NewsBriefs - SEC clarifies that meme coins are not securities, likens them to collectibles
02/28/2025 04:27
The SEC's Division of Corporation Finance has issued guidance stating meme coins are not considered securities by federal definitions and re...
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SEC clarifies that meme coins are not securities, likens them to collectibles
The SEC's Division of Corporation Finance has issued guidance stating meme coins are not considered securities by federal definitions and resemble collectibles more closely. This classification excludes transactions involving meme coins from registration requirements under the Securities Act of 1933, and as a result, meme coin traders and holders do not receive protections under federal securities laws.
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SEC clarifies that meme coins are not securities, likens them to collectibles
The SEC's Division of Corporation Finance has issued guidance stating meme coins are not considered securities by federal definitions and resemble collectibles more closely. This classification excludes transactions involving meme coins from registration requirements under the Securities Act of 1933, and as a result, meme coin traders and holders do not receive protections under federal securities laws.
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Scammers use 'GrassCall' app in new crypto job scam
Cybercriminal group 'Crazy Evil' is using social engineering and a malware-infused app called 'GrassCall' in crypto-related job scams, specifically targeting crypto wallets. Various social media platforms and job sites like LinkedIn, CryptoJobsList, and WellFound have been used to distribute fake job offers, enticing victims to download GrassCall which then steals wallet information. The websites and accounts linked to these scams have now been deactivated following a significant number of complaints from affected individuals.
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SEC concludes investigation into crypto exchange Gemini without enforcement action
The US Securities and Exchange Commission (SEC) has closed its investigation into the crypto exchange Gemini and decided not to pursue any enforcement action. Gemini co-founder Cameron Winklevoss announced the decision, highlighting the prolonged legal and financial impacts on Gemini and the broader crypto industry. The move is part of a broader shift in the SEC's stance on crypto under new leadership, with other investigations and legal actions against major crypto firms also being retracted.
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SEC and Justin Sun may settle case involving Tron and BitTorrent
The US Securities and Exchange Commission (SEC), along with crypto entrepreneur Justin Sun and his companies, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc., are seeking to stay their ongoing legal case to explore potential resolution. This motion comes after their initial charge in March 2023 for allegedly selling cryptocurrencies Tronix (TRX) and BitTorrent (BTT) through unregistered schemes. The parties believe a stay benefits the court and saves judicial resources.
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Ondo Finance joins Mastercard network to offer tokenized real-world assets
Ondo Finance, a tokenized real-world asset issuer, has joined the Mastercard network to facilitate better cross-border payments and provide business access to yield through tokenized assets. Ondo's Short-Term US Government Treasuries Fund will be part of Mastercard's Multi-Token Network, leveraging API-enabled blockchain tools for efficient transaction processing. This collaboration underscores the growing integration of traditional finance and blockchain technology, allowing easier access to crypto and digital assets.
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Avalanche Foundation launches Visa card to boost crypto usability
The Avalanche Foundation has launched the Avalanche Card. This Visa credit card enables users to purchase with Avalanche tokens (AVAX), wrapped AVAX, and stablecoins USDT and USDC at any Visa-accepting location. Developed in partnership with Rain, the card is designed to facilitate the integration of crypto into mainstream financial transactions and broaden its adoption, with a particular focus on users in Latin America, the Caribbean, Southeast Asia, and Africa. This initiative is part of Avalanche's commitment to expand decentralized finance (DeFi) accessibility.
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Immutable partners with Japan's top mobile developer to launch TOKYO BEAST on Web3 platform
Immutable, a leading Web3 gaming platform, has partnered with Japan's premier mobile gaming developer to launch TOKYO BEAST, an innovative blockchain game featuring advanced mechanics and global tournaments. This partnership, marking Immutable's third with a unicorn developer, further solidifies its leadership in the Asian Web3 gaming market. TOKYO BEAST introduces a pooled NFT system and competitive features designed to attract both Web2 and Web3 players, aiming to set new standards in blockchain-based gaming.
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Kaspersky reveals hundreds of fake GitHub projects spreading crypto malware
Hackers are creating numerous fake GitHub projects to disseminate malware that steals crypto and user credentials according to Kaspersky. The campaign, titled 'GitVenom,' features repositories filled with various malware types aimed at tricking users into downloading them. These projects look authentic and are often disguised as useful tools, but instead harbor info stealers and clipboard hijackers that compromise crypto transactions. The schemes have targeted users globally, with a notable focus on Russia, Brazil, and Turkey.
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PayPal to enhance stablecoin PYUSD adoption, targeting global merchant transactions
PayPal Holdings Inc. plans to expand the use of its stablecoin, PYUSD, across its payment ecosystem, focusing on integrating it into products to serve its 20 million small-to-medium sized merchants. The initiative includes facilitating payment to vendors through an upcoming bill-pay product and enabling PYUSD payouts via Hyperwallet for global payments. The move aims to simplify cross-border transactions, reduce currency conversion friction, and enhance transaction speed, with key implementations set for completion by the end of 2025.
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Hamster Kombat launches its own TON layer-2 network
Hamster Kombat, a popular Telegram crypto game, has launched its own layer-2 blockchain, the Hamster Network, on The Open Network (TON). This new network aims to provide a scalable, low-cost transaction platform specifically for games and apps. It features the TON Virtual Machine for seamless compatibility with existing TON dapps, includes a wallet, a bridge for token transfer, and a dedicated decentralized exchange. The Hamster Network, with its pilot game Hamster Boost, seeks to expand its user base by offering interactive gaming experiences.
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Leveraged ETFs tied to Bitcoin stacker Strategy plunge nearly 50% in five days
Two leveraged exchange-traded funds (ETFs) linked to the bitcoin stockpiler Strategy, MSTX and MTSU, saw nearly a 50% drop in value within five days. This decline coincided with a significant drop in bitcoin price, which fell to below $87,000. The ETFs, which are designed to amplify returns by using derivatives and debt, experienced increased trading volumes and high risk, leading to steep losses. The equity market also faced challenges, influenced by upcoming tariffs announced by the US president, exacerbating the volatile trading environment.
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Ethereum's Pectra upgrade debuts on Holesky testnet
The Pectra upgrade, significant for Ethereum, was launched on the Holesky testnet, marking a critical phase before its mainnet deployment. Although the upgrade initiated correctly, it faces finalization issues, with ongoing investigations by developers. The next planned testnet deployment is on Sepolia, contingent on resolving Holesky's problems. Pectra aims to enhance Ethereum's scalability, security, and usability with features like increased stake limits and enhanced rollup capabilities.
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Metaplanet acquires $12.9 million worth of Bitcoin
Metaplanet Inc., listed on the Tokyo Stock Exchange, has expanded its Bitcoin holdings by purchasing an additional 135 coins. This acquisition increases its total holdings to 2,235 Bitcoin, as part of the company's Bitcoin Treasury Operations. The recent purchase involved an aggregated investment of 1.939 billion yen at an average price of 14,360,449 yen per token, with the goal of increasing shareholder value through enhanced BTC Yield, a performance metric showcasing growth in relation to fully diluted shares.
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DOJ and OKX affiliate settle for over $500 million in unlicensed money transmitting case
The US Department of Justice (DOJ) has finalized a settlement with Aux Cayes FinTech Co. Ltd., an affiliate of crypto exchange OKX. Aux Cayes will pay more than $500 million, including $84 million in penalties and about $421 million in forfeited fees from US customers, for operating an unlicensed money transmitting business. Additionally, OKX has implemented measures to enhance compliance and plans to maintain these improvements.
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DekaBank introduces crypto trading services for institutional clients
DekaBank is now providing crypto trading, custody, and management services exclusively for institutional clients, not for private customers. The bank has acquired a crypto custody license under the German Banking Act with approvals from the European Central Bank and the Federal Financial Supervisory Authority (Bafin). DekaBank aims to leverage its high security standards and well-established infrastructure to support institutional crypto activities, distinguishing itself from other competitors. It continues to assess approaches for private customer engagement in the crypto market.
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