DeFI News by Thebittimes.Com

The latest Shiba Inu coin news today includes a new narrative that has led investors to build novel SHIB price pathways. The US SEC chair, Paul Atkins, has shared how his focus is to embrace crypto innovation. Atkins is keen on bringing crypto to the mainstream, helping the domain launch projects and products that help elevate the financial trading realm. Will this “crypto innovation” help Shiba Inu gain the ultimate financial credibility and adoption? Also Read: Shiba Inu Millionaire Stories: From Rags to Riches Overnight Shiba Inu: The Dream to Become Mainstream Source: Great Learning Shiba Inu has been through a lot since 2020. The token witnessed one of its remarkable price highs, the one that led early SHIB holders to become millionaires. The token expanded its base post that, penetrating into multiple Web3 branches by launching Shibarium and the Shib Metaverse. Safe to say, Shiba Inu did all it could to become mainstream, offering a stellar series of products and ventures for the...

VanEck chief executive Jan van Eck is outlining what he thinks will be the biggest milestone for the crypto sector in 2025. While speaking with Anthony Pompliano at Bitcoin Investor Week, Van Eck argues that stablecoins are the most interesting part of the digital asset world. The CEO praises the stablecoin legislation working its way through the Senate, but he also says he’s worried US banking regulators will try to kill the bill or “say you have to be a bank to issue a stablecoin.” Senator Bill Hagerty (R-TN) introduced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act in February. The legislation, which aims to establish regulatory clarity for stablecoins, passed out of the Senate Banking Committee earlier this month. Van Eck also thinks there’s a “big opportunity” with tokenization. “If Hester Peirce and the SEC do what they say they’re going to do… I don’t think we ...

Litecoin (LTC) is experiencing a surge over the last 24 hours amid the SEC beginning its review process for several crypto ETF filings. Indeed, The SEC has acknowledged CoinShares’ filings to list XRP and Litecoin ETFs on Nasdaq. This is one of several crucial steps towards approval and overall regulation of the crypto industry. LTC traded as much as 10% higher on Wednesday and currently sits at over $135. Litecoin (LTC) was one of the earliest cryptocurrencies to enter the market. Despite its popularity and growth rate back in the day, LTC took a backseat during the last few years. The altcoin was sidelined as the market welcomed a plethora of new assets. This, however, did not stop the asset from making a comeback. The news of a Litecoin exchange-traded fund (ETF) garnering approval has put LTC under the spotlight. Now, the LTC ETF is a step closer to approval, sparking positive price momentum. SEC Begins LTC ETF Review Process The SEC will open a 21-day public comment period for the...

A closely followed trader is offering his two cents on why he thinks memecoins have exploded in popularity among crypto traders. Pseudonymous analyst Jack Sparrow tells his 251,000 followers on the social media platform X that traders are not sinking capital on memecoins because they believe in their fundamentals or whether meme communities will serve as the cornerstone of the future of finance. The trader says memecoins offer something that most crypto assets don’t: a degree of freedom from the hostile hands of the U.S. Securities and Exchange Commission (SEC). “Memecoins are one of the final frontiers that are somewhat in an unregulated untouchable position. Lack of regulation and the degenerates will gamble in PVP (person vs. person) style games and it being one of the few places left possible without restrictions.” According to the analyst, the exact same scenario has played out before such as the launch of decentralized finance (DeFi) and n...

"GS Partners promoted the products through a multilevel marketing scheme paying lavish commissions," regulators say. The Texas State Securities Board has accused a network of companies under the "GS" brand and operating from Germany of fraudulent activities "tied to digital assets, investments in a staking pool in a proprietary metaverse." The network of companies is controlled by Josip Dortmund Heit. As described by regulators on November 16, respondents GS Partners, GS Smart Finance and GS Wealth allegedly held three rounds of metaverse property sales beginning September 2021. At the time, investors were informed that could purchase XLT Vouchers, or BNB Chain token s that represented ownership of one square inch of a unit in the company's G999 Tower metaverse, at 9.63 Tether (USDT) per voucher. However, the token rapidly lost its value, to less than 0.0000049 USDT apiece on decentralized exchange PancakeSwap, after the respondents failed to reach...

Hester Peirce has expressed concern over the SEC’s approach towards crypto enforcement , explicitly referencing the recent LBRY case. Commissioner Hester Peirce of the Securities and Exchange Commission (SEC) on Oct. 27 shared her thoughts about the agency’s treatment of blockchain-based file sharing and payment network LBRY.  Some overdue thoughts on our case against LBRY: https://t.co/wLsG4Xr7wz — Hester Peirce (@HesterPeirce) October 27, 2023 In her statement, Peirce highlighted that LBRY had been singled out by the SEC despite it having a functioning blockchain with a real-world application. She decried the Commission’s role in the demise of LBRY following the company’s shutdown after failing to appeal the court decision that went against it. “Are investors and the market really better off now after the Commission’s litigation contributed to the demise of a company that had built a functioning blockchain with a real-world application running on top of it?” ...

The Grayscale Bitcoin Trust is the largest asset held by the ARK Next Generation Internet ETF, accounting for more than 10% of its portfolio. Investment firm ARK is selling Grayscale Bitcoin Trust (GBTC) shares amid a market surge fueled by anticipation of a spot BTC exchange-traded fund (ETF). On Oct. 23, ARK — headed by pro-Bitcoin (BTC) investment veteran Cathie Wood — sold 100,739 GBTC shares ($2.5 million) from ARK Next Generation Internet ETF (ARKW), according to a trade notification seen by Cointelegraph. The transaction comes as GBTC touched multi-month highs, reaching $24.7 for the first time since May 2022. According to data from TradingView, GBTC has surged more than 200% year-to-date and is up nearly 30% over the past 30 days. The GBTC sale marks ARK’s first officially reported GBTC transaction since November 2022, when the firm added 450,272 GBTC shares worth $4.5 million to ARKW. The latest GBTC sale amount accounts for about 2% of all GBTC value in ARKW’s portfolio, ...

Russia’s Finance Ministry official hopes that liquidity from the crypto market will help the local business to overcome sanctions pressure. Digital financial asset s (DFAs), a tokenized form of traditional financial instruments issued by Russian-only companies, appear to have failed to attract significant capital from local investors despite the Bank of Russia’s efforts to position these asset s as a better alternative to crypto . According to Russian finance ministry official Ivan Chebeskov, it is still too early to say that DFAs have raised many investments, even though the first issuance of DFAs was conducted in June 2022. As reported by the Russian state news agency TASS, the ministry is now betting on bringing investors from the crypto market, given this industry allocated enough liquidity to support Russia’s economy. “In our opinion, large investments in the digital financial asset s market will occur when we are able to combine what we call the cry...

The Vice-President of HKUST criticizes Hong Kong’s current virtual asset licensing system as “Licensed to Be Killed,” advocating for a new public blockchain for real-world assets. Wang Yang, the Vice-President of The Hong Kong University of Science and Technology, recently criticized Hong Kong’s current approach to regulating virtual assets. Yang argued that the existing licensing system is not only burdensome but also counterproductive, coining the term “Licensed to Be Killed” to describe the plight of licensed exchanges like OSL, which have faced significant losses. Hong Kong needs a robust public blockchain Yang emphasized the need for Hong Kong to shift its focus from mere compliance and licensing to building a robust Web3 ecosystem. He proposed the deep integration of virtual and real-world assets (RWAs) through blockchain technology. Yang also called for the establishment of a new public blockchain for RWAs in Hong Kong, complete with an ...

Cyprus wants to align with international standards set by the Financial Action Task Force. Cyprus is set to introduce tough new penalties for crypto currency companies that fail to register with the local authorities. A new report from The Cyprus Mail says the government is weghing new penalties, which could mean up to €350,000 and imprisonment of up to five years for failing to comply with the local rules. The move is said to help Cyprus meet international standards set by the Financial Action Task Force (FATF) to combat money laundering. You might also like: Per Global Legal Insights, there’s no legal framework as to how testamentary succession of crypto currencies should be treated in Cyprus. However, under the proposed amendments, crypto companies such as exchanges and hedge funds would be be required to register with the Cyprus Securities and Exchange Commission (CySEC). It’s unclear, though, when exactly the changes will take effect. Cyprus is not alone ...

Taiwan tightens crypto regulations with new FSC guidelines and the formation of an industry association by leading exchanges. On Sep. 26, Taiwan’s Financial Supervisory Commission (FSC) released a comprehensive set of guidelines for virtual asset services providers (VASPs), marking a major step in regulating the country’s burgeoning cryptocurrency market. Almost concurrently, nine leading crypto exchanges in Taiwan have formed a working group to establish an industry association. The latest move is a proactive step towards self-regulation and aligning with the FSC’s newly released guidelines. FSC’s guidelines for crypto exchanges The FSC’s guidelines are extensive and focus on several key areas. First, they require domestic crypto platforms to ensure the separation and custody of the companies’ and customers’ assets. This is aimed at enhancing the security and integrity of funds held on these platforms. Second, the guidelines mandate th...

Erik Voorhees, CEO of the American crypto exchange ShapeShift, participated in the DeFi convention, Permissionless. Voorhees focused on the permissionless nature of crypto . He pointed out that everything started with the invention of Bitcoin (BTC) 15 years ago. Why are we here? Permissionless II opener from @ErikVoorhees that got an entire crypto conference on their feet pic.twitter.com/48kbXMaQjE — Permissionless II (@Permissionless) September 13, 2023 He explained that permissionless digital money was created thanks to the crypto currency industry. When a person makes a transaction like paying with a credit card, he needs permission from a financial institution or bank. However, crypto transactions represent a much higher level of financial freedom . The crypto founder talked about the state’s role and defined them as a group of strangers. Later on, he added that the state steels consumers’ income through the use of taxes. He added that the crypto industr...

Taiwan plans to restrict access to offshore crypto currency exchanges that are not registered with the local regulators. According to a Sept. 7 report by Taiwan’s semi-official Central News Agency, the country’s Financial Supervisory Commission recently drafted ten virtual asset service provider principles for local crypto regulation. Those principles are expected to be released by the end of September. The newly set requirements include review standards for listing and delisting, separate custody of platform and customer assets, and anti-money laundering (AML) procedures. Following the publication of the principles later this month, public institutions will formulate regulatory norms on their own. Those rules will not be final and will be amended to comply with international standards and react to research findings. You might also like: Binance seeks AML compliance in Taiwan The principles set forth by Taiwanese regulators for digital assets are: Digital asset...

Binance lodges a petition against the SEC, arguing that the regulator’s wide-reaching demands are undue and exceed the scope of their case.  On August 14, Binance filed a petition for a protective court order with the United States Securities and Exchange Commission (SEC). It argued the regulator’s demands for exchange communications impose an undue burden. Binance emphasized in the filing that the SEC’s discovery efforts resemble a “ fishing expedition ,” exceeding the case’s scope. They maintain that their requests for information, which even covered client assets, have been made in good faith, despite the SEC’s primary concerns being unrelated to asset custody. You might also like: Binance engages former DOJ prosecutor to counter SEC allegations The exchange criticized the SEC’s focus on depositions involving top executives not closely familiar with asset custody practices. This follows Binance’s compliance with a J...

Responding to a recent piece of writing regarding a legal matter concerning cryptocurrency securities brought against Ripple Labs Inc. and the establishment of a group of investors, lawyer Fred Rispoli provided commentary that all could not be gold for Ripple. The central focus of the complaint revolves around the financial losses suffered by investors in digital tokens. Despite the company’s objections, on June 30th, Judge Phyllis J. Hamilton of the United States District Court for the Northern District of California decreed that the group did, indeed, fulfill the prerequisites for certification. …next step is summary judgment, so it is "behind" the pace of the SEC case. On a more important level, I need to do more research on what happens if XRP ruled not a security in New York but is a security in this Oakland case. @Marc_Fagel What happens here? Any res judicata? 2/2 — Fred Rispoli (@freddyriz) July 4, 2023 The legal approach undertaken by Ripple L...

Galaxy Digital CEO Mike Novogratz was among those over the moon with the news, others warn it could be the start of a major institutional takeover. BlackRock’s latest filing for a spot Bitcoin (BTC) trust will drive investors’ confidence in Bitcoin and may even be “the best thing that could happen ” to BTC, according to some crypto industry observers — but others warn of a hidden cost. During an interview on June 16, Galaxy Digital CEO Mike Novogratz said the approval of BlackRock’s ETF application would be “the best thing that could happen to $BTC.” “I say a Hail Mary every night that Larry Fink and @blackrock pull off a @bitcoin ETF," Novogratz said on the Fox News segment, according to a tweet by host Liz Claman. Fun being on @LizClaman show!! And yes, @BlackRock getting a $BTC ETF through would be the best thing that could happen to $BTC. https://t.co/2fFBeB9eyo — Mike Novogratz (@novogratz) June 16, 2023 Meanwhile, cryptocurrency analyst James Edwards of Finder.com —...

The billionaire is the latest to argue that the United States Securities and Exchange Commission hasn’t provided crypto firms with a registration process to follow. Billionaire investor Mark Cuban has become one of the latest industry figures to call out the United States securities regulator for purportedly failing to provide cryptocurrency firms with a clear registration process. The Shark Tank investor claimed in a June 11 tweet that no registration exists in the SEC’s “Framework for ‘Investment Contract’ Analysis of Digital Assets” document, making it “near impossible to know” what constitutes a security in the “crypto universe.” “Unfortunately none of the elements presented in this page are part of the registration process. Which makes it near impossible to know, with or without an army of securities lawyers, what is or is not a security in the crypto universe.” This is an SEC WEB PAGE about the howey test and tokens that often conflicts with what @SEC_Enforcement has said pu...

The regulator has asked Grayscale to withdraw its application for a Filecoin Trust product, saying its underlying asset "meets the definition of a security." The United States Securities and Exchange Commission (SEC) believes Filecoin’s native FIL token is a security , crypto asset manager Grayscale Investments has revealed. According to the May 17 announcement, Grayscale lodged an application with the regulator to launch a Filecoin Trust product on April 14, which would provide investors with indirect exposure to the underlying FIL token. In a comment letter from SEC staff on May 16, the regulator then warned Grayscale that FIL “meets the definition of a security ” under federal law and asked them to withdraw their application for the Trust product. Grayscale stated that under its view, Filecoin is not a security and will be sending an explanation to the SEC for its reasoning. “Grayscale does not believe that FIL is a security under the federal securities laws and intend...

Japan's Web3 project team released a white paper suggesting ways to expand the country's crypto industry to establish a welcoming atmosphere for crypto. The Web3 project team of Japan's ruling Liberal Democratic Party has released a white paper containing suggestions for expanding the nation's industry, which has been incorporated into the national strategy by Prime Minister Fumio Kishida's administration. The Web3 project team aims to bypass the usual bureaucratic processes to formulate regulatory proposals for everything from nonfungible tokens (NFT) to decentralized autonomous organizations (DAO). In contrast to other governments seeking to implement consumer protection regulations, Japan is striving to establish a more welcoming atmosphere for cryptocurrency, as many companies have relocated to other countries due to high tax obligations. According to the white paper, Japan must exhibit leadership during this year's G7 summit, which will address crypto cur...

The DeFi market’s total value locked surpassed $50 billion for the first time in six months thanks to the bullish burst in the crypto market over the past week. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The United States Securities and Exchange Commission’s (SEC) crackdown on crypto-staking services could lead to uncertain consequences for the DeFi ecosystem. Cybercriminals used various methods to siphon funds through hacks and exploits in 2022, amounting to over $2.8 billion in losses. The second week of February saw the Platypus protocol exploited, leading to losses of $8.5 million. In another exploit-related update, the hacker behind Mango Markets wants to keep disputed funds paid as a bug bounty. The Financial Stability Board (FSB) stated that despite providing many novel services, DeFi does not differ substantially from traditional finance in it...