crypto blog
Metaverse casino served emergency cease and desist to halt NFT sales
A metaverse casino has been hit with simultaneous cease and desist orders from four state enforcement bodies across the United States, who have deemed the firm’s nonfungible tokens (NFTs) to be unregistered securities. Over two NFT collections offered by metaverse casino Slotie, the tokens are said to offer access to the metaverse casino, staking rewards, revenue split from its games, lotteries, and native token WATT. However, the regulators don’t appear pleased with how the platform has marketed the NFTs and its alleged lack of securities registration. On Oct. 20, Texas, Kentucky, New Jersey, and Alabama state securities boards submitted orders for Slotie to cease and desist its operations, citing the platform’s lack of state registration and the offering of unregis...
US regulator touts to ‘aggressively police’ crypto in new report
The U.S. commodities regulator certainly doesn’t want to look like it’s going easy on crypto, revealing it was behind 18 separate enforcement actions targeting digital assets in the 2022 fiscal year. In an Oct. 20 report from the Commodity Futures Trading Commission (CFTC), a total of 82 enforcement actions were filed in 2022’s fiscal year, imposing $2.5 billion in “restitution, disgorgement and civil monetary penalties either through settlement or litigation.” The CFTC said that 20% of the enforcements were aimed at digital asset businesses, with chairman Rostin Behnam stating: “This FY 2022 enforcement report shows the CFTC continues to aggressively police new digital commodity asset markets with all of its available tools.” One of the more recent CFTC enforcement actions tha...
SBF: FTX to filter assets it thinks are securities from US listings until registration in place
Sam Bankman-Fried (SBF) has written a set of suggested standards for the crypto industry “while waiting for full federal regulatory regimes,” which were posted on the FTX Policy blog on Oct. 19. The post covers many of the questions facing regulators and operators, with specific reference to the United States at points. In particular, SBF outlined a plan for treating assets in the U.S. in regard to their status as securities or commodities. FTX will implement his plan, SBF wrote. In the United States, SBF wrote, the FTX legal team will analyze assets using the Howey test, case law and guidance to determine whether an asset is a security or commodity. Non-security assets will be classed as commodities by default. Moreover: “If we do find an asset to potentially be a security, we will not li...
UNI tokens delegation was a ‘misunderstood situation,’ according to Binance’s CZ
The millions of UNI (UNI) tokens delegated by Binance were a “misunderstood situation,” said Binance CEO Changpeng “CZ” Zhao in a Twitter post, in response to questions about 13.2 million UNI tokens delegated on Oct. 18 that made Binance the second-largest entity by voting power in the Uniswap DAO. According to CZ, a UNI transfer between internal wallets caused the automatic delegation. He denie allegations about the crypto exchange using users’ tokens to vote. UNI transferred between internal Binance wallets, causing the UNI to be automatically delegated. This is part of their protocol, not “we intended”. Binance don’t vote with user’s tokens. Uniswap misunderstood the situation. Tokens come to popular platforms. #Binance https://t.co/KYPqFx5GrW — CZ Bi...
How long will the bear market last? Signs to watch for a crypto market reversal
The current crypto bear market has induced panic, fear and uncertainty in investors. The dire situation started when the global market capitalization of crypto dropped below the $2 trillion mark in January 2022. Since then, the price of Bitcoin (BTC) has decreased by over 70% from its all-time high of $69,044.77, reached on Nov. 10, 2021. Similarly, the values of other major cryptocurrencies such as Ether (ETH), Solana (SOL), Avalanche (AVAX) and Dogecoin (DOGE) have decreased by around 90%. So, does history tell us anything about when the bear market will end? Let’s start by examining the causes of the 2022 bear market. Catalysts of the 2022 bear market There are several factors that caused the current bear run. First off, the build-up to the bear market started in 2021. During this...
Acting US FDIC head cautiously optimistic about permissioned stablecoins for payments
Acting United States Federal Deposit Insurance Corporation (FDIC) chairman Martin Gruenberg spoke Oct. 20 about possible applications of stablecoins and the FDIC’s approach to banks considering engaging in crypto asset-related activities. Although he saw no evidence of their value, Gruenberg conceded that payment stablecoins merit further consideration. Gruenberg began his talk at the Brookings Institute with an expression of frustration seemingly common among many regulators: “As soon as the risks of some crypto-assets come into sharper focus, either the underlying technology shifts or the use case or business model of the crypto-asset changes. New crypto-assets are regularly coming on the market with differentiated risk profiles such that superficially similar crypto-assets may pose sign...
Automobili Lamborghini drops its limited edition “World Tour” themed NFTs this October
New York City, United States of America, 20th October, 2022, Chainwire Fasten your metaversal seatbelts, as Automobili Lamborghini is releasing a series of limited edition ‘World Tour’ themed NFTs this October. In collaboration with Web3 Pro™ and INVNT.ATOM™ (the Web3-focused digital innovation division of [INVNT GROUP]™), the iconic Italian company will release four unique “World tour” themed NFTs available for a limited time. “The Epic Road Trip” collection launched in August has had super sports car fans and the crypto community racing to purchase a collection of four limited-edition NFTs released each month for 4 consecutive days, each available for 24 hours only. This month represents the third month of the campaign, with October’s ultimate set of digital collecti...
Venom Foundation – the first crypto foundation licensed in UAE’s ADGM to build an infinitely scalable blockchain platform
The project generates attention in MENA due to its tremendous transactional management possibilities, higher security, and inbound governmental database projects. Venom Foundation has been registered as the first crypto foundation in the ADGM, with a license to operate a blockchain and issuing utility tokens. ADGM is known as a fintech oasis for investors and financial services firms around the globe. The next essential step of Venom Blockchain is to be announced in the upcoming month. Venom blockchain has an asynchronous blockchain technology of dynamical sharding, that has made an unprecedented leap in blockchain technology development globally, bringing to the market boundless scalability, and higher security guarantees with decentralization. Venom Foundation is leading among three core...
Cere Network unveils Vision 2.0 primed to be a key driver of Web3 infrastructure adoption in 2023
Berlin, Germany, 20th October, 2022, Chainwire Cere Network, a leader in Decentralized Data Cloud (DDC) platforms, announced today the launch of Vision 2.0 to update supporters on its mission for truly decentralized Web3. The Vision 2.0 release follows the launch of Cere Network’s new website, which displays an array of exciting technology updates along with partnerships and applications in the pipeline. Vision 2.0 provides a critical look at dApps and their data infrastructure. Despite what some may think, most of today’s dApps are not decentralized, particularly their data — which is usually stored on centralized servers. This severely limits the decentralized and serverless potential of dApps and does not resolve the privacy and security issues plaguing the current Web2 centralized apps...
Will museums of the future just be giant NFT galleries?
Museums, individuals and metaverse initiatives have used nonfungible tokens (NFTs) as a new means for reinventing themselves before their fans. The family of Frida Kahlo unveiled never-before-seen art and personal artifacts of the artist at an exclusive event on the Decentraland metaversplatform for its art week in August. In Belgium, the Royal Museum of Fine Arts Antwerp became the first European museum to tokenize a classic art masterpiece worth millions of euros. The Kharkiv Art Museum in Ukraine launched a new NFT collection with Binance to preserve their cultural heritage and raise funds amid the ongoing regional conflict. However, as everything becomes tokenized, questions arise. Will museums in the future just be giant NFT galleries with every piece of art having a digital...
Institutional crypto adoption requires robust analytics for money laundering
Institutions have begun to take crypto seriously and have entered the space in numerous ways. As noted in a previous analysis, this has resulted in banks and fintechs looking at custody products and services for their clients. However, as custodians of clients’ assets, banks must also ensure they are clean assets and stay compliant. This is where on-chain analytics solutions have a huge role to play in understanding patterns in transactions to identify money laundering and other spurious activities within the cryptocurrency and digital assets space. According to a report by Chainalysis, over $14 billion of illicit transactions took place in 2021. Therefore, it is critical to build the foundational infrastructure around Anti-Money Laundering (AML) to support the growing institutional ...
Can NFTs democratize scheduled programming of TV in the Web3 era
Nonfungible tokens (NFTs) leave almost no part of the physical world untouched. From museums and major fashion brands like Gucci adopting the technology to digital items to musicians breaking archaic song rights distribution methods. Now even television, or in a streaming era — scheduled programming, is taking on NFTs as a means of crowdfunding programs. NFTV is streaming crypto-themed content but using NFTs as the backbone to crowdfund shows while providing viewers with some say in what’s on deck. Each program has a set of related NFTs, which give creators the reins of their projects, rather than giant media houses, while holders have the chance to contribute content. Greg Cipes, co-creator of NFTV, spoke with Cointelegraph to discuss the fine line between content democratization and an a...
