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Crypto-Friendly SEC Commissioner Mark Uyeda Objects to Consolidated Audit Trial for Crypto

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4 hours ago

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Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), along with five SEC commissioners is all set to testify before the House Financial Services Committee on Tuesday, September 24. A day before, crypto-friendly SEC Commissioner Mark Uyeda objected to the consolidated audit trail (CAT) for cryptocurrencies, as it seeks to track investors’ sensitive data.

SEC Commissioner Objects to Audit Trails for Crypto

Ahead of the Gary Gensler testimony on Tuesday, SEC Commissioner Mark Uyeda said that the House of Financial Services Committee, dominated by Republicans, is likely to grill Gensler and Democrats over their tough regulatory stand on cryptocurrencies.

Uyeda also said that the Democrat’s proposal of a consolidated audit trail (CAT) on crypto is nothing but overregulation of private funds. In his recent interview with Fox Business, the SEC Commissioner said: “The Consolidated Audit Trail is a system that one would expect to find in a surveillance state, not the land of freedom and liberty”.

The Republicans have opposed to regulatory overreach and increased government surveillance on the crypto industry. Besides, they have also shared growing concerns about the SEC’s unrestricted access to traders’ sensitive personal data through the CAT. This violates privacy rules said Uyeda.

Furthermore, the SEC demands that broker-dealers and industry participants help fund the database by paying fees tied to their trading volumes. Commenting on this, SEC Commissioner Uyeda said:

“The commission needs to end its war on crypto and cease empowering special interest ESG activists to dominate C-suites and corporate boards. We should take a hard look at policies that permit a small number of proxy advisers and asset managers to effectively control public companies. The commission must empower entrepreneurs to build businesses, create jobs and innovate by focusing on capital formation.”

Mark Uyeda Opposes SEC’s Handing of Crypto Regulations

The US securities regulator has been facing major opposition to regulating the $2 trillion crypto industry. Speaking to Fox Business, SEC Commissioner Uyeda said that the regulator has failed to provide a comprehensive list of crypto firms that can operate in the US.

“We have not provided the rules of the road for crypto, other than to declare that nearly all are securities, nor have we provided a practical pathway to comply with our rules. Instead, we have wasted time and money on crypto enforcement actions that provide limited guidance at best,” he said.

Commissioner Uyeda also stated that while the SEC has been using enforcement resources on crypto, it has fallen short of protecting investors from crypto scams.

“Presuming that everyone in the market is a potential scammer and fraudster unless proven innocent is the wrong course of action — and not the American way,” said Mark Uyeda.

Recently, Senator Cynthia Lummis and Rep. Patrick McHenry have also appealed to the SEC to repeal the SAB 121 accounting rules for crypto custodians.

The SEC Commissioner also stated that Gary Gensler’s approach to crypto regulation is not the right approach. Recent reports also suggested Gensler’s possible removal from the SEC.

Uyeda added that the securities regulator should focus on empowering Americans to make independent financial decisions, supporting U.S. companies’ global competitiveness, and restoring public accountability in the rule-making process.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bybit Launches Sharia-Compliant Crypto Accounts

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1 hour ago

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September 24, 2024

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Bybit crypto exchange has announced the launch of Sharia-compliant crypto accounts. These accounts will enjoy offerings that align with Islamic laws. The exchange also announced support for 18 coins on the Islamic crypto accounts. Meanwhile, the US crypto exchange Kraken has widened its reach in Europe with its latest acquisition.

Bybit Launches Sharia-Compliant Crypto Accounts

Bybit. the second-largest crypto exchange by trading volume, announced the launch of Sharia-compliant crypto accounts developed in consultation with ZICO Shariah Advisory Services to ensure compliance with Islamic principles. These Islamic accounts will offer no interest, ensuring Muslim investors can comfortably use the platform’s crypto services.

Meanwhile, the crypto accounts will be available to Muslim traders worldwide. Ben Zhou, Bybit’s CEO, revealed that the initial offerings for the account will include Spot Trading, DCA Trading Bot, and Spot Grid Bot.

As to how these crypto accounts will operate, users will still need to create a main account before making the Islamic subaccount. The main account is the one which they will use to facilitate deposits and withdrawals.

Meanwhile, the crypto exchange will enable support for 18 coins, namely, USDT, USDC, BTC, ETH, SOL, XRP, ADA, POL, AVAX, LINK, LTC, BNB, ATOM, ETC, UNI, XLM, ALGO, and XTZ. This move is significant as Bybit becomes the first among the top crypto exchanges to offer an Islamic crypto account.

This move will promote inclusivity in the crypto space and could help onboard more Muslim investors into the crypto space.

Kraken Widens European Reach With BCM Acquisition

Kraken announced the acquisition of the Dutch crypto broker Coin Meester B.V. (BCM). The crypto exchange noted that this marks a “key element” in their European growth strategy. With this acquisition, the exchange said it has “significantly expanded” its Dutch footprint and enhanced its business with a registered Virtual Asset Service Provider (VASP) in France and Poland.

Following this development, Kraken can now offer VASP services directly or through a partnership in eight European countries. These countries are Germany, Spain, Italy, the Netherlands, Belgium, Ireland, France, and Poland. Like Bybit’s announcement, this is also bullish for crypto adoption, especially as Kraken continues to expand its reach in the European market.

Coinbase Looking To Secure A Win For Crypto

Coinbase is looking to secure a win for the crypto industry as the exchange appealed the SEC’s denial of rulemaking petition. Lack of regulatory clarity in the US remains a stumbling block to crypto adoption. However, the crypto exchange is looking to correct that, arguing before the court that the Commission should provide a clear legal framework for digital assets.

This appeal is undoubtedly timely, considering that the Commission recently stated in a filing in its case against Binance that it regrets the confusion it has caused in using the term ‘crypto asset securities.’ The US SEC had earlier classified several crypto assets as securities, including XRP, which led to the long-running legal battle against Ripple.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Sam Altman OpenAI X Account Breached In Crypto Scam Attack

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7 hours ago

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September 24, 2024

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Sam Altman’s OpenAI X account was compromised on Monday in an attempt to conduct cryptocurrency fraud. Hacker impersonated OpenAI and sent out a message advertising a new fake token named $OPENAI, and lured the audience into visiting a phishing page to input their credentials for their crypto wallets.

OpenAI X Account Hacked in Cryptocurrency Scam

According to OpenAI, the hack affected its newsroom on X (previously Twitter), the account that is used to publish company-related information. The fake tweet claimed that a new blockchain token called “$OPENAI” had been launched, which is not true and has no connection with OpenAI. 

The message stated that all OpenAI users would be able to get a share of the token to provide early access to the upcoming beta versions.

This hack is the latest in a series of similar incidents that has targeted OpenAI accounts on X. In the last few months, even OpenAI top employees such as Chief Scientist Jakub Pachocki or researcher Jason Wei have also had their accounts hacked and used to promote similar cryptocurrency scams.

Details of the Phishing Scam

The fraudulent post appeared on the @OpenAINewsroom account around 6:24 PM ET. It had several mistakes, among which the improper name of Sam Altman’s OpenAI was used: $OPEANAI, and the link led to the phishing site which imitated the OpenAI website. 

The site had a button that read “CLAIM $OPENAI” which was intended to trick users into linking their cryptocurrency accounts. The post had no comment section, which made it more difficult to recognize the fraud for the users. As much as the post was deleted it remained visible for almost an hour and could have been seen by many followers.

Such scams as this one commonly attempt to collect user credentials and, consequently, give the attackers access to the users’ cryptocurrency portfolios. Connecting wallets to the fake websites can lead to loss of funds or exposure of personal information.

Previous Incidents of OpenAI Account Breaches

This recent hacking of Sam Altman’s OpenAI X account is not the first of its kind. Over the past year, OpenAI has been a victim of cybercrimes where scams have attempted to impersonate company officials on various platforms. In June 2023, for instance, OpenAI’s Chief Technology Officer, Mira Murati, also had her account hacked. Similarly, her account uploaded a fake cryptocurrency scam which was similar to the one that was posted on the OpenAI newsroom account.

These incidents are not new to X and other organizations of such stature as the World Health Organisation and Yahoo News UK have also fallen prey to cyberciminals. In particular, the cybercriminals use these breaches to trick the respective victims into various fake cryptocurrency investment schemes such as pump and dump.

Subsequently, Sam Altman’s OpenAI has acknowledged the breach and is investigating the incident. The company urged users to remain cautious and avoid interacting with suspicious posts or links that claim to offer cryptocurrency giveaways. 

Despite the recent security issues, OpenAI is moving forward with its latest innovations. The company is set to launch an advanced voice mode for ChatGPT, offering users enhanced voice interaction capabilities. This new feature aims to improve accessibility and expand the ways users can engage with the AI assistant.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Exchange Appeals SEC’s Denial Of Rulemaking Petition

Published

12 hours ago

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September 23, 2024

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Coinbase vs SEC lawsuit has seen a renewed clash in a federal appeals court in Philadelphia, as the leading U.S. crypto exchange challenges the regulator’s refusal to establish new rules for digital assets.

The hearing marks the latest chapter in the ongoing dispute between Coinbase and the SEC, with the exchange seeking to overturn the SEC’s denial of its 2022 rulemaking petition.

Coinbase Challenges SEC’s Denial of Rulemaking Petition

In a court hearing on Monday, Coinbase urged the SEC to establish clear regulations for digital assets, arguing that existing securities laws are outdated and impractical for the crypto industry.

The exchange’s appeal centers on the SEC’s refusal to act on a 2022 petition requesting clarification on when a digital asset qualifies as a security and calling for a market structure tailored to cryptocurrencies.

The SEC denied Coinbase’s petition in December 2023, asserting that current regulations are sufficient and disagreeing with the idea that new rules are necessary. Coinbase contends that this stance has left the crypto market in regulatory uncertainty, making compliance difficult for companies operating in the U.S.

This Is a Breaking News Please Check Back For More

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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