Crypto News: We bring you a roundup of what’s happening in crypto this week. and what a week it was,
The biggest news of the week was rumors from a Bankless podcast that the US Securities and Exchange Commission (SEC) issued a notice to decentralized liquid staking protocol Lido A Wells. The rumor was later debunked, but not before Lido’s native LDO token dropped by 20%. A Wells Notice is a formal notice from the SEC that legal action is about to begin.
All is well that ends well
During the week Bankless host David Hoffman’s guest erroneously suggested that the SEC could be coming after Lido. The claim caused many holders of Lido’s LDO token to dump the asset, sending its price down to $2.41.
The coin rebounded to $2.67 after Hoffman clarified that the protocol had not received the SEC warning. He later added that, according to Courses, at least one DeFi protocol had recently received Well Notice.
The agency issued a Wells notice to BUSD stablecoin issuer Paxos in mid-February, alleging that the asset is a security.
Crypto News – Socially Speaking
Kraken Banking on the Future
Kraken’s chief legal officer confirmed this week that the exchange will launch its own bank “very, very soon,” even as crypto-friendly bank Silvergate said it was considering challenging market conditions and its deal with collapsed crypto exchange FTX. Will begin winding down operations amid investigation for involvement. ,
Kraken’s former CEO, Jesse Powell, recently came out swinging against the SEC’s enforcement action against Kraken for offering its staking program as unregistered securities to US customers.
Ethereum’s potential security status also came into the limelight this week, with arguments for and against breaking the SEC’s sledgehammer.
Arguments for the case that Ethereum is a security include a 2017 initial coin offering, which raised capital through the sale of Ethereum to investors who expected to profit. Some are even arguing that the tokens represent network ownership similar to shares in a company. Others note that the tight developer cohort responsible for maintaining and upgrading the network centralizes it too much, making ETH more like a security than a decentralized currency.
NFTs on sale this week
Jimmy Fallon denies connection to Rip Ryder
In non-fungible token (NFT) news this week, celebrity talk show host Jimmy Fallon filed to dismiss a subpoena against him in the Yuga Labs v. Ripps case.
Earlier this year, reps accused Era Labs of being a white supremacist group that launched the BAYC collection as a trolling stunt. Era Labs later sued Ripps for copyright infringement for copying Bored Ape Yacht Club’s images and adapting them as NFTs on OpenSea.
The talk show host’s attorneys claim that Fallon does not know the rips and that any documents needed for the subpoenas may have been obtained elsewhere.
crypto coin news
Crypto’s biggest gainers this week include Kava blockchain’s admin and staking token KAVA, which gained 9.76%.
The token (DAO) of decentralized autonomous organization DAO Maker is up 6.8%, while the LQTY of decentralized lending platform Liquidity is up 2.9%. Ripple XRP was up 0.45% this week, while Shiba Inu’s BONE token was up a fifth of a percent.
The bearish Stack (STX) plunged 32.7%, while the AI-focused SingularityNet (AGIX) token was down nearly 31% on the week. The Mina token of the Mina blockchain is down by 29%. ERC-20 utility token Render Network (RNDR) is down 28.77%, while DASH, the parent token of its eponymous payments-focused blockchain, is down 25%.
Hedera (HBAR) growing?
Things were looking bullish for HBAR. The price broke out of a descending resistance line and is currently validating a new support. However, which direction will it go in the light of Thursday’s exploits?
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