Five Things to Know in Crypto This Week: Fed Bets and ETF Outflows Shake
SEC Targets OpenSea NFT Marketplace
On August 28, the US Securities and Exchange Commission (SEC), alleging that Non-Fungible Tokens (NFTs) on its marketplace are securities.
OpenSea co-founder and CEO Devin Finzer shared the news, stating,
“We’re shocked the SEC would make such a sweeping move against creators and artists.”
The agency followed up with a post on X, formerly Twitter, warning,
“Scammers often use innovations and emerging technologies like crypto to perpetrate investment scams. Learn about five ways fraudsters may lure victims into scams involving crypto asset securities.”
The SEC targeted the US digital asset space as the US primaries loom. Senator Elizabeth Warren faces John E. Deaton, which could significantly impact the US crypto regulatory environment.
Senator Warren proposed the Digital Asset Anti-Money Laundering Act, aiming to stifle the crypto industry with banking-style anti-money laundering (AML) and countering the financing of terrorism (CFT) frameworks.
In contrast, John E. Deaton played a pivotal role in the Programmatic Sales of XRP ruling, representing 75,000 XRP holders in the SEC vs. Ripple case.
SEC vs. Ripple: XRP in Limbo
The latest SEC assault on the US crypto industry came as investors await the agency’s next move in the Ripple case. Ripple and the SEC have a 60-day window from the final judgment date to file an appeal, leaving XRP in limbo.
XRP was down 5.56% to $0.5672 from Monday, August 26, to Saturday, August 31. Ongoing uncertainty about SEC plans to appeal left XRP drifting below the crucial $0.60 level.
This article was originally published by a www.fxempire.com
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