SEC Proposes New Regulations to Expand Crypto Regulation in Philippines

• The Securities and Exchange Commission (SEC) of the Philippines has proposed new regulations to expand its purview to include virtual currencies and other financial instruments based on blockchain or distributed ledger technology (DLT).
• The SEC would have the authority to prevent service providers from levying excessive interest, fees, or other charges, and to disqualify and suspend directors, executives, or employees who are found to be in breach of the law.
• The proposed regulations are open to public comment before they are finalized and put into effect.

The Philippines Securities and Exchange Commission (SEC) has proposed a new set of regulations in order to expand its purview to include virtual currencies and to increase its control over the country’s crypto space. The proposed regulations, which are open for public comment before they are finalized and put into effect, would grant the SEC extensive power for better control over the sector.

Under the new regulations, the SEC’s purview would expand to include other types of financial goods and services, such as digital financial products and services, and the companies that deliver them. This would give the agency the authority to prevent providers from levying excessive charges, as well as the power to disqualify and suspend directors, executives, or employees who are found to be in breach of the law. SEC Chairman Jay Clayton also stated that the agency’s “rule-making, surveillance, inspection, market monitoring, and more enforcement powers” would be enhanced.

Furthermore, the regulations would broaden what constitutes security to include “tokenized securities products” and other financial instruments based on blockchain or distributed ledger technology (DLT). This would allow the SEC to better monitor and regulate the sector, providing greater protection to investors and the public.

The proposed regulations have been met with both praise and criticism from various stakeholders in the crypto industry. Those in favor of the regulations believe that it would help to create a more secure and transparent environment for the industry, while those against it argue that it would limit innovation and hamper growth.

Nonetheless, the SEC has made it clear that it is committed to ensuring the safety and integrity of the sector. It will continue to closely monitor the sector and take action when necessary. It remains to be seen whether the proposed regulations will be finalized and put into effect, but it is clear that the SEC is committed to maintaining control over the crypto sector in the Philippines.

SEC Fines Crypto-Lending FirmNexo $45 Million for Unregistered Securities

• The SEC has charged crypto-lender Nexo for violating federal securities law by failing to register its crypto asset lending product.
• Nexo has agreed to pay $45 million in fines and cease its unregistered lending product to all US investors.
• SEC Chair Gary Gensler stated that the SEC will remain relentless in holding crypto-operating firms accountable.

The Securities and Exchange Commission (SEC) has charged crypto-lending firm Nexo for failing to register its crypto asset lending product. According to the SEC, Nexo initiated the unregistered security in 2020, allowing US customers to earn. This failure to register the product resulted in a violation of federal securities law.

In response to the situation, SEC Chair Gary Gensler stated that the SEC will remain relentless in holding crypto-operating firms accountable. Moreover, Nexo has agreed to pay $45 million in fines and cease its unregistered lending product to all US investors.

This is not the first time that the SEC has taken action against a crypto-operating firm. In the past, the SEC has charged companies such as Ripple, Kik, and Telegram for similar violations. These charges demonstrate the SEC’s commitment to enforcing federal securities law and protecting investors.

The SEC’s decision to charge Nexo serves as a reminder to crypto-operating firms that they must comply with federal securities law. The SEC is committed to enforcing public policies and protecting investors from fraud and other illegal activities.

The SEC’s actions also send a message to investors that they should be aware of the risks associated with investing in unregistered securities. Investors should always do their research and understand the risks before investing in any asset.

In conclusion, the SEC’s decision to charge Nexo for failing to register its crypto asset lending product serves as an important reminder that crypto-operating firms must comply with federal securities law. The SEC is committed to enforcing public policies and protecting investors from fraud and other illegal activities. Investors should always do their research and understand the risks before investing in any asset.

Wyre Removes Withdrawal Cap, Resumes Regular Operations

Bullet Points:

• Wyre has removed its withdrawal cap after securing additional funding from a strategic partner.
• Wyre had previously imposed a 90% withdrawal limit on its users and laid off 75 employees.
• MetaMask had severed ties with Wyre, but the company has now resumed regular operations.

Wyre, a crypto payment platform, has removed its withdrawal cap after securing additional funding from a strategic partner. This comes after the company had recently imposed a 90% withdrawal limit on its users and laid off 75 employees due to the crypto winter giving the company a tough time. It had also announced changes to its managerial structure.

In response to the situation, MetaMask had severed ties with the company, removing the platform from its mobile aggregator and browser extension. It had also advised its users to stay away from the platform. CEO Ioannis Gianna had said that the firm was scaling back operations to plan its next steps.

However, Wyre has now assured the crypto community that it is ready to resume regular operations. All withdrawal caps have been removed, and the company is back to business as usual. This is no doubt a relief for many users who had been affected by the withdrawal cap.

Wyre is now focusing on continuing to provide its users with secure and reliable transactions. The company is also working to improve its services and expand its user base. As the crypto market continues to evolve, Wyre is committed to being a leader in the space.

Ex-Celsius Network CEO Sued for Defrauding Investors of Billions

• New York’s state attorney general Letitia James has sued Alex Mashinsky, the former CEO of Celsius Network, for defrauding investors out of billions of dollars.
• Celsius Network filed for Chapter 11 bankruptcy in July 2022, and Mashinsky withdrew $10 million from Celsius weeks before the company stopped customer withdrawals.
• The Attorney General’s office is seeking to recover money for investors, as well as penalties and other forms of relief.

The New York State Attorney General Letitia James recently revealed that she has filed a lawsuit against Alex Mashinsky, the former CEO of Celsius Network, for defrauding investors out of billions of dollars. The lawsuit was filed in the US Bankruptcy Court for the Southern District of New York.

Celsius Network filed for Chapter 11 bankruptcy in July 2022 and at the time of filing, the CEO had boasted of a solid and experienced team to help through the restructuring process. Before filing for bankruptcy, Celsius halted customer withdrawals in June of the same year, citing “extreme market conditions.” The CEO resigned in September, shortly after it was reported that he had withdrawn $10 million from Celsius weeks before the company stopped customer withdrawals.

The Attorney General’s office is now seeking to recover money for investors, as well as penalties and other forms of relief. The lawsuit claims that Mashinsky and Celsius Network violated New York’s Martin Act and Executive Law by, among other things, misappropriating and misusing investor funds, issuing false and misleading statements to investors, and failing to disclose material information.

The Attorney General is also seeking to have Mashinsky and Celsius Network disgorge all profits and other ill-gotten gains from the alleged violations, as well as the imposition of civil penalties. In addition, the Attorney General is seeking to enjoin Mashinsky and Celsius Network from engaging in any further violations of the Martin Act and Executive Law.

This latest lawsuit is yet another example of the Attorney General’s commitment to protecting the rights of investors and ensuring that those who violate the law are held accountable. The Attorney General’s office will continue to investigate and prosecute those who seek to defraud investors and undermine the integrity of the financial markets.

Shopify Merchants Now Mint and List NFTs with Avalanche Support on Venly!

• Shopify merchants can now mint and list their NFTs through their storefronts using the blockchain app Venly, which supports Avalanche.
• Customers do not need to have an Avalanche wallet to purchase NFTs; they can make fiat payments and be given a link to a newly-created Avalanche wallet with the NFT.
• NFTs can be used by Shopify merchants to sell, offer NFT-gated experiences or use them for authentication by tying them to physical products.

Shopify merchants can now mint and list their Non-Fungible Tokens (NFTs) through their storefronts using Venly, one of the platform’s blockchain apps that supports Avalanche. This is a huge advancement for the e-commerce giant, as it allows merchants to use NFTs to create unique experiences for their customers and to authenticate products.

Customers do not need to have an Avalanche wallet to purchase NFTs; they can simply make fiat payments and be given a link to a newly-created Avalanche wallet with the NFT. This makes it much more convenient for customers to purchase NFTs and makes the process simpler for merchants.

NFTs can be used by Shopify merchants in a variety of ways. They can use them to sell unique digital items, offer NFT-gated experiences, or use them for authentication by tying them to physical products. This opens up a plethora of opportunities for merchants to engage and reward their customers with NFTs.

Venly is the first blockchain app to offer Avalanche support to Shopify merchants. This opens up a wide range of possibilities for merchants looking to get into the NFT space. Shopify merchants can now easily mint and list their NFTs, create a seamless experience for their customers, and use NFTs to authenticate and reward their customers.

The addition of Avalanche support on Venly is a major breakthrough and will likely open up a whole new world of possibilities for Shopify merchants. With the ease of use and convenience that Venly provides, merchants can now easily create unique experiences for their customers and use NFTs to authenticate products. This is sure to be a major boon for the e-commerce giant and the NFT space as a whole.