EddieJayonCrypto
3 Apr 22
• The SEC is going to require crypto exchanges to treat assets held in their custody as their own assets and include them in their balance sheets• The SEC has denied yet another spot ETF• Cordell Broadus (aka Champs Medici) and his father, Snoop Dogg, are about to launch their new NFT project on Car...
• The SEC is going to require crypto exchanges to treat assets held in their custody as their own assets and include them in their balance sheets• The SEC has denied yet another spot ETF• Cordell Broadus (aka Champs Medici) and his father, Snoop Dogg, are about to launch their new NFT project on Cardano• The Bored Bunny NFT project is being called out as a slow rug pull• China-based WeChat has declared NFTs as being too speculative and will not allow secondary sales• Google has shut down 13 apps identified by ESET as being "trojanized"The SEC seems to be on a tear and there have been some big events in the NFT space. Here is what is on my mind today.1. The SEC is on yet another odd journey. The agency are now requiring crypto exchanges to treat assets held in their custody as their own assets and include them in their balance sheets. It is clear the SEC is going to take a heavy hand toward crypto and this move on the last day of March is further proof. Crypto exchanges had been pretty much aligned with brokerages in how they reported to the SEC. This new regulation coming into practice beginning in June is a clear distinction and differentiates the practices of crypto exchanges from brokerages. My question is are they doing this to protect investors or are they flailing to maintain control? I wonder if this will cause increase outflow from exchanges. 2. The SEC denies another spot Bitcoin ETF. This time it is Cathie Wood's ARK 21Shares Bitcoin ETF that would have traded on the Chicago Board Options Exchange. (CBOE). Coinbase would have been the custodian of the 21Shares sponsored ARK Invest ETF. There are other applications coming up in May and June. At what point does the SEC wake up? 3. Unlike other projects, Snoop Dogg and his son Cordell Broadus (aka Champs Medici) teaming with Cardano to launch their NFT project Clay Mates. A clear example of a real celebrity project with involvement from the ground up. Originally the idea of Cordell, he and his father are working with Clay Mates to create NFT collectibles and launch them on April 10th. It is projects like this that are going to help drive Cardano onward and upward. 4. The Bored Bunny NFT project is being called out as a slow rug pull, as identified by Zachbxt. The project was shilled by several celebrities, including Floyd Mayweather, Jake Paul, David Dobrik, DJ Khaled, French Montana, and Chantel Jeffries, to name a few. Investors lost over $20M. Zachbxt's investigation has identified the 3 main people, Slavi Kutchoukov, Amir Adjaouti, and Remy Goma, involved in this and other questionable projects, including Ancient Cats Club and Crazy Camel. His investigation went deep and used the age-old approach of following the money. Remember when I told you how the crew behind the alleged Frosties NFT rug pull are being brought to justice? Well, one would think this is ripe for the same treatment. 5. China-based WeChat has declared NFTs as being too speculative and will not allow secondary sales. Hence, they has suspended NFT accounts to "avoid speculation in digital assets". I think this is quite interesting considering almost everything having to do with investment is speculative. 6. In a follow-up to a video I dropped about wallets few days ago about wallets and your need to ensure you are getting the right one for what you need. I also spoke about making sure you do not snatch a counterfeit wallet. Well, to help, Google has shut down 13 apps identified by ESET as being "trojanized". Trojanized is a word meaning software that has been infected with malware or has been purposefully created with trojan software.