Crypto News Talk Episode 4

Crypto Regulation: Chaos In The Crypto Circle Calls For Global Standards

Crypto News Talk is a bilingual series of programs produced by Himalaya Australia Digital Soldier H-Pay Promotion Group, aiming to promote H-coin, Himalaya Exchange, H-Pay, knowledge and changes in the crypto market industry. The slogan of the program is Wealth Pulse, Commercial Opportunities, Strategic Outlook, Crypto News Talk. Previously, we have covered the bankruptcies of the Three Arrows hedge fund, Celsius, Voyager Digital and other crypto lenders. The crypto market is in a very bearish phrase. The controversial Musk’s Tesla has sold off a large percentage of its crypto assets.

Tesla sells most of its bitcoin holdings

Leading e-car manufacturer Tesla has converted 75% of its Bitcoin holdings into fiat, the company announced during its Wednesday earnings calls.

Tesla held only roughly $218 million worth of crypto at the end of the second quarter, according to its Q2 report, dropping from $1.26 billion in Q1 report.

This February, Tesla reported that it had held roughly $1.99 billion worth of Bitcoin at the end of 2021.

The largest cryptocurrency is trading slightly above the $23,000 level following the announcement, dropping roughly 3%.

Elon Musk sued over alleged Dogecoin pyramid scheme

According to REUTERS, on June 16th, a Dogecoin investor in the United States sued the world’s richest man, Elon Musk, as well as his companies Tesla and SpaceX, seeking compensation of 258 billion USD.

Keith Johnson, who claimed to be a U.S. citizen said he suffered losses from investing in Dogecoin and was defrauded by the Dogecoin Crypto Pyramid Scheme.

He believed that Dogecoin had been “inflated in price, market cap and volume” due to Musk’s promotion, and has since plummeted, leaving investors with nothing.

Johnson also named Tesla in the lawsuit because the company allowed the use of Dogecoin to buy some derivatives. Musk’s commercial rocket company

SpaceX was also brought to court because SpaceX named one of its satellites in Dogecoin.

SEC Has Classified 9 Cryptocurrencies as “Securities”

According to a report from FX168 Financial News (Hong Kong) on July 22, 2022, the Securities and Exchange Commission (SEC) has classified 9 cryptocurrencies involved in Coinbase insider trading as “securities”. The authorities’ stance on these is clear, this is a fraud, whether it happens on the blockchain or on Wall Street.

According to The Block, the assets listed as securities include AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX and KROM, all of which have been mentioned in connection with alleged insider trading. This is one of the few instances where the SEC has named a specific cryptocurrency “security”, though it has provided little clarity over the years.

Gurbir Grewal, director of the SEC’s Division of Enforcement, said, “Our concern is not with the label, but with the economic reality of the product, which confirm that some of the crypto assets at issue are securities and that the defendants engaged in typical insider trading prior to the Coinbase IPO. Please be assured that we will continue to ensure a fair playing field for investors. “

Coinbase separately filed a petition with the SEC asking for it to start a rulemaking process to detail how it would apply federal securities laws to crypto assets.

“Securities law is thus not well-suited to govern digital assets. Attempted application of such ill-fitting laws to crypto creates a number of problems,” a blog post published Thursday said.

The above is a summary of the 4th episode of the Crypto News Talk. For more content, please find the video on Gettr or Youtube.

Editor: 不懒#4384 Eddy#3853 灭共小猫咪#7782
Publisher: Himalaya Australia Digital Soldier H-Pay Promotion Group

Video link:

https://gettr.com/streaming/p1jmcat5ed1