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Immutable Receives Wells Notice From US SEC
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4 hours agoon
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adminImmutable, the blockchain protocol designed for the next-generation of Web3 games said it has received a Wells Notice from the US Securities and Exchange Commission (SEC). The startup unveiled this in a recent update, a proof of the regulation by enforcement tactics of the markets regulator.
Immutable Next on US SEC List
After a year-long crackdown moves in the digital currency ecosystem, one might think the US SEC will slow down ahead of the elections. However, Immutable revealed in its announcement that the regulator now alleges it might have violated Federal Securities laws over its native token IMX.
The expressed frustration with the Wells Notice, and noted that it is ready to fight for its rights if required. Notably, OpenSea also received a Wells Notice from the markets regulator in August.
This is a breaking news, please check back for updates!!!
Godfrey Benjamin
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.
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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US SEC Enforcement Costs Crypto Firms $400M Under Gensler
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1 hour agoon
November 1, 2024By
adminIn a revealing update from the Blockchain Association, a crypto industry group, firms have reported substantial financial burdens due to the actions of the U.S. Securities and Exchange Commission (SEC) under the leadership of Chair Gary Gensler. This data, compiled and released in cooperation with HarrisX, shows that since April 2021, when Gensler took office, the crypto industry has incurred $400 million in costs related to these regulatory actions.
US SEC Crackdown: Crypto Firms Report $400M in Compliance Costs Under Gary Gensler
According to a Blockchain Association report, the accumulated expenses resulting from US SEC enforcement have impacted the operations of major crypto firms. The association, which includes key industry players like Ripple, Coinbase, and Kraken, indicates that the costs stem primarily from legal defenses and compliance adjustments necessitated by the regulatory body actions.
Additionally, the report sheds light on the aggressive regulatory approach since Gary Gensler assumed the chairmanship. Gensler has been vocal about his stance that most cryptos qualify as securities and that the industry should align with traditional regulatory frameworks. This position has led to increased legal complexities for crypto enterprises.
Alongside the financial disclosures, the Blockchain Association and HarrisX conducted a national survey from October 25-28, polling 1,717 registered U.S. voters on their views toward US SEC enforcement in the crypto industry. The results indicated two-thirds expressed that the US SEC should provide clearer guidelines on crypto regulations. Although Congress has proposed bills addressing the industry and specific regulatory measures for stablecoins, these have yet to pass into law.
The survey also reveals a near-even split in party preference regarding which political party is more likely to support innovation in digital assets. For context, 34% favored the GOP and 32% favoring Democrats.
Industry Reactions and Ongoing Challenges
More so, the rigorous enforcement have prompted varied reactions across the crypto industry. Earlier in the month, Coinbase’s Chief Legal Officer, Paul Grewal, highlighted inconsistencies in the SEC’s legal positions. He criticized the lack of clear regulatory standards.
Following the recent financial report, the Coinbase’s Chief Legal Officer commented,
“These dollars are yours. Mine. All of ours. Think about that when you punch your clock. Think about that when you fill out your tax forms. And definitely think about that when you vote.”
Moreover, the regulatory body recently issued a Wells Notice to Immutable, signaling further enforcement actions. The regulatory body reportedly informed the firm that its IMX actions may have breached the law.
In parallel, Consensys had to reduce its workforce by 20% citing the SEC’s actions as a primary factor, underscoring the tangible impacts of regulatory challenges. These developments paint a complex picture of the crypto regulatory environment.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
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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Donald Trump’s World Liberty Financial Lowers $300M Public Sale Target
Published
9 hours agoon
October 31, 2024By
adminDonald Trump’s World Liberty Financial has lowered its pubic sales target of $300 following its disappointing sales since the WLFI token sale launched two weeks ago. The company revealed its new target for public sale in a filing with the US Securities and Exchange Commission (SEC).
Donald Trump’s WLF Lowers Public Sale Target
World Liberty Financial revealed in an SEC filing that it currently only plans to sell up to $30 million in its WLFI token public sale before terminating the crypto presale. This is a 90% reduction from the company’s initial $300 million when they launched the WLFI token public sale two weeks ago.
This development is likely due to their unimpressive figures so far, as the company is still far from meeting its $300 million target. The filing revealed that the Donald Trump-backed company had sold about $2.7 million worth of WLFI tokens. Meanwhile, they still have about $285.7 million worth of tokens remaining to be sold.
Based on the new $30 million target for the public sale, the company still has about $27.3 million worth of WLFI tokens, which it still has to sell before the public sale closes. Meanwhile, according to a Fortune report, Donald Trump’s World Liberty Financial is also planning to launch its dollar-backed stablecoin. However, the company has yet to provide a timeline for when they will launch this stablecoin.
This stablecoin will likely play a huge role in the World Liberty Financial platform, which seeks to offer decentralized lending and borrowing services using the Ethereum-based Aave DeFi protocol.
Former US President Promises To End War On Crypto
In an X post, Donald Trump reaffirmed his pro-crypto stance and urged voters to join him in ending Kamala Harris’ war on crypto and ensuring that Bitcoin is “made in the USA.” He also wished Bitcoiners a happy 16th anniversary of Satoshi Nakamoto’s Bitcoin Whitepaper.
The crypto community has rallied behind Donald Trump because of his pro-crypto stance and hopes that the former US president will win in the upcoming November 5 elections. A Trump victory could be bullish for the Bitcoin price and the broader crypto market. The latest Polymarket data suggests that the former US president is still the clear favorite to become the next president.
Meanwhile, while the crypto community is banking on a Trump victory to help boost prices, BitMEX co-founder Arthur Hayes remarked that BTC will still reach new highs irrespective of who wins. He also indicated that Donald Trump’s pro-crypto stance wasn’t genuine.
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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Bitcoin Price Forms A Golden Cross Showing BTC All-Time High Is Imminent
Published
17 hours agoon
October 31, 2024By
adminThe Bitcoin price saw strong gains over the past week adding another 8-9% and is currently trading around $72,200 levels. Also, charts showing the “Golden cross” formation suggest that we might be seeing news all-time highs for BTC very soon.
Bitcoin price “Golden Cross” Indicator suggests Bullish Momentum
As per the latest data from CryptoQuant, Bitcoin’s active addresses suggest a major shift in momentum as the 30DMA has crossed above the 365DMA, forming a “golden cross” — historically associated with upward price momentum.
Following Bitcoin’s last all-time high in March, a “death cross” pattern had emerged which pushed the Bitcoin price into a bearish territory. Since then, BTC has yet not been able to breach the March levels. However, the momentum seems to be shifting now with bulls in place and the latest formation of the “Golden cross” pattern. Additionally, transaction counts are nearly twice what they were in the 2021 cycle, underscoring heightened market activity.
However, CryptoQuant analysts caution that if the 30DMA does not exceed the 365DMA more strongly, BTC’s current trend may mirror the mid-2021 consolidation phase. This critical period is one to watch closely for investors assessing long-term momentum.
BTC Retail Participation On the Rise
During the previous Bitcoin price rallies to all-time highs, it saw strong retail participation along with institutional participation. However, in the past few weeks, retail participation remained subdued with institutional players and whales driving most of the price action.
But the latest development suggests that retail participation is also picking up once again in the market. Also, on-chain data shows that the retail demand for BTC has surged to the seven-month highs recently.
😱 Retail Investor Demand Hits Highest Level in 7 Months pic.twitter.com/BLF83Kctrr
— Maartunn (@JA_Maartun) October 30, 2024
There are some parts of the world such as Europe and Canada where the Bitcoin price continues to make fresh all-time highs. On the other hand, the institutional demand remains intact.
Inflows into spot Bitcoin ETF reached the second highest on Wednesday, October 30, with BlackRock’s IBIT dominating the show entirely. IBIT’s total inflows have surged past $25 billion since inception within a matter of just 10 months of launch.
On the other hand, the largest BTC corporate holder MicroStrategy unveiled its plans to raise a total of $42 billion and buy more Bitcoins. This shows that corporate interest in BTC remains intact. Players across the globe like Metaplanet have adopted Michael Saylor’s Bitcoin adoption blueprint. On the other hand, Microsoft is also considering shareholder vote to put BBTC to its balance sheet.
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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