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Кирилл Рычков: Наша задача в этой ситуации – предложить миру альтернативу

Стратегические новости - 周三, 03/27/2024 - 16:41
Координатор Проекта ЭРА, член Союза журналистов России Кирилл Рычков о Проекте ЭРА как альтернативе для всего мирового сообщества: «Есть подозрение, что группы людей, организации или даже целые государства,...

CryptoQuant: Биржа KuCoin вряд ли повторит судьбу рухнувшей FTX

bits.media/ - 周三, 03/27/2024 - 16:11
Генеральный директор CryptoQuant заявил, что спекуляции о возможном банкротстве криптовалютной биржи KuCoin на фоне юридических проблем и частичного оттока средств розничных клиентов — не имеют под собой фундаментальных основ.

Will Hong Kong’s Bitcoin ETFs Outshine US Peers? Experts Weigh In

bitcoinist.com - 周三, 03/27/2024 - 15:30

Hong Kong is on the verge of a groundbreaking move in the Bitcoin space. According to a recent Bloomberg Intelligence report, the Hong Kong Securities and Futures Commission (SFC) is expected to approve spot Bitcoin ETFs with in-kind creations and redemptions in the upcoming second quarter. This development could significantly alter the landscape of crypto investments, potentially positioning Hong Kong as a leader in the global Bitcoin ETF market.

Noelle Acheson, a prominent voice in the crypto industry and author of the “Crypto is Macro Now” newsletter, weighed in on the potential implications of this move. “The Asian crypto market is much larger than the US crypto market in terms of volume,” Acheson stated.

She elaborated on two possibilities: the existing high volume might indicate that the market is already saturated, or it could suggest a deeper familiarity and comfort with crypto assets in Asia. “Listed ETFs in Hong Kong could channel a significant amount of money into ‘approved’ portfolio allocation,” Acheson added, hinting at the potential for a major shift in investment flows.

Adding to the discussion, Eric Balchunas, a Bloomberg ETF expert, underscored the significance of Hong Kong’s approach to allowing in-kind creations and redemptions for spot Bitcoin ETFs—a stark contrast to the US, which only allows cash creations. “This could help spark AUM and volume in the fast-growing region,” Balchunas commented, pointing out the strategic advantage Hong Kong might gain.

Caitlin Long, the founder and CEO of Custodia Bank, highlighted another key aspect of Hong Kong’s proposed ETF structure: the ability to withdraw Bitcoin directly, which ensures that investors are not just holding “paper bitcoins.” Long expressed her excitement about this development, stating, “If this is true (need confirmation), it’d be HUGE indeed — and it’d be ironic, given that Hong Kong, not the US, would be doing it. Meanwhile, US banks would watch from the sidelines as they’re left in the dust…”

Will Hong Kong’s Bitcoin ETFs Be Bigger Than Its US Peers?

The conversation around the potential of Hong Kong’s Bitcoin ETFs extended beyond industry experts to the wider crypto community. Bitcoin Munger, a renowned analyst on X, argued that the Hong Kong ETFs could serve as a far more bullish catalyst than those in the US.

Citing data from Glassnode showing a year-over-year supply change of Bitcoin moving from West to East, he suggested that this trend strengthens the case for Hong Kong’s ETFs outshining their US counterparts. “Coins have been moving from West to East. Makes a strong case that the Hong Kong ETFs are going to be a far more bullish catalyst than the US ETFs,” he remarked.

However, not everyone is convinced of the disproportionate impact of Hong Kong’s ETFs. In a spirited exchange, Eric Balchunas cautioned against overestimating Hong Kong’s market size relative to the US. “Let’s not get crazy now. HK tiny vs US,” Balchunas replied.

Bitcoin Munger retorted by suggesting that the success of Hong Kong’s ETFs might not be fully appreciated yet, and any positive surprises could leave analysts, including Balchunas, taken aback.

When a user raised a pertinent question about the accessibility of these ETFs to Mainland Chinese investors, Balchunas responded negatively, “No not available.” This dampens some enthusiasm, as the significant Chinese market, amidst a real estate crisis and an inclination towards gold, might have been a strong supporter of Bitcoin through these ETFs.

At press time, BTC traded at $70,158.

Поиск новых оснований, или Без чего невозможно движение вперёд

Стратегические новости - 周三, 03/27/2024 - 15:06
Лаборатория «ТОЧКА СБОРКИ» Поиск оснований для развития собственной цивилизации. Роль философии и нравственных императивов. Почему философ имеет право говорить, что истина, а что нет? Русская философия....

Oligo: Хакеры используют уязвимость платформы Ray AI для скрытого майнинга

bits.media/ - 周三, 03/27/2024 - 14:59
Эксперты по кибербезопасности компании Oligo объявили, что отсутствие двухфакторных средств контроля и аутентификации в средах Ray Dashboard и Client активно эксплуатируется хакерами для свободной отправки заданий, а также получения доступа к конфиденциальной информации и удаленному выполнению команд.

Чёрный лебедь - это он и был?

Стратегические новости - 周三, 03/27/2024 - 14:55
Дарья Митина в программе «Другой глобус» на Авроре — о главных новостях недели: После трагедии в Крокусе — море лицемерных соболезнований и крокодиловых слёз со стороны Запада. В чьих интересах миру...

Питер Брандт: «Биткоин затмит государственные валюты и облигации»

bits.media/ - 周三, 03/27/2024 - 14:24
Популярный криптовалютный аналитик и трейдер назвал биткоин новым стандартом сохранения ценностей, который способен заменить бумажные валюты и государственные облигации.

Форум Blockchain Life 2024: узнайте как заработать на бычьем рынке

bits.media/ - 周三, 03/27/2024 - 14:04
Форум Blockchain Life 2024 – легендарное событие для профессионалов индустрии и криптоэнтузиастов со всего мира, которое состоится 15-16 апреля в Дубае.

Ripple CTO Responds To Dev’s Decision To End XRP Contribution

bitcoinist.com - 周三, 03/27/2024 - 14:01

Ripple Labs Chief Technology Officer (CTO) David “JoelKatz” Schwartz has weighed in on New Dev Null Productions’ choice to cease its contribution towards XRP and its ecosystem, offering perspective on the development.

Ripple CTO Advocates For XRP

On Tuesday, Dev Null Productions announced its decision to discontinue its contribution to XRP and its ecosystem, which the company dubbed “The end of an era,” triggering speculations within the community.

The company stated that one of its reasons for cutting ties with the payment firm boils down to faith or rather the absence of it. Additionally, the decision of Ripple’s top leadership to sell its XRP at the cost of retail investors served as the major driver for the firm’s action.

Dev Null believes that by taking this step, Ripple has demonstrated that the people in charge do not have enough faith in XRP to give up short-term financial benefits that come at the expense of the hardworking community. 

Even though the leaders talk well in front of cameras or an audience, Dev Null believes they still lack transparency and accountability to the people they owe their success to, noting that actions speak louder than words.

Responding to the firm’s claims, Schwartz stated that even if you wish to hold XRP, selling the coin is almost impossible to avoid. David Schwarts then drew attention to a previous post regarding the tax implications involved in obtaining XRP from the company.

Offering an instance, Schwarts noted that if Ripple awarded him a bonus of 1 million XRP tomorrow, he would be forced to sell roughly half of it right away. This is because he has a marginal tax rate of nearly 50% on earned income from both Federal (Fed) and California (CA) states. 

Without a doubt, Dev Null Productions has been a significant contributor to the XRP ecosystem, supporting several events and developments within the ecosystem. In the past six years, the company has been a sole supporter of the NYC/XRP meetup, Ripple Swell event, Ripple Drop Interview, Rippled source code, Xrpintel – the first independent XRP data and analytics projects, San Francisco Blockchain Week, and among others.

Difficulty In Distribution The Crypto Asset

Addressing the concerns about XRP’s distribution, the Ripple CTO claims the process is somewhat challenging. According to Schwartz, there is a common complaint among community members that the distribution is too concentrated, followed by complaints that there is too much distribution. Thus, this tends to remain this way as there is nothing more that can be done, and there are no available options.

However, the community seems to disagree with Schwartz as a member offered an option saying the company should purchase something else that moves and makes money.

“In the event that we take no action with our XRP, the distribution stays concentrated,” Schwarts responded, since the concentration of XRP with Ripple is a common and valid complaint within the community.

Виталик Бутерин: «Токены SHIB превзошли все мои ожидания»

bits.media/ - 周三, 03/27/2024 - 13:30
Сооснователь Эфириума Виталик Бутерин признал, что мемкоины, которые он жертвовал на благотворительность, выросли в цене вопреки его собственным прогнозам.

Хакеры взломали учетную запись Decrypt для фишинговой рассылки о раздаче токенов

bits.media/ - 周三, 03/27/2024 - 12:59
Криптовалютное издание Decrypt предупредило о взломе своей учетной записи в сервисе электронных рассылок. Злоумышленники разослали фишинговые письма о раздаче токенов DECRYPT.

Сергей Голомолзин: Либо мы освоим свою землю, либо наша цивилизация исчезнет

Стратегические новости - 周三, 03/27/2024 - 11:34
Координатор Проекта ЭРА, геолог, геохимик Сергей Голомолзин о новой реальности, которая возникла после трагедии 22 марта 2024 года: «У нас и раньше была убеждённость в постулатах, которые мы обозначили...

Проект Munchables на основе Blast пострадал от эксплойта на сумму $62 млн

bits.media/ - 周三, 03/27/2024 - 11:06
NFT-проект под названием Munchables, созданный на основе Blast, сети второго уровня на базе Эфириума, подвергся эксплойту. Хакеру удалось украсть 17 413 ETH на сумму $62 млн.

Nansen: За сутки с биржи KuCoin выведены криптоактивы на $800 млн

bits.media/ - 周三, 03/27/2024 - 10:13
По данным аналитической платформы Nansen, за последние сутки отток средств с криптовалютной биржи KuCoin составил около $800 млн из-за новых обвинений Минюста США.

Morgan Stanley Set To Approve Bitcoin ETFs In The Next 2 Weeks: Insider

bitcoinist.com - 周三, 03/27/2024 - 09:30

The Bitcoin space is on the verge of a monumental shift, with insider reports emerging that Morgan Stanley, a titan in the financial sector, is poised to approve Bitcoin ETFs on its platform within the next two weeks. This groundbreaking news was first brought to light by renowned crypto commentator Andrew from Arch Public (@AP_Abacus) via X (formerly Twitter).

According to Andrew, “UPDATE: several sources confirming that Morgan Stanley is set to approve Bitcoin ETF’s on their platform in the next two weeks. Sources are from inside MS, inside BTC ETF firms, and legal insiders adjacent to both. Morgan Stanley holds more than $1.5T in client assets.” This statement has stirred considerable interest and speculation across the financial and BTC communities.

UPDATE: several sources confirming that @MorganStanley is set to approve #Bitcoin ETF's on their platform in the next two weeks.

– sources are from inside $MS, inside $BTC ETF firms, and legal insiders adjacent to both.– @MorganStanley holds more than $1.5T in client assets.

— Andrew (@AP_Abacus) March 26, 2024

Eric Balchunas, a Bloomberg ETF expert, in response to Andrew’s tweet, showcased a blend of optimism and skepticism by stating, “Feels right, not doubting you, but what’s the source?” Andrew, maintaining the confidentiality of his informants, replied succinctly with “DM,” indicating a private message discussion for further details.

Will Morgan Stanley Offer Bitcoin ETFs To Its Clients?

This revelation is not entirely unexpected, as rumors about Morgan Stanley’s interest in BTC ETFs have been circulating since late February. Reports suggest that the financial behemoth has been engaged in due diligence processes to incorporate spot Bitcoin ETF products into its brokerage offerings. This information came from individuals familiar with the matter.

Morgan Stanley, a vanguard in alternative investments and private markets, boasting over $150 billion in assets under management, made headlines in 2021 as the first major US bank to provide its affluent clientele with access to BTC funds. During its first-quarter earnings call in April 2021, the wealth management giant confirmed its move to expose its wealth management clients to Bitcoin through two external crypto funds. These funds, understood to have been offered by Galaxy Digital and NYDIG, marked the bank’s initial foray into Bitcoin.

The introduction of spot BTC ETFs in the United States, approved by the Securities and Exchange Commission (SEC) in January, represented a watershed moment for the industry. Despite billions of dollars already being channelled into these products, their full potential is anticipated to be unleashed once they become available through major Registered Investment Advisor (RIA) networks and broker-dealer platforms, including those affiliated with prominent firms like Merrill Lynch, Morgan Stanley, and Wells Fargo.

Since yesterday, the US market hosts 10 spot bitcoin ETFs, with BlackRock’s IBIT and Fidelity’s FBTC leading in assets. The exact ETFs Morgan Stanley intends to offer remain unspecified, though the firm’s history suggests a strategic selection process favoring both innovation and client interest.

Morgan Stanley’s forthcoming decision to approve Bitcoin ETFs underscores the increasing integration of spot Bitcoin ETFs within traditional financial services. This move, if confirmed, could significantly influence the market, further fueling inflows into these ETFs.

At press time, BTC traded at $70,594.

Betting Against Bitcoin? Short Sellers Stake $11 Billion Against Crypto-Linked Stock Rise

bitcoinist.com - 周三, 03/27/2024 - 08:00

Despite the bullish momentum witnessed in the cryptocurrency market, fueled by a significant uptick in Bitcoin’s price, skepticism among short sellers persists, and billions of dollars have been wagered on the downturn of cryptocurrency-linked stocks.

For context, Short sellers are investors who speculate that a stock’s or other asset’s price will decline. They borrow shares of the asset from a broker and sell them on the open market at the current price.

They aim to buy back the same number of shares later at a lower price, return the borrowed shares to the broker, and pocket the difference as profit.

Betting Against Bitcoin? The Short Selling Surge

According to Bloomberg, citing a recent report from S3 Partners LLC, the short interest in the cryptocurrency-linked stock sector has escalated to approximately $11 billion this year, indicating a substantial bet against the sustainability of the current rally.

Notably, most of this short interest targets MicroStrategy Inc. and Coinbase Global Inc., accounting for over 80% of the total bets against the crypto sector.

This contrarian stance has resulted in paper losses nearing $6 billion for short sellers, as Bitcoin’s year-to-date gain of over 150% buoyed cryptocurrency-linked stocks. Despite these losses, short sellers appear undeterred, intensifying their positions against the sector.

According to Ihor Dusaniwsky, managing director of predictive analytics at S3, the increase in short selling is a strategy some investors employ to either anticipate a “pullback” in Bitcoin’s rally or hedge against direct Bitcoin investments.

Risks And Potential Squeezes

The persistence of short sellers in targeting crypto-linked stocks poses risks, particularly if the market does not align with their bearish forecasts. Several stocks within this sector, including MicroStrategy, Coinbase, and Cleanspark Inc., are identified as susceptible to short squeezes, according to Bloomberg, citing S3.

This phenomenon occurs when short sellers are compelled to purchase stocks to exit their losing positions, inadvertently driving prices up and exerting additional pressure on other short sellers.

So far this year, MicroStrategy’s stock has surged by roughly 167%, while Coinbase and Cleanspark have experienced gains of 58.60% and 85.16%, respectively, highlighting the potential for significant short squeezes.

Amid these market dynamics, the broader cryptocurrency sector has also seen substantial liquidations. Data from Coinglass indicates that over $190 million worth of positions have been liquidated in the last 24 hours alone.

Most of these liquidations were long positions, accounting for approximately 61.45%. Binance traders bore the brunt of these liquidations, experiencing losses of $81.33 million, surpassing the liquidations on OKX, which amounted to $70 million.

This period of liquidations coincides with a slight retracement in Bitcoin’s price from its 24-hour high above $71,000 to a current trading price of $69,879 at the time of writing.

Featured image from Unsplash, Chart from TradingView

Battle Over ‘Sam Coins’: FTX Customers Demand Millions From Bankrupt Crypto Firm

bitcoinist.com - 周三, 03/27/2024 - 07:00

FTX customers are demanding substantial payouts from the bankrupt crypto firm. These customers claim three digital tokens, known as “Sam Coins,” deserve a higher value despite their association with convicted co-founder Sam Bankman-Fried.

Investors Push For Higher Valuation

According to a Bloomberg report, the investors holding tokens called Serum, MAPS, and OXY are urging US Bankruptcy Judge John Dorsey to override the company’s experts’ conclusion that the tokens are “nearly worthless.” 

Notably, Sam Bankman-Fried, who created Serum and obtained control over the other two tokens, was involved in securing deals related to them, as mentioned in court documents.

When FTX filed for bankruptcy in November 2022, the company held a significant majority of the tokens, far exceeding what could be sold, even without considering the fraudulent activities that led to its collapse, as the company argued in a court filing.

The firm’s advisers have proposed that the tokens should be valued at a minimal amount, possibly just a few cents. However, the token holders argue that this estimate is “flawed” and have presented their valuation method in court, suggesting that the tokens are worth hundreds of millions of dollars. They have filed claims demanding payment based on their calculations.

FTX Customers Prepare For Legal Showdown

FTX’s lawyers state that other former customers will likely receive full reimbursement for their investments on the trading platform before bankruptcy. These customers had invested in US dollars, Bitcoin (BTC), and other assets that still hold value today. 

The case between the customers and FTX is scheduled to reach its final arguments on Tuesday before Judge Dorsey in federal court in Wilmington, Delaware.

Per the report, the “Sam Coins” played a significant role in this fraudulent scheme, as asserted by bankruptcy officials. While these tokens had distinct names, they were colloquially called “Sam Coins” due to their close association with Bankman-Fried.

On the other hand, Sam Bankman-Fried was convicted of fraud for improperly transferring customer assets to a hedge fund under his control. The funds were subsequently utilized for high-risk investments, political donations, and expensive real estate, ultimately leading to the collapse of the FTX empire.

At present, the native token of the exchange, FTT, is trading at $2.15, reflecting a 3% decline in price over the past 24 hours. However, the token has witnessed significant gains in recent months, accumulating a total growth of 65%.

Meanwhile, the three coins associated with Bankman-Fried display varying trends. Serum (SRM) has experienced a decline of over 5% in the past 24 hours and is currently valued at $0.06318. 

On the other hand, MAPS is trading at $0.03549, demonstrating an upward trend of 9.4% during the same time frame. Lastly, Oxygen (OXY) stands at $0.01629, showcasing a notable surge of 15% within the given period.

Featured image from Shutterstock, chart from TradingView.com

Russian Crypto Firms Face Sanctions By US Treasury For “Supporting Evasion”

bitcoinist.com - 周三, 03/27/2024 - 06:00

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a new round of sanctions on crypto-related companies linked to Russia. The measure is part of the US government’s efforts to combat OFAC-designated entities from evading sanctions through virtual asset services.

OFAC Designates Russia-Linked Crypto Companies

The US treasury has recently designated thirteen entities and two individuals for allegedly facilitating transactions and offering crypto services to help “evade sanctions.”

The new designations target companies servicing Russia’s core financial infrastructure for operating in the “financial services and technology sectors of the Russian Federation economy.”

The list includes Russia-based and Russia-linked individuals developing and offering virtual asset services that “enable the evasion of US sanctions by OFAC-designated entities.”

The move bans all transactions and interactions between the designated entities and US individuals. It is part of OFAC and the G7’s efforts against the evasion of sanctions and export control measures from the designated parties.

Brian E. Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, explained:

Russia is increasingly turning to alternative payment mechanisms to circumvent U.S. sanctions and continue to fund its war against Ukraine. As the Kremlin seeks to leverage entities in the financial technology space, Treasury will continue to expose and disrupt the companies that seek to help sanctioned Russian financial institutions reconnect to the global financial system.

On-Chain Data Unveils Bitpapa And Netex24 Assistance In Sanctions Evasion

Blockchain research firm Chainalysis released a report analyzing two of the newly OFAC-designated entities: Netex24, a Moscow-based fintech company that operates as a crypto exchange, and Bitpapa, a peer-to-peer (P2P) exchange that facilitates payments for Russian crypto businesses on OFAC’s list.

According to the report, both companies have facilitated significant transactions to sanction entities over the past two years.

The company identified “clusters associated with both services using on-chain data.” The report highlights that exchanges without Know Your Customer (KYC) controls and darknet markets make up a significant portion of the companies’ transaction history.

These transactions include Russian-language sites offering “on and off ramping with sanctioned Russian banks.” The two companies have registered massive fund outflows sent for seemingly illegal purposes.

According to Chainalysis, Bitpapa registered 52% of outflows to Sanctioned entities and 32.6% to darknet markets from October 2019 until March 2024. Meanwhile, Netex24 exhibits 46.7% of outflows to darknet markets and 23.4% to sanctioned entities from October 2016 until March 2024.

The cumulative value sent from these companies to sanctioned parties increased since 2022, when Russia’s war in Ukraine started. As the chart above shows, the darknet market transactions increased alongside those of sanctioned entities during this timeframe, rising above $75 million since the second half of 2023.

Per the report, both entities transferred millions of dollars worth of crypto to Hydra Market and crypto exchange Garantex. Additionally, the companies facilitated transactions for several pro-Russia militia and propaganda groups, including OFAC-designated MOO Veche.

The US government has intensified its efforts against entities bypassing sanctions through crypto-related services. A round of sanctions was imposed in January on the platforms involved in the facilitation of crypto transactions linked to the terrorist group Hamas as part of the ongoing efforts for

Moreover, The US has severely targeted crypto mixers for the misuse of these privacy tools by criminal actors, including bans on Tornado Cash and its founder, which has raised concerns in the crypto community.

Ethereum Spot ETF On Thin Ice? Expert Predicts 25% Approval Odds Amid SEC Silence

bitcoinist.com - 周三, 03/27/2024 - 04:30

The discussion surrounding approving a spot Ethereum exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC) is intensifying as the decision announcement date rapidly approaches.

Bloomberg’s Senior ETF Analyst, Eric Balchunas, has shared a rather cautious outlook, estimating the likelihood of an ETH spot ETF receiving the green light at a mere 25%.

Ethereum Slight Chance To A Spot ETF Approval

Skepticism about the unlikelihood of a spot ETH ETF approval is rooted in what Balchunas perceives as deliberate non-engagement from the SEC rather than mere procrastination, leading to an absence of positive indicators for approval in the current environment.

Re Eth ETF approval, we are holding the line at 25% odds altho tbh it is a very pessimistic 25%. The lack of engagement seems to be purposeful vs procrastination. No positive signs/intel anywhere you look. Personally hope they do approve it but it just ain’t looking good. https://t.co/nuBdCDE18L

— Eric Balchunas (@EricBalchunas) March 25, 2024

The debate over the SEC’s stance on a potential Ethereum spot ETF is nuanced, with opinions divided within the industry. On the one hand, Balchunas has expressed disappointment over the lack of encouraging signs for Ethereum spot ETF approval despite holding out hope for a positive outcome.

On the other hand, Craig Salm, Grayscale’s Chief Legal Officer, offers a different perspective, suggesting that the SEC’s silence should not be interpreted negatively.

2/ In the final months leading up to #Bitcoin ETF approval, @Grayscale and others received positive and constructive engagement from the SEC. We had thoughtful conversations and discussed the finer details of creation/redemption procedures, cash v. in-kind, APs, LPs, custody etc.

— Craig Salm (@CraigSalm) March 25, 2024

Salm argues that many operational details relevant to an Ethereum spot ETF have already been addressed during the approval process for the spot Bitcoin ETF, implying that fewer aspects might require engagement this time around.

Ethereum’s Market Performance Amid Regulatory Uncertainty

Despite varying opinions on the implications of the SEC’s current engagement levels, the agency’s actions indicate a cautious approach toward Ethereum and its classification.

Recent moves by the SEC, including issuing “subpoenas” to crypto firms about their interactions with the Ethereum Foundation, have fueled speculation about a campaign to classify Ethereum as a security.

This development, coupled with the regulatory body’s historical hesitance towards cryptocurrency ETFs, casts doubt on the immediate future of a spot ETH ETF.

Amid this regulatory uncertainty, ETH’s market performance has been noteworthy. In the past week alone, the cryptocurrency has seen a 10% increase in value, with its price trading above $3,500 at the time of writing.

Featured image from Unsplash, Chart from TradingView

SEC Faces Lawsuit Over Crypto Airdrops, Defendants Push For Non-Security Status

bitcoinist.com - 周三, 03/27/2024 - 03:00

The US Securities and Exchange Commission (SEC) is facing a new lawsuit that aims to challenge the regulator’s failure to provide a clear regulatory framework for the crypto industry, specifically regarding classifying crypto airdrops as securities. 

The lawsuit, filed by the DeFi Education Fund (DEF) and Beba Collection, an apparel company based in Texas, seeks to prompt the court to rule that the BEBA token does not fall under the category of a securities investment contract.

Lawsuit Targets SEC’s Treatment Of BEBA Token

In their announcement, the DeFi Education Fund expressed concerns over the SEC’s “aggressive enforcement actions,” which they believe pose an existential threat to the crypto industry. The lawsuit focuses on two claims. 

First, Beba Collection requests a declaratory judgment stating that BEBA tokens are not investment contracts and that the free airdrop of BEBA tokens for marketing purposes does not constitute a securities transaction. 

Second, the DeFi Education Fund and Beba argue that the SEC violated the Administrative Procedure Act by adopting a policy that treats nearly all crypto assets as investment contracts and digital asset transactions as securities transactions.

Regarding crypto airdrops, Beba Collection asserts that the free distribution of BEBA tokens does not involve an “investment of money,” a key requirement under the Howey test for determining investment contracts. According to Beba, no investment contract exists since the tokens were given away without monetary investment from recipients.

Crypto Industry Strikes Back

The second claim focuses on the SEC’s compliance with the Administrative Procedure Act (APA), which requires agencies to adopt new rules openly and with public input. 

DEF and Beba argue that the SEC implemented a radical new policy under Chairman Gensler’s leadership without providing the required opportunity for public comment. The DeFi Education Fund further alleged:

Instead, the SEC ramped up its enforcement actions, hired more people to make them happen, and created a “who’s next?” fear in the industry. The natural outcome of the SEC’s actions is: “cross your fingers and hope the SEC does not come knocking on your door.” We can’t allow this state of play to continue.

Ultimately, DEF suggested that the outcome of this case could have significant implications. A ruling in favor of DEF and Beba that the SEC’s approach to crypto violates the APA would be a major obstacle to the SEC’s ongoing “regulatory overreach.” 

Additionally, if the court determines that BEBA tokens are not investment contracts and that free airdrops are not securities transactions, it would provide much-needed clarity to the industry.

As the lawsuit unfolds, the crypto community and industry stakeholders eagerly await the court’s decision, hoping for a favorable outcome that promotes innovation, fosters regulatory clarity, and curtails excessive enforcement actions by the SEC.

Featured image from Shutterstock, chart from TradingView.com

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