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Crypto initiatives announced in exchanges, ETFs, payments; TVN initiatives continue; Bitcoin mining difficulty is adjusting; Global execution stocks continue | Baker


[co-author: Lauren Bass]

Cryptocurrency Exchanges, ETFs, and Payment Initiatives Announced

Through: Keith R. Murphy

Cryptocurrency firm Bullish has announced plans to go public on the New York Stock Exchange as it prepares to launch a cryptocurrency exchange, according to a recent report. The company reportedly intends to proceed with the IPO through a merger with an ad hoc acquisition company.

A major global payments company recently approved Australian company CryptoSpend to start issuing cryptocurrency debit cards for its users, based on a report released this week. CryptoSpend’s app would allow its users to spend their cryptocurrency directly, without the need to convert it to fiat currency, including supported cryptocurrencies bitcoin, ether, XRP, bitcoin cash, and litecoin.

Following approval from Brazil’s Securities and Exchange Commission, a blockchain investment company plans to list an Ethereum exchange-traded fund (ETF) on the Brazilian stock exchange, according to a report released this week. The company plans to buy ether and provide its investors with exposure to the asset without the need for separate wallets and keys.

Last week, a leading auction house accepted $ 12.3 million in cryptocurrency following the auction of a rare diamond over 100 carats. According to a report, this is the first time the auction house has accepted cryptocurrency as a supported payment option.

For more information, please see the following links:

Hollywood, Paradise and Banking: NFT use cases continue to expand

By: Lauren Bass

According to recent reports, two major Hollywood movie studios have partnered with boutique platforms to offer limited edition digital collectibles in the form of non-fungible tokens (NFTs) featuring characters from the studios’ upcoming movie franchises. . One studio will offer its digital merchandise through an NFT-focused social media platform, while the other will present it through an augmented reality app.

In another NFT development, an American brewing company reportedly hired a digital media store to create unique branded NFTs ranging from clothing and merchandise to unique experiences. The company hopes that its expansion into the digital sphere will generate long-term income by allowing it to capitalize on its intellectual property holdings in the secondary market.

In recent weeks, a blockchain technology company has reportedly launched an initiative to tap into the burgeoning NFT market as a way to sell digital timeshares in a tropical paradise resort. In a one-of-a-kind transaction, the company will offer these limited-edition shares through a 13-day online auction. According to press releases, the company hopes its efforts will make real estate more accessible to the masses.

A Decentralized Finance (DeFi) platform recently announced the development of a new lending and borrowing network that will allow customers to use NFTs and other digital collectibles as collateral. According to reports, the deployment will initially occur on the Binance Smart Chain, but plans are underway to expand to other blockchain networks.

For more information, please see the following links:

Bitcoin network mining difficulty adjusts following China crackdown

Through: Veronique reynolds

Bitcoin mining has become more profitable following the mining crackdown in China – where more than half of the world’s bitcoin was previously mined, according to reports. The decrease in the number of miners triggered an automatic update of the bitcoin code, resulting in a 28% reduction in mining difficulties and, as a result, increased cash flow for miners who continue to operate the network. In a related development, data recently released by the Cambridge Bitcoin Electricity Consumption Index indicates that Bitcoin’s power consumption has declined sharply, with the estimated power consumed by Bitcoin dropping from around 143 terawatt-hours in May to 60 terawatt hours in July. – a drop of around 60%, according to CoinTelegraph. Reports indicate that this is the “lowest energy consumption rate recorded since early November 2020”. Meanwhile, according to another recent report, Bitcoin nodes are at an all time high – crossing the 13,000 threshold for the first time, potentially indicating that the network is becoming increasingly decentralized.

According to reports, the launch date for Ethereum’s 1559 fee market improvement proposal is slated to begin on August 4, 2021. The upgrade, among other things, will introduce a new minimum payment called a “base fee” – dynamically adjusted fees. depending on the network activity that will be charged for sending Ethereum transactions. The adjustment is expected to “significantly increase transaction capacity.”

For more information, please see the following links:

DOJ, CFTC, SEC Target Crypto Fraud, Registration, and Anti-Everything Violations

Through: Teresa Goody Guillén

According to a press release from the US Department of Justice (DOJ), a Swede was recently sentenced to 15 years in prison for securities fraud, wire fraud and money laundering linked to a $ 16 million fraud scheme called Eastern Metal Securities. The scheme involved receiving funds from investors in the form of cryptocurrencies and promised the victims astronomical returns linked to the price of gold. As part of the sentence, the defendant was also ordered to confiscate a Thai resort and various other properties and accounts, and received a monetary judgment in the amount of $ 16,263,820.

The Commodity Futures Trading Commission (CFTC) recently announced that a judge in the U.S. District Court for the Southern District of Texas has issued a default judgment against Laino Group Limited d / b / a PaxForex of Saint Vincent and the Grenadines (PaxForex). The ordinance imposes permanent trading, solicitation and registration bans on PaxForex to enter into transactions involving interest in commodities and prohibits it from violating the provisions of the Commodity Exchange Act. The order also requires the defendant to pay a civil pecuniary fine of $ 374,864. The ruling is based on the CFTC’s complaint that PaxForex engaged in illegal over-the-counter transactions in ether, litecoin and bitcoin, as well as precious metals and foreign currencies, with retail clients on a leveraged, margin or funded basis, and acted as a futures trader with no CFTC registration required.

This week, the Securities and Exchange Commission (SEC) announced settled charges against the operator of Coinschedule.com, a website that profiled digital asset offerings, for violating the anti-whistleblowing provisions of federal laws on securities. According to the SEC order, Coinschedule.com presented its website visitors with seemingly independent profiles of digital token offerings in the “list” profiles, which included a “trust score” that purported to reflect the rating. of Coinschedule of “credibility” and “operational risk”. for each digital token offering based on a “proprietary algorithm,” but did not disclose the compensation it received from issuers of the digital asset securities.

In a public statement released separately at Coinschedule.com, SEC Commissioners Peirce and Roisman agreed that bragging about securities without disclosing that you get paid, and how much, violates federal securities laws, but expressed disappointment that the SEC regulations did not explain which digital assets Coinschedule.com touted were securities. The commissioners stressed that this was consistent with the SEC’s reluctance to provide further guidance on how to determine whether a token is being sold as part of a securities offering, thereby forcing market participants to rely on the stocks. application of the disputed SEC and settled as a reference source of guidance, which does not provide clear answers.

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U.S. Ransomware Task Force Announcement, Crypto Crimes Continue Globally

Through: Jordan R. Goldsmith

The White House recently announced a new intergovernmental task force to focus on offensive and defensive measures against ransomware. Under the task force’s oversight, federal agencies have reportedly taken steps to tackle ransomware threats, including fostering digital resilience among critical U.S. infrastructure companies, halting ransomware payments made through crypto platforms -currency and coordinating activities with American allies. The State Department will also offer rewards totaling up to $ 10 million for information that identifies suspected cybercriminals, especially hackers who perpetrate state-sanctioned breaches of US critical infrastructure. According to a press release, “Reward payments may include cryptocurrency payments.”

Researchers recently published a report showing that at least 93,000 people have purchased fake Android apps for mining cryptocurrency. The report identified 170 Android apps scamming people interested in cryptocurrencies. While the apps advertise themselves as providing paid cloud cryptocurrency mining services, the researchers found that users who paid for the apps as well as various bogus upgrades and services offered in the apps didn’t received no legitimate service in return. The report estimates that users were scammed by at least $ 350,000 in total.

Meanwhile, overseas officials in Hong Kong have reportedly arrested four men involved in an alleged cryptocurrency money laundering syndicate. Customs officials allege the program, which raised around $ 155 million in funds from February 2020 to May this year, worked by charging criminal clients a 3% to 5% commission for money laundering services. crypto.

Four people were also recently arrested in Japan in connection with a cryptocurrency money laundering scheme. The four are accused of defrauding 20,000 investors out of more than $ 54.3 million by promising to generate significant returns through artificial intelligence on their crypto trading platform.

According to reports, Ukrainian officials recently raided an allegedly illicit crypto farm in the country. The farm was located in the former premises of a Ukrainian electricity company, and the schemers allegedly concealed their activities by manipulating electricity meters to steal electricity from the company, resulting in losses estimated at between $ 186,200 and $ 259,300.

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