The United States Securities and Exchange Commission (SEC) recently charged entertainment company Impact Theory for allegedly conducting the sales of unregistered securities in the form of nonfungible tokens (NFTs) called “Founder’s Keys”. The SEC believes that the NFTs were investment contracts and qualified as securities, and that the company violated the Securities Act of 1933 […]
Decentralized exchange (DEX) platform dYdX will unlock $14.02 million worth of DYDX (DYDX) tokens dedicated to the community treasury and rewards for traders and liquidity providers. On Aug. 29, dYdX will release 6.52 million in-house tokens, representing 3.76% of the DYDX circulating supply. Out of the lot, 2.49 million DYDX tokens — worth $5.36 million […]
Ripple Labs is celebrating a major victory against the Securities and Exchange Commission (SEC) in New York City on September 29, 2023. CEO Brad Garlinghouse expressed his excitement for the upcoming event and reflected on the difficult legal journey the company has gone through. Judge Analisa Torres ruled in favor of Ripple, stating that the […]
Digital Currency Group (DCG) has reached an agreement with creditors of its crypto lending subsidiary, Genesis. According to a court filing, the estimated USD equivalent recoveries could account for 70% to 90% for unsecured creditors. The amended plan could result in 65% to 90% recovery on an in-kind basis, depending on the denomination of the […]
The United States Securities and Exchange Commission (SEC) has brought its first enforcement action against a player in the non-fungible token (NFT) space. The regulator charged Impact Theory, a Los Angeles-based media and entertainment company, with conducting an unregistered securities offering.Impact Theory sold approximately $30 million of NFTs, claiming that purchasing a Founder’s Key equated […]
Genesis Global and its affiliates have reached a deal in principle on a bankruptcy reorganization plan supported by creditors, according to a court filing on Tuesday. The cryptocurrency lender aims to emerge from Chapter 11 protection after entering mediation in May to resolve disputes over a reorganization plan. Under the deal, Digital Currency Group (DCG) […]
Sue Ennis, Vice President of Hut8, recently shared her thoughts on how Bitcoin price will rise above $100,000 in the next year and how the upcoming halving will impact BTC miners. Ennis believes that if Bitcoin were to capture even 2 to 3% of gold’s market cap, it would be incredibly accretive to the price […]
The US Securities and Exchange Commission (SEC) has taken legal action against media and entertainment company Impact Theory for conducting an unregistered offering of crypto asset securities as Non-Fungible Tokens (NFTs). Impact Theory raised approximately $30 million from hundreds of investors, including those across the United States.The SEC’s order reveals that Impact Theory introduced three […]
India-based crypto exchange WazirX has temporarily suspended Indian Rupee (INR) withdrawals from its trading platform. The exchange has reportedly partnered with an alternate payment service provider, and a “phased rollout” is already underway.Customers of the largest Indian crypto exchange by volume have not been able to withdraw INR for over 24 hours. According to the […]
The Federal Reserve is seemingly running interference with congressional efforts to regulate stablecoins, according to a letter recently sent to Fed Chairman Jerome Powell from Chairman of the U.S. House of Representatives Financial Services Committee Patrick McHenry and subcommittee chairs French Hill and Bill Huizenga. The legislators were objecting to two Fed letters: SR 23-7 […]
