A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›
Welcome! 👋 You are connected to CryptoSlate Alpha. To manage your wallet connection, click the button below.
If you don’t have enough, buy ACS on the following exchanges:
Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›
Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.
The global crypto market cap is $1.04 trillion with a 24-hour volume of $23.84 billion. The price of Bitcoin is $25,923.52 and BTC market dominance is 48.3%. The price of Ethereum is $1,637.64 and ETH market dominance is 18.9%. The best performing cryptoasset sector is DuckSTARTER, which gained 35,285%.
The settlement cited the Commission’s view that Bitcoin and Ethereum are commodities as part of its reasoning in bringing the charges.
Cover art/illustration via CryptoSlate
The U.S. Commodity Futures Trading Commission (CFTC) announced settlements with multiple DeFi companies in a press release dated Sept. 7 as it and its counterpart regulator for the securities market, the Securities and Exchange Commission (SEC), show no sign of slowing down their ongoing enforcement actions against actors in the cryptocurrency space.
Ian McGinley, the CFTC’s Director of Enforcement, wrote:
“Somewhere along the way, DeFi operators got the idea that unlawful transactions become lawful when facilitated by smart contracts…They do not.”
The CFTC primarily targeted ZeroEx Inc., best known for creating 0x Protocol. The agency said that ZeroEx also offered a frontend called Matcha, which traded third-party tokens that provided leveraged exposure to BTC, ETH, and other assets. The CFTC said that these leveraged tokens are commodities and can only be offered on registered exchanges.
0x was once seen as a promising basis for Ethereum-based decentralized exchanges before current leaders such as Uniswap dominated the area.
Though long-term trading volumes are no longer available, market rankings provide some indication of 0x’s former popularity. In 2018, 0x’s ZRX token often ranked among the 30 largest tokens by market cap. Today, ZRX ranks below the 700 largest cryptocurrencies, and Uniswap’s UNI token is the 24th largest cryptocurrency. As such, the CFTC’s latest action is significant because it targets one of DeFi’s past top contenders.
The CFTC additionally targeted Opyn, a decentralized Ethereum and stablecoin investment platform. The CFTC said that Opyn’s oSQTH tokens are commodities and can only be offered on registered exchanges. The value of the oSQTH token is determined by a squared ETH-to-USDC index operated by the company,
Finally, the CFTC targeted Deridex, a defunct trading platform built on Algorand. The CFTC said that Deridex’s perpetual contracts, which are based on the relative value of the STABL2 token and another asset, qualified as a commodity.
Apart from those specific violations, the CFTC charged Deridex and Opyn with various failures to register, and with failure to comply with customer identification programs in accordance with the Bank Secrecy Act. ZeroEx is not described as facing those charges.
Additionally, the agency charged all three platforms with the illegal offer of leveraged and margined retail commodity transactions in digital assets. Each company must cease and desist from violating any of the relevant regulations.
The CFTC has imposed a different monetary penalty on each company. Opyn must pay $250,000, ZeroEx must pay $200,000, and Deridex must pay $100,000. The agency said that it reached these settlements at the time that it filed charges.
The latest charges are part of a growing list of crypto-related actions from the CFTC. The agency concluded a fraud case against Mirror Trading International and took action against an individual pool operator this week. The CFTC has also targeted major crypto companies, including Binance, FTX, Tether, and BitMEX in the recent past.
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.
Jacob Oliver is a recovering academic and English teacher who went down the crypto rabbit hole in 2017 after recognizing the technology’s potential.
Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
0x is an open, permissionless protocol allowing for ERC20 tokens to be traded on the Ethereum blockchain..
2023 has seen a barrage of federal regulatory action against malfeasance in the cryptocurrency industry. Is Congress finally poised to act?
How GoMining is making bitcoin mining easy and accessible to everyone.
A judge found the company and its CEO liable for multiple types of fraud.
JP Morgan analysts predict the SEC will approve spot Bitcoin exchange-traded funds after losing its court case against Grayscale.
The altcoins include notable tokens like LINK, SUSHI, LUNA, and YFI.
The survey was conducted in May 2023 and found that found that 52% of Turkish adults aged 18 to 60 have invested in cryptocurrencies, a 12% increase from 40% in November 2021.
The former U.S. President declared he earned over $4 million from his NFT adventure.
The former FTX CEO’s lawyers argue that the government is overwhelming their client without allowing him the ability to adequately prepare his case.
The BNB Bridge hacker’s $63 million position was also liquidated on Venus Protocol.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
© 2023 CryptoSlate. All rights reserved. Disclaimers | Terms | Privacy
Please add “[email protected]“ to your email whitelist.
Stay connected via
source
Source: www.cryptoslate.com
