In an unfolding legal battle against two major cryptocurrency exchanges, Coinbase and Binance, the United States Securities and Exchange Commission (SEC) has declared various tokens as securities. These tokens include SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO in the case against Coinbase. For Binance, the list features SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.
This declaration by the SEC highlights its ongoing effort to regulate the cryptocurrency market and could have substantial implications for these tokens and their holders. If the SEC succeeds in classifying these tokens as securities, it would subject them to more stringent regulatory rules and obligations.
Barry Silbert, the founder of Digital Currency Group (DCG), commented on the situation via Twitter, noting, “No Proof of Work tokens in any of the lawsuits, I believe (BTC, LTC, XMR, ETC, ZEC, etc.).” Silbert’s tweet refers to the SEC’s decision to not include tokens that use Proof of Work (PoW) consensus mechanism in their lawsuits. This includes Bitcoin (BTC), Litecoin (LTC), Monero (XMR), Ethereum Classic (ETC), and Zcash (ZEC), among others.
The implication of Silbert’s statement suggests that the SEC might be differentiating between PoW tokens and other tokens. This differentiation could lead to different regulatory standards and implications for tokens depending on their underlying consensus mechanism.
This ongoing case and the SEC’s decisions could set a precedent for future regulations and classifications in the crypto market. As such, all eyes within the crypto community are keenly focused on the developments. It is yet to be seen how these decisions will shape the regulatory landscape of digital assets.
Former UCLA football athlete Cordell Broadus is championing his own lane of innovation in the cryptocurrency and non-fungible token (NFT) industries. The new play-to-earn (P2E) gaming app Doge Dash tapped Cordell Broadus as its first-ever creative director to oversee its brand and artistic framework.
Following his withdrawal from a promising career in sports, Cordell Broadus has become an avid and influential leader in the rapidly growing billion-dollar digital industry. The 24-year-old serial entrepreneur is the inspiration behind his father Snoop Dogg’s prolific rise and participation in the NFT and crypto movement.
A proud holder of one Bored Ape and two Mutant Apes, Cordell Broadus is an artist in his own right, having released a series of sold-out NFT projects. His innate expertise has positioned him as a consultant for many top sports, entertainment and fashion professionals like Tommy Hilfiger, Jeff Bezos and virtual platforms like The Sandbox.
Founded by Grammy-nominated producer and director Paul Caslin, Doge Dash is a Super Mario-inspired play-to-earn game where players simply collect coins that can easily be transferred directly to their crypto wallets.
Paul Caslin said,
“I know talent when I see it, and Cordell ticks all the boxes – young, dynamic and above all else, talented. I do not doubt that Cordell will help shape the future of NFTs and crypto gaming culture. We are delighted to welcome him to the Doge Dash family.”
Paul Caslin and Cordell Broadus plan to revolutionize and widen the crypto market for young enthusiasts. The duo will focus heavily on introducing cryptocurrency, creating an education ecosystem and building generational wealth for inner-city families. Broadus will be tasked with making the Doge Dash brand a household name through a series of NFTs, TV shows, merchandise and gaming projects.
Cordell Broadus said,
“Doge Dash is the next step in the evolution of gaming. Not only is it going to change gaming – it’ll change lives with the P2E platform. The potential is limitless, and I couldn’t be more excited about being a part of it.”
In celebration of its official launch, Doge Dash is hosting the Broadus family at the Crypto.com Arena on Christmas Day at the LA Lakers versus Brooklyn Nets game. Broadus, a father of three, will gather his children, nephews and nieces together to engage in a fun experience with the Doge Dash gaming platform.
For more information, visit the website.
Contact
Cathy J. Hood of Pristine Initiative, LLC
This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.
Grammy Nominated Producer and Director Paul Caslin is bringing his skills and contacts from the entertainment industry into crypto as the founder of Doge Dash: a new play-to-earn game.
“I was in the crypto space for the last year or so as an investor when it suddenly dawned on me that there was a HUGE hole in the market for a classic 2D side scrolling play-to-earn game where plays could simply collect coins, like in Super Mario, and those coins once collected would then be transferred to the players crypto wallets… I call it ‘crypto gaming made easy.’”
Paul is well renowned in the entertainment industry, having worked with the likes of Rihanna, Sir Paul McCartney, Eminem, and Justin Bieber, to name a few. He hopes to bring some of that “Hollywood” flair to crypto and make it appeal to a mainstream audience.
“The crypto space is so insular and inward facing, I’m trying to break down those walls and make it appealing to the 99% outside of the crypto bubble with simple yet effective marketing strategy and a kick ass game.”
In just 8 weeks since their stealth launch, Doge Dash has amassed over 55,000 holders, more than 5 million plays of the game demo at dogedash.com, and have had countless Youtube and TikTok features, all whilst trending number 1 on CoinMarketCap every week so far since launch.
The future is bright for Doge Dash with their first NFTs drop December 4th and the long-awaited game launch in mid-December— but that’s not all. They partnered with payment solutions provider ChangeNow to add a fiat on-ramp to the Doge Dash website to allow crypto newbies to easily buy DogeDash coins directly with a credit card. In Caslin’s eyes this is a major step to mainstream adoption: “I want to make buying DogeDash as easy as buying groceries at your local store”.
Maybe crypto mass adoption is closer than we think!
For more info visit Dogedash.com and you can watch the full interview at https://www.youtube.com/watch?v=vIbWfNJrGTI
About Us
Doge Dash is a Play-To-Earn game where players pay 100 DOGEDASH coins to enter and stand a chance of earning the 10,000 DOGEDASH coins available in the game. The Doge Dash Play-to-Earn game launches in time for Christmas, check back for more info. It will be worth the wait!
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to $1750.
The performance of cryptocurrencies in the past 7 days might have seemed slightly unexciting, especially since the total market capitalization increased by “only” 1.8% to reach $2.7 trillion. However, even with the muted price action, some altcoins managed a decent rally. Bitcoin (BTC), on the other hand, was down 6% until Nov. 28, but it still managed to close the week up 1.5% after a $3,200 rally on Sunday night.
Winners and losers from the top 80 coins. Source: Nomics
Metaverse tokens are still pushing to new highs
The metaverse sector continued to outperform with Gala (GALA), The Sandbox (SAND), and Decentraland (MANA) among the top 5 gainers. While few play-to-earn and Metaverse “environments” are available for true interaction, major news and partnerships are still boosting these metaverse-related token valuations.
As reported by Cointelegraph on Nov. 24, Metaverse Group purchased virtual land in Decentraland for about $2.5 million. On Nov. 25, a digital land plot in the Axie Infinity game was sold for 550 ETH on Nov. 25, or roughly $2.5 million.
Moreover, a collaboration between Sony Pictures and AMC Entertainment announced on Nov. 28 will offer up to 86,000 Spider-Man NFTs to celebrate the opening day of its new feature movie.
Zash (ZEC), a privacy-focused cryptocurrency launched in Oct. 2016, spiked 20% in 24 hours on Nov. 20 as developers announced plans to abandon traditional mining and migrate to a Proof of Stake network.
Amp (AMP), the native collateral token of the Flexa payment network, also rallied on Nov. 24 after listing on Binance. Meanwhile, Terra (LUNA) benefited from a 5.4 million token burn in four days, according to Caviar startup founder and crypto investor Jason Wang.
Ethereum-killers limp along
Among the worst performers were four smart contract platforms aiming to break Ethereum’s dominance: Cardano (ADA), Near Protocol (NEAR), Polkadot (DOT) and Harmony (ONE).
On Nov. 24, Ethereum co-founder Vitalik Buterinand issued a proposal for the transaction calldata limit in a block to “cut costs and to incentivize an ecosystem-wide transition to a rollup-centric Ethereum”.
Aave Protocol (AAVE), the collateralized lending and yield platform, continues to trade in a downtrend after its TVL decreased by 30% in 3 months.
Dash (DASH) saw its number of addresses with at least 1,000 tokens decrease to 5,210, the lowest level since July 2018.
Tether and derivatives markets are looking flat
The OKEx Tether (USDT) premium measures the difference between China-based peer-to-peer (P2P) trades and the official U.S. dollar currency, has improved slightly.
OKEx USDT peer-to-peer premium vs. USD. Source: OKEx
The indicator’s 99% reading is neutral-to-bearish, signaling weak demand from cryptocurrency traders to convert cash into stablecoins, but it’s still a vast improvement from the 5% discount in mid-October.
Furthermore, the cryptocurrency total futures open interest held steady near $50 billion, which is merely 10% below the all-time high. It is worth noting that an open interest decrease is not necessarily bearish, but maintaining a certain level is interesting because more liquidity providers and market makers enter the market.
Total crypto aggregated futures open interest. Source: Coinglass.com
The futures’ open interest provides a healthy reading considering the nearly $2.0 billion worth of liquidations that happened during the week. The 10% total crypto market capitalization dropped to $2.37 trillion on Nov. 25 and was responsible for 44% of the forced futures contracts terminations.
The above data might not sound exciting, but considering that Bitcoin (BTC) and Ether (ETH) are both strong on Nov. 29, the rebound from the previous day might indicate that the 2-week correction period could be over.
The views and opinions expressed here are solely those of theauthorand do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
In an email quoted by Reddit users, Kraken, the world’s eight largest cryptocurrency exchange by trading volume, announced it would be delisting privacy coin Monero (XMR) in compliance with regulations in the United Kingdom. The platform will cease all XMR trading activities, set XMR wallets to withdraw-only, and force-liquidate any existing XMR margin positions after the 26th of November.
Through advanced cryptography, privacy coins like Monero obscure participants’ public wallet addresses and payment amounts when their transactions appear on the blockchain, making it improbable, in the context of current technology, for forensic entities such as Chainalytics to digitally trace the identities of the transacting parties.
The development of privacy coins such as XMR has been a controversial topic. Supporters claim that they provide users with greater personal privacy than cryptos with universally-viewable ledgers like Bitcoin (BTC), knowing that individuals’ public wallet addresses and transactions can’t be cross-compared with know-your-customer information stored on exchanges to pierce the shroud of their identity. However, critics say that the untraceable nature of privacy coins makes their adoption ideal by criminals, such as for use in drug trafficking, tax evasion, or money laundering operations.
As a result, privacy coins face scrutiny from cryptocurrency exchanges across the world. Last year, Coinbase refused to list XMR, citing regulatory concerns. Earlier in January, Bittrex delisted XMR, as well as leading privacy coins Zcash (ZEC) and Dash. Riccardo Spagni, the former maintainer of XMR, was also arrested in the U.S. in July at the request of the South African government on alleged fraud offenses in that country between 2009 to 2011. He has since been released from custody, but court proceedings are ongoing.
Despite the growing backlash from centralized financial institutions and administrative bodies against privacy coins, they have continued to gain traction among cryptocurrency users. According to CoinGecko, the total market capitalization of all privacy coins now stands at nearly $15 billion.
Tagged as the largest cryptocurrency scam on American soil, the BitConnect fraud scheme siphoned more than $2 billion from investors before going underground in January 2018.
Victims might feel relieved as the U.S. Attorney’s Office for the Southern District of California, and the U.S. Postal Investigative Service has been granted a court order to liquidate Bitconnect’s crypto proceeds.
The cryptocurrencies, including Bitcoin, Litecoin, Ethereum, and Dash, worth approximately $57 million, will be sold at current rates after being seized from Glenn Arcaro, a top American-based BitConnect promoter.
Arcaro pleaded guilty for his participation in the crypto fraud scheme, making BitConnect emerge as the biggest cryptocurrency scam to be ever charged criminally.
The Justice Department acknowledged that Arcaro is scheduled to be sentenced in January 2022 and faces imprisonment of up to 20 years.
The crypto scam never end
Crypto scams continue wreaking havoc as victims lose vast amounts of money. For instance, in 2020, a Romanian programmer confessed to helping create Bitclub Network, a Bitcoin mining Ponzi scheme that siphoned off funds valued at $722 million.
Moreover, Plus Token Ponzi scheme, a global pyramid network, was entrenched on Chinese soil and abroad. It caused a wide-ranging panic in June 2019, after some Korean and Chinese investors could not withdraw Bitcoin funds from their wallets, which was dismissed as a mere hacker attack.
Scammers have also devised ways to impersonate high-profile figures like Bill Gates and Elon Musk, as witnessed in the 2020 Twitter hack involving Bitcoin.
Nevertheless, the relevant authorities are cracking the whip in addressing the crypto scam issue, as evidenced by the liquidation of BitConnect’s crypto proceeds and the looming Arcaro’s incarceration.
Furthermore, the Australian Securities and Investments Commission (ASIC) raised the alarm and banned John Louis Anthony Biggatton, a former Australian BitConnect representative, from offering financial services for seven years.
One of Venezuela’s major international airports is making preparations to start accepting Bitcoin as a mode of payment.
The Simón Bolívar International Airport has announced arrangements for BTC, DASH, and Venezuela’s oil-pegged crypto token – petro – for airport services.
Preparations To Adopt Cryptocurrency As Payment
Previously, Venezuelan regional news broadcasting company, El Siglo, reported that country’s largest international airport is interested in cryptocurrency as a payment method.
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
Venezuela’s international airport giant, Simón Bolívar International Airport also called “Maiquetia” has announced its interest in using cryptocurrency for payments. The enormous airport is located 12 miles away from Venezuela’s capital Caracas.
Related Reading | Bank Of England Seeks To Strengthen Cryptocurrency Regulations
Freddy Borges, the director of the Maiquetia, stated that as time transits quickly, Venezuelans should also evolve. He also announced that the massive airport would be accepting numerous digital currencies as a means of payment for flight reservations and sundry other services.
Get 110 USDT Futures Bonus for FREE!
Additionally, Borges said that Maiquetia’s administrators would soon release new payment methods in collaboration with the country’s National Superintendence of Crypto Asset and Related Activities.
The adoption of digital currency payments at the airport will mark Maiquetia’s commitments towards improvements Internationally. He noted that this would also rally cryptocurrency acceptance massively within the country and worldwide.
Furthermore, the executive added that foreign tourists would take advantage of the crypto payments, including Russians.
Venezuelan Central Bank Digital Currency
Currently, Venezuela is experimenting on its Central Bank Digital Currency (CBDC), a novel crypto-asset pegged to its national currency.
The country also launched a CBDC as a Venezuelan digital Bolivar on the 1st of October. However, Venezuela’s central bank stated that the CBDC wouldn’t be worth more or less than the national token but only be used as a digitalized means of accessing the currency.
BTC rises past new highs | Source: BTCUSD on TradingView.com
Beginning on the 1st of October, the CBDC was launched with one Venezuelan Bolivar having an equivalent value in its digitalized form. Even banknotes from 5 to 100 bolivars had their own digitalized equivalents.
In addition, the Petro token was deployed in February 2018 as one of the country’s national digital currencies. Unlike the CBDC currency, which is backed up by the Venezuelan national currency, Petro is backed up by the nation’s oil.
Companies That Accepted Bitcoin As Payment Method
In August 2021, the Venezuelan carrier airport Turpial Airlines adopted a BTC-based payment option. Meanwhile, Caracas Air, the country’s biggest aviation training institute, offered their students discounts who paid via Bitcoin.
Related Reading | Bank of England Governor Still Isn’t a Fan of Bitcoin
Also, the food industry is not slacking behind in accepting bitcoin, leveraging the crypto’s fame within the country. For example, Pizza Hut began accepting Ethereum and Bitcoin payments last year November.
Even Burger King had adopted DASH and Bitcoin as means of payment in January 2021 in over 40 of the country’s restaurants.
Featured image by Pexels, Chart from TradingView.com
Simón Bolivar International Airport, also known as Maiquetía, plans to enable customers to purchase airline tickets using digital assets. according to a recent report.
Bitcoin Could Take You in The Air
Local news media reported recently that Maiquetía International Airport could soon jump on the cryptocurrency bandwagon by allowing clients to pay for tickets and other services in Bitcoin, Dash, and Petro – a digital asset issued by the Venezuelan government. Freddy Borges – Director of the airport – noted that Sunacrip – the country’s cryptocurrency watchdog – will coordinate the initiative:
“We will activate a button that is for payment of cryptocurrencies in the airport platforms and commercial activities, in coordination with Sunacrip.”
Recently, Russian and European tourists have been flying into some of the touristic hotspots of Venezuela. Borges opined that after the initiative, travelers would be able to visit more parts of the South American nation and thus bolster its economy. It would also increase the international standards of Maiquetía Airport:
“Just as Russian passengers arrived in Margarita, they will also come to La Guaira, through Conviasa so we must advance in these new economic and technological systems that can be accessed.”
Freddy Borges, Source: mppt.gov.ve
Maiquetía International Airport is the largest airport in Venezuela and the main gateway to the country. Located northwest of the capital Caracas, it handles both domestic and international flights.
Crypto Adoption in Venezuela
The dictatorship country versus the decentralized nature of digital assets. At first glance, it seems like these two would not be a great match, but somewhat surprisingly, it is not the case in Venezuela.
ADVERTISEMENT
The financial struggles of the nation, such as hyperinflation and poverty, have led to an increasing love for bitcoin and other digital assets among the local population. As such, it is no wonder that the Latin American country is one of the leaders in terms of cryptocurrency adoption.
Last year, Burger King Venezuela allowed customers from Caracas to settle their bills with some of the most popular cryptocurrencies, such as Bitcoin, Litecoin, Ethereum, Binance Coin, Dash, and Tether.
A few months later, another well-known food chain – Pizza Hut – enabled clients to pay in the following digital asset: Bitcoin, Ethereum, Dash, Litecoin, Binance Coin, and more. The offer became available in all Pizza Hut locations in Caracas, Maracay, Maracaibo, and Barquisimeto.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
A major international airport in Venezuela is reportedly preparing to start accepting cryptocurrencies like Bitcoin (BTC) as payment for tickets and other services.
Simon Bolivar International Airport is working to enable cryptocurrency payments to comply with local industry standards, regional news agency El Siglo reported on Oct. 10. Also known as Maiquetia, the airport is located in downtown Caracas, the capital of Venezuela.
According to Maiquetia airport director Freddy Borges, the airport plans to accept many cryptocurrencies, including Bitcoin, Dash (DASH) and Venezuela’s oil-pegged digital currency, the Petro. He said that the airport’s administration would introduce new payment options in coordination with Venezuela’s National Superintendence of Crypto Assets and Related Activities.
The introduction of crypto payments at the Maiquetia airport would mark the company’s commitment to advance towards international standards and drive digital currency adoption, Borges noted. According to the executive, the crypto payment option would benefit foreign tourists, including those from Russia.
“We must advance in these new economic and technological systems to be accessible,” Borges reportedly stated.
The news comes amid Venezuela experimenting with a central bank digital currency (CBDC), with the country’s central bank launching the digital Venezuelan bolivar on Oct. 1. Unlike a CBDC, which is pegged to Venezuela’s national currency, the Petro is an oil-backed cryptocurrency launched by the government in February 2018.
Related:BitMEX CEO predicts Bitcoin will be legal tender in five countries by 2022
Several airports and airlines around the world have been exploring ways to introduce crypto payments and blockchain-based functionalities in recent years, providing better options for cash payments and improving customer verification services, including COVID-19 test results. In March, Latvian airline airBaltic started accepting Ether (ETH) and Dogecoin (DOGE) as payments for tickets after rolling out crypto payments back in 2014.
Afek Zard – an Israeli resident – will spend the next eight years behind bars for stealing 75,000 DASH coins worth 22 million Shekels or roughly $7 million from a close friend. Apart from the jail time, the man will pay a fine of $1.5 million and compensation to the victim for $80,000.
Beware of Friends When Dealing with Crypto
The Be’er Sheva District Court sent to prison for 8 years the 27-year-old Afek Zard, who embezzled 75,000 digital coins worth around $6.8 million. Somewhat surprisingly, the victim of the man was a friend.
According to the authorities, Zard – who has had experience with cryptocurrency investments – was a regular guest at his friend’s house and even had his own key. Unfortunately for the victim, the criminal took advantage of that friendship and one day hacked his computer and stole the details of his digital wallet that included 75,000 DASH coins.
By the time of the crime, the amount of cryptocurrency was worth about $6.8 million as a single unit of DASH traded at $82.5. Following the investigation, Zard denied all charges against him and refused to give passwords to his own computer and cell phone. Thus, the police investigators were unable to confiscate the stolen assets.
However, Judge Yoel Eden ruled that Zard’s testimony was not trustworthy and that he is indeed guilty. The court convicted him of several crimes such as hacking into computer material, money laundering, fraud offense under the Income Tax Ordinance, and aggravated theft.
ADVERTISEMENT
The prosecution, in fact, demanded at least 12 years in prison for Zard as this is a serious crime involving a new type of currencies. However, his lawyer – Giora Hazan – managed to reduce his sentence to eight years by claiming:
“Although this is a new platform on which the offense was committed, the damage caused to the compliant is ‘normal and old’ damage, just as it would have been if the defendant had entered the compliant’s house and stolen many tens of millions of shekels.”
Besides the years behind bars, Zard will have to pay a fine of $1.5 million and compensate his “friend” with around $80,000.
Stealing Crypto over a Glass of Wine
As CryptoPotato reported, a similar story happened in Malta last month. This time, though, the two men were not at home but in a restaurant.
While having their lunch, the accused – 25-year-old Luke John Milton – urged the 27-year-old victim Dillon Attard to make a $6,000 blockchain investment on his phone. While observing, the latter sensed something was wrong and snatched his device from the accused only to see that his crypto worth $700,000 has turned zero as apparently the former diverted the funds to another wallet.
When the police arrived, Milton tried to shift the blame claiming he was the victim of the fraud. However, when the Financial Crimes Investigation Department (FCID) required both men to hand over their phones, the accused became agitated and refused to do it.
The case is scheduled to continue on August 11th. Interestingly, Milton denied revealing his password to his phone, and police officers were considering hiring experts from abroad that could unlock the device and thus help to solve the issue.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
