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Consensys Responds to SEC Lawsuit Over MetaMask

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3 days ago

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Following the SEC lawsuit where Consensys is accused of operating as an unregistered broker through its MetaMask software, the firm has issued a response.

The SEC accused MetaMask of carrying out activities similar to securities brokerage without the appropriate registrations through its swap and staking services. Moreover, this legal action, filed in the U.S. District Court for the Eastern District of New York, follows a Wells notice Consensys received in April.

SEC’s Lawsuit Against Consensys

According to the SEC, Consensys, via MetaMask, facilitated over 36 million crypto asset transactions, including 5 million that involved crypto asset securities, without the required registration. These activities are said to have earned Consensys more than $250 million in transaction fees.

The SEC is specifically concerned about MetaMask’s Swaps and Staking services as these, in the view of the regulator, involve the sale of unregistered securities tokens, including CHZ, LUNA, MATIC, MANA, and SAND.

Besides directly facilitating transactions, MetaMask Swaps is alleged to act as an intermediary by searching for the best exchange rates and managing customers’ assets through smart contracts. The staking aspect of MetaMask, which involved collaborations with entities such as Lido and Rocket Pool, reportedly also involved the offer and sale of securities through staking programs that were also unregistered.

As a result of the SEC’s legal actions, Consensys has come out in support of their legal stance, claiming that the SEC cannot regulate software interfaces like MetaMask as brokers. The company has decided to go to court in Texas for this very matter, stressing that this case is not only vital for Consensys but for the entire web3 industry.

Consensys claims that what the SEC has done is to overstep its regulatory mandate and change the legal precedent that has been set. The company has taken the position that as a software interface it does not translate to being a securities broker hence clearing up the allegations.

The legal conflict with the SEC is taking place at the background of the growing pressure from the regulatory authorities on the cryptocurrency market. This lawsuit is similar to other high-profile cases such as the current case against Coinbase. Consensys has also previously sued the SEC in Texas claiming that MetaMask Swaps and Staking are not brokers as they are software tools, with reference to the case SEC v. Coinbase.

Read Also: SEC Sues ConsenSys For Conducting Securities Via MetaMask

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

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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Japanese Tech Giant Sony Enters Crypto Exchange Business With This Acquisition

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3 hours ago

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July 1, 2024

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In the latest development, Japanese tech giant Sony has made a silent move into the crypto industry by acquiring crypto exchange Amber Japan. The Sony Group, a $100 billion conglomerate, now expands its business into crypto in addition to music, games, cameras, etc.

Sony’s Foray Into Crypto Industry

In his exclusive report, Chinese crypto reported Colin Wu reports that Amber Group stepped into the crypto space when the Singapore-based market maker Amber acquired Japan’s regulated crypto trading platform DeCurret in early 2022. Later, the Singapore-based group rebranded the firm as Amber Japan.

However, with the collapse of FTX in late 2022, Amberg Group started facing major financial difficulties and had to reportedly undergo a debt-to-equity transaction with Fenbushi Capital.

Some of the key investors in the Amber Group include notable entities such as Pantera Capital, Temasek, Tiger Global, Sequoia China, and Coinbase. Colin Wu reported that the acquisition of Amber by Sony signifies a strategic expansion into the crypto exchange field while leveraging its strong market position. It will be interesting to see whether Sony manages to turn the tide for the crypto exchange.

Also Read: BitFlyer Exchange Plans To Acquire FTX Japan

Japan’s Emerging Crypto Landscape

Japan’s crypto landscape has been changing pretty fast recently due to the major devaluation of the Japanese Yen and some monetary policies by the Bank of Japan. Last week, the Japanese Yen dropped to its lowest levels thereby driving more investors to adopt a Bitcoin strategy.

Similar to Microstrategy, Japanese firms like Metaplanet have started making Bitcoin a part of their treasury. Through the bond sale, Metaplanet has announced its plans to buy $7 million worth of Bitcoins.

Metaplanet is also bolstering its presence in the cryptocurrency market by establishing a new subsidiary in the British Virgin Islands. This move is part of its broader strategy to enhance its Bitcoin investment approach and increase its Bitcoin reserves, aligning with its long-term financial goals.

Also Read: Aptos Collaborates With Alibaba to Transform Asia’s Web3 Landscape

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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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Mark Cuban and ChatGPT Predicts Best Pick

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6 hours ago

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July 1, 2024

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American businessman Mark Cuban decided to get the opinion of ChatGPT on the recent Presidential debate between President Joe Biden and Donald Trump. The opinion of the Artificial Intelligence (AI) features only their responses. 

ChatGPT Spots Joe Biden’s Empathy

According to Cuban, he pasted a transcript of the debate on the OpenAI chatbot, asking who is best fitted to receive a job. 

The result provided by ChatGPT was based on a few metrics including communication skills, clarity, problem-solving abilities, and overall professionalism. On this basis and from a hiring perspective, an analysis was provided. 

For Biden, ChatGPT noted that he has extensive experience in public service which must have translated into a deep understanding of governmental processes. Also, the current President of the United States was identified as one with empathy and social awareness. In the AI tool’s opinion, such attributes suggest that he is concerned about community impact.

On the flip side, the ChatGPT result says Biden’s response during the debate was rather unclear and fragmented. Unfortunately, this raises concerns about his ability to communicate effectively, particularly in a professional setting. 

His responses were also found to lack focus and consistency as he meandered off-topic at some point. 

The Donald Trump Assertiveness

Per the analysis, Donald Trump appeared assertive and confident in his communication. This reflects good leadership qualities that give a person strong command. ChatGPT highlighted that Trump emphasized economic achievements and tax policies in his responses during the debate. This suggests that he has business acumen and is focused on economic performance.

However, Trump exaggerated several points while trying to make his argument, per ChatGPT’s result. This gives him off as a person who may not be reliable or accurate in communication. In addition, it was discovered that he avoided providing specific information, plans, or solutions to most of the questions posed to him. This is perceived as a shortcoming on his part.

Based on both attributes, ChatGPT decided that Biden is more suited for roles that involve empathy, experience, and social awareness. Trump, on the other hand, may have to stick with jobs requiring assertiveness, confidence, and a focus on economic performance. 

Beyond these factors, the coming election is considered one that might be decided by crypto alignment. Some key proponents of Web3.0 believe that Trump will be a better choice than Biden, especially for the sake of the betterment of the crypto industry. 

Read More: Vitalik Buterin Shares Big Take On US Crypto Regulation Flaws

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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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Toncoin Whales Just Started Buying This Coin; Is $10 Next?

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9 hours ago

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July 1, 2024

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Toncoin (TON) is in the spotlight with the coin facing an intense embrace from market whales. On-chain metrics showcased by crypto analytics platform Santiment hinted that whales have bought more than 45 million Toncoin over the past week. This 45 million TON is worth around $346.5 million at the current market price.

The Toncoin Metrics and Attractiveness

The odds according to many analysts are in favor of Toncoin at the moment. Recently, the protocol hit $700 million in Total Value Locked (TVL), a milestone that suggested the coin might regain the $8.24 All-Time High (ATH).

Toncoin has remained an outlier in the market, outperforming the duo of Bitcoin (BTC) and Ethereum (ETH) in the past month. While Bitcoin is down by 9% within the time span, Toncoin has jumped by more than $16.46. As a top performing altcoin, TON has solidified its position as the 8th largest coin in market.

The attractiveness of Toncoin has also made it bag an approval from the Astana Financial Services Authority (AFSA). The regulatory body has officially approved Toncoin for trading in Kazakhstan. While Kazakhstan is not a major crypto market compared to the United States, the approval underscores the global appeal of TON.

Toncoin is also thriving with respect to the projects launching on its mainnet. The digital currency ecosystem, with its links to the Telegram social messaging platform has set the project on a different pedestal. Over the past few months, Toncoin has seen the emergence of projects like Notcoin (NOT) and Hamster Kombat.

These projects were branded as Play-2-Earn (P2E) games with massive embrace in a spillover push from Telegram’s audience. With Hamster Kombat boasting of over 200 million, Toncoin comes off as the biggest beneficiary.

Is $10 TON Price Target Ahead?

Despite the massive surge the altcoin has recorded over the past few months, analysts are optimistic that the best is yet to come. In alignment with similar trends from Ethereum, BNB Chain and Solana, the Toncoin ecosystem is growing at a very fast pace.

With more innovative projects going live and the demand on TON growing, chances are Toncoin will still see more growth push ahead. Should TON beat its previous ATH, there might be a speedy rally toward the $10 price mark in the long term.

Read More: Trump Vs Biden: Mark Cuban and ChatGPT Predicts Best Pick For President

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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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