crypto industry. They largely pertain to a speech delivered by Hinman in June of 2018, in which he stated that Ethereum (ETH) should not be […]
Court Documents Reveal SEC’s Changing Thoughts on Crypto Regulation
In a recent development that could have significant effects on the crypto industry, the United States Securities and Exchange Commission (SEC) has released a trove of documents, including emails and notes, as part of its ongoing legal dispute with cryptocurrency company Ripple. The SEC sued Ripple in 2020 for raising $1.3 billion through the sale of unregistered securities in the form of its native token, XRP. Many in the Web3 space believe that these documents, which were unsealed by a judge’s order, shed much-needed light on the SEC’s approach to regulating the industry and could even impact how Ether and […]
Crypto.com Suspends US Institutional Service As SEC Scrutiny Rises
On Friday, June 9, Crypto.com, the Singapore-based cryptocurrency exchange, announced the suspension of its institutional exchange services in the United States, according to a statement from the company. The decision, set to take effect starting June 21, 2023, is primarily attributed to the lackluster demand from institutional customers in the prevailing market scenario. Institutional clients, typically large, accredited entities with substantial investment capacities, have been the target audience for Crypto.com’s institutional service. However, the current market landscape, most recently led by stringent regulatory scrutiny and volatile conditions, has led to a decline in demand from these institutional entities. Credit: Crypto.com […]
Exclusive: Foundation Announces Dynamic NFT Pricing Feature
The NFT marketplace Foundation has launched Dynamic Pricing, a new, automated feature on the platform meant to simplify pricing for creators, according to information shared exclusively with nft now. Dynamic Pricing leverages a Rebate Dutch Auction mechanism, a pricing model designed by Foundation to help creators navigate the complex and often intimidating process of pricing their creations. Credit: Foundation Greater control and transparency Appropriately estimating the price of an NFT can be tricky as a creator in Web3; if the price is too high, it could result in sluggish or (in some cases) no sales at all. Conversely, setting the […]