The Security and Exchange Commission (SEC) renamed its Cyber Unit to Crypto Assets and Cyber Unit. This alone speaks volumes on the earnestness with which the SEC is now going to enforce the security of those involved in Cryptocurrencies, directly or indirectly. Ever since its creation in 2017, the SEC has brought more than 80 enforcement actions related to fraudulent and unregistered crypto asset offerings and platforms. The new unit will focus on Crypto asset offerings and exchanges, lending and staking products, Decentralised Finance (DeFi) platforms, NFTs and Stablecoins to say the least.
Coinbase Tumbles By 15% After SEC Warning
Coinbase, the leading retail crypto exchange platform, received a warning from the Securities and Exchange Commission that it could face securities charges. The SEC explained that it received a Wells Notice from the agency, which implies that the regulators believe laws protecting investors were being violated. As soon as the news of the warning flared up, shares of Coinbase tumbled by 15%. The SEC makes it clear that Coinbase and other cryptocurrency exchanges must register as a securities platform. Once they are approved by SEC’s Division of Corporation Finance, they can provide their services to the investors.
Stablecoins like Tether Face Tighter Scrutiny
Stablecoins will face tighter scrutiny by the SEC because of the May 2022 collapse of Terra (UST). Not to forget, Tether (USDT) had to pay $18.5 million in 2021 in a settlement with the New York Attorney General, incurring a fine of $41 million by the CFTC over the allegations of misrepresenting their reserves. Tether has since then published limited details about its reserves and holdings. Tether is currently priced at $1 and has a market cap of $79.45 Billion, making it the largest stablecoin in the world of cryptocurrencies.
Bitcoin Avoids Significant Losses
The Commodity Futures and Trading Commission (CFTC)’s suing Binance for violation of trading rules led to a cryptocurrency price drop in the beginning of the week itself. The price of Bitcoin (BTC) fell by 3% to $26,955.61 while Ethereum slid 3.5% to $1705.56. While Binance CEO Changpeng Zhao, stated that the civil complaint by CFTC is unexpected and disappointing, Bitcoin managed to avoid significant losses. It is suggested that it was Binance holding up support in an otherwise anxious market.
Big Eyes Coin Hits Bull’s Eyes With 250% Bonus
While the crypto market is undergoing a nervous phase, it is the meme coins that keep the fun alive. The upcoming Big Eyes coin (BIG) is a cat themed altcoin that is gaining significant popularity in the meme coin space. The goal is to build a strong community and create a positive impact on the world. This coin is set to save the world’s ecological resources especially the oceans by donating 5% of the total supply to the charities.
Big eyes coin is currently in its Initial coin Offering (ICO) stage. At the final round, it raised $32.53 million. It holds the community at a high rank and has always been keen on giving back to the community through rewards, bonus codes and promotional offers.
At stage 12 of its ICO and close to the launch, Big Eyes Coin is giving the users a bumper offer with the bonus code BULLRUN250. On applying the code at the checkout, users get 250% additional BIG tokens. This is a limited time offer so if you want a shot at being a millionaire overnight, this is your chance.
Big Eyes Coin (BIG)
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Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL