Autor Cointelegraph By Brayden Lindrea

Belgium says BTC, ETH and other decentralized coins are not securities

Belgium says BTC, ETH and other decentralized coins are not securities

Uverejnil používateľ | nov 25, 2022 |

Belgium’s financial regulatory body has confirmed its position that Bitcoin (BTC), Ether (ETH) and other cryptocurrencies that are issued solely by computer code do not constitute securities.The explanation came from Belgium’s Financial Services and Markets Authority (FSMA) in a Nov. 22 report, a draft of which was opened for comment in Jul. 2022. The clarification comes following an increase in demands for answers as to how Belgium’s existing financial laws and regulations apply to digital assets, according to the FSMA.While not legally binding under Belgium or European Union law, the FSMA stated that under its “stepwise plan,” cryptocurrencies would be classed as a security if it was issued by an individual or entity”:“If there is no issuer, as in cases where instruments are created by a computer code and this is not done in execution of an agreement between issuer and investor (for example, Bitcoin or Ether), then in principle the Prospectus Regulation, the Prospectus Law and the MiFID rules of conduct do not apply.”The Belgian regulatory body noted that cryptocurrencies which are not categorized as securities may still be subject to other regulations if a company uses the digital asset as a medium of exchange:“Nevertheless, if the instruments have a payment or exchange function, other regulations may apply to the instruments or the persons who provide certain services relating to those instruments.”FSMA also noted that its stepwise plan is neutral to the technology — suggesting that it’s irrelevant whether digital assets exist and are facilitated on a blockchain or through other traditional means. The FSMA first drafted the report in Jul. 2022 as a means to address frequently asked questions by Belgian-based issuers, offerers and service providers of digital assets. FSMA stated that the stepwise plan would serve as a guideline until the European Parliament’s Markets in Crypto Assets Regulation (MiCA) is adopted, which is expected to take effect at the start of 2024..Related: Not taking the time to learn about BTC is ‘Europe’s biggest risk,’ says Belgian MPBelgium’s clear guidelines are in contrast to the “regulation by enforcement” approach taken by the U.S. Securities Exchange Commission’s (SEC) which is currently vying for digital asset regulatory control with the U.S. Commodity Futures Trading Commission (CFTC). While SEC chairman Gary Gensler has long considered BTC to constitute a commodity, he’s recently argued that post-Merge ETH and other staked coins may constitute a security under the Howey test. Belgium hasn’t been a huge adopter of digital assets to date, with a recent study from blockchain data platform Chainalysis ranking Belgium 94th in its Global Crypto Adoption Index.Residents in the European country have access to 10 crypto exchanges, according to data from crypto data resource Bitrawr.

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CrossTower eyeing further crypto acquisitions outside of Voyager bid

CrossTower eyeing further crypto acquisitions outside of Voyager bid

Uverejnil používateľ | nov 24, 2022 |

Crypto exchange CrossTower Inc., which is currently bidding for the assets of Voyager Digital, is reportedly window shopping for other crypto company acquisitions. In a Nov. 24 Bloomberg report, CrossTower CEO Kapil Rathi revealed that the company is looking to pick up firms with a “good set of customers” and a “good balance sheet” despite the current bear market, stating: “We’re in a great place to either acquire entities who have a good set of customers with them and a good balance sheet […] so we are openly looking at different types of companies from an organic growth perspective.”In September, CrossTower was one of the companies reported to be competing to acquire the assets of bankrupt crypto lender Voyager Digital, along with FTX and Binance. FTX Trading eventually became the winner of the Voyager bid on Sept. 27 with the sale valued at $1.4 billion. However, with the exchange filing for bankruptcy filing on Nov. 11, Voyager reopened the bidding process and a new revised offer came from CrossTower on the same day. “We are working on a revised offer that we feel will benefit the Voyager customers and the wider Crypto community. CrossTower has always been, and will continue to be, very community-focussed,” a spokesperson told Cointelegraph at the time, without specifying an amount.While CrossTower has still yet to disclose any details on its latest bid for Voyager, CrossTower president Kristin Boggiano stated that Voyager’s small $3 million FTX investment wouldn’t play a factor in a potential sale for the lending platform. CrossTower also stated that it has “minimal exposure” to FTX-related investments.Other companies back in line to buy out Voyager’s assets include Binance and blockchain-focused venture capital firm Wave Financial, who had also expressed interest in the initial auction for Voyager’s assets in September.Related: Voyager’s auction did not serve depositors’ best interests, alleges Wave Financial repIn light of recent events with FTX, Boggiano stated that the firm has now placed an extra emphasis on companies that are highly transparent and compliance-focused.“There’s an opportunity in this market to provide a compliance focused platform and to bring the transparency and trust that people have been hoping for.”However, Rathi said the trading platform’s risk appetite to buy out companies has leveled off with the firm looking to adopt a slightly more cautious approach over the short to mid-term. CrossTower is a United States crypto asset exchange that was founded in 2019. It’s a relatively small exchange with only $103,816 in trading volume over the last 24 hours with 13 spot markets, according to Coinmarketcap. 

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Sam Bankman-Fried still speaking at events and the community is furious

Sam Bankman-Fried still speaking at events and the community is furious

Uverejnil používateľ | nov 24, 2022 |

Former FTX CEO Sam Bankman-Fried has once again attracted the ire of the crypto community — this time over his slated appearance at an upcoming New York City conference on November 30. Vocal members of Crypto Twitter have questioned why the former CEO of the now-bankrupt exchange continues to walk free given the events over the last month.In a Nov. 23 Twitter post, Bankman-Fried announced he will be speaking with New York Times journalist Andrew Sorkin at the DealBook Summit “next Wednesday.” The news was confirmed publicly by Sorkin, who said: “There are a lot of important questions to be asked and answered. Nothing is off limits.”A lot of folks have been asking if I would still be interviewing @SBF_FTX at the @nytimes @dealbook Summit on Nov 30…The answer is yes. There are a lot of important questions to be asked and answered. Nothing is off limits. Looking forward to it… https://t.co/lShAqXLKGS— Andrew Ross Sorkin (@andrewrsorkin) November 23, 2022In the wake of the FTX collapse, some in the community had wondered whether Bankman-Fried would honor his conference engagements, including his one at the DealBook Summit. A Gawker report dated Nov. 11 suggests that Bankman-Fried had been slated to speak at the conference well before Bankman-Fried’s latest announcement, with a screenshot of Bankman-Fried on the speaker’s page where he is listed as “C.E.O, FTX.” The speaker page now shows his title has since been updated to “Founder, FTX.”Sam Bankman-Fried listed at the top of the speakers page of the DealBook Summit. Source: New York TimesCointelegraph reached out to the organizers to find out whether Bankman-Fried’s invitation to speak at the DealBook Summit came before or after FTX’s collapse, but did not get an immediate response. Crypto Twitter respondsSome members of the crypto community have not taken the news well, with remarks that Bankman-Fried should be in custody instead of speaking freely at conferences.U.S. Attorney John Deaton and founder of Crypto Law remarked to his 229,300 Twitter followers that if U.S. law enforcement doesn’t arrest and charge Bankman-Fried — who’s currently situated in the Bahamas — for fraud and theft offenses when he arrives in the U.S. next week, then the justice system “has been compromised.” Let me make this clear if SBF isn’t arrested and charged with fraud, wire-fraud, theft, and possibly money laundering before and instead gets to spew out his bullshit narrative, our system of justice has been compromised. @ewarren you claim to be for the little guy, where are you https://t.co/cdmOa7U0an— John E Deaton (@JohnEDeaton1) November 23, 2022

British media personality and Bitcoin proponent Layah Heilpern told her 328,200 Twitter followers that “it’s disgusting” that Bankman-Fried will be speaking on stage and instead isn’t being held in custody.The fact he is going to be speaking on stage at a damn conference rather than in custody being investigated for fraud and theft is incredible.He’s an agent of the establishment. It’s disgusting. https://t.co/x3gCZvLQXI— Layah Heilpern (@LayahHeilpern) November 23, 2022

Ryan Adams, founder of investment firm Mythos Capital and Bankless took things one step further in comparing the arrest and three-month-long detainment of Alexey Pertsev — the core developer behind the now U.S. sanctioned Tornado Cash — to Bankman-Fried’s unfathomable conduct, which is yet to be investigated.Alexey Pertsev is still sitting in jail without charges for writing open source privacy code meanwhile… pic.twitter.com/CWRfAknFx8— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) November 23, 2022

Meanwhile, chairman of Real Bedford FC and Bitcoin proponent Peter McCormack joked that Bankman-Fried would receive “a Nobel Prize at this rate.”SBF will get a Nobel Prize at this rate— Peter McCormack‍☠️ (@PeterMcCormack) November 24, 2022

Related: Will SBF face consequences for mismanaging FTX? Don’t count on itThe New York Times was recently criticized by the crypto community for writing a “puff piece on SBF,” which appeared to only brush over Bankman-Fried alleged fraud and crimes, and instead focused on whether he was getting enough sleep. As for Bankman-Fried’s current whereabouts, Crypto Crib posted pictures to its 66,900 Twitter followers late on Nov. 23 of what appears to be Bankman-Fried eating a meal with his mother and several others at his Bahamas penthouse. On Nov. 23, U.S. Attorney General Merrick Garland, Merrick’s assistant Kenneth Polite and U.S. Senators Elizabeth Warren and Sheldon Whitehouse requested for the U.S. Department of Justice to launch a full-scale investigation into Bankman-Fried and other FTX executive’s roles in the collapse of FTX.

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'Metaverse’ a top 3 contender for Oxford’s Word of the Year

'Metaverse’ a top 3 contender for Oxford’s Word of the Year

Uverejnil používateľ | nov 23, 2022 |

The word “Metaverse” is one of three in the running to be crowned the Oxford “Word of the Year” (WOTY) in a competition run by the Oxford University Press (OUP), the publisher of the Oxford English Dictionary.OUP officially announced the launch of the competition and its three finalist words for 2022 on Nov. 22 with this year marking the first time the public can participate in voting for the WOTY.“Metaverse” will compete against the terms “#IStandWith” and “Goblin Mode”.1️⃣ metaverseUsage increased as we discussed #hybrid working, debated the ethics, and wondered about the feasibility of an entirely online future. pic.twitter.com/Lk0pLfc1mW— Oxford University Press (@OxUniPress) November 22, 2022In OUP’s video pitch for the Metaverse, it described it as “a hypothetical virtual reality environment in which users interact with one another’s avatars and their surroundings in an immersive way.”“The term dates back to the 1990s, with the first recorded use in the Oxford English Dictionary in 1992 in the science fiction novel Snow Crash by Neil Stephenson,” the video stated. Oxford noted that “Metaverse” has quadrupled in usage in Oct. 2022 compared to that of Oct. 2021. The video stated that more lifestyle and work-related activities taking place in virtual reality environments may bring about “more debates over the ethics and feasibility of an entirely online future.”As for the other two WOTY candidates, “#IStandWith” has become an increasingly used phrase for political activism, while “Goblin Mode” emerged as a post-COVID-19 lockdown concept in which one rejects “returning back to normal” and instead does what they want to do.As for how the three phrases were chosen, OUP stated that they ran an analysis on a language data system in order to narrow down the candidates to three. In order to officially vote for “Metaverse” or the other two candidates, voters must cast their vote on Oxford Languages’ website.Over 237,000 votes have been cast so far, with voting set to close Dec. 2.Oxford did not state when the winning word would be announced.Related: What is metaverse in blockchain? A beginner’s guide on an internet-enabled virtual worldIn what could spell how the votes are panning out, at the time of writing a Twitter poll by OUP shows 63% of 929 voters favored “Goblin Mode”, followed by “Metaverse” at 22% then “#IStandWith” at 15%:Are you #Teammetaverse, #TeamGoblinMode, or #TeamIStandWith? Vote now for Oxford Word of the Year 2022.— Oxford University Press (@OxUniPress) November 22, 2022

Whatever the results of the poll, the Metaverse is predicted to be a significant industry in the near future, with a recent report by international consulting firm McKinsey estimating Metaverse-related technologies to be worth $5 trillion by 2030.Investment bank Citi upped that prediction, saying the total addressable market for the Metaverse economy may fall within the range of $8-13 trillion over the same time frame.The understanding of the Metaverse has been most significantly influenced by the blockchain and cryptocurrency industry, along with Meta CEO Mark Zuckerberg’s rebranding of Facebook to Meta in Oct. 2021 and its recent developments on its Metaverse products through its Reality Labs business.

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Argentina’s fan token sinks 31% after World Cup loss against Saudi Arabia

Argentina’s fan token sinks 31% after World Cup loss against Saudi Arabia

Uverejnil používateľ | nov 23, 2022 |

Argentina’s shock 2-1 loss to Saudi Arabia in the opening match of the FIFA World Cup has plummeted the price of the Argentine Football Association Fan Token (ARG), in line with the hopes of the nation’s die-hard soccer fans. With the ARG token priced at $7.21 at kick-off, the poor performance by the Lionel Messi-led soccer team saw the token’s price fall 31% to $4.96 by the end of the match before rising to $5.22 at the time of writing, according to data from Coingecko.By contrast, the floor price of “The Saudis,” a Saudi Arabian-themed nonfungible token (NFT) collection unrelated to the soccer team, skyrocketed 52.6% from 0.196 Ether (ETH) to 0.3 ETH over the same time before cooling off to a price of 0.225 ETH, around $250.The collection’s sales volume also spiked 990% over the last 24 hours, closing in on 24.5 ETH as per OpenSea data.Despite the built-up hype for the FIFA World Cup, which officially kicked off on Nov. 20, cryptocurrency research firm Delphi Digital noted that the fan engagement platform Socios’ native token Chiliz (CHZ), in addition to other soccer-based tokens representing participating nations, has also cooled off considerably over the last few days:Football Fan Tokens have cratered over the past 3 days as the FIFA World Cup 2022 Begins:Chilis / $CHZ: -21%Argentina / $ARG: -17%Portugal / $POR: -17%Brazil / $BFT: -21%Spain / $SNFT: -31%Peru / $FPFT: -26%The index (FOOTBALL) is down 21% over the period. pic.twitter.com/y7tb72R3Et— Delphi Digital (@Delphi_Digital) November 21, 2022CHZ is an ERC-20 token native on Socios, a blockchain-powered fan engagement platform that has been one of the largest contributors to the sports-fan token boom. Many of the soccer–based tokens run on Socios, which has partnerships with some of the largest soccer clubs in the world, includi Barcelona F.C., Paris Saint-Germain F.C., and Manchester City F.C.While the tokens don’t represent ownership in teams, the token allows buyers to vote in some decisions made by sponsoring teams in addition to enabling access to some rewards.Related: Billions are spent marketing crypto to sports fans — Is it worth it?Popularity for fan-based tokens in the sporting industry has surged lately too, with token sales volumes often increasing more than 250% month-on-month since Jan. 2022. Some appear to have viewed the tokens as an indirect way to bet on the success of such teams, despite them not being designed for that purpose.The tokens are also impacted by factors other than the on-field success of soccer teams, such as the regular ebbs and flows of crypto markets and breaking news events. An example is the recent FTX collapse sending the price of CHZ falling by nearly 40% since the reports of the exchange’s liquidity issues and proceeding bankruptcy.In May, smart contract platform Algorand became the first official blockchain-based sponsor for the FIFA World Cup, which is set to wrap up on Dec. 18.

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