US SEC Archives

US SEC working to register crypto lending firms

As per a report by CNBC, the U.S. Securities and Exchange Commission (SEC) is working to get some crypto lending firms registered if they operate more as investment firms. SEC Chair Gary Gensler also said it was up to large financial institutions to decide whether they want to include crypto options in their portfolios for clients. However, the risks of crypto tokens need to be made public.

Crypto prices today: Bitcoin up 0.1%, ETH falls 0.05%

Bitcoin is currently trading at $21,974.65, an increase of 0.18% over the previous day. Ethereum fell 0.05% over the last 24 hours to $1,525.84. Solana fell 0.27% to $38.41, while Cardano is trading lower by 0.25% at $0.494. Polygon (MATIC) is down 1.07% to $0.831. The global crypto market cap stands at $1.01 trillion, a 3.6% decline over the previous day.

Yuga Labs threatened with possible class-action lawsuit

Law firm Scott+Scott is currently organizing a class-action suit against Yuga Labs, as per an announcement from the firm. The lawsuit will allege that Yuga falsely promoted Bored Ape NFTs and ApeCoin (the collection’s native Ethereum token) as securities with guaranteed returns but which, in reality, plummeted in value over the last three months. Yuga Labs is the $4 billion company behind the popular NFT collection Bored Ape Yacht Club (BAYC).

Animoca Brands launches DAO to develop Metaverse standards

An alliance of Web3 companies has come together to build an open and borderless metaverse called the Open Metaverse Alliance for Web3 (or OMA3). Projects joining the alliance with Animoca Brands (a Hong Kong-based game software and venture capital firm) include Alien Worlds, Dapper Labs, Decentraland, Star Atlas, and The Sandbox. They aim to solve key challenges of the metaverse, including preserving the freedom of information owned by users.

US SEC ramps up crypto fraud oversight by adding 20 employees

The US Securities & Exchange Commission (SEC) will add 20 positions to its enforcement unit for crypto markets in its push to curb fraudulent activities. The division will be renamed the “Crypto Assets and Cyber Unit” and will have a total of 50 employees. The revamped unit will focus on preventing fraud that uses crypto-asset offerings, exchanges, lending & staking products, DeFi platforms, non-fungible tokens, and stablecoins.

Crypto prices today: Bitcoin down 0.3%, ETH falls 1%

Bitcoin is currently trading at $38,386.1 a 0.29% decline over the previous day. Ethereum is down 0.99% over the last 24 hours to $2,813.33. Solana fell 1.8% to $86.81, while Cardano is trading lower by 0.78% at $0.783. Avalanche (AVAX) fell 2.4% to $60.41. The global crypto market cap stands at $1.73 trillion, a 0.53% decline over the previous day.

Hawaii to approve task force to examine Bitcoin, Web3 technology

The Hawaii State Senate today approved bill SB2695 that establishes a blockchain and crypto task force. The bill aims to see how the state can regulate, provide oversight, and potentially use blockchain tech and crypto. The task force will include both government officials and members of the Web3 space, plus professors from the University of Hawaii that specialize in digital currency.

Reward points, e-vouchers out of crypto tax net

India will provide a specific exclusion for e-vouchers, points earned on cards on shopping and payments, and other such digital reward assets from the proposed tax on virtual digital assets (VDAs). The government is working on a set of rules that would be notified soon. VDAs are information, code, number, or token not being Indian or foreign currency, generated by cryptographic means or otherwise.

As per reports, the tax department could also levy 20% TDS on interest earned on cryptocurrencies from foreign platforms.

El Salvador’s debt risk looms as Bitcoin Bond has yet to launch

El Salvador is the first nation to experiment with Bitcoin as a national currency. However, it has an $880 million bond due in January, according to Moody’s. Unfortunately, since the nation’s highly anticipated “Bitcoin Bond” has yet to reach the market, it may have some trouble paying that debt. The government is yet to introduce legislation necessary for the bond to move forward.