Crypto Retro

2022-11-02 20:00:19 ​​Blockchain Association throws support behind Ripple in SEC duel.

Blockchain Association has filed an amicus brief, also known as “friend of the court" to stand with Ripple Labs.

United States-based crypto advocacy group Blockchain Association has come out in support of Ripple Labs amid its ongoing legal battle with the Securities and Exchange Commission (SEC), claiming the case could be very important for the future of the crypto industry.

In an Oct. 28 post, the advocacy group announced it will “stand” with the American crypto economy by filing an amicus brief, also known as “friend of the court,” in the SEC enforcement action against Ripple.

Nearly two years ago, the SEC announced they were suing Ripple, former CEO Christian Larsen and current CEO Brad Garlinghouse in Dec. 2020 for allegedly raising $1.3 billion through unregistered securities sales through XRP.

“This case, which is just one in a long line of SEC efforts to regulate by enforcement, highlights the SEC’s efforts to cement and legitimize its overly broad interpretation of the Howey test,” wrote the association.

The Howey test determines what qualifies as an investment contract and is therefore what is subject to U.S. securities laws.

In their brief, the Blockchain Association outlined why in their view, the SEC and Chairman Gary Gensler’s views of securities laws could have “devastating effects” on the crypto industry.

They argue blockchain technologies have many uses across the crypto industry; tokens can be used to pay for goods and services, conveyance of intellectual property rights, inventory tracking and for a specific purpose in a given blockchain project.

“Applying the securities laws to those tokens – whether or not through the prism of the Howey test – would significantly restrict those networks from functioning.”

The association also claims the SEC is disregarding clear Supreme Court and Second Circuit precedents stating transactions aboard are beyond the jurisdictional reach of the SEC:

“Though the blockchain industry is global in nature, the federal securities laws are not. The Second Circuit has repeatedly re-emphasized the Supreme Court’s lesson on this subject.”

“Accordingly, both for liability and (if necessary) damages purposes, this Court should be mindful of the limits of the securities laws,” it added. Open / Comment

2022-11-02 17:00:10 ​MEXC Global lists AirDAO's $AMB token.

MEXC has announced that AirDAO's $AMB token will list in the Innovation Zone with a USDT pair. Trading goes live at 12:00 on Nov 2 (UTC). This listing will help increase AirDAO's rapidly growing global presence and expand its reach in the Asian markets. Also, it gives traders on MEXC the opportunity to invest in a flourishing DeFi ecosystem on a new layer one blockchain.

AirDAO — previously known as Ambrosus — has a unique and ambitious vision for the future of DeFi. AirDAO is the first DAO to govern an entire L1 blockchain and provides traders with cutting-edge tools that streamline the complexity of DeFi into a single, easy-to-use dashboard.

With new leadership and a new vision, AirDAO has reenergized — attracting new exchange listings, VC investments, and partnerships. AirDAO recently raised $2 million in funding from DWF Labs — one of the leading institutional investors in innovative web3 projects and a top-five crypto market maker by volume worldwide. AirDAO also has an ongoing partnership with Binance for several exclusive promotions.

MEXC Global's cryptocurrency exchange caters to 10 million users worldwide in more than 170 countries. MEXC uses a high-performance trading engine developed by experts from the banking industry that can complete 1.4 million transactions per second — resulting in groundbreaking efficiency and enhanced performance.

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2022-10-30 20:00:09 ​​October sees lowest-ever daily trading volume for crypto products.

Despite the bad numbers of daily trading, there are some signs of market revival, at least for Bitcoin-based products.

As the crypto market shows signs of a gradual recovery, with Bitcoin holding above the psychologically important $20,000 level after its initial crash to $17,600 in June, this month still sets a record low for an average daily aggregate product volume across all digital asset investment products.

According to the report from CryptoCompare, published on Oct. 27, the average daily trading volume of institutional crypto products had fallen 34.1% — to $61.3 million in October. Almost all the products covered in the report recorded a large decline in average daily volumes, ranging from -24.3% to -77.5%.

The downward trend in daily trading is not limited to the recent market turmoil but dates back to November 2021, with a slight exception for May 2022. This October became the second month since September 2020 in which average daily volumes have fallen under $100 million.

However, the report traces some optimistic developments in other market markers. The total Assets under Management (AUM) across all digital asset investment products rose 1.76% to $22.9 billion compared with September. This was the first increase in AUM since July.

AUM in trust products, which accounts for 77.3% of the market, rose 2.34% to $17.7 billion in October, while AUM represented by ETFs fell 1.59% to $2.21 billion.

Another important marker is net flows. This October, weekly net flows for Bitcoin-based products recorded inflows averaging $8.37 million in October, and short Bitcoin-based products recorded the largest outflows, averaging $5.03 million. The situation is a lot worse for Ethereum products, which recorded the second-largest negative net flows of $2.87 million.

At the same time, Ethereum blockchain's native token Ether recorded better gains than BTC by Oct. 26, jumping approximately 14% to reach its weekly high of $1,554. By press time, the price of ETH stands at $1,508. Open / Comment

2022-10-30 15:00:05 If there is Binance in WEB 2.0, there is PLEXUS in WEB 3.0.

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2022-10-27 20:00:07 ​​Tesla's Bitcoin losses rise to $170M in first 9 months of 2022.

The electric vehicle maker's actual BTC losses are far lower with $64 million worth of previously realized profits to offset the decline.

According to Tesla's latest Q3 earnings report filed with the United States Securities and Exchange Commission, the electric vehicle (EV) manufacturer disclosed that it had invested a total of $1.5 billion into Bitcoin since early 2021. Of this amount, the firm is currently sitting at a $170 million unrealized loss from the change in the fair value of its investment. This is offset by a gain of $64 million from realized profits on Bitcoin at various points in the last two years, leading to a net loss of $106 million by the end of Q3.

Tesla's losses did not materially affect its core operations, the filing said. Year-over-year, the EV manufacturer's profits grew 169% from $3.3 billion in the first nine months of 2021. However, Tesla says that it's only holding roughl$218 million worth of Bitcoin on its balance sheet.

Under accounting rules, digital assets are considered indefinite-lived intangible assets. As a result, any decrease in their fair values will require Tesla to recognize impairment charges, whereas the firm does not make upward revisions for any price increases until a sale. In such beneficial tax treatment, losses can be deducted against profits to reduce tax liabilities, while capital gains are not taxed until the time of sale.

Tesla's CEO, Elon Musk, is well-known in the crypto space for his support of digital assets, affinity for memecoins such as Dogecoin, and $44 billion ambition to take over social media giant Twitter. Throughout the ongoing acquisition, the billionaire tech celebrity has pledged to "eliminate the spam and scam bots from the platform," stating: "They make the product much worse. If I had a Dogecoin for every crypto scam I saw, we’d have 100 billion Dogecoin." Open / Comment

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2022-10-24 20:00:10 ​​Fireblocks launches crypto payment engine with Checkout​.com and Worldpay as pilot partners.

Checkoutcom settled $1 billion in stablecoin transactions during its initial pilot phase of Payments Engine.

Following a successful pilot phase, digital asset custody platform Fireblocks has launched its new payment engine for merchants, opening up pathways for businesses to settle and accept cryptocurrency transactions across jurisdictions.

Fireblocks’ new Payments Engine is said to provide “turnkey solutions” for businesses that want to integrate digital assets into their operations, the company announced on Oct. 24. The platform allows payment service providers to incorporate new crypto payment rails and accept, settle and process digital asset transactions instantly. The platform also supports cross-border internal settlement, micropayments and merchant adoption with lower processing fees.

Ran Goldi, Fireblocks’ vice president of payments, told Cointelegraph that the solution is “token-agnostic,” meaning that payment service providers can incorporate whatever type of digital assets they want. “They can use any of the 42 blockchains and 1,300+ tokens that Fireblocks supports,” he said. Goldi also clarified that due to a confluence of factors — including regulatory changes — stablecoins have emerged as the front-runner for digital asset payments.

Payments Engine was piloted by payments processor Checkoutcom, which settled $1 billion in merchant transactions using the solution. On Oct. 24, Fireblocks announced that FIS, the world’s largest merchant acquirer, would also begin piloting the solution. FIS manages Worldpay, a multibillion-dollar payment processing company it acquired in 2019.

Fireblocks expanded its infrastructure offerings to include crypto payments when it acquired First Digital, a stablecoin settlement platform, in February 2022. As reported by Cointelegraph, the estimated $100 million acquisition allowed Fireblocks to add business-to-business, business-to-consumer and cross-border payment support services.

The acquisition came at a time when more retailers were signaling their intent to adopt crypto payment services shortly. Open / Comment

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2022-10-21 20:00:07 ​​Telegram username auction marketplace 'almost' ready to launch.

Telegram said that the development of its marketplace is almost finished, and a launch date will be announced soon.

The popular messaging app Telegram has developed a new marketplace that doesn’t involve nonfungible tokens (NFTs). The social messaging platform said that it is all set to launch its marketplace for auctioning unique usernames for social platforms, an idea first floated in August.

In an official announcement on its Telegram channel, the firm said that the development phase of the marketplace is near its end. The marketplace is based on its native blockchain called The Open Network (TON).

The idea was first teased by the company founder Pavel Durov in late August this year when he proposed a marketplace that could utilize “NFT-like smart contracts” to auction highly-sought after usernames. Durov made the suggestion after the “success” of domain name auctions by The Open Network (TON), a layer-1 blockchain originally designed by the Telegram team.

Durov said at the time that a new marketplace, where username holders could transfer them to interested parties in protected deals — with ownership secured on the blockchain via NFT-like smart contracts — could become a sought-after service in Web3. He added that other elements of the Telegram ecosystem, including channels, stickers or emojis, could later also become part of this marketplace.

Telegram didn’t respond to Cointelegraph’s requests for comments at the time of publishing.

Telegram started its Web3 and crypto endeavor with hopes of launching a digital payments platform for Telegram. However, like many other platforms from the initial coin offering (ICO) era, Telegram also ran into trouble with the United States regulators for the unregistered sale of its Gram token.

After losing a court battle against the U.S. Securities and Exchange Commission in 2020, Durov stepped away from the project to focus on Telegram. Since then, open-source developers have revived the project under the banner of The Open Network. Open / Comment

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