US SEC investigates Binance’s ICO, metaverse crypto assets up 400% YoY and other news

Although the overall crypto market has floundered in terms of price action, assets related to the Metaverse are up about 400% on average compared...

View this email in your browser A week in review: June 12–18 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: #1. Metaverse tokens up 400% year on year despite altcoin bloodbath Although the overall crypto market has floundered in terms of price action, assets related to the Metaverse are up about 400% on average compared to May 2021, according to a Kraken Intelligence report. Despite the year-on-year gains, metaverse assets are down significantly in price over the last 30 days (as of Kraken's May report). All crypto-asset sectors that Kraken evaluated showed a decline in price in the last 30 and 90 days. Over the course of 2022 thus far, NFT and blockchain-powered metaverse games have seen continued participation. Continue reading #2. Lummis-Gillibrand bill establishes SEC-CFTC balance of power over crypto markets A new bill from U.S. Senators Kirsten Gillibrand and Cynthia Lummis, subject to appropriate approvals, aims to regulate the crypto industry on a number of levels under the shared watch of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission. "Understanding that most digital assets are much more similar to commodities than securities, the bill gives the CFTC clear authority over applicable digital asset spot markets," a government statement detailed. However, later comments from the two senators seem to contradict this view, with Lummis and Gillibrand seeing altcoins largely as securities. Continue reading #3. PayPal enables transfer of digital currencies to external wallets In the latter half of 2020, PayPal's platform welcomed crypto buying and selling, but the experience was restricted to the platform. Now, PayPal has made the move to allow the transfer of certain crypto assets to and from its platform, typically pending one-time verification of identity. Armed with a New York BitLicense, PayPal has opened the feature to certain customers but aims to broaden the availability in the weeks ahead. Continue reading #4. Prediction of the week. Bitcoin will finish 2022 'flat, possibly up' says analyst as Saylor bets on $1M BTC Bitcoin's price traded mostly sideways this week, largely between $29,000 and $32,000, according to Cointelegraph's BTC price index. A historically bullish figure in the crypto space, Fundstrat co-founder Thomas Lee spoke about Bitcoin's price with less exuberance, seeing the potential for sideways action to close out 2022, although he left the door open for it going "possibly up." Meanwhile, the ever-bullish CEO of MicroStrategy, Michael Saylor, ultimately sees BTC in terms of an all-or-nothing outcome — $0 or $1 million per coin. He, however, thinks BTC has already counted out $0 as an outcome, leaving his $1 million expectation on the table. Continue reading #5. FUD of the week. Bad day for Binance with SEC investigation and Reuters exposé Binance is the subject of an investigation by the U.S. Securities and Exchange Commission. The probe questions if the exchange's 2017 initial coin offering of its BNB asset was in line with regulatory standards. An article from Reuters additionally claimed that a significant amount of funds tied to nefarious activities filtered through Binance's platform between 2017 and 2021. A spokesperson from Binance denied the article's allegations. Binance also refuted the claims in a detailed blog post. Continue reading #6. Blockchain-based move-to-earn app STEPN under DDoS attacks after upgrade STEPN, a crypto project game rewarding users for physical activity, recently added a mechanism called STEPN's Model for Anti-Cheating (SMAC) to its platform. The upgrade aims to cut down on cheating in the game. A number of difficulties ensued after the upgrade, however, including denial-of-service (DDoS) attacks. The project aimed to correct its servers within a specific timeframe, although the self-imposed deadline passed with no updates announced. Continue reading 3.5 million people follow us on social media Download our official app:

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