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U.S. Crypto Exchanges and Binance Reportedly Being Investigated by the SEC

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U.S. Crypto Exchanges and Binance Reportedly Being Investigated by the SEC
  • Forbes reports that a staffer from Senator Lummis’ office said that every exchange in the U.S., and Binance, is being investigated by the SEC.
  • The SEC could be looking at whether these exchanges have been allowing unregistered securities to be listed.
  • The SEC has been adamant that the market does not have unregistered securities.

A staffer from the office of United States Senator Cynthia Lummis has said that every exchange in the country, as well as Binance, is being investigated by the U.S. Securities and Exchange Commission. The remark comes after reports circulated that the regulator was investigating Coinbase. Forbes was the first to report the story on August 4.

The SEC has not officially confirmed any such investigation, but the staffer’s comments are in line with the general sentiment that the SEC has shown over the past 12 months. The agency has been keen to let entities in space know that they will have to operate within the law, and will conduct probes if necessary.

The regulatory body has not been shy when it comes to filing lawsuits, though it’s unclear whether it will take that action against any of the major exchanges. If it does, it would become the most serious of all its lawsuits, outweighing even its lawsuit against Ripple.

The SEC has been clear that it does not want exchanges selling unregistered securities, or projects from offering these assets without registration. It has taken numerous steps to stand by that protocol, and the past few months have shown that it is only going to get tougher when it comes to scrutinizing the market.

Crypto Debates To Continue Well Into 2022

Some in the industry will argue that regulation has been a long time coming and that it will do a good job in the long run, but the implications of what is decided on will be far-reaching. Whether Ethereum is a security or not, for example, will have enormous ramifications for much of the market.

Besides debating how to regulate the asset class, various agencies in the United States are also deliberating who should be in charge of oversight. The Commodity Futures Trading Commission (CFTC) is also frequently involved in enforcing action on the crypto market.

Bitcoin appears safe, but others may not be so lucky. The U.S. is beginning to review crypto regulation bills, which could be on the table by 2023 latest, but even until then, it is reasonable to expect a plethora of opinions and disagreements about the finer points.

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Youtube Crypto Influencer BitBoy Crypto Warns That He Is Planning Something That “Will Permanently Change Crypto”

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Youtube Crypto Influencer BitBoy Crypto Warns That He Is Planning Something That “Will Permanently Change Crypto”

TL;DR

  • Ben Armstrong, also known as BitBoy Crypto warns his followers that he is planning something which will change the crypto industry forever. 
  • BitBoy Crypto is a Youtube influencer that has more than 1.5 million followers on his YouTube account.

The controversial but well-known youtube crypto influencer Ben Armstrong, also known as BitBoy Crypto by his Youtube community, posted a tweet yesterday saying that he is working on something huge that will permanently change the crypto industry. 

‘I’m working on something huge. So big that it will permanently change crypto as we know it. We are going to be taking power from the ultimate gatekeepers in the United States government. That’s all I can say for now.”

BitBoy Crypto

BitBoy crypto is a famous crypto influencer that has amassed over 1.5 million followers on his Youtube account and almost 1M followers in his official Twitter account. His influence is significant in the crypto industry, albeit it is also riddled with controversy along with other crypto influencers. 

A CNBC Report shows that BitBoy Crypto and other crypto influencers openly accept large crypto promotions to promote various crypto projects. He also confirmed that he could easily make $100,000 per month only through his promotions. 

According to this CNBC report many of the cryptocurrency ventures BitBoy has promoted have plummeted in value, such as Ethereum Yield, Cypherium and MYX Network. BitBoy deleted these promotional videos shortly after. 

Armstrong has previously said that he discloses all his paid partnerships

US Government Recently Sanctioned Tornado Cash

The US government only recently announced that they would prohibit American citizens from interacting with mixers such as Tornado Cash. The crypto community was not pleased with this decision, and some community members called this a “War on Code” or a direct attack on privacy.

Forks of Tornado Cash and other alternatives to use Tornado Cash after the ban are already being posted all over Twitter.

It is unclear whether Bitboy is planning to do something related with the recent sanctions or if his tweet is entirely unrelated.

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Polkadot Stablecoin Depegs Following $1.2 Billion Acala Network Exploit

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Polkadot Stablecoin Depegs Following $1.2 Billion Acala Network Exploit

TL;DR

  • Acala network, the defi protocol for Polkadot, has suffered a breach, and its stablecoin depegged from the dollar. 
  • Acala Network’s aUSD stablecoin currently sits below $1, dropping as low as 0.58 at one point.
  • It is reported that hackers collected approximately $1.2 Billion $AUSD.

Polkadot’s decentralized finance protocol Akala Network is in significant trouble as reports show that the hub suffered a breach today, causing its stablecoin to depeg from the dollar.

Acala Network reported today via their official Twitter account that the team had noticed a configuration issue that affects the stablecoin AUSD.

They passed an urgent vote to pause operations on Acala to investigate and mitigate the problem.

We have noticed a configuration issue of the Honzon protocol which affects aUSD. We are passing an urgent vote to pause operations on Acala, while we investigate and mitigate the issue. We will report back as we return to normal network operation.

— Acala (@AcalaNetwork) August 14, 2022

Users quickly identified the attacker’s wallet on Twitter. The wallet currently holds more than 1 billion $AUSD according to SubScan.

Binance’s CEO CZ quickly confirmed on his official Twitter account that the compromise occurred due to a bug in the iBTC/AUSD pool. 

According to CoinMarketCap, the stablecoin is currently 11.67% under $1, sitting at $0.88.6.

“We have identified the issue as a misconfiguration of the iBTC/aUSD liquidity pool (which went live earlier today) that resulted in error mints of a significant amount of aUSD.” Acala reported on their Twitter account today.

“If you are a whitehat/recipient of errorneously minted aUSD or swapped token from these aUSD that are not on Acala, please transfer them to addresses below :

On Polkadot: 13YMK2eYoAvStnzReuxBjMrAvPXmmdsURwZvc62PrdXimbNy

On Moonbeam: 0x7369626cd0070000000000000000000000000000 5″

Acala Network also has paused most chain functions until further notice.

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Michael Saylor “I’d Rather Win in Volatile Fashion Than Lose Slowly, Sell your Gold”

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Michael Saylor “I’d Rather Win in Volatile Fashion Than Lose Slowly, Sell your Gold”
  • Microstrategy’s Former CEO Michael Saylor pointed out in a recent interview for Stansberry Research that he would rather win in a volatile fashion than lose slowly. 
  • Saylor continues to say that the volatility will only impact short-term investors and public companies. Bitcoin has outperformed every single company on the stock market in a longer timeframe. 

MicroStrategy’s Former CEO and well-known Bitcoin advocate Michael Saylor addressed in a recent interview with Stansberry Research that he still believes in Bitcoin in the long term.

My discussion with @DanielaCambone on $MSTR volatility & performance, my role at @MicroStrategy, the future of #Bitcoin, Stablecoins, Altcoins, & Gold, as well as thoughts on regulation, macroeconomics, wealth preservation, and an engineer’s common sense definition of recession. https://t.co/hFCnR9eEd7

— Michael Saylor⚡️ (@saylor) August 13, 2022

According to Saylor, since MicroStrategy adopted the Bitcoin Strategy, Bitcoin has heavily outperformed the S&P 500, Nasdaq, Gold, Bond Index, and any Big Tech Stocks. He says that the only stock that has outperformed Bitcoin in this period is Microstrategy’s stock, MSTR.

Michael Saylor

When asked if he thinks Bitcoin’s volatility is for everyone and some market participants cannot handle the extreme volatility, Saylor provides the below response.

“The way to think about investing in Bitcoin is, you should only invest what you will hold for four years or longer; ideally, it’s generational wealth transfer. The metric you want to stare at is the simple four-year moving average.” If you have a short time frame, it is going to be much more stressful because it is a volatile asset. “

Saylor continues to highlight that Microstrategy has outperformed every asset, even the prominent big tech companies. He would rather win in a volatile fashion than lose in a non-volatile way.

Saylor’s Reasoning Behind Crypto’s Recent Downfall

Saylor firmly believes that the events that caused crypto’s recent downfall were triggered by the incoming interest rates and the tightening of the fed. The next catalyst was the big Terra Luna Meltdown, which affected a lot of cryptos. He believes that an algorithmic stablecoin was an accident waiting to happen.

Saylor’s opinion is that these events needed to happen to flush out the industry’s bad actors. Market participants are now more educated and cautious about banking applications that provide huge yields.

“If you believe in sound money, you should sell your gold and buy bitcoin.” says Saylor.

Saylor Recently Stepped Down as MicroStrategy CEO to Focus on Bitcoin

After 33 years of being CEO of MicroStrategy, Micheal Saylor stepped down recently instead of taking the role of executive chairman. Phong Le, MicroStrategy’s current president, will take his role as CEO. MicroStrategy’s message to investors was that Saylor is to continue to provide oversight of the company’s bitcoin acquisition strategy as head of the Board’s Investments Committee.

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