EddieJayonCrypto
23 Feb 23
• SEC objects to Binance.US' $1B Voyager deal; Chamber of Digital Commerce takes action against SEC for mislabeling crypto assets as securities.• NBA Top Shots NFTs deemed "plausibly" securities in Dapper Labs lawsuit; landmark case anticipated.• NY Attorney General sues CoinEx for violating local l...
• SEC objects to Binance.US' $1B Voyager deal; Chamber of Digital Commerce takes action against SEC for mislabeling crypto assets as securities.• NBA Top Shots NFTs deemed "plausibly" securities in Dapper Labs lawsuit; landmark case anticipated.• NY Attorney General sues CoinEx for violating local laws by doing business in the state without being registered.• Polygon suffers outage, brings down PolygonScan; Nailwal announces OKLink Polygon explorer as backup.• Federal Reserve Bank seeks expert for CBDC development, while bill to stop US CBDC issuance to private retail investors is introduced in Congress.• China shows signs of warming up to crypto, allowing Hong Kong to create own crypto regulations and Tencent Cloud announcing Web3 initiatives.• Deutsche Bank completes successful trial of DAMA tokenized investment platform.• Canada says no to algorithmic stablecoins, but fiat-backed stablecoins may be allowed with liquid and audited monthly reserves.• Coinbase tweets cryptic message with today's date and blue coin-like object; Ark Invest purchases $13M shares of COIN.Big things happening in the regulatory space could weigh heavy. Here is what is on my mind today.1. Grasping at straws, the SEC objects to Binance.US' $1B Voyager deal. The Chamber of Digital Commerce took action against the SEC and Gary Gensler, with help from Winston & Strawn LLP, via an amicus brief in the SEC v. Wahi case stating the SEC has mislabeled several crypto assets as securities. In a statement, the Chamber said, "This case should be dismissed as it represents an unprecedented expansion of the SEC’s campaign of regulation through enforcement." 2. During the Dapper Labs lawsuit Judge Victor Marrero stated that NBA Top Shots NFTs are "plausibly" securities. In his denial for the case to be dismissed he cited the Howkey Test that was established back in 1946. Dapper Labs said courts have repeatedly established consumer goods, such as collectibles like baseball cards, are not securities under federal law. 3. New York seems to be on a crypto prosecution roll. New York Attorney General Letitia James is suing CoinEx over what she says are violations of local laws, specifically the Martin Act. Basically, NYS is suing CoinEx for doing business in the state without being registered. 4. Polygon seems to have suffered an outage as nodes in the network briefly went out of sync. It was enough to snowball and bring down PolygonScan. This slowed the network. Polygon's Nailwal did announce the OKLink Polygon explorer could be used as a backup. Everything seems back in order. 5. While the Federal Reserve Bank of San Francisco is seeking an expert to help with the development of a CBDC, a dueling opposing bill is being introduced in Congress to stop the development of a US CBDC. Rep, Tom Emmer of Minnesota presented a bill dubbed the CBDC Anti-Surveillance State Act. The bill seeks to restrict any CBDC from being issued to private retail investors in an attempt to protect user privacy. 6. China is signaling it may be warming up to crypto. Hong Kong being allowed to create their own crypto and issuing the world's first government bond and Tencent Cloud announcing new Web3 initiatives, are a clear signs of at least some thawing. 7. Deutsche Bank successfully completed a trial for its tokenized investment platform known as Digital Asset Management Access or DAMA. The platform provides an efficient and safe network for managing digital assets. 8. Canada says no to algorithmic stablecoins. The regulators have not really said much about fiat-backed stablecoins, but they may be saved from the action so long as their reserves are liquid and audited monthly.