BJ Investment Holdings, the parent company of Hit Network and BitBoy Crypto, removed crypto personality and YouTuber Ben Armstrong from the company this week, claiming Armstrong was suffering from substance abuse and alleged that he caused “emotional, physical, and financial damage.” Tonight, Armstrong says the conflict is “far from over.” Responding to allegations published yesterday about substance abuse, the @JoinBenCoin Twitter account posted a document showing all “negative” test results for a five-panel drug test. In a text message to Decrypt, Armstrong confirmed that it was indeed him who published the drug test result document. “I’m withholding making any statements right now,” Armstrong added. On Monday, the United States Securities and Exchange Commission (SEC) announced its first-ever enforcement action over the sale of NFTs, fining a Los Angeles-based media company $6 million for selling illegally unregistered securities. But does the action signal an impending crackdown against a broader array of NFT projects? The facts of the case weren’t exactly ambiguous: The fined company, Impact Theory, told potential NFT buyers that “if you’re paying 1.5 [ETH], you’re going to get some massive amount more than that” once the company became “the next Disney.” However, Monday’s news does leave much in question about the regulatory fate of the multi-billion-dollar NFT industry, which until this week had avoided the ire of the SEC’s crypto-allergic chairman, Gary Gensler. Rhode Island’s regulators have granted X (Twitter) a currency transmitter license marking a step forward for the company’s foray into the financial services sector. The license is legally required for companies conducting financial activities on behalf of users related to sending and receiving money — a definition that includes both fiat and crypto assets. The approval will allow for X to custody, transfer and exchange digital currencies. X’s Rhode Island Currency Transmitter License was approved on Aug. 28 according to the Nationwide Multi-State Licensing System (NMLS). The move marks an important step forward in Elon Musk’s push for X to become an “everything app” — which would include crypto and fiat payments. A federal judge has overturned the United States Securities and Exchange Commission’s decision to deny an exchange-traded fund (ETF) offering from Grayscale Investments through its Bitcoin Trust, but many experts have pointed out the court ruling will not automatically lead to the first spot Bitcoin ETF in the country. In an Aug. 29 decision with the U.S. Court of Appeals for the District of Columbia Circuit, Judge Neomi Rao supported Grayscale’s position that its proposed Bitcoin ETF was “materially similar” to Bitcoin futures exchange-traded products already approved by the Securities and Exchange Commission (SEC) for trading. The court largely ruled that the SEC’s justification of denying Grayscale’s Bitcoin ETF on the grounds it was not “designed to prevent fraudulent and manipulative acts and practices” was insufficient, and the matter will return to the commission for review. You can find these stories and more at the link below:
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