“Despite turmoil in traditional financial markets, bitcoin is holding up relatively well on Monday. Its resilience is interesting given its tendency to trade in concert with the Nasdaq Composite, which is down 0.8%.
Traditional financial markets are trading lower Monday largely because of global recession fears. The British pound has declined to record lows following news that the Bank of England may raise its interest rates aggressively.”
“Apple’s decision to let NFTs be bought and sold on App Store apps hasn’t received the kind of reception one might expect from Web3 proponents. That’s because the iPhone maker has decided to charge its standard 30% commission on in-app NFT sales, which industry leaders say is “grotesquely overpriced.”
For context, the leading NFT marketplace OpenSea charges a 2.5% commission on NFT sales.
However, it is worth noting that the App Store can count on more than one billion iPhone users for reach. Even during the peak of the NFT hype at the start of the year, OpenSea saw just a little over a million monthly users. Some have also pointed out that mobile games especially will benefit from selling NFTs, while others said the move will significantly increase Web3 adoption worldwide.”
“The company is seeking legal counsel to help it navigate crypto, NFT and DeFi regulations as it expands its Web3 strategy.
The full-time position calls for an experienced corporate attorney to ‘work on transactions involving emerging technologies, including NFTs, blockchain, metaverse and decentralized finance.’ The position would provide guidance on “global NFT products.” The listing also mentions vetting NFT projects, blockchain networks, third-party marketplaces and cloud providers, as well as providing legal guidance on digital currency and blockchain technology.
Disney has in recent months accelerated its hiring of Web3-focused executives to integrate crypto elements into its many business branches. The pattern throughout is language stressing a merge of in-person and digital experiences, with blockchain at its core.”
“In the CFTC’s complaint, the agency argues that bZeroX and Ooki DAO are essentially the same organization, despite Ooki DAO’s language of decentralization. After operating from June 2019 to August 2021, bZeroX transferred control of its protocol to Ooki DAO.
The bZx Founders were wrong, however. DAOs are not immune from enforcement and may not violate the law with impunity.
The CFTC seems to take particular issue with Bean and Kistner’s repeated representations of the DAO-ification of their protocol as something that would put it beyond the reach of regulators.
What did surprise many crypto lawyers, however, is that the CFTC’s complaint indicates the regulator sees all voting governance token holders as potentially culpable members of a DAO. Such a crude method of determining involvement would also capture token holders who may have voted against potentially illegal actions, or who only voted on irrelevant things, like what to name the DAO. This issue was at the heart of a dissenting statement from CFTC Commissioner Summer Mersinger, who called the enforcement action “arbitrary and unfair.”
The Commission’s approach … affirmatively disincentivizes voting participation in DAO governance generally – and particularly those who may want to vote in a manner that effectuates change to comply with the law.
Though the enforcement action opens the door to who can be held responsible for a DAOs bad deeds, how to identify those participants – many of whom are pseudonymous even to fellow members – is another question. ‘It is [also] unclear how much of what the CFTC alleges will be accepted by the court.‘
As long as the DAO isn’t doing anything which violates any laws that would subject the members to personal liability, then it shouldn’t be an issue.”
“Today, the Hub’s primary role is to serve as a template for building blockchains into the Cosmos “interchain” – a web of individual blockchains that can easily share information and assets.
The Cosmos Hub 2.0 white paper outlines a revamped role for the Hub as the heart of interchain security – meaning other chains will be able to use the Hub to secure their own networks. With the launch of interchain security on the Cosmos Hub, other Cosmos chains will be able to borrow the Hub’s validators to secure their own networks rather than find their own.
The white paper also introduces mechanics aimed toward accruing value to ATOM, the Cosmos Hub’s native token. According to the new white paper, the investment narrative behind ATOM changes when the Cosmos Hub – with the ATOM token at its core – is used to secure a wider swath of the Cosmos ecosystem via interchain security.”
“Friedman LLP, a New York-based accounting firm that provided auditing services for the stablecoin issuer in 2017 is accused of “serial violations of the federal securities laws” and “improper professional conduct.” The auditor was found to have lied about conducting its audits in accordance with the standards of the Public Company Accounting Oversight Board.
The SEC’s order, issued Friday, details sloppy accounting practices that were common at Friedman LLP from 2015 to 2020, including its failure to “respond to fraud risks” and “exercise due professional care and professional skepticism,” among other things, the order said.
In its settlement agreement with the SEC, Friedman LLP has agreed to train its staff in proper auditing procedures.”