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Scrutinizes nft market token offerings

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Sec scrutinizes nft market over illegal crypto token offerings

His comments indicate that he believes most cryptocurrency exchanges must register with the SEC, and that almost all crypto tokens are securities subject to SEC oversight.

As discussed below, while his recent comments are most directly applicable to cryptocurrency exchanges and tokens, they also likely apply to DeFi platforms and NFT markets and we should expect to see increased regulation in these areas as well, especially because Gensler highlighted these two areas as focal points for the expanded Crypto Assets and Cyber Unit.

Chair Gensler’s Speech at the Penn Law Capital Markets Association Annual Conference

In his speech at the University of Pennsylvania on April 4, 2022, Chair Gensler addressed three areas that the SEC is focused on: (1) crypto trading and lending platforms; (2) stablecoins; and (3) crypto tokens.

SEC Nearly Doubles Size of Enforcement’s Crypto Assets and Cyber Unit, SEC (May 3, 2022), https://www.sec.gov/news/press-release/2022-78?utm_medium=email&utm_source=govdelivery.

2. Recent media reports have questioned whether algorithmic stablecoins—meaning stablecoins backed by a computer code and not by fiat currency or other crypto—adequately protect investors from losing the peg.

3.
SEC Charges Decentralized Finance Lender and Top Executives for Raising $30 Million Through Fraudulent Offerings, SEC (Aug. 6, 2021), https://www.sec.gov/news/press-release/2021-145.

4. Matt Robinson, SEC Scrutinizes NFT Market Over Illegal Crypto Token Offerings, BLOOMBERG (March 2, 2022), https://www.bloomberg.com/news/articles/2022-03-02/sec-scrutinizes-nft-market-over-illegal-crypto-token-offerings.

5.

In addition to serving as representations of physical collectibles, backers of the tokens often all their value as digital certificates of authenticity that can’t be replicated.

About $44 billion worth of crypto was sent to smart contracts on the Ethereum blockchain tied to NFTs during 2021, up from $106 million the year before, according to data from Chainalysis. As the market has boomed, some NFT marketplaces have taken steps to remove projects that might put them in regulators’ crosshairs, such as those that offer royalties or that involve raising funds for a business.

A key legal question is whether digital assets including NFTs are securities, and therefore subject to the same rules as stocks.

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SEC Scrutinizes NFT call Over illegitimate Crypto Token Immolations

The U.S. Securities and Exchange Commission is investigating the NFT creators and the cryptocurrency exchanges they trade, to determine if certain assets are in violation of the regulations of the agency as per people who are who are familiar with the issue.

The investigation is to determine if certain non-fungible tokens, or digital assets that could be used to indicate the ownership of items such as paintings or sports memorabilia are being used to raise funds similar to traditional securities, according to people. In the last several months, lawyers from the enforcement section of the SEC have issued subpoenas to obtain information on the token offering.

This is the latest effort of the SEC chair Gary Gensler to ensure the cryptocurrency market abides by its rules.

SEC appears to be examining jurisdiction over NFT market • Fractional NFTs targeted by stock exchange regulators • Will Ripple become the blueprint?

Non-fungible tokens, so-called NFTs, are among the newer trends in the crypto market. In 2021, trading in virtual goods picked up speed, and in 2022 the demand for NFTs on the market seems to be unbroken.
This has recently brought the US stock exchange watchdog from the United States Securities and Exchange Commission (SEC) onto the scene, which wants to take a close look at the NFT market.

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Congress addressed some 90 years ago.”

Key Takeaways

Crypto Exchanges and Tokens

The announcement of the dramatic expansion of SEC Enforcement’s Crypto Assets and Cyber Unit along with Gensler’s recent comments mean we will see more activity from the SEC, in the form of regulations and/or enforcement actions, targeted at crypto platforms, stablecoins and tokens. Put simply, Gensler believes that crypto platforms are like traditional, regulated stock exchanges and that investors should be protected the same way when trading cryptocurrencies.
Gurbir Grewal, the Director of the SEC’s Division of Enforcement, echoed this belief in the announcement of the unit’s expansion, noting that “[c]rypto markets have exploded in recent years, with retail investors bearing the brunt of abuses in this space. . . .

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Crypto Markets Shed $200 Billion on Russia-Ukraine Conflict (Market Watch)

2 months ago

Despite recovering some ground since then and currently sitting above $35,500, BTC’s market cap has dropped below $700 billion. However, their daily losses are significantly more severe.
Polkadot (-16%), Dogecoin (-16%), Shiba Inu (-15%), CRO (-15%), and MATIC (-16%) follow. More daily losses come from Convex Finance (-23%), ECOMI (-20%), Kadena (-19%), Curve DAO Token (-19%), Loopring (-19%), THETA Network (-19%), Enjin Coin (-19%), and many others.

As part of the settlement, in addition to paying a large fine, BlockFi agreed to bring its business into compliance with federal securities laws. Gensler believes this settlement shows the Commission’s willingness to work with platforms on their compliance efforts.

Stablecoins

During his speech, Gensler also took aim at stablecoins.

As stablecoins are pegged to reserve assets such as the U.S. dollar, Gensler believes stablecoins raise public policy considerations around financial stability and monetary policy, including uncertainty over whether they have sufficient backing.

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