Crypto News: Roundup of what’s happening in crypto this week.and how many weeks was it!
The biggest news of the week was a rumor from the Bankless podcast that the US Securities and Exchange Commission (SEC) has issued a Lido a Wells Notice for the decentralized liquid staking protocol. This rumor was later debunked, but not before Lido’s native LDO token dropped 20% of his. A Wells Notice is a formal notice from the SEC that legal action is about to begin.
All’s Wells That Ends Wells
Unbanked moderator David Hoffman’s guest erroneously suggested that the SEC could come after Lido that week. The claim prompted Lido’s many holders of his LDO tokens to sell their assets, causing the price to plummet to his $2.41.
The token bounced back to $2.67 after Hoffman revealed the protocol was not subject to SEC warnings. He later opined that at least one DeFi protocol recently received a Well Notice, according to Course.
The agency issued a Wells Notice to BUSD stablecoin issuer Paxos in mid-February, claiming the assets were securities.
Crypto News – Socially Speaking
Future Kraken Banking
Despite Kraken’s chief legal officer saying this week that crypto-friendly bank Silvergate will begin to scale back operations amid difficult market conditions and scrutiny of its involvement with the collapsed crypto exchange FTX. , confirmed that the exchange will launch its own bank “very soon.” .
Former Kraken CEO Jesse Powell recently revealed that he opposed the SEC’s enforcement action against Kraken for offering a staking program to U.S. customers as unregistered securities.
Ethereum’s potential status security was also in the limelight this week, with pros and cons heating up as the SEC cracked the hammer.
Claims that Ethereum is a security include an initial coin offering in 2017 that raised capital by selling Ethereum to investors expecting a profit. Others argue that tokens represent ownership of the network, similar to company stock. Others point out that the tight-knit cohort of developers responsible for maintaining and upgrading the network has made the network too centralized, making ETH more like a security rather than a decentralized currency.
NFT sales this week
Jimmy Fallon denies relationship with Rip Ryder
In this week’s news of non-fungible tokens (NFTs), famed talk show host Jimmy Fallon has filed a subpoena against him that was dismissed in the Yuga Labs v. Ripps lawsuit.
Earlier this year, Ripps accused Yuga Labs of being a white supremacist group that launched the BAYC collection as a trolling stunt. Yuga Labs later sued Ripps for copyright infringement, accusing him of copying the Bored Ape Yacht Club image and creating it as an NFT by him on OpenSea.
The talk show host’s attorney claims that Fallon doesn’t know Lips and that the documents needed for the subpoena can be obtained anywhere.
crypto coin news
Crypto’s biggest risers this week include a 9.76% increase in KAVA, the governance and staking token of the Kava blockchain.
Decentralized autonomous organization DAO Maker’s token (DAO) rose 6.8%, while decentralized lending platform Liquidity’s LQTY rose 2.9%. Ripple XRP is up 0.45% this week, while Shiba Inu’s BONE token is up a fifth of his.
On the bearish side, Stax (STX) is down 32.7% and the AI-centric SingularityNET (AGIX) token is down almost 31% this week. His MINA token on the Mina blockchain has fallen 29%. The Render Network of ERC-20 utility tokens (RNDR) dropped 28.77%, while DASH, the payment-focused blockchain native token of the same name, dropped 25%.
Hedera (HBAR) upward?
The HBAR situation was bullish. The price has broken out of the descending resistance line and is now testing new support. But where will it go in light of Thursday’s exploit?
Forbee[In]Click here for Crypto’s latest Bitcoin (BTC) analysis.
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