Weekly Crypto Digest for September 09-15, 2024
Sunday, September 15, 2024
In the latest issue of Weekly Crypto Digest, read about how SEC says it never called tokens securities, DOGS hosted the largest meme TGE in crypto history, MicroStrategy bought an additional 18,3K BTC for $1.1 billion, and more news.
SEC Says It Never Called Tokens Securities
The U.S. Securities and Exchange Commission (SEC) said it never directly called tokens securities. This follows from a footnote to the regulator's lawsuit against the Binance exchange.
The documents also indicate that the regulator "regrets" any confusion that may have arisen in connection with this and undertakes not to use it anymore.
Coinbase General Counsel Paul Grewal commented on the situation, pointing out that the SEC literally used the designation "digital security" in relation to XRP in the lawsuit against Ripple Labs.
Binance Reported Overcollateralization of Assets
The cryptocurrency exchange Binance has released another Proof-of-Reserves audit, in which it confirmed the over-collateralization of client funds. As of September 1, the trading platform held 647,106 BTC and 4,651,360 ETH. User deposits in leading cryptocurrencies amounted to 605,690 BTC and 4,486,359 ETH. The coverage reached 106.84% and 103.68%, respectively.
The company was the first among centralized exchanges to launch the Proof-of-Reserves initiative in November 2022. Binance uses zk-SNARK zero-knowledge proof technology for verification.
SEC Crypto Startup Penalties Reach Record $4.7 Billion
The U.S. Securities and Exchange Commission's (SEC) digital asset enforcement filings jumped 3,018% to a record $4.7 billion in fiscal year 2024, driven primarily by a $4.47 billion settlement with Terraform Labs and its former CEO Do Kwon.
In fiscal year 2024, the SEC filed 11 cases, up from 30 the year before.
DOGS Hosted the Largest Meme TGE in Crypto History
DOGS hosted the largest meme TGE in crypto history, TON Community said.
According to the statistics provided:
53 million users logged into the DOGS app;
42.2 million were eligible for an airdrop;
17 million users branded DOGS;
the token has 4.5 million unique owners.
Over the past two weeks, the number of daily active TON users has exceeded 1.1 million several times, and the number of transactions per day has reached 14.4 million, according to the TON Community team. The spread of DOGS played a key role in the surge in activity.
MicroStrategy Bought an Additional 18,300 BTC for $1.1 billion
MicroStrategy has acquired an additional 18,300 BTC for ~$1.11 billion (at $60,408 per coin). This was reported by the company's founder, Michael Saylor.
As of September 12, MicroStrategy holds 244,800 BTC, acquired for approximately $9.45 billion (~$38,585 per coin). At the time of writing, these assets are valued at $14.15 billion.
According to Saylor, the income from storing the first cryptocurrency since the beginning of the quarter was 4.4%, and since the beginning of the year - 17%.
Trader Bought NFT CryptoPunk Worth $1.3 Million for $25,000
The Cardano network has successfully undergone the Chang hard fork at block #10,764,778. The update marked the beginning of the Conway registry era and the transition of the ecosystem to decentralized governance.
ADA token holders will be able to take part in voting, determining the future of the network. The implementation of CIP-1694 established a new governance structure with three components: the Constitutional Committee (CC), delegate representatives (dReps), and staking pool operators (SPO).
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