Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:
SBF Arrested 🚨
Following the collapse of one of the largest centralised exchanges in the world, FTX’s CEO, Sam Bankman-Fried was reportedly residing in the Bahamas.
Before he was scheduled to testify before the US House Financial Services Committee remotely, SBF was arrested by the Bahamian authorities.
Amidst the arrest, the Securities and Exchange Commission (SEC) filed a complaint against SBF and FTX, which alleged that SBF built a “house of cards” from day one.
This was done by misleading investors that FTX was a safe place to store their assets, when in fact their funds were being used by Alameda Research.
What’s more, Gary Gensler, the Chair of the SEC, was called to testify to Congress regarding the “cost of his regulatory failures” that led to this collapse.
ETH is a commodity, says CFTC 🔨
Amidst SBF’s lawsuit, the U.S. Commodity Futures Trading Commission (CFTC) has ruled that BTC, ETH and USDT are considered commodities.
This definition goes against the stance of Gary Gensler (chair of the SEC). Apart from Bitcoin which he believes is a commodity, he hinted that Ethereum and other proof-of-stake cryptocurrencies are considered securities.
Proof-of-stake cryptocurrencies provide staking rewards, which can be defined as an ‘expectation of profit’ when an investor stakes ETH with a validator. This is one of the criteria in the Howey test, and the SEC is using this as proof to regulate Ethereum as a security.
However, other countries do not consider Ethereum and Bitcoin as securities, as previously declared by Belgium’s Financial Services and Markets Authority (FSMA).
The SEC vs Ripple case is still ongoing, which could have huge implications for the crypto market if XRP is indeed considered to be a security.
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Interest rates increase again… 😔
The Federal Reserve has raised interest rates by another 50 basis points, making it the highest in 15 years.
The good news is that inflation seems to be going down, with the latest figures coming in lower than expected at 7.1%.
Higher interest rates may result in more funds exiting from the crypto markets, as investors see them as too risky compared to leaving their funds in cash.
Metamask 🤝 PayPal
Converting fiat to cryptocurrencies may just get a huge boost with this partnership.
Metamask is now allowing ETH to be purchased on their wallet using PayPal.
This feature is currently available to US customers, and may help to boost crypto adoption even further.
Trump launches NFT collection 👀
You can now purchase baseball cards of the former US president for just $99.
Donald Trump has launched his NFT collection on the Polygon network, which can be purchased either using Wrapped Ethereum (WETH) or cash.
Every purchase of a digital card entitles you to a chance to win certain Trump prizes, including a group Zoom call with Trump, with the grand prize being a gala dinner with the former US President.
After buying your Trump Trading Cards, why not connect your wallet to view your NFT?
You are able to view all of your NFTs across multiple EVM-compatible networks, connect your wallet to enjoy the true multi-chain experience now!
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