web3 / 509 posts found
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 […]
Navigating Hong Kong’s New Crypto Regulations
Hong Kong has been making headlines in the crypto space ever since it announced it would allow retail crypto trading in May 2023. On June 1, Hong Kong implemented new crypto regulations to license exchanges, with the Hong Kong Securities and Futures Commission (SFC) marking the occasion by issuing a flurry of regulatory guidance for operators of Virtual Asset Trading Platforms (VATP). It is important to note that while cryptocurrencies have faced prohibition in mainland China since 2021, Hong Kong has its own distinct financial system and regulatory bodies. On June 13, an explanation of these regulations written by Gilbert […]
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 […]
Bank of China’s BOCI Breaks Ground With Country’s First Tokenized Security
BOCI, Bank of China’s investment banking division, has broken new ground by issuing 200 million yuan ($28 million) in fully digital structured notes in Hong Kong. This is the first instance of a tokenized security issuance by a Chinese financial institution in the region. UBS originated the product, which was allocated to its clients across the Asia-Pacific region, demonstrating an ongoing partnership between BOCI and UBS in the field of digital structured notes. Previously, in December 2022, UBS issued a $50 million tokenized fixed-rate note under the governance of English and Swiss laws, utilizing a regulated blockchain. This recent transaction […]
Senators Accuse Binance of Lying, Gensler’s History With the Exchange Raises Eyebrows
Recent developments have emerged following lawsuits by the Securities and Exchange Commission (SEC) against two of the globe’s leading cryptocurrency exchanges. On June 5, the SEC filed a comprehensive lawsuit accusing Binance of mismanagement of customer funds and deception towards regulators and investors about its operations. The next day, the SEC leveled allegations against Coinbase for allegedly operating as an unregistered broker of securities, an unregistered exchange, and an unregistered clearing agency. Now, additional aspects of the Binance lawsuit have emerged, encompassing claims of deceptive practices from Binance and allegations aimed at SEC Chair Gary Gensler. U.S. Senators accuse Binance […]
Binance.US to Halt Fiat Withdrawals As Early As June 13
The fallout from the U.S. Securities and Exchange Commission’s (SEC) civil lawsuit filing against Binance, the most popular crypto exchange by volume, continues this week, with Binance.US, the American arm of the global exchange, announcing a temporary halt to all fiat withdrawals late Thursday, June 8. The exchange attributed the move, which is expected to take effect as early as June 13, 2023, to its banking partners, who have indicated their intention to suspend USD fiat operations with the company. “As a result,” Binance.US wrote on its Twitter account yesterday, “in an effort to protect our customers and platform, today […]
Dust Labs’ de[id] Is a One-Stop Digital Hub for y00ts and DeGods Holders
Dust Labs has just initiated the roll-out of de[id], their new Web3 ID profile platform, specifically designed for DeGods NFTs and y00ts NFTs holders. The two projects have merged their Discords in favor of this more streamlined system. Frank DeGods, Founder of DeGods, says the goal of the platform is simple: to build software that helps people “save time, make friends, and earn money.” Even though it’s in its early phase, the platform harbors ambitious goals to set itself apart from any existing Web3 profile. Here are some of its features. de[id] and wallet safety Credit: Dust Labs The de[id] […]
A Guide to Opepen: Jack Butcher’s Pepe-Themed Web3 Experiment
Web3 has no shortage of “crossover episodes,” moments in crypto art culture where projects, memes, and personalities bleed into and influence each other in significant ways. Beeple’s daily commentary on the NFT space is a good example of this, but he is far from the only influential voice turning existing trends into something fresh and new, whether that’s a simple observation or a fully-fledged Web3 project. One of the most enduring symbols in the crypto world is Pepe the Frog, the iconic 2005 cartoon character created by Matt Furie. Since its creation, Pepe the Frog has become one of the […]
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 […]