Connect with us

Cryptocurrency

This major cryptocurrency project is suing the SEC

Published

on

In a reversal of the script, a leading cryptocurrency project and its co-founder are suing the Securities and Exchange Commission (SEC).

The lawsuit was filed on Friday by Terraform Labs, the company behind Terra’s decentralized financial protocol, and its co-founder Do Kwon, who confirmed in the filing that he and his company had submitted subpoenas from the SEC at the Messari crypto conference last month in New York were served city. Terra’s Luna cryptocurrency is currently the eleventh largest by market capitalization.

According to the lawsuit filed on Friday, Kwon and Terraform Labs are denying the SEC subpoenas after dialogue about the Mirror Protocol, a decentralized financial protocol on Terra that allows users to trade “synthetic” assets that track the price movements of. track real assets like Netflix or Tesla stocks. The SEC has been increasing its pressure on crypto firms that may offer unregistered securities. CoinDesk first reported the lawsuit aimed at overturning the subpoenas.

Do Kwon, co-founder and CEO of Terraform Labs, speaks to Yahoo Finance.

But the company’s lawsuit not only denies the subpoena and required testimony from Kwon, a South Korean citizen and resident, but also claims the SEC broke its own rules and hired an outside private litigation service company to call the subpoena at a crowded conference “intimidate and embarrass them in public”.

“The SEC’s behavior here violated not only its service rules, but also its rules that require it to keep formal investigative orders confidential,” the lawsuit said.

The story goes on

The filing also documents a five-hour Webex call on July 8, during which Kwon answered questions from SEC attorneys about how Terra’s mirror protocol worked. A later request by the SEC for documents that the company said were either too broad or non-existent “proved the SEC’s misunderstanding about the nature of the mirror protocol itself.”

As Yahoo Finance has previously documented, Terra is one of the premier Decentralized Finance (DeFi) projects. While the SEC’s investigation appears to focus on Terra’s synthetic asset-focused mirror protocol, the project also powers a decentralized stablecoin that differs from cash-backed competitors. Instead of storing cash and assets as collateral, Terras Stablecoin UST is backed by its own cryptocurrency, Luna. As money poured into the UST, the price of Luna (LUNA1-USD) has skyrocketed – it is now more than 6,200% year-over-year.

Do Kwon, co-founder of Terraform Labs, will be introduced as the speaker Yahoo Finance’s All Markets Summit: The Way Forward where he will be joined by Ava Labs President John Wu for a panel on DeFi hosted by Zack Guzman of Yahoo Finance at 12:40 p.m. EST.

Zack Guzman is an anchor for Yahoo Finance Live and a senior writer covering crypto, cannabis, startups, and breaking news at Yahoo Finance. Follow him on Twitter @zGuz.

Read the latest financial and business news from Yahoo Finance

Read the latest cryptocurrency and bitcoin news from Yahoo Finance

Follow Yahoo Finance on Twitter, Instagram, Youtube, Facebook, Flipboard, and LinkedIn

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Cryptocurrency

Cryptocurrency Billionaire Justin Sun Has Bought More Than $100 Million Worth of Art This Year. So What’s He Going to Do With It?

Published

on

When Sotheby’s record-breaking Macklowe Collection auction received the winning bid of $ 78.4 million for Giacometti’s Le Nez (1947) earlier this month, curious minds immediately began to speculate who the buyer was. Maybe it was hedge funder Steve Cohen, a longtime collector of the artist’s work? Or maybe the Qatari royal family?

Just a few days after the sale, the real buyer showed up: Justin Sun, the Chinese-born, 31-year-old tech billionaire and founder of the cryptocurrency platform TRON. The news served as positive evidence that at least some of the new crypto rich are putting their money into the arts. So far this year, Sun has spent more than $ 100 million on auctions.

Now the entrepreneur says he’s just beginning to build his art collection – and his appetite includes installations, videos, classic contemporary and more. Although he was unable to attend Art Basel Miami Beach due to travel restrictions, plans to buy through galleries and in the primary market soon, he said, with an eye to emerging talent. These purchases are displayed in the metaverse as the IRL items are loaned to institutions around the world.

Alberto Giacometti, Le Nez. Conceived in 1947; this version was conceived in 1949 and cast in 1965. Courtesy Sotheby’s.

“Because our goal is to build the best and most diverse collection of contemporary art, we’re interested in a variety of art forms and categories such as video, music, installation, and AI art that we don’t already have,” said Sun. “Most of the works of art we own are static and we strive to diversify our collections to enrich our museum in the Metaverse … art that anyone can see and engage in interesting conversations to spark creativity.”

In addition to Le Nez, Sun has acquired a Picasso portrait of Marie-Thérese valued at £ 14.6 million ($ 20 million); a triptych of “Dread Wig” portraits by Andy Warhol for £ 1.4 million ($ 2 million); KAWS Untitled (Kimpsons) (2001) for HK $ 2.5 million ($ 323,647); and Cube by top NFT artist Murat Pak.

Many of these works, acquired from Sun through the APENFT Foundation, are now being digitally assimilated to “see” in the APENFT Virtual Museum on cryptovoxels in the Metaverse, a virtual world powered by the Ethereum blockchain. Those who have the technology – Oculus Quest, Oculus Rift, and HTC Vive – can explore it up close.

“The traditional art world is extremely opaque and buying art is seen as only for the privileged,” Sun said. “Just as blockchain democratizes finance like never before, we want to democratize the art market by registering blue-chip art as NFTs in the blockchain and enabling a creative economy.”

Sun hopes to bridge the gap between the metaverse and the art world universe by loaning some of the physical works to institutions. “We look forward to working with some of the world’s leading museums to further explore this concept and, more importantly, bring its real world application to the art world,” he said.

Follow Artnet News on Facebook:

Do you want to be one step ahead of the art world? Subscribe to our newsletter for the latest news, insightful interviews, and succinct critical views that will keep the conversation moving.

Continue Reading

Cryptocurrency

Cryptocurrencies brace for winter, virtual Adidas and a bitcoin city

Published

on

A representation of the virtual cryptocurrency Bitcoin can be seen in this illustration from October 19, 2021. REUTERS / Edgar Su / File Photo

Register now for FREE unlimited access to reuters.com

to register

  • Omicron worries weigh on important cryptocurrencies
  • Ether and other DeFi, Metaverse-Linked Tokens outperform Bitcoin
  • El Salvador wants to build “Bitcoin City”
  • Adidas cooperates with Coinbase

Nov 29 (Reuters) – Cryptocurrencies last week survived one of the biggest market shocks since the early days of the pandemic, with El Salvador being a notable buyer as investors decided not to share Adidas’ excitement over a foray into the busy Metaverse.

El Salvador’s plans to build the world’s first “Bitcoin City” and the entry of Adidas were the bright spots for digital assets in a week in which major cryptocurrencies were overwhelmed by fears about the new Coronavirus variant Omicron.

Bitcoin was down 0.5% on Monday and has lost about 17% of its value in the past 19 days from a record $ 69,000. But competing currency ethers and tokens associated with the metaverse and decentralized financial applications have done better.

Register now for FREE unlimited access to reuters.com

to register

Adidas’ move made waves after the German sporting goods retailer announced a partnership with Coinbase Global Inc (COIN.O) in a tweet, even though the shares of Adidas (ADSGn.DE) did not participate in the celebration.

The company also bought a piece of virtual land called “adiVerse” in the blockchain-based world The Sandbox, with the German company hinting that it would expand it to offer virtual reality products, and comes at a time when it does Best seller warned due to supply chain issues.

“This is something big because it is also an indication of what will hit the fans in the NFT area in a few months: the Adidas sneakers and other virtual branded clothing, shoes and objects,” said Ipek Ozkardeskaya, senior analyst at Swissquote .

The price of SAND, the virtual currency used to buy real estate and other items, rose 90% on the news to $ 7.18, according to CoinGecko, and received a second spike since Facebook in Meta Platforms Inc late last month ( FB.O) was renamed. Continue reading

MANA, the speculative currency used in the leading blockchain-based online world, Decentraland, rose 36% to $ 4.90. Land and other items on Decentraland are sold in the form of non-fungible tokens (NFTs).

In addition to the sell-off sparked by the Omicron news, the biggest headwind for Bitcoin and Ether last week came from an announcement by the Indian government about a law that would restrict most private cryptocurrency transactions by the country’s estimated 15 to 20 million crypto investors would prohibit. Continue reading

‘SURVIVE WINTER’

Bitcoin traded around 4,376,477 Indian rupees ($ 58,296.12) on India’s WazirX exchange, a slight premium to outside of the country prices that reversed from a 15% discount on Tuesday following the announcement.

“When it comes to a blanket ban, in combination with China you are talking about two centers of the world’s population that are effectively frozen out of crypto,” said Simon Peters, crypto analyst at eToro.

Elsewhere, the President of El Salvador announced plans to build the world’s first “Bitcoin City”, which was originally financed by Bitcoin bonds. In September El Salvador introduced Bitcoin as legal tender. Continue reading

Average daily trading volume across all digital asset product types declined an average of 13% through the end of October through November 19, while net inflows averaged $ 203 million, half of October, according to data from CryptoCompare.

It found that assets under management in Bitcoin-related products rose by 9.5% to 48.7 billion in the first three weeks of November.

Decentralized finance-related tokens Solana (SOL) and Litecoin-based products achieved in the 30 days to 19

A piece of virtual real estate in Decentraland was sold for a record $ 2.4 million in cryptocurrency on November 23, the buyer – crypto investor Tokens.com (COIN.NLB) – and Decentraland said. Continue reading

Meanwhile, the upcoming December holiday season could add volatility, while the Fed’s economic slowdown for Bitcoin could be on the decline, analysts said.

“There should be more agnostics focused on the fact that we’re in a bad part of the crypto cycle here – the fixes could be epic,” said Brent Donnelly, president of research firm Spectra Markets.

“Make sure you can survive the winter.”

($ 1 = 75.08 Indian Rupees)

Register now for FREE unlimited access to reuters.com

to register

Reporting by Lisa Pauline Mattackal and Medha Singh in Bengaluru Additional reporting by Tom Westbrook in Sydney Editing by Vidya Ranganathan and

Our Standards: The Thomson Reuters Trust Principles.

Continue Reading

Cryptocurrency

Regulation of Cryptocurrency, All you should know

Published

on

Post views: 96

introduction

Cryptocurrency has proven to be the most profitable way for investors to make profits when used properly. Although the crypto market is volatile, its benefits far outweigh the risks. If investors get into the crypto market after doing thorough research, they can make a lot of profits. Cryptocurrency has been the most profitable of all time in recent years.

The rate of growth in the value of various cryptocurrencies has been observed to increase in the final quarter of 2021. It is expected to grow similarly in 2022. Therefore, it will continue to be a popular choice with investors. The reward-to-risk ratio is very high and it takes courage to invest so much money, but the returns in this area Bitcoin mining make it worth the risk.

Regulation of cryptocurrency

With the increasing popularity and transactions in the form of cryptocurrency, more and more countries are looking for ways to regulate crypto transactions. Legislators in countries like the US, UK and Australia are trying to enact laws and regulations on cryptocurrencies to make them safer for investors.

With a more regulated crypto market, cybercrime can decline in the industry. There are several countries like China that are skeptical of the cryptocurrency, which is why China has banned all crypto transactions. Countries like the US are unwilling to ban cryptocurrencies, but officials are aiming to oversee this industry to help curb cybercrime in the Bitcoin era.

The IRS also aims to get governments to regulate crypto transactions as this would ensure that investors pay taxes on the profits from crypto trading. In that case, it could give the economy a major boost. Overall, it can be assumed that the crypto market will benefit from sensible regulation that will ensure that potential investors place more trust in the industry.

Introduction of cryptocurrency in wider horizons

Mainstream companies have a keen interest in allowing users to participate in crypto transactions. Companies like AMC have promised to allow users to pay with Bitcoins by the end of this year. Another big company, Tesla, keeps going back and forth when it comes to accepting Bitcoin payments.

It is only a matter of time after one major industry player accepts crypto payments that others will follow suit. While spending bitcoins or other currencies on goods and services may not sound like a good decision, the introduction of crypto could bring use cases that are not expected at all. Cryptocurrency could even prove to be an intermediary in transactions around the world.

The ambiguous but lucrative future of the cryptocurrency

Although many officials and companies around the world vouch for the legalization of cryptocurrency, the truth of the fate of cryptocurrency is still unclear. One day, you may wake up to the news that cryptocurrency is banned and all of your investments have become worthless.

It is therefore recommended that you only invest what you can lose to avoid financial instability. Even if the likelihood of this is very small, you should always be very careful with your money and what you use it for. Hence, cryptocurrency is a lucrative but ambiguous choice for investing. If all goes well, it has the power to change the world and generate a lot of wealth.

All of these arguments lead to the conclusion that investors who want to profit from trading cryptocurrencies in 2022 can benefit from its growing popularity. Factors such as a possible cryptocurrency regulation in a nutshell and the introduction of cryptocurrency into a broader horizon could result in higher growth rates in 2022. Investors must pay attention to laws and regulations regarding cryptocurrency, as these could affect the already volatile crypto market.

Investors are spoiled if they intend to invest in the crypto market after doing thorough research on the currencies they want to trade. 2022 holds unlimited opportunities for crypto traders and will most likely justify the synonym for the 2020s as Bitcoin mining.

Continue Reading
Advertisement

Trending