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Crypto In Play News 2022 August First Week

Cryptocurrency Explained for Beginners

Crypto In Play News 2022 August First Week

The latest cryptocurrency news curated on a weekly basis.

Covered topics include regulation, user adoption, macroeconomy, and technology announcements.

Table of Contents

SEC going after crypto insider trading and fraud putting the crypto industry on notice for possible crackdown

  • The US Securities and Exchange Commission (SEC) is using pre-existing rules in traditional finance to police crypto market
  • The SEC uses the ‘Howie test’ criteria to designate cryptocurrencies as securities in order to regulate them:
    1. There is an investment of money
    2. There are Investors putting their money into a common enterprise that delivers success based on third party expertise
    3. There is an expectation of profit from the investment
    4. Investor success is based on a standalone 3rd party’s performance
  • Bitcoin and Ethereum have been classified as commodities and NOT securities by the SEC because no ‘executives’ are driving a company to make investments in BTC or ETH more profitable
  • 9 cryptocurrencies have been flagged by the SEC in its case against Coinbase employees who had used 25 cryptocurrencies for insider trading. They are: AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX, KROM
  • SEC may target ‘similar’ cryptocurrencies in the future but the actual criteria remains to be seen
  • Links

Multiple Massive hacks in crypto exposing user private keys and draining crypto wallets

U.S unemployment rate in July 3.5%

Coinbase selected by Blackrock to provide clients with access to crypto trading and custody

Instagram to add support for Flow blockchain-based NFTs

  • Instagram has added support for Flow-based NFTs as it expands its NFT initiative into more than 100 total countries.
  • Instagram’s NFT integration initiative allows collectors to showcase their verified Flow NFTs on their account. It is still in closed beta testing.
  • Flow was created by Dapper Labs is well-known for its NFT projects like NBA Top Shots that enable users to trade NFTs of videos of NBA game footage
  • NFT markets have yielded more than $20 billion in sales in 2022
  • Links

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