By Christopher Hamman
It may be the crypto industry’s turn to smile as the guys at Congress suddenly woke up from their beauty sleep (or is it slumber?) per the SEC’s oversight functions.
Art tokenization may be the new alpha for the crypto space, with NFT startup Freeport receiving the SEC’s Regulatory A approval and the CFTC bared its fangs at Binance and its CEO, Changpeng “CZ” Zhao.
By the way, Disney ran away from the decentralized space with the shutdown of its metaverse unit.
The entertainment giant will one day return to the fold.
One day…
Plus, Sam Bankman-Fried may have to keep playing Super Mario or some other 90s-era video games in his parent’s basement as his bail restrictions increase.
These are your decentralized diaries!
Bitcoin Remained in Positive Space at a $26k Low, Prices are Bullish at $27.9k
Despite all the regulatory pushbacks, Bitcoin prices remained in positive territory with a $26,905.24 low. Prices surprisingly tested $29k resistance levels at a high of $28,967.89. Bitcoin prices are currently at $27,977.32.
The altcoins are in a strong position too. Ethereum (ETH) prices are at $1,796.31, Solana (SOL) at $20.21, Avalanche (AVAX) at $17.15, and Polkadot (DOT) at $6.31.
Disney Restructured, Shuttered its Metaverse Division
According to media reports, entertainment giant Disney axed its fifty-strong metaverse team as part of its latest round of 7000 talent layoffs in cost-cutting measures that saved over $5.5 billion operationally.
The notice of layoffs was revealed in a memo from CEO Bob Iger, who retained Mike White, the metaverse unit head.
White faces an uncertain future at Disney.
Gary Gensler to Face Congressional Scrutiny on April 18th
The crypto industry will have its day in the sun this month on April 18th as SEC boss Gary Gensler will face off with the Congressional Financial Services Committee. Chairman Patrick McHenry (R-NC) indicated that Gensler will testify before the committee and provide adequate justification for his increasingly anti-crypto actions.
Support for and opposition to the crypto industry seems to be split along party lines as the Republican-led House has supported the industry and the Biden administration continues to dig in its heels with volley after volley of regulatory measures.
Avalanche Foundation Launched an NFT Initiative
Avalanche Foundation, the organization behind the AVAX token, indicated in a blog post that it was launching ” Avaissance”, an initiative aimed at supporting Non-fungible token (NFT) artists.
The program has two parts. The artist-in-residence (AIR) part will provide support, funding, mentorship, and virtual workshops to over 50 digital artists. The Mona Lisa Initiative (MLI) will include NFT giveaways to certain DAOs and the creation of Avalanche’s collection.
NFT Startup Freeport Passed the SEC’s Reg A Review
In a surprising twist of fate, NFT startup Freeport scaled the SEC’s Regulation A review as part of plans to launch its blockchain-powered platform that aims to “crowd-own” a four-piece Andy Warhol collection.
Each piece has 10,000 shares with a 10-share ownership minimum.
The clearance from the nation’s top regulator allows fractional ownership of the exclusive high-end art market.
MicroStrategy Made a $150 Million Bitcoin Purchase
Doubling down in its show of support for Bitcoin, software solutions firm MicroStrategy bought 6,455 bitcoins at $23,238 per Bitcoin, a recent SEC filing shows.
The purchase brings MicroStrategy’s Bitcoin reserves to 138,955 tokens valued at over $4.1 billion. The filing also indicated the repayment of its $161 million Silvergate Bank loan before the March 23, 2025, due date.
Prosecutors Increased SBF’s Bail Restrictions and Banned him from Using Messenger Apps
Things continued to slide downhill for Sam Bankman-Fried, the embattled former FTX CEO with increased bail restrictions.
Lawyers on both sides of his trial have reportedly reached a deal that bans SBF from using internet-enabled devices, with voice calls and text as his phone communications limit and limited, but monitored laptop internet access.
The conditions haven’t received approval from trial Judge Lewis Kaplan, who wanted a blanket ban.
SBF’s parents have also signed affidavits to limit his access to electronic devices and agreed to restrict his access to their devices.
The National Futures Association Introduced Digital Asset Rules
The National Futures Association threw its hat into the regulatory ring with the introduction of disclosure rules for members that handle digital assets.
The new rules cover fraud, employee conduct, and trading activities for Bitcoin and Ethereum, but could also be expanded to include other cryptocurrency tokens based on the Commodity Futures Trading Commission’s (CFTC) approach.
The new rules are an update to previous regulations issued in 2018 and will take effect from May 31st, 2023.
The CFTC Sued Binance
The Commodity Futures Trading Commission (CFTC) showed its other side with a lawsuit aimed at Binance, the world’s largest cryptocurrency exchange, CEO Changpeng “CZ” Zhao, and former compliance officer Samuel Lim in the US District Court for the Northern District of Illinois.
The regulator alleged that Binance “offered and executed commodity derivatives transactions to and for U.S. persons from July 2019 through the present.”
The CFTC also accused CZ of instructing employees to flout compliance policies. The exchange faced $1.6 billion worth of withdrawals after the CFTC announced the move.
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