SEC - Page 49

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Camino Network Successfully Passes Hexens Security Audit

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Zug, Switzerland, August 22nd, 2023, Chainwire

The Camino Network Foundation announced that its Web3 travel ecosystem Camino Network has passed a security audit with outstanding results carried out by the prestigious cybersecurity firm, Hexens. The full report can be found here.

Launched earlier this year, Camino Network is a public and permissioned Web3 blockchain for the global travel industry that anyone can build on. It will transform the travel industry by enabling participants to build and deploy decentralized applications powered by smart contracts, ushering in a new era of travel-related products and services.

Camino Network is a consortium blockchain backed by dozens of major travel industry players, including established brands such as Lufthansa, EuroWings, Hahn Air and Sunnycars.

Because the security of Camino Network has always been a top priority, it set out to find a reliable and trustworthy partner to audit its extensive codebase and provide recommendations on fixing any vulnerabilities.

The Camino Network Foundation ultimately chose to partner with Hexens, which has extensive experience in auditing blockchain infrastructure and smart contract code, having previously served noted projects including Polygon Labs, Celo, Lido and others.

Hexens uses the established methodologies and workflows in the industry to identify vulnerabilities and offer recommendations, and is also recognized as a pioneer in the development of new bug-finding techniques. 

Hexens’ audit of Camino Network’s L1 codebase identified nine minor issues, each of which were promptly addressed by the team to ensure the integrity of the network. The absence of any major vulnerabilities underscores the commitment to high-quality coding practices and prioritization of robust security. 

Following the audit, the Foundation has contracted Hexens to actively contribute to its security on an ongoing basis. The partnership will help to reassure the travel community that ecosystem security will always remain one of Camino Network’s highest priorities. 

To that end, Camino Network is inviting white-hat hackers to test the strength of its network through an official bug bounty program, offering up to $50,000 in rewards for the discovery of critical vulnerabilities. Full details of the program and the incentives on offer are available now at https://hackenproof.com/camino-network/camino-protocol.

Camino Network has further increased the security of its network with the introduction of a fully-compliant KYC/KYB process. It ensures that only verified organizations and individuals are able to deploy smart contracts on Camino Network, preventing malicious actors from participating. Moreover, the governing Camino Network Foundation and Consortium also possess the authority to suspend suspicious smart contracts and validators through a democratic voting process, providing a novel layer of oversight that further enhances network security. 

Camino Network officially launched its mainnet in April with support from more than 150 Web3, travel and travel technology partners. Its initial group of validators has since expanded to 26 live consortium members across eight countries and three continents, with several groundbreaking use cases to go live in the next weeks such as the Web3 hotel booking platform Sleap. 

About Camino Network Foundation

Camino Network Foundation is a non-profit organization based in Zug, Switzerland, driving the development of a blockchain-based ecosystem in the global travel industry. The Camino Network Foundation supports the development of Camino Network, the first Layer 1 blockchain built specifically for the travel industry by travel technology experts.

Contact

Avishay Litani
avishay@marketacross.com

Ripple Labs vs. SEC: Appeals Process Sparks Debate Over Ongoing Legal Case

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In a recent update on X (formerly Twitter), David Schwartz, Chief Technology Officer of Ripple Labs, shed light on a recent development concerning the United States Securities and Exchange Commission’s (SEC) appeal.

Schwartz indicated that the SEC’s appeal is predicated on their interpretation that the ongoing legal case has not yet reached its conclusion.

This perspective grants parties involved the opportunity to appeal subsequent to the finalization of the case.

This procedural approach aims to streamline legal proceedings and prevent ongoing disruptions to the core case due to multiple appeals on minor rulings.

After Judge Analisa Torres’ ruling on July 13, which declared that the sale of XRP on digital asset exchanges does not qualify it as a security, the SEC has taken the step to file an appeal.

While this move by the SEC was prompted by the favorable outcome for Ripple, its focus centers on an unexpected twist within the legal proceedings.

Schwartz affirmed that consolidating appeals is crucial to streamline the process, as separate appeals are likely to protract the legal proceedings further.

READ MORE: Bitcoin Hovers Near 2-Month Lows Amidst Extensive Liquidations and Market Uncertainty

However, he clarified a rule applicable to specific scenarios.

The SEC contends that the unique circumstances in this instance warrant a different approach.

The SEC proposes a suspension of the process until the appeal is resolved, a proposition that Ripple does not endorse.

Ripple maintains that, even if the SEC is entitled to appeal, the primary lawsuit should continue while the appeal process unfolds.

This approach aligns with the notion of allowing the trial to proceed and addressing appeals diligently once all other matters are settled.

Schwartz provided additional insight to counter rumors within the Bitcoin community concerning the SEC’s potential intent to appeal Torres’ decision to higher courts.

The ultimate resolution of the legal dispute between Ripple Labs and the SEC may be influenced by the court’s decision on whether to grant the appeal request.

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ETHWarsaw Returns For Its Second Edition Alongside Warsaw Blockchain Week

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Warsaw, Poland, August 21st, 2023, Chainwire

ETHWarsaw, a web3 conference and hackathon, organized by a passionate group of local Ethereum enthusiasts, returns for its second edition. The event is set to take place from August 31st to September 3rd, 2023 in Warsaw, Poland, bringing together a global community of builders, founders, and educators in web3.

Building upon the achievements of its debut, the second edition of ETHWarsaw promises enhanced experience as it will coincide with the first in the history Warsaw Blockchain Week. 

“Despite the backdrop of crypto’s resurgence after a challenging year, we’re ready to deliver an even more comprehensive experience for the global community traveling across the world to Poland. This year we’re literally transforming Warsaw, a tech hub teeming with talent, into a hotbed of web3 action.” said Lukasz Stoczynski, ETHWarsaw’s Co-Founder, Business Development Lead.

This collaborative initiative, set against the charming blend of tradition and modernity that defines Warsaw, promises community-organized side events, including conferences, networking meetups, and parties. 

The collective effort is poised to make this year’s ETHWarsaw, for the second year in a row, the biggest web3 conference in the CEE region and Warsaw Blockchain Week the largest blockchain event ever held in Poland.

ETHWarsaw is structured to cater to both seasoned professionals and curious newcomers including web2 developers and students. The conference spans two dynamic days of talks, panels and fireside chats divided into six key tracks: DeFi, Scalability, Security, Infrastructure, Governance, and Non-Tech.

This year’s speakers include Marius Van Der Wijden, Ethereum Foundation; Akram El Milligy, Ledger; Patrick McCorry, Arbitrum Foundation; Artis from Gitcoin, and Adam Gagol from Aleph Zero.

Similarly to last year, the overnight hackathon will start on Friday evening and it will be a 48 hours marathon of non-stop building. There will be opportunities for teams and individuals to get hands-on, practical experience working with applications and advanced tools with ~$50,000 in value to be won from various competitions.

ETHWarsaw’s reputation as a hub for breakthroughs in the blockchain realm continues to be reinforced by the awe-inspiring success stories of projects born from the event. Antoni Zolciak, Co-founder of Aleph Zero, Ocean Sponsor of ETHWarsaw, explains: “The brilliant team behind our recently launched ecosystem company, AZERO.ID, was formed after they emerged as victorious champions of the ETHWarsaw hackathon. This win led them to secure a grant, develop the platform’s first version, and successfully close an oversubscribed pre-seed funding round. Their mainnet launch on Aleph Zero is just weeks away, marking an exciting beginning for AZERO.ID. We’re excited for this year’s hackathon during ETHWarsaw and have no doubt that this year’s edition will not disappoint.” 

Other ETHWarsaw returning sponsors include RedStone Oracles, Arweave, Octant, Scroll, IPOR. In addition, EthWarsaw secured support for the vol2 event from companies like Lukso, zkSync, Request Network, PROPERLY, Beamer Bridge, Mantle & Chronicle.

For more details about the event and to buy tickets for the conference and hackathon, visit: https://www.ethwarsaw.dev/

Stay connected with ETHWarsaw:

Twitter: @ETHWarsaw

Telegram: ETHWarsaw Official

Contact

Head of PR
Martyna Borys-Liszka
ETHWarsaw
martynambl@ethwarsaw.dev

US SEC Nears Approval for Bitcoin ETFs Amid Growing Interest and Regulatory Challenges

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The US Securities and Exchange Commission (SEC), the regulatory body responsible for approving spot cryptocurrency exchange-traded funds (ETFs), appears to be edging closer to granting permission for these investment vehicles after years of deliberation.

A significant development occurred when BlackRock, the world’s largest asset management firm, submitted its application for a Bitcoin ETF in June.

This move has reignited investor interest both within and beyond the cryptocurrency sphere.

Notably, BlackRock also established a “surveillance-sharing agreement” with Coinbase, a leading cryptocurrency exchange, possibly indicating the SEC’s receptiveness to ETF applications under such arrangements.

Numerous companies, including ARK Invest under the leadership of CEO Cathie Wood, have filed for crypto ETFs with the SEC. ARK 21Shares applied to list its spot Bitcoin ETF in May 2023.

However, the SEC recently extended the review period by 21 days until August 11, inviting public comments on the proposal as per its guidelines.

The SEC holds the authority to delay ETF applications for up to 240 days, a period that includes public input.

Nevertheless, the SEC has not yet approved any spot Bitcoin ETF proposal from any US firm. It only began accepting investment products linked to Bitcoin futures in October 2021.

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The challenge lies in the nature of these investment vehicles: Bitcoin futures-linked ETFs allow investment without direct exchange participation, whereas spot Bitcoin ETFs involve holding the cryptocurrency directly within a fund.

Early attempts to gain SEC approval for crypto ETFs date back to 2013 when Gemini co-founders Cameron and Tyler Winklevoss applied for a Bitcoin Trust listing.

However, these attempts were rebuffed, showcasing the evolving regulatory landscape.

Stuart Barton, co-founder and CIO of Volatility Shares, the firm behind a leveraged Bitcoin futures ETF listing, revealed that the SEC application process involves negotiations and suggested that smaller firms might have an advantage in pursuing spot crypto ETFs.

Barton emphasized that significant companies have not substantially advanced the argument for ETF approval.

Prominent asset management firms like BlackRock, ARK Invest, Bitwise Asset Management, VanEck, WisdomTree, Invesco, Galaxy Digital, Fidelity, and Valkyrie currently have spot Bitcoin ETF applications under SEC review.

The SEC’s cautious stance might stem from the complex nature of the US crypto market, which requires further regulatory clarity and oversight.

The SEC’s ongoing enforcement actions against Coinbase, Binance, and Ripple, alongside penalties imposed on other firms, indicate a need for increased regulation.

US legislators are actively considering laws to define the roles of the SEC and Commodity Futures Trading Commission (CFTC) in overseeing digital assets.

Court decisions will likely play a role in shaping regulations, particularly following the SEC vs. Ripple case, where a judge determined that XRP was not a security.

Industry analysts suggest that the probability of a US spot Bitcoin ETF approval is around 65%, partly influenced by BlackRock’s application.

Speculation also abounds regarding potential simultaneous approvals to prevent any single company from gaining an advantage.

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Legal Scholars and Senator Rally Behind Coinbase in Amicus Briefs Amid SEC Battle

A consortium of six accomplished legal experts, specializing in the realm of securities law and its interconnected domains, have formally presented an amicus brief in a show of support for cryptocurrency exchange giant, Coinbase.

This legal endeavor takes place within the context of Coinbase’s ongoing legal tussle with the United States Securities and Exchange Commission (SEC).

In the sphere of law, an amicus brief is a significant document filed in court by an entity that is not directly enmeshed in the specific litigation.

The primary purpose of such a document is to contribute auxiliary arguments to one side of the case.

Notably, it underscores the far-reaching implications of the case beyond just the immediate litigants.

This collective of legal scholars submitted their amicus brief to the U.S. District Court for the Southern District of New York on August 11th.

Coinciding with this development, Senator Cynthia Lummis also extended an amicus brief in favor of the cryptocurrency exchange.

The cadre of scholars participating in this filing includes renowned names like Stephen Bainbridge from the University of California, Los Angeles; Tamar Frankel representing Boston University School of Law; Sean Griffith hailing from Fordham University School of Law; Lawrence Hamermesh associated with Widener University’s Delaware Law School; Matthew Henderson linked with the University of Chicago Law School; and Jonathan Macey, a distinguished personality from Yale Law School.

Within their filing, these scholars assert that established federal legal precedents and the well-regarded Howey test collectively recognize that investment agreements inherently entail expectations of business-generated income, profits, or assets.

In light of this, they beseech the court to uphold the recognized legal definition of an “investment contract” when interpreting the boundary of its application.

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Elaborating on this, they elucidate that for an investment contract to be in play, investors must be assured, by virtue of their investment, an ongoing contractual claim to the enterprise’s income, profits, or assets.

In the documentation, the scholars delve into an examination of pertinent cases that bolster their stance.

Importantly, these legal scholars explicitly emphasize that their connections to various universities or law schools hold no bearing on their involvement in the amicus brief.

In summation, the collaborative effort of these accomplished legal minds underlines a poignant testament to the complexity and significance of the ongoing legal dispute between Coinbase and the SEC, while striving to elucidate the intricate legal frameworks that encompass this scenario.

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Senator Cynthia Lummis Joins Crypto Advocates in Backing Coinbase’s Bid Against SEC Lawsuit

United States Senator Cynthia Lummis, a well-known advocate for cryptocurrency, has lodged an amicus brief in support of Coinbase’s bid to have the U.S. Securities and Exchange Commission (SEC) lawsuit against the company dismissed.

An amicus brief is a legal document submitted to a court by a third party that isn’t directly involved in the case.

Its purpose is to provide additional arguments and perspectives in favor of one side of the legal dispute, often highlighting the wider implications of the case.

According to the filing on August 11 in the U.S. District Court for the Southern District of New York, Lummis underscored that the SEC’s action against Coinbase is far from an ordinary enforcement case.

She contended that the SEC’s lawsuit, alleging securities violations by Coinbase, seeks to establish significant control over the cryptocurrency sector, precisely when discussions about regulation and related matters are ongoing both in Congress and various governmental bodies.

Lummis emphasized that the authority to legislate in matters of such economic and political importance lies with Congress, not the SEC.

She criticized the SEC’s effort to exert extensive influence over crypto asset markets, particularly at odds with legislative proposals that propose distributing such authority to other agencies.

Lummis accused the SEC of trying to sidestep the political process and seize such power for itself.

Coinbase had filed its motion to dismiss on August 4, asserting that the SEC had acted against due process and deviated from its previous interpretations of securities laws by asserting jurisdiction over the exchange.

Lummis’s court submission further argued that the SEC has exceeded its boundaries by attempting to categorize nearly all crypto assets as securities.

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She questioned the agency’s regulatory approach, likening it to trying to make laws through enforcement actions, which she deemed beyond the SEC’s powers.

Lummis isn’t alone in supporting Coinbase through an amicus brief. Various crypto advocacy groups, such as the Blockchain Association, Crypto Council for Innovation, Chamber of Progress, and Consumer Tech Association, filed a collective brief on August 11.

These groups, in line with Lummis, stressed that the SEC’s authority is restricted to what Congress has granted it, expressing concerns over the potential misapplication of regulatory measures.

Marisa Tashman, senior counsel at the Blockchain Association, concurred with Lummis’s stance, highlighting that the SEC’s interpretation risks classifying non-security assets as such, potentially deviating from Congress’s intended scope of the SEC’s regulatory authority.

She refuted the SEC’s claim that most digital assets on the secondary market are investment contracts under securities laws, asserting that these transactions lack ongoing contractual obligations, making the SEC’s position untenable.

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SEC’s Delay in Bitcoin ETF Verdict Fuels Speculation of Wall Street Power Play

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The potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States has been shrouded in suspense due to the Securities and Exchange Commission’s (SEC) ongoing delay in reaching a decision.

This delay is now raising speculations that the verdict might encompass influential players in the financial sector, including giants like BlackRock and Fidelity.

Dave Weisberger, co-founder of CoinRoutes and an experienced figure in the markets, emphasized the mounting pressure on the SEC to grant approval for several ETFs.

The performance of approved futures-backed products has fallen significantly behind the actual spot performance, adversely affecting investors.

He believes that the culmination of this decision will likely encompass all pending applications.

The SEC is currently evaluating eight applications for a spot Bitcoin ETF, reflecting a series of past rejections and postponements for such cryptocurrency-related products.

The contenders awaiting a decision comprise prominent entities like ARK Invest, Bitwise, BlackRock, VanEck, WisdomTree, Invesco, Galaxy Digital, Fidelity, and Valkyrie. Together, these firms oversee a staggering $15 trillion in global assets.

Recently, the SEC initiated a 21-day commentary period for the ARK 21Shares Bitcoin ETF.

The regulator’s inquiries revolve around the proposal’s potential to counter fraudulent and manipulative actions and its assessment of the susceptibility of the Bitcoin market to manipulation.

A particular focus was directed towards Coinbase’s surveillance-sharing agreement, with the SEC requesting input on whether this involvement could effectively identify, investigate, and discourage manipulation and fraud in Bitcoin’s valuation.

Ruslan Lienkha, Chief of Markets at YouHodler, offered insight into the SEC’s concerns about market manipulation by major entities.

He elaborated that if the SEC were to greenlight multiple ETFs, the risk of manipulation would substantially diminish, as these firms could engage in frequent trading against each other.

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Despite the SEC’s extended contemplation, Bitcoin’s valuation experienced a modest impact, hovering around $30,000.

Market players, including Mauricio Di Bartolomeo, co-founder of Ledn, a crypto lending platform, seemed prepared for the SEC’s prolonged deliberation, asserting that today’s decision bears minimal influence on market expectations.

Notably, the SEC has a couple of deadlines to meet before reaching a final conclusion. The next deadline for the ARK 21Shares application is scheduled for January 2024.

Valkyrie’s application, the most recent addition to the lineup, faces deadlines in January and March of the following year.

The outcome of the BTC ETF ruling has the potential to reshape the landscape of cryptocurrency investments.

If approved, this could infuse the Bitcoin market with a substantial $70 billion in liquidity.

Lienkha highlighted the enhanced confidence regular investors would gain through ETFs, as professional guidance would alleviate the need for them to delve into intricate technicalities and risk assessments independently.

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Crypto Lawyers Confident in Ripple’s Case as SEC’s Appeal Sparks Speculation

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Lawyers specializing in cryptocurrency matters are expressing strong confidence in Ripple Labs’ legal position as the United States Securities and Exchange Commission (SEC) pursues an interlocutory appeal in their ongoing case.

This has prompted discussions within the crypto community regarding the significance of the appeal, with some speculating whether it aims to challenge the classification of XRP as a non-security token.

However, legal experts in the field are assuring observers that this appeal doesn’t specifically address that matter.

On August 9th, the SEC formally notified Judge Analisa Torres of its intention to appeal the court’s ruling, seeking a fresh evaluation from an appellate court.

In response, community members have been pondering whether this move is tied to the SEC’s quest to challenge the “non-security” status of XRP.

Notably, Jeremy Hogan, a prominent crypto lawyer, delineates the distinction between the SEC’s appeal on sales-related matters and the broader classification of XRP as a security.

Hogan emphasizes that a win for the SEC in this appeal could restrict Ripple’s ability to conduct sales via exchanges.

However, he posits that exchanges might still list XRP as long as these sales aren’t facilitated by Ripple.

Oscar Franklin Tan, a crypto lawyer and Chief Legal Officer at Enjin, a non-fungible token (NFT) platform, provides further insight into the complexities of the SEC’s appeal strategy.

Tan explains that appeals typically occur once a case concludes, but the SEC is pursuing an interlocutory appeal, which means it aims to appeal even though the case remains ongoing.

Regarding the potential impact of this appeal on the main case, Tan underscores the concept of momentum.

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He clarifies that if the interlocutory appeal is permitted, the prevailing party in that appeal would gain momentum in the primary case.

While Hogan is of the view that the appeal won’t significantly impact XRP’s security classification, Tan suggests that the SEC’s underlying objective remains focused on overturning the earlier July decision by Judge Torres, which affirmed that XRP is not a security under certain circumstances.

Tan reveals that the SEC is drawing from the Terraform Labs case to bolster its argument against Judge Torres in the XRP case.

The SEC contends that a higher court should resolve discrepancies between different rulings.

Nonetheless, Tan asserts that the SEC should have provided clearer regulatory guidance prior to resorting to legal action.

He advocates for the normal progression of the court process to gain clarity on these matters.

Meanwhile, Ripple’s Chief Legal Officer, Stuart Alderoty, has encouraged anticipation, stating that Ripple will file its response with the court in the upcoming week.

This development underscores the ongoing dynamism in the legal landscape surrounding cryptocurrency classification and regulation.

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FC Barcelona Secures €120 Million Investment for Web3 Initiative

FC Barcelona, the renowned Spanish soccer club, has sealed a significant investment worth 120 million euros (approximately $132 million) for its pioneering Web3 endeavor, Barça Vision.

The landmark deal was revealed on August 11 and entails Libero Football Finance AG and Nipa Capital B.V. as the investing entities.

The transaction’s crux involves FC Barcelona trading a 29.5% ownership interest in Bridgeburg Invest, the parent company overseeing Barça Vision, in return for the substantial capital infusion.

This strategic move is aimed at propelling the Club’s ambitious Barça Vision initiative, which seeks to seamlessly amalgamate all facets of digital content within the realms of Web3 and blockchain.

Notably, this includes the burgeoning domains of NFTs (non-fungible tokens) and the metaverse, pivotal components in the Club’s blueprint for erecting the digital haven of Espai Barça.

Libero Football Finance AG, a publicly traded firm based in Germany, is well-regarded for its expertise in advising soccer clubs on financial matters.

In a complementary fashion, Nipa Capital B.V., a venture capital entity headquartered in the Netherlands, contributes to this investment partnership.

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However, it is worth noting that the completion of this transaction is contingent upon the approval of FC Barcelona’s shareholders and is anticipated to finalize in the fourth quarter of 2023.

FC Barcelona’s voyage into the realm of blockchain and digital assets commenced in February 2020, with a collaboration with Chiliz blockchain, resulting in the creation of FC Barcelona Fan Tokens (BAR) on the Ethereum platform.

The partnership’s ascendancy saw Chiliz’s acquisition of a 24.5% stake in Barça Vision’s digital content arm for a sum of $100 million in August 2022.

Notably, FC Barcelona has actively ventured into the world of NFTs.

In May, the Club’s debut NFT collection, named “Unleash Your Passion,” was launched in collaboration with Plastiks.

This compilation, encompassing 3,000 NFTs, was priced at $30 each and carried an eco-conscious theme, vowing to aid in the reduction of 35,000,000 kilograms of plastic waste from the planet.

Building on this momentum, FC Barcelona accomplished remarkable milestones in the NFT arena. The Club’s inaugural NFT, “Masterpiece #1 In A Way,” was auctioned at Sotheby’s New York in July 2022, fetching a staggering $693,000.

Subsequently, the sequel to this series, titled “Masterpiece #2 – Empowerment,” was traded on the OpenSea platform on June 28, 2023, for an impressive sum of $300,231.

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Singapore’s Crypto Landscape Expands as Blockchain.com Secures Major Payment License

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Singapore’s Monetary Authority (MAS) has granted a major payment institution (MPI) license to crypto exchange Blockchain.com, making it the twelfth digital payment token service provider in the country.

The license, received on August 1, enables Blockchain.com to offer digital payment token services to institutional and accredited investors.

This approval comes after the exchange received in-principle approval from MAS in September of the previous year.

Other providers in the country offering similar services include Circle, Independent Reserve, Paxos, Revolut, and DBS Vickers.

The growing number of licensed crypto service providers demonstrates Singapore’s commitment to becoming a prominent crypto hub.

MAS has been actively supporting the fintech sector in the country, pledging $112 million to further strengthen the financial technology industry, including Web3 entities.

In July, the regulator introduced new regulations aimed at enhancing customer protections.

These rules include a requirement for crypto service providers to hold customer funds in a statutory trust by the end of the year.

Moreover, additional proposals are being developed to prevent crypto providers from facilitating lending or staking of retail customer assets.

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Singapore’s efforts to bolster its crypto industry have been showing results.

According to a report by Galaxy Digital in July, while the United States still led in crypto startup funding in Q2 2022, Singapore-based crypto firms secured the third position, trailing only the United Kingdom.

Notably, Blockchain.com’s license comes in the wake of MAS granting an in-principle approval for a similar MPI license to Ripple, a blockchain-based payments firm, in June.

These developments signal the government’s commitment to fostering a favorable environment for the crypto industry’s growth in Singapore.

With robust funding commitments and updated industry regulations focusing on customer protection, the country aims to solidify its position as a leading global hub for cryptocurrencies and related services.

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