- 1. SEC Denies Coinbase Regulation Request, Coinbase Challenges in Court
- 2. INJ Surges 70%, Hits Record $31.30 in a Week on Coinbase and other Exchanges
- 3. Bitcoin Mining Giant Canaan Inc. (CAN) Launches $125 Million Fundraising Effort
- 4. Blockchain.com Pay Launches Crypto On-Ramp for Web3 and Retail Companies
- 5. Binance Expands Launchpool to 40 Projects with Fusionist (ACE) Addition
- 6. South Korea Enhances Virtual Asset Protection with New Regulations Effective July 19, 2024
Over the previous week, the cryptocurrency industry experienced significant advancements in multiple areas. By rejecting Coinbase Global, Inc.’s regulatory petition, the SEC confirmed its commitment to digital asset regulation, citing the 1930s definition of “security.” Meanwhile, Injective (INJ) has endured with 370M transactions, rising 70% to $31.30, its all-time high. Canaan Inc. raised $125 million in Series A convertible preferred shares, boosting Bitcoin mining. In another significant move, Blockchain.com Pay integrated TRON and Changelly for a convenient cryptocurrency on-ramp.
That’s not all yet, Binance added its 40th project to its Launchpool, named Fusionist (ACE), which combines blockchain and gaming. Lastly, the Virtual Asset User Protection Act in South Korea shows its commitment to virtual asset security and reliability. This act covers comprehensive laws that will take effect on July 19, 2024. These improvements show the industry’s adaptability, regulation challenges, and ongoing efforts to promote new ideas and market stability.
SEC Denies Coinbase Regulation Request, Coinbase Challenges in Court
The SEC denied Coinbase Global, Inc.’s regulation request. This denial shows the SEC’s commitment to digital asset regulation and the applicability of securities legislation to the cryptocurrency industry. The result rests on Congress’ 1930s definition of “security,” which includes crypto assets. The Howey test and Reves judgments emphasize economic transactions over labels. This ensures that securities-listed crypto assets are transparent and protected.
As per the SEC, it actively develops crypto asset securities and intermediary legislation. Recent initiatives like the Special Purpose Broker-Dealers and crypto asset securities rules show the SEC’s ongoing efforts to adapt to the crypto world. The Commission stresses the importance of keeping judgment when drafting rules to satisfy regulatory aims.
However, Coinbase has responded very quickly to this denial. It has filed a lawsuit against the SEC for not making clear rules to regulate the cryptocurrency market.
INJ Surges 70%, Hits Record $31.30 in a Week on Coinbase and other Exchanges
Injective (INJ) blockchain passed 370 million on-chain transactions. INJ climbed almost 70% in the past week, reaching a record $31.30 on this week. Its stake value is $1 billion and transaction volume is high. The enormous expansion shows that INJ has fully recovered from earlier challenges, making it a competitive cryptocurrency contender. Avalanche, Cardano, Bonk, and Solana have performed well, but INJ’s steady pace has attracted investors. INJ’s large market value of $2.655 billion shows its growing importance.
Layer 2 (L2) application Injective uses the Cosmos blockchain. It uses cross-chain bridges to access coins from Polkadot and Ethereum. Creative strategy makes Injective a leading force in the banking industry’s transformation. The debut of ChatGPT-4 and other AI advances has raised expectations for artificial intelligence (AI), which has driven INJ’s price up. These developments have sparked enthusiasm and contributed to INJ’s quick rise.
Bitcoin Mining Giant Canaan Inc. (CAN) Launches $125 Million Fundraising Effort
A major Bitcoin mining machine manufacturer, Canaan Inc., listed on the NASDAQ stock exchange as CAN, has launched a $125 million fundraising effort. For better research and development, product sales, and administrative efficiency, the company is selling Series A convertible preferred shares to an unknown institutional investor.
Gross revenues from this preferred share sale were $25 million. Canaan strengthened its market position by signing a Securities Purchase Agreement with an institutional buyer on November 27, 2023, as part of its strategic goal. The agreement authorizes the issuance of up to 125,000 $1,000 Series A Convertible Preferred Shares. The initial portion included 25,000 Preferred Shares at the same price and 8 million American depositary shares (ADSs) transferred by The Bank of New York Mellon.
Blockchain.com Pay Launches Crypto On-Ramp for Web3 and Retail Companies
Blockchain.com Pay is a crypto on-ramp solution for web3, gaming, and retail companies that want to offer crypto brokerage services. TRON and Changelly were among the first platform integrations to benefit from customizable features. Blockchain.com Pay lets companies easily integrate their infrastructure and access liquidity via a widget.
Blockchain.com eliminates KYC procedures on supporting platforms by using its 40 million confirmed users to simplify trade. Blockchain.com Pay competes with MoonPay and Banxa by offering fraud management, compliance, KYC, and customer support. Blockchain.com CEO Peter Smith expressed enthusiasm, positioning the platform for rapid adoption and an improved user interface. Changelly CEO Jake Cormack said this alliance might make cryptocurrencies more accessible worldwide. TRON DAO Ecosystem Lead David Uhryniak praised the solution’s impact on the ecosystem.
Binance Expands Launchpool to 40 Projects with Fusionist (ACE) Addition
Binance now has 40 Launchpool projects after adding Fusionist (ACE). Quality online game Fusionist uses Endurance’s decentralized blockchain network. ACE is its main digital currency. The Fusionist Launchpool lets customers deposit BNB and FDUSD separately for five days, starting December 13, 2023, at 00:00 (UTC), to get ACE tokens. This Launchpool ACE token has a maximum supply of 147,000,000. Participants receive 10,290,000 ACE tokens as Launchpool Token Rewards, 7% of the supply.
Binance will tentatively list ACE at 6:00 UTC on December 18, 2023. There will be five ACE trading pairs: USDT, FDUSD, BTC, BNB, and TRY. KYC is required for staking. Each user can stake 6,860 ACE in BNB and 1,715 ACE in FDUSD each hour. Fusionist’s inclusion in Binance Launchpool shows how blockchain technology and gaming are merging, incorporating digital assets and decentralized platforms.
South Korea Enhances Virtual Asset Protection with New Regulations Effective July 19, 2024
On July 19, 2024, South Korea will implement the Virtual Asset User Protection Act, bolstering its virtual asset ecosystem. The Financial Services Commission (FSC) passed an act to improve virtual asset market user security and integrity. The FSC introduced the Virtual Asset Industry Supervision Regulations and the Enforcement Decree of the Virtual Asset User Safety Act to improve user safety and market stability.
The FSC has expanded the law to ban CBDC and non-fungible token deposit tokens. This strategic move shows a commitment to adapting to the virtual asset ecosystem while enforcing rules. The regulations prioritize user safety by requiring reputable management institutions, segregating consumer deposits from company assets, and assigning deposit management to banks. Cold wallets hold over 80% of users’ virtual assets to prevent hacking and fraud. Virtual asset firms must have insurance or reserves for emergencies.
