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The SEC’s crackdown has begun!


Satoshi&Co Daily Crypto Newsletter

November 30 · Issue #79 · View online
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The SEC is going after violators who flouted regulations pertaining to securities offerings in the ICO craze of 2017-18. Earlier today, DJ Khaled and Floyd Mayweather were among the first (and not likely the last) to be at the receiving end after the SEC charged both of them for failing to disclose remuneration they received for promoting ICOs and slapped fines amounting to over $700k. After the indictment of Ether Delta’s founder a few weeks ago, this is the SEC’s second such penalty imposed on transgressors. Along with its counterpart FCA across the pond, we expect the SEC to further tighten the noose around ICOs and unregulated crypto exchanges and develop a balanced regulatory framework that protects investor rights, while leaving ample room for technological innovation to prevail and progress forward at the same time.

Have a great weekend!
Meanwhile in Crypto Wonderland....
“GPU Mining While Idle”
Taiwan-based computer and electronic component manufacturer ASUS, has partnered with “innovation factory” Quantumcloud. The partnership will allow owners of ASUS-branded graphics cards to mine cryptocurrencies like Bitcoin and Ethereum while the GPU is idle. According to the report, it turns a regular ASUS graphics card into a GPU that can “potentially earn a passive income by installing Quantumcloud’s software”.
“Sprecher: Crypto Will Survive”
Bitcoin and cryptocurrencies are here to stay despite the current bear market, according to Jeff Sprecher, chairman of the NYSE and CEO of Intercontinental Exchange (ICE). When asked about the plunging crypto market values, Sprecher said as an exchange operator, it’s not his place to opine about prices. However, he’s confident about the bright future of digital assets, saying that “the unequivocal answer is yes [crypto will survive]”.
“Binance Info Reveals Gold Label Coins”
Binance Info, an initiative designed by Binance, the world’s largest cryptocurrency exchange, to set standards while promoting transparency and reliable information on bona fide crypto projects, has revealed the first 30 coins on its new list of “Gold Label” cryptocurrencies. Binance is developing Binance Info as a major resource tool to help users navigate an increasingly crowded space of cryptocurrencies that have minimal to major impact.
“Coinbase and DCG Invest in Flipside Crypto”
Coinbase’s Coinbase Ventures arm and Digital Currency Group co-led an extended seed round for Flipside Crypto, an analytics startup, alongside True Ventures and Castle Island Ventures. Although the size of Coinbase’s investment was not disclosed and the company declined to comment on the move, in total Flipside has raised $4.5 million.
“Mayweather and Khaled Charged for Shilling”
The SEC announced yesterday that it has settled charges against Mayweather, the renowned boxer and DJ Khaled for “unlawfully touting” initial coin offerings (ICOs). The main issue: Mayweather and Khaled did not disclose payments they received for promoting the ICOs on their social media accounts. Mayweather was paid by three different ICO issuers, including $100,000 from a company called Centra; Khaled also received $50,000 from Centra.
Crypto Twitter Pick
Brad Garlinghouse
Exciting to see more people in traditional finance world take the long view on digital assets. Just like stock market volatility ≠ the end of stocks, digital assets aren’t going away
What We Are Reading / Listening To
A skeptic’s guide to Bitcoin by Su Zhu and Hasu
What Exactly is Web 3? Featuring Juan Benet
Overnight Performance of Top 10 Currencies
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