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Crypto community on OpenSea Wells Notice: ‘Welcome to the club’

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Multiple pro-crypto voices weighed in against the Wells Notice issued to NFT Market OpenSea on Aug. 28, as the SEC’s sweeping crackdown advanced unchecked.

OpenSea was named next on the Securities and Exchange Commission’s chopping block barely a week after Democratic candidate Kamala Harris was reportedly opening up to embracing friendly crypto policies.

The SEC’s Wells Notice suggests OpenSea might be sued for breaking federal securities laws by facilitating non-fungible token or digital collectible sales via its on-chain trading shop.

OpenSea launched in 2017 and gained traction in 2020/2021 during the NFT boom. Many likened the digital art collections on the NFT marketplace to Baseball and Pokemon trading cards but with web3-inspired art issued on decentralized networks like Ethereum (ETH).

SEC are clowns taking the idiotic stance that digital art magically transforms into a security when it’s put on a blockchain.

Hayden Adams, Uniswap CEO

While OpenSea committed to a $5 million legal relief package for creators, MonkeDAO lawyer Ariel Givner pacified fears of direct litigation against individual artists. Coinbase CEO Brian Armstrong expressed a bullish outlook on crypto operators scrutinized by the SEC.

The industry’s chorus condemned the move as another “regulation by enforcement” play from the SEC, under chair Gary Gensler, who, according to multiple pro-crypto figures, should be sacked.  Speculators also emphasized that OpenSea’s Wells Notice was published less than a day after former President Donald Trump released his fourth NFT collection.

The news did little to benefit Harris’ odds on Polymarket, as Trump took the lead by 1%. Wagers on who wins the 2024 Presidential Election remain a coin toss on the Polygon-based predictions market. News of yet another SEC crackdown on crypto may strain the already tense relations between a possible Harris presidency and an industry that has spent $119 million on lobbying in 2024.





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Chapter 11

Bankrupt Crypto Exchange FTX Set To Begin Paying Creditors and Customers in Early 2025, Says CEO

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The CEO of fallen crypto exchange FTX says the firm will begin distributing its bankruptcy payments soon.

In a statement, John Jay Ray III says payments to FTX creditors and customers will begin early next year amid anticipation that the company’s court-approved Chapter 11 Plan of Reorganization will be effective by early January 2025.

“We are pleased to announce that we will begin distributing proceeds in early 2025. The timeline laid out reflects the experience and continued work of the team of professionals supporting the Debtors, who already have recovered billions of dollars on behalf of FTX’s creditors and customers.”

The announcement comes as FTX nears the completion of the final prerequisites for the reorganization plan. Payouts will be distributed within 60 days after the plan takes effect.

“While we continue to take actions to maximize recoveries, we are full steam ahead to reach arrangements with our distribution agents and return proceeds to creditors and customers as quickly as possible.”

FTX anticipates finalizing the arrangement with specialized distribution agents by early December. These agents will assist in distributing recoveries to customers globally. Instruction will also be given to customers to establish an approved account with a distribution agent.

FTX aims to announce the exact effective date of distribution by the end of next month.

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Blockchain

Blockchain Association urges Trump to prioritize crypto during first 100 days

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The Blockchain Association has called on president-elect Donald Trump and Congress to prioritize five key actions during the administration’s first 100 days to establish the U.S. as a global leader in cryptocurrency innovation. 

In an open letter, the industry group outlined specific measures to address regulatory challenges and support the domestic digital asset economy.

The Blockchain Association is a U.S.-based crypto lobbying group advocating for a regulatory framework for cryptocurrencies. They emphasized lifting the bank account ban on crypto companies and appointing new leadership for the SEC, Treasury Department, and IRS. 

They also proposed creating a cryptocurrency advisory committee to work with Congress and federal regulators.

Five priorities for Trump’s first 100 days

The letter highlighted five steps aimed at fostering a supportive environment for crypto businesses and users:

  1. Creating a Crypto Regulatory Framework
    The Blockchain Association urged Congress to draft comprehensive legislation for cryptocurrency markets and stablecoins. This framework, it argued, would balance consumer protection with innovation. Stablecoins are digital currencies tied to traditional assets, such as the U.S. dollar, offering price stability for users.
  2. Ending the Debanking of Crypto Companies
    The group expressed concern over crypto businesses losing access to banking services. These companies rely on traditional banks to handle payroll, taxes, and vendor payments. Without banking access, their operations can be severely disrupted.
  3. Reforming the SEC and Repealing SAB 121
    The association called for a new SEC chair to replace what it described as a hostile regulatory approach under the current leadership. It also recommended reversing SAB 121, an accounting rule that imposes strict requirements on crypto-related businesses.
  4. Appointing New Treasury and IRS Leadership
    Tax policies for cryptocurrencies, such as the proposed Broker Rule, have been criticized for potentially stifling innovation and driving companies offshore. The letter urged the administration to appoint leaders who would support privacy and foster a fair tax environment for digital assets.
  5. Establishing a Crypto Advisory Council
    The letter proposed a council to facilitate collaboration between the industry, Congress, and federal regulators. Public-private partnerships, it said, could create rules that protect consumers while encouraging innovation.

Crypto collaboration

In their letter, the Blockchain Association emphasized its readiness to work with the administration and 100 member organizations to ensure the U.S. regains its position as a financial and technological innovation leader.

“We stand ready to work with you to ensure the United States can regain its position as the crypto capital of the world,” the Blockchain Association wrote in the letter.

This letter comes as Trump adopts a strong pro-crypto stance. Earlier in November, reports emerged that Trump plans to create a White House position solely focused on cryptocurrency and related policies.

This letter also comes a day after crypto-foe and SEC chair Gary Gensler announced his upcoming resignation. 



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UK Government to Draft a Regulatory Framework for Crypto, Stablecoins, Staking in Early 2025

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The new Labour government, elected in July, intends to implement its predecessor’s crypto proposals on the creation of regulated activities, including operating a crypto trading platform and a market abuse regime, in full, Siddiq said. Under current plans, stablecoins will no longer fall under the U.K.’s payments regime. There will also be a carve out for staking to prevent it being treated like a collective investment scheme.



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