“U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said he believes the vast majority of crypto tokens and initial coin offerings (ICOs) violate U.S. securities laws.
Generally, folks buying these tokens are anticipating profits, and there’s a small group of entrepreneurs and technologists standing up and nurturing the projects. I believe we have a crypto market now where many tokens may be unregistered securities, without required disclosures or market oversight.
While each token’s legal status depends on its own facts and circumstances, the probability is quite remote that, with 50 or 100 tokens, any given platform has zero securities
Gensler reiterated earlier comments that stock tokens and “stable value tokens backed by securities” qualify as securities in his view, meaning they must be registered and their issuers must abide by existing federal law.
Gensler also briefly hinted at how his agency might approach exchange-traded funds (ETFs). While Gensler didn’t comment on the proposals themselves, he called out the importance of having investor protections codified into law.
Given these important protections, I look forward to the staff’s review of such filings, particularly if those are limited to these CME-traded bitcoin futures.”
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“The 20 largest decentralized autonomous organizations (DAOs) hold $6 billion worth of digital assets, according to the latest DeFi report from ConsenSys, an Ethereum software company. The ConsenSys DeFi report highlights that DAOs have flourished in the second quarter and now represent a new type of coordination when it comes to dealing with financial decisions for fundraising or deploying capital.
The biggest DAOs include decentralized finance (DeFi) projects such as Compound, Uniswap, Bankless and public-funding entities such as Gitcoin.
What makes DeFi so alluring is that anyone with an idea can coordinate, pool funds, and even create tokens that represent your share within the organization.”
“The $1 billion digital assets manager said Wall Street-type clients are demanding more exposure to DeFi’s biggest names.
Hedge funders – at least those with an appetite for crypto – have been warming up to the DeFi markets this year. A May study by consultancy PwC estimated that 31% of crypto hedge funds have used decentralized exchanges to execute trades and more than a quarter were invested in AAVE.”
“The leading opposition party in Spain, has introduced a bill that would allow for the payment of mortgages with cryptocurrencies and create a national crypto assets council to analyze the implications of the use of crypto and blockchain in that country.
According to the text of the “Digital Transformation Law,” homeowners would be able to use cryptocurrencies to pay their mortgages, while the real estate sector would be able to use crypto to invest in mortgage pools. Banks, on the other hand, would be able to use blockchain as a system to manage mortgages and insurance, and streamline the payment of indemnities with digital currencies.
The proposal adds that cryptocurrencies may be accepted as means of exchange between two parties, in the ‘fulfillment of private obligations, to the extent that they are freely agreed upon by the parties to the transaction as alternative, contractual and immediate methods of payment and are used for no other purpose than to serve as such.’
According to the PP, the bill seeks to ensure that transactions with cryptocurrencies ‘are carried out in a framework of trust, security and transparency.’“
“Miami will launch its very own cryptocurrency tomorrow, MiamiCoin, which will be used to fund infrastructure projects or events in the city. MiamiCoin will be the first CityCoin released. CityCoins is a project that allows people to invest in a city by buying tokens.
If the project takes off and becomes popular by more people holding it, investors will be able to passively earn Bitcoin simply by owning the MiamiCoin. This is because MiamiCoin is built on Stacks, a crypto project which allows users to lock up their tokens and earn rewards to keep the system running.”
“Bitcoin SV (BSV) has reportedly suffered a “massive” 51% attack beginning around 11:45 am Tuesday, resulting in up to three versions of the chain being mined simultaneously.
For over 3 hours, attackers were able to take over the chain. All exchanges that received BSV deposits during that time might have been double spent.
Someone is seriously trying to destroy BSV.
The latest update from Coin Metrics confirmed that its FARUM nodes witnessed a “deep reorg with a max depth of 14 blocks.” Although no further reorganization events were observed, “synchronization conflicts” are still taking place across major mining pools. BSV currently has a market capitalization of just over $2.6 billion.”
“The decentralized computing power-sharing network Golem has partnered with software firm Allchemy for a program exploring the origins of life on Earth. The program, called LIFE@Golem, harnesses Golem’s computing power in an attempt to recreate billions of chemical reactions and molecular bonds to trace how the first forms of life could have started on the planet.
Although research in this arena is decades-old, it has never been conducted on similar scales, boosted by a state-of-the-art computerized synthesis engine deployed on a global platform such as Golem.
The project demonstrates to the blockchain community that reputable life-sciences partners such as Allchemy see practical potential in Golem and can prove it by utilizing the protocol.”