NFT

SEC Expands Lawsuit Against Binance

Saturday. September 14 at 4:00 AM

1 min. read

The US Securities and Exchange Commission has broadened its lawsuit against Binance by including more tokens as securities. The updated legal filings now mention tokens like Axie Infinity Shards (AXS), Filecoin (FIL), ATOM, SAND, and MANA as securities. This move is part of the SEC's ongoing efforts to regulate the crypto industry and classify digital assets as securities. The regulator accuses Binance and its US affiliate of facilitating the trade of unregistered securities and promoting these tokens to customers. The SEC also reiterates that Binance operated illegally as an unregistered exchange, broker-dealer, and clearing agency. The lawsuit has drawn criticism, with the SEC facing scrutiny for its contradictory statements. The chief legal officers at Ripple and Coinbase have questioned the SEC's actions, highlighting inconsistencies in its approach to crypto asset regulation.

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Allegations of Social Media Manipulation by Crypto Influencer

Wednesday. September 18 at 12:00 PM

A crypto influencer, known as Professor Crypto, is facing accusations of using bots to manipulate social media metrics shortly after winning a 'best content creator' award at a crypto event. The investigator ZachXBT claimed that Professor Crypto used 'thousands of bots' to deceive people into thinking he had more influence. This action could potentially violate a US Federal Trade Commission rule against buying or selling fake indicators of social media influence. Despite the allegations, Professor Crypto has not publicly responded but has removed posts related to the award ceremony. With a large following on YouTube, where he shares crypto-related content, Professor Crypto's online presence has come under scrutiny. Some industry experts have expressed skepticism about his sudden rise to fame after winning the award. Requests for comments from Professor Crypto regarding the accusations have not been answered.

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Addressing Concerns About Shiba Inu's Token Supply

Tuesday. September 17 at 3:00 PM

Lucie, the marketing lead for the Shiba Inu ecosystem, has responded to worries regarding the token's large supply, seen as a drawback by some in the SHIB community. Plans are in place to decrease the supply, sparking hope among community members for a potential price surge of SHIB. Lucie explained that the token supply cannot be altered as the project's creator, Ryoshi, burned the keys, relinquishing control. The only way to reduce supply is through active purchase and burning of SHIB by users. The community plays a vital role in maintaining the value of SHIB coins. A strategy to attract more users to SHIBARIUM, a Layer-2 blockchain network, aims to increase burning of SHIB, enhancing its value. The introduction of ShibTorch on Shibarium further boosts the burn rate. Despite a recent drop in burn rate, efforts to reduce SHIB supply continue, with the hope that increased adoption will lead to a rise in SHIB's price.

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Attempted Assassination of Donald Trump at Golf Club

Tuesday. September 17 at 1:00 PM

The FBI reported an attempted assassination on Donald Trump at his golf club in West Palm Beach, Florida, just nine weeks after a previous attempt. The suspect, Ryan Wesley Routh, was armed with an AK-style rifle and was apprehended by Secret Service agents. Routh, a convicted criminal, has a history of criminal activities and was found to have ties to recruiting individuals for Ukraine. The incident has sparked concerns about the security of political figures, especially after a similar attempt in July 2024. Despite the incident, Trump continues to face legal challenges and his associated tokens have experienced significant losses. MAGA, TRUMP, and TREMP tokens have all seen declines in value, with MAGA experiencing the largest drop. However, there are indications that the tokens may stabilize and potentially recover in the future.

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SEC Criticized for NFT Settlement

Tuesday. September 17 at 10:30 AM

Two SEC commissioners criticized the agency for a $750,000 settlement with NFT-themed restaurant Flyfish Club. The SEC accused Flyfish of conducting an unregistered offering of crypto asset securities by selling NFTs to US investors. However, the commissioners argued that the NFTs were just a different way to sell memberships and did not violate securities laws. Flyfish NFTs were intended for customers to use at their upcoming restaurant in Manhattan. Despite not admitting guilt, Flyfish agreed to destroy remaining NFTs and forgo future royalties. The SEC, led by Gary Gensler, has targeted other NFT projects in recent months. Entrepreneur Gary Vaynerchuk, behind the Flyfish NFTs, has been active in the NFT space. The SEC's actions have raised concerns about stifling innovation in the NFT market.

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