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Today's Crypto News: SEC Targets NFTs 🏛️🚬🇷🇺

Author

Valko
August 29, 2023

Today’s Top Stories ⌐◪-◪

  • 🏛️ SEC brings first NFT enforcement action against LA podcast studio

  • 🚬 Bitboy fired from his own company, Bitboy Crypto, for drug problems

  • 🇷🇺 Binance considers a full exit from Russia amidst US legal battles

SEC brings first NFT enforcement action against LA podcast studio

SEC fines LA media company Impact Theory $6M for conducting a $30M illegal securities offering.

⌐◪-◪ → The NFTs were deemed securities because Impact Theory promised investors profits, breaking prong 3 of the Howey test. Don’t do this, it’s literally securities 101.

Bitboy fired from his own company, Bitboy Crypto, for drug problems

The parent firm of the Bitboy Crypto brand removed Ben Armstrong from the brand, citing substance abuse and harm.

⌐◪-◪ → I doubt this is the last we see of Bitboy, he has some serious main character energy. Wouldn’t be surprised if he tries to spin this in his favor, like Trump did with his mugshots.

Binance considers a full exit from Russia amidst US legal battles

The world’s largest crypto exchange is reevaluating its business in Russia after allowing sanctioned banks to trade on their platform.

⌐◪-◪ → Binance continues to operate in gray zones which makes them an easy target for regulators. This “full exit” feels like an effort to bolster appearances amidst their ongoing lawsuit with the SEC.

Peripheral Vision ⌐◪-◪

Crypto & DeFi

  • Uniswap volumes surpass Coinbase in 2023

  • Chainlink announces that staking v0.2 will launch in Q4 2023

  • LimeWire is back from the grave with a new Web3 brand

  • Coinbase & Optimism reached a profit-sharing agreement for Base

  • dYdX governance proposal for new chain goes to Snapshot vote

  • Yearn Finance governance rejects Wintermute’s request for a $2M loan

  • Coinbase is investigating Wallet (app) users with empty balances

  • Velodrome launches new DEX on Coinbase’s Base network

NFTs

  • Disney’s launches $40 Mickey Mouse & Yoda “toys”

  • Decrypt teams up with Hawaiian artists for Maui fire relief

  • EA Sports, Nike, and Epic Games planning new NFT project

  • OpenSea unveils publishing standard for redeemable NFTs

Legal & Regulatory

Wall Street

  • Prime Trust lost keys & $6M in customer funds to TerraUSD collapse

  • Bitcoin ETF gets ‘ESG’ label, environmental experts disagree

Global

  • Yevgeny Prigozhin potentially linked to 5th largest Bitcoin wallet

  • HashKey, a Hong Kong crypto exchange, is open to retail investors

  • Hong Kong financial secretary says blockchain is “breakthrough” tech

  • Argentina adopting Bitcoin faster than El Salvador, Ark Invest says

  • Binance taps Polish arm to continue serving Belgian users

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