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Quick takeaways
ShapeShift criticized SEC for lack of transparency in identifying securities.
Humorous screenplay depicts ShapeShift's confusion with SEC's unclear standards.
State Attorneys General challenge SEC's regulatory approach in cryptocurrency space.
Deep dives
SEC seeks to shut down ShapeShift for unlicensed digital asset trading
The SEC has filed a cease and desist order against ShapeShift, alleging the exchange operated as an unregistered dealer for crypto assets that were securities. ShapeShift faces a $275,000 fine without any alleged harm to its customers. CEO Eric Voorhees criticizes the lack of transparency and clarity in the SEC's identification of specific assets as investment contracts.
Hester Pierce's satirical screenplay rebukes SEC's lack of guidance for ShapeShift
In a dissenting take on the SEC's actions, Commissioner Hester Pierce wrote a satirical screenplay where ShapeShift seeks to register but is left perplexed by the SEC's opaque standards and lack of clarity on what constitutes a security. The humorous exchange between ShapeShift and the SEC showcases the difficulties faced by innovators in a regulatory environment with unclear guidelines.
Eight US Attorney Generals criticize SEC overhandling of crypto
Additionally, eight US Attorney Generals from various states have submitted an Amicus brief criticizing the SEC's approach to crypto regulation. The brief is highly critical of the SEC's stance and brings into question the transparency and consistency in its approach to handling digital assets. The involvement of state officials adds pressure on the SEC's regulatory actions in the crypto space.
Concerns about SEC's Regulatory Approach to Cryptocurrency
The SEC's regulatory approach towards cryptocurrency has raised concerns, with attorneys general from eight US states criticizing the SEC's actions as a regulatory power grab. These officials believe that the SEC is overstepping its authority by appointing itself as the crypto regulator, potentially putting consumers at risk with its actions.
Introduction of Wormhole Token W and Airdrop Details
A new token called W by Wormhole has been announced, featuring an initial circulating supply of 1.8 billion tokens out of a total of 10 billion. Notably, 82% of the tokens will be locked initially and gradually released over four years. This ERC-20 token on Ethereum is part of the Wormhole bridge, facilitating cross-chain transfers between Ethereum, Solana, Arbitrum, and other layer one blockchains. Additionally, a large airdrop of 617 million tokens is planned, creating significant buzz in the crypto community, although some restrictions apply, including limitations for US participants.
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