SEC
SEC typically refers to U.S. Securities and Exchange Commission which "protects investors in the $3.8 trillion municipal securities markets that cities and towns rely on to provide neighborhood schools, local libraries and hospitals, public parks, safe drinking water and so much more". But it can also refer to the security and exchange regulation bodies of other countries.
US National Security at Risk Due to China Dominance in Mobile Payments, says former State Department Official
Former Department of State official Anja Manuel warns that if the US loses its dominance in financial innovation and payments, it could impact its national security policy, specifically on sanctions. Manuel stated that China is catching up on dominance in mobile payments, which could make enforcing sanctions against “bad actors” like Iran or North Korea more challenging.
Terraform Labs Co-Founder Argues Against SEC Lawsuit
Terraform Labs co-founder, Do Kwon's lawyers have argued in court against the SEC's lawsuit for illegally offering unregistered securities. The lawyers claim the SEC's acquisitions are unfounded and that the stablecoin in question is a currency, not a security. Additionally, Kwon's arrest and subsequent extradition remain uncertain.
Flow Secures $3M Seed Funding To Build A Rollup Centric NFT Ecosystem
Introducing Flow: The Game-Changing NFT Ecosystem Set to Revolutionize the NFT Market. Aggregator Beta Launches on Ethereum Mainnet. Groundbreaking AI and Rollup-Centric Roadmap Unveiled; Anticipated Token Launch on April 30.
MetaMask Denies Involvement in Massive Wallet-Draining Exploit
MetaMask has denied claims that its wallet was exploited in a recent massive wallet-draining operation that resulted in the loss of over 5,000 ETH. The company has confirmed that the funds were stolen from various addresses across 11 blockchains, and that the exploit was not specific to MetaMask.
Binance to Disable Multiple Old Deposit Addresses
Binance, the world's largest cryptocurrency exchange, is retiring selected deposit addresses and memos on various blockchains, including Ether, Tron, BNB, and Stellar, as part of its infrastructure upgrade. The exchange encourages impacted users to obtain new addresses and memos to enhance security and efficiency, and the migration is scheduled for April to June 2023.
Unidentified Exploit Steals Over $10.5 Million in NFTs and Coins
An unidentified exploit has drained over $10.5 million in NFTs and coins from experienced crypto community members since December 2022. The exploit targets keys created from 2014 to 2022 and those who are "crypto native," with multiple addresses and work within the space. Crypto veterans are advised to use a hardware wallet or migrate their funds to safeguard their digital assets.
UK Aims to Implement Crypto Regulation Soon
The UK plans to establish digital asset regulation within a year to take advantage of blockchain's benefits for the private sector and the economy, according to Andrew Griffith, the economic secretary to the UK Treasury.
SEC Charges Bittrex for Unregistered Securities Trading
The US Securities and Exchange Commission (SEC) has charged Bittrex and its former CEO William Shihara for operating an unregistered national securities exchange, broker, and clearing agency. The SEC argued that tokens traded on Bittrex, including OMG, Dash, Algorand, Monolith, Naga, and IHT, are securities.
US House Committee Chair Criticizes SEC on Digital Assets
US House Financial Services Committee Chair Patrick McHenry criticized the SEC’s approach to digital assets at an oversight hearing, demanding clear rules for crypto through legislation and pressing SEC Chair Gary Gensler for a definitive answer on whether Ether qualified as a security or a commodity.
Legislation Introduced to Remove SEC Chair Gensler from His Role
United States Representative Warren Davidson has announced plans to introduce legislation that would remove SEC Chair Gary Gensler from his role and replace it with an Executive Director that reports to the Board. The move follows the SEC's proposed rule amendments that could bring certain brokers under additional regulatory scrutiny and redefine an "exchange." While Gensler has said the proposed changes could benefit investors and markets, SEC Commissioner Hester Peirce has criticized the move, accusing the regulator of stifling new technology and entrepreneurship. The SEC has faced criticism for using enforcement actions to develop the law on a case-by-case basis, rather than creating clear regulations.