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The SEC charged crypto-project Stoner Cats for conducting an unregistered NFT offering that raised $8 million. One of the arguments the SEC used was that the entity promoted the potential for its NFTs' prices to increase in the secondary market. Stoner Cats agreed to pay a $1 million penalty and to destroy all NFTs in its possession but did not have to admit that it was guilty of the charges.
Yesterday, FTX received approval from a US bankruptcy court to sell and hedge its crypto holdings, valued at over $3.4 billion - $1.16 billion worth of solana and $560 million in bitcoin, and the rest in other tokens. The court ruling permits FTX to use the funds raised in this liquidation to repay its creditors. FTX claims that hedging its assets will limit downside risk, while staking certain digital assets will generate low-risk returns for creditors. FTX also requested to hire Mike Novogratz from Galaxy Digital as an adviser in this process.
Telegram, in conjunction with the TON Foundation, announced the introduction of a self-custodial crypto wallet named TON Space at Singapore’s Token2049 crypto conference. The wallet, linked with the Telegram Open Network blockchain, was developed by the Open Platform, a company aligned with the TON ecosystem. The wallet offering follows Telegram's three million-user-strong custodial wallet version. Launching in November, TON Space expands Telegram's functionality and freedom while excluding certain jurisdictions like the US.
Coinbase CEO Brian Armstrong announced that the crypto exchange will integrate the Bitcoin Lightning Network, enabling faster, cheaper transactions. This signifies a shift for Armstrong, who was previously opposed to this solution. Armstrong also acknowledged Bitcoin as the "most important" digital asset, backing its position in the industry. While the timeline for the integration is not yet clear, the decision underscores Coinbase's focus on enhancing the Bitcoin experience for users.
In this article, Ethereum infrastructure company Astria emphasizes the need for decentralized sequencers in rollup protocols over the centralized ones used currently. Although centralized sequencers offer faster transaction validations, they pose risks such as potential invalid commitments and manipulation for the operators' own benefit. To counter this, Astria suggests either a simple leader rotation mechanism or a Byzantine Fault Tolerant consensus algorithm for rollup decentralization, bringing more security and redundancy while avoiding single-party dependency.
The fourth annual Chainalysis Global Crypto Adoption Index has been released. The index measures grassroots crypto adoption in various countries. It considers factors such as on-chain data and real-world data to identify countries where average people are embracing cryptocurrencies the most. The index evaluates each country's cryptocurrency usage through centralized exchanges, retail transactions, peer-to-peer exchanges, and DeFi protocols.
This article analyzes the potential scenario of the Federal Reserve continuing to raise rates instead of cutting them. It questions what would happen if there was no recession, inflation didn't fall, and there were no financial system breakdowns. The article also discusses the concept of real yields and argues that they should match nominal GDP growth. It examines the current state of real yields in the US and discusses the implications for future growth. Despite uncertainties, the current environment is bullish for cryptocurrencies like Bitcoin.
This statement from SEC commissioners presents dissenting views on a recent NFT settlement against Sonter Cats spearheaded by Chair Gensler. The application of securities laws to NFTs is criticized for lacking clear guidelines and potentially stifling artistic creativity. The release compares NFTs to physical collectibles and highlights the importance of providing artists with clear guidance on how securities laws apply to their work. The dissenting views argue that the enforcement action against Stoner Cats inhibits artists from utilizing NFTs to monetize their talents and engage their fan bases.
Rep. Tom Emmer sponsored an amendment restricting the SEC's digital asset enforcement funding, criticizing Chair Gary Gensler's overreach. Emmer emphasizes the need for regulatory clarity and supports other crypto-related legislation.
Binance.US CEO Brian Shroder resigned three months after SEC charges were levied against the firm. The firm announced a second round of layoffs, totaling over 100 staff members.
MobileCoin, responsible for Signal's crypto payments, appointed Sara Drakeley as CEO, aiming to enhance encrypted global money transfers.
Google Cloud has become an oracle provider on the LayerZero network, facilitating data transfer between chains.