NewsBriefs - Digital Chamber urges Congress to define NFTs as consumer products

09/11/2024 07:45
NewsBriefs - Digital Chamber urges Congress to define NFTs as consumer products

Digital Chamber calls on US Congress to legislate NFTs as consumer products, exempt from securities laws. This comes after SEC's Wells notic...

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  • The Digital Chamber

    Digital Chamber urges Congress to define NFTs as consumer products

    Digital Chamber calls on US Congress to legislate NFTs as consumer products, exempt from securities laws. This comes after SEC's Wells notice to OpenSea, seen as regulatory overreach. The chamber argues many NFTs are for consumptive use, not investment, and should be treated as consumer goods. They warn SEC's approach threatens NFT creators, communities, and companies. Digital Chamber urges swift congressional action to keep the NFT industry in the US, benefiting the economy.

    The Digital Chamber

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    • The Digital Chamber

      Digital Chamber urges Congress to define NFTs as consumer products

      Digital Chamber calls on US Congress to legislate NFTs as consumer products, exempt from securities laws. This comes after SEC's Wells notice to OpenSea, seen as regulatory overreach. The chamber argues many NFTs are for consumptive use, not investment, and should be treated as consumer goods. They warn SEC's approach threatens NFT creators, communities, and companies. Digital Chamber urges swift congressional action to keep the NFT industry in the US, benefiting the economy.

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      The Digital Chamber

    • The Block

      QCP Capital expects Trump-Harris debate and CPI data to drive crypto volatility

      QCP Capital reports two key events likely to impact crypto market volatility this week: the Trump-Harris debate and the final US CPI reading before the Fed's rate decision. Bernstein analysts predict Bitcoin could reach $80,000-$90,000 if Trump wins, but potentially test $30,000-$40,000 if Harris wins. Derivatives traders are cautious short-term but bullish long-term, with significant purchases of March 2025 Bitcoin call options at high strike prices. Despite recent drops, some institutions view current prices as a bottom and are adding to bullish positions.

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      The Block

    • Cointelegraph

      Japanese power firm explores Bitcoin mining with waste solar energy

      TEPCO's subsidiary Agile Energy X is testing Bitcoin mining using surplus solar energy. The company aims to utilize wasted renewable power, potentially generating $2.5 billion in Bitcoin annually from 10% of Japan's projected surplus energy. This initiative could promote increased green energy adoption and leverage output control practices. The project involves mining rigs near solar farms in Gunma and Tochigi prefectures.

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      Cointelegraph

    • Cointelegraph

      Ripple CEO predicts rising demand for yen stablecoins in Japan

      Ripple CEO Brad Garlinghouse foresees strong demand for yen stablecoins in Japan, citing the country's regulatory clarity on crypto and stablecoins. He notes Japan's thriving entrepreneurship and investment environment. Ripple plans to launch a US dollar stablecoin first before considering a yen stablecoin. Garlinghouse aims to partner with US regulators before going live with Ripple's stablecoin, emphasizing global opportunities. Ripple recently began testing its RLUSD on XRP Ledger and Ethereum mainnets.

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      Cointelegraph

    • U.S. Securities and Exchange Commission

      WisdomTree cancels Ethereum Trust filing with SEC after three years

      Asset manager WisdomTree has officially withdrawn its Ethereum Trust S-1 registration with the US Securities and Exchange Commission (SEC). Originally submitted on May 27, 2021, the company has decided not to proceed with the issuance of Ethereum ETF shares. Despite the withdrawal, WisdomTree requested that the fees paid for the registration be credited for future use. This move coincides with VanEck's decision to close its Ethereum Strategy ETF due to low demand.

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      U.S. Securities and Exchange Commission

    • Financial Conduct Authority

      FCA reports 87% of crypto registration applications failed to meet UK standards

      The UK's Financial Conduct Authority (FCA) approved only 4 out of 35 crypto registration applications in the 2023-24 fiscal year. 87% of applications failed to meet anti-money laundering standards. Since 2020, the FCA has received 359 applications, with only 44 firms currently registered. Successful registrants include Binance's payment partner BNXA, PayPal's UK unit, and Komainu. The regulator awaits legislation to fully authorize crypto firms, but plans have been paused by the new Labour government.

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      Financial Conduct Authority

    • VentureBeat

      Mysten Labs' SuiPlay0X1 now available for preorder

      Mysten Labs has officially opened preorders for the SuiPlay0X1, a new gaming handheld integrated with Sui blockchain technology. Priced at $600, the device is available for purchase using SUI, ETH, and SOL tokens. The first 1,000 preorders will include a soul-bound NFT offering exclusive access and rewards. The SuiPlay0X1 features an AMD Ryzen 7 7840U CPU, AMD Ryzen 780M GPU, and a 7-inch IPS screen. It supports WiFi 6E, Bluetooth 5.2, and has a storage capacity of 512GB SSD. The device is set to be delivered in 2025.

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      VentureBeat

    • Metaplanet

      Metaplanet partners with SBI for Bitcoin custody and trading in Japan

      Metaplanet, a Bitcoin investment firm, has partnered with SBI VC Trade, a subsidiary of Japan's SBI, for Bitcoin trading and custody services. This move aligns with Metaplanet's corporate Bitcoin accumulation strategy, providing access to compliant and tax-efficient custody services. Metaplanet, dubbed "Asia's MicroStrategy," has recently acquired 360.368 BTC for about $23 million. SBI VC Trade offers tax benefits on unrealized crypto gains for corporate customers and allows Bitcoin as collateral for financing. This partnership reflects Metaplanet's vision as a modern financial services provider and complements its equity and debt financing efforts.

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      Metaplanet

    • Bloomberg

      Crypto ATM count skyrockets in Australia

      Australia now ranks third globally in crypto ATMs, with a sixteen-fold increase over two years. The US leads with 32,000 machines, followed by Canada with 3,000. This surge reflects growing interest in crypto, especially among younger generations. The regulatory environment in Australia has been pivotal in supporting this boom. Clear guidelines have encouraged businesses to invest in Bitcoin infrastructure, including ATMs, ensuring compliance with local laws. However, the rapid expansion of Bitcoin ATMs also brings challenges, such as increased regulatory scrutiny and the potential for misuse in activities like money laundering.

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      Bloomberg

    • DeFi Llama News

      MakerDAO rebrands as Sky and introduces freeze function for new stablecoin

      MakerDAO has rebranded to Sky, unveiling USDS, a new version of DAI stablecoin with a freeze function. This move aims to deter crypto criminals but raises concerns among DeFi purists. The freeze function allows Sky to halt USDS transfers, making it less attractive for hackers. While this aligns with regulatory compliance needs, it challenges crypto's decentralization ethos. Sky plans to maintain an unfreezable version called PureDai alongside USDS. The effectiveness of this security measure depends on Sky's implementation approach.

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      DeFi Llama News

    • The Block

      Trump to announce plan to turn US into the world's 'crypto capital'

      Former President Trump plans to unveil a strategy aimed at positioning the US as the global leader in crypto. The announcement, teased on X, mentions World Liberty Financial, a DeFi project promoted by Trump's sons. Trump has previously promised to fire SEC Chair Gary Gensler and create a strategic Bitcoin reserve if elected. The exact details of World Liberty Financial's services and Trump's involvement remain unclear.

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      The Block

    • DeFi Llama News

      SEC probe of OpenSea sparks outrage in crypto community

      The SEC's investigation into OpenSea, suggesting NFTs might be classified as securities, has triggered strong reactions from crypto leaders. Industry figures like Jesse Powell, Mark Cuban, and Brian Armstrong criticized the move as absurd and misguided. The probe aligns with SEC Chair Gary Gensler's stance that most crypto tokens fall under securities laws. This development adds to OpenSea's challenges amid declining NFT market volumes. Crypto supporters argue that digital artworks and collectibles shouldn't be treated as securities, with some viewing the investigation as an expansion of the SEC's crackdown on crypto.

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      DeFi Llama News

    • The Block

      Immunefi reports crypto losses surpass $1.2 billion in 2024 despite August drop

      Crypto losses from hacks and scams exceeded $1.2 billion in 2024, up 15.5% year-over-year, despite a 95% drop in August. Ethereum and BNB Chain were the most targeted networks. DeFi protocol Nexera lost $1.5 million, while Ronin Network experienced a $12 million outflow due to an upgrade bug. Hacks remain the primary cause of losses, with no CeFi incidents recorded in August. Immunefi, a web3 security platform, has paid out over $100 million to ethical hackers and researchers.

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      The Block

    • Blockworks

      Telegram CEO Pavel Durov indicted in France on multiple charges

      Telegram CEO Pavel Durov was indicted in France on charges including organizing illicit transactions, complicity in drug sales, and distributing child pornography. Durov, arrested last week, is under judicial supervision and unable to leave France. The indictment led to a 20% drop in Toncoin, a Telegram-linked crypto. The TON network also experienced outages, with the latest disruption attributed to heavy load from DOGS token minting. French authorities are reportedly seeking an arrest warrant for Durov's brother, Nikolai.

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    • Protos

      Aave periphery contract hacked for $56k in multi-network attack

      A periphery contract of DeFi platform Aave was hacked for $56,000 across Ethereum, Arbitrum, Polygon, Optimism, and Avalanche networks. The affected ParaSwapRepayAdapter contract, not part of Aave's core protocol, held leftover tokens from swap slippage. Aave confirmed no user funds were at risk, likening the incident to raiding a "tip jar." The hack sparked renewed tensions between Aave and Euler Finance, with founders exchanging criticisms over past security incidents and protocol management.

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