There have been a lot of legal move this week – not in itself a bizarre occurrence in the world of crypto.
The US Securities and Exchange Commission (SEC) is now looking to sue cryptocurrency exchange Coinbase, as the regulator believes some of the company’s products breach specific laws.
SEC is debating whether to commence enforcement action against the exchange’s spot markets and Earn, Prime and Wallet products in the US. This is essentially the bulk of company operations.
Meanwhile, France has warned social media influencers to not promote unlicensed crypto products. This essentially means no promotions of crypto products whatsoever since the French Financial Markets Authority has not regulated any crypto product just yet, making them all illegal. Breaching this law could lead to two years in prison.
Speaking of influencers and promotions, Jake Paul, an entrepreneur and social media influencer himself, has been fined $100,000 by SEC for promoting the Tronix cryptocurrency. Paul failed to disclose that his endorsement of the currency was tied to a payment he received from the company.
The White House has allocated a significant part of its Council of Economic Advisers report to cryptocurrencies at a time that the mainstream financial industry is teetering.
Crypto industry specialists have pointed out that the report focused on digital currencies too much given the fact that banks have been going bankrupt in recent weeks.
OneCoin’s co-founder, Irina Dilkinska, is being extradited to the US. She reportedly helped found the company which the US has dubbed a Ponzi Scheme. OneCoin has cost investors $4bn globally.
It’s leader, Ruja Ignatova, is presumed dead, according to an investigative media outlet. Ignatova’s brother, Konstantin, was arrested in 2019, and pled guilty, facing up to 90 years in prison in a federal prison in the US.
Belgium has in the meantime strengthened its rules for cryptocurrency ads, now expecting from any parties that promote such products to clearly disclose the dangers of the products that they push onto retail consumers – not unlike how gambling operators warn about the risks of addiction and significant losses.
Meanwhile, there has been much happening within the blockchain and web3 gaming space. Immutable and Polygon Labs have teamed up to bring even more gaming experiences to players. Yesports has decided to launch a dedicated esports marketplace, giving web3 gaming another boost.
Finally, there was Pixelcraft Studios which managed to raise more than $30m in token sales since it launched on September 14, 2020.
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