The Security And Exchange Commission (SEC) has renamed its Cyber Unit to Crypto Assets and Cyber Unit. This indicates the seriousness with which the SEC will now enforce security for those involved in the crypto world. Ever since its inception in 2017, more than 80 enforcement actions have been taken by the SEC to prevent fraudulent and unregistered offerings and platforms. The new unit will focus on Crypto Asset offerings and exchanges, Decentralised Finance (DeFi), staking products, NFTs and Stablecoins.
Coinbase Slumps 15% After SEC Warning
Coinbase, the largest retail cryptocurrency exchange platform, received a warning from the Securities And Exchange Commission that it may face securities charges. The SEC stated that it had received a Wells Notice which implies that regulators believed laws protecting investors were being breached. Shares of NASDAQ jumped after the alert was made public. Coinbase dropped by 15%. The SEC clearly stated that Coinbase must register as a securities platform for any crypto exchanges. Once approved by the SEC’s Division of Corporation Finance, they will be able to provide services to investors.
Stablecoins Like Tether Face Stronger Oversight
Stablecoins like Tether will be facing more intense scrutiny from the SEC. This is due to the collapse of Terra (UST) in May 2022. Tether has already been in settlement with the United States Department of Transportation, paying $18.5 million in 2021. The Commodity Futures Trading Commission fined them $41 million for misrepresenting their reserves. Tether has only provided limited information regarding its reserves and holdings since then. Tether currently has a price of $1 and a market cap of $79.45 billion, making it the largest stablecoin in the crypto world.
Bitcoin Escapes Significant Losses
The Commodity Futures Trading Commission (CFTC) suing Binance caused the price of cryptocurrency to drop by 1% in the first week of the month. Bitcoin (BTC) decreased by 3% to $26,955.61 and Ethereum’s price dropped 3.5% to $1705.56. Binance CEO Changpeng Zhao said that the CFTC’s civil complaint was unexpected and disappointing. However, Bitcoin was able to avoid major losses. It is possible that this was due to Binance supporting a shaky market.
Big Eyes Coin Hits Target with 250% Bonus
While the crypto market is going through a turbulent period, meme coins are still keeping the excitement alive. Big Eyes Coin (BIG), a meme coin with a cat theme, is gaining popularity. Its goal is to build strong communities and have a positive impact on the world. This coin is set to save the world’s ecological resources, especially the oceans, by donating 5% of the total supply to charities.
Big Eyes coin is currently in the Initial coin Offering (ICO) stage. The final round raised $32.53 million. It highly values its community and has always been eager to give back through rewards, bonus codes and promotional offers.
