The US Securities and Exchange Commission (SEC) has levied a $45 million fine on Nexo Capital Inc.The SEC explains the reason for the fine in a tweet, Today we charged Nexo Capital Inc.with failing to register the offer and sale of its retail crypto asset lending product, the Earn Interest Product (EIP).To settle charges, Nexo agreed to pay $22.5 million and cease its unregistered offer and sale of the EIP to U.S.investors.
The $22.5 million fine for selling EIP to US investors.Moreover, the $22 million fine will go through settling the claims by State Regulatory Authorities.The SEC Chairman, Gary Gensler, reinforces that crypto organizations must comply with its policies.Failure to do so will allow the SEC to hold the defaulters accountable.What Is EIP And Why The Fine? Starting in June 2020, Nexo is marketing and selling its Earn Interest Product (EIP) in the USA.
Nexo operates so that it lends money to its customers, and interest becomes its primary source of income.Nexo uses this interest income to pay interest on its loans further.
However, several states in the USA alleged that Nexo’s earn-interest service is not registered as a Security.As a result, the states of California, Oklahoma, Vermont, South Carolina, Kentucky, and Maryland took the company to court.They demanded a cease-and-desist order on the company’s EIP service.
The SEC order says that Nexo used its EIP service to fund interest payments and inject it into its other businesses.
Moreover, the SEC holds Nexo at fault because their EIP Security fails to meet the requirements for an exemption from the regulatory authority.Today we charged Nexo Capital Inc.
with failing to register the offer and sale of its retail crypto asset lending product, the Earn Interest Product (EIP).To settle charges, Nexo agreed to pay $22.5 million and cease its unregistered offer and sale of the EIP to U.S.investors.
— U.S.Securities and Exchange Commission (@SECGov) January 19, 2023 Even though Nexo agrees to pay the fine and stop the EIP service, they have not confirmed the allegations.In response to the penalty, Nexo also published a settlement tweet confirming that they agree to a no-admit-no-deny settlement.Nexo has reached a final landmark resolution with the U.S.
Securities and Exchange Commission (SEC), the North American Securities Administrators Association (NASAA), consisting of all 50 U.S.States & 3 territories and the Attorney General of New York.🧵https://t.co/modjbPsOdV — Nexo (@Nexo) January 19, 2023 Further, Nexo’s Co-Founder Antoni Trenchev says, We are content with this unified resolution which unequivocally puts an end to all speculations around Nexo’s relations with the United States.We can now focus on what we do best – build seamless financial solutions for our worldwide audience.SEC Is Getting More Vigilant And Strict Noting some of the SEC’s previous actions on crypto companies, it can be said that it is tightening the noose.In February 2022, SEC fined BlockFi $100 million for its unregistered securities offerings.The BlockFi fine acted as a warning for several other crypto firms offering similar products.A Cornerstone Research finds several proceedings in which the SEC holds crypto companies accountable for their services, solutions, and actions.
Over 30 such enforcement proceedings came under the chairmanship of Gary Gensler in 2022.Similar to the Nexo case, the SEC also charged Gemini for its unregistered service in the form of sales of securities.Featured Image From UnSplash, Chart From TradingView.com The popularity of artificial intelligence applications has been growing as popular platforms like SingularityNET and ChatGPT become mainstream.With Microsoft investing $10 billion on ChatGPT, we should expect AI applications to become more mainstream in the next few years.
AGIX, the native token of the SingularityNET, is capitalizing on this as it tallied huge gains since the start of 2023.According to CoinGecko, the token is up 116% in the past week (at the time of writing, Friday) with the biggest gains made at the bi-weekly time frame at 360%.SingularityNET is the first decentralized AI market that is built on top of the Cardano blockchain.The project was founded by Dr.Ben Goertzel, a cognitive scientist and one of the leading figures in AI research.The project is set to create an AGI or an artificial general intelligence.
Image: SingularityNET/Twitter As of writing, the SingularityNET ecosystem comprises 13 protocols that are either being built or are already deployed as a full-fledged component of the ecosystem.Getting Smarter By The Day On-chain developments have been very bullish for the SingularityNET ecosystem.
According to the ecosystem’s recent blog post, the journey of SingularityNET in creating an AGI is getting closer by the day.
The development of the MeTTa, a custom coding language specifically built for SingularityNET’s goals, have been successful so far.Image: Thoughtworks Arts The alpha release of the coding language will be accompanied by the release of the Distributed Atomspace (DAS) knowledge store this 2023.This technology would enable the AGI to store data for the long-term.These developments in the realm of AI will certainly make the creation of SingularityNET’s AGI easier.How Did These Affect AGIX? The ecosystem’s native token AGIX is currently one of the most bullish tokens on the market.
As of Saturday, AGIX is trading at $0.2139, rising 32% in the last week, and facing rejection at two strong resistances at $0.2362 and $0.2546.The current rally of the token is unsustainable and bears might be able to retest its support $0.1404.This support is shaky as any breakthrough on this level might force AGIX to drop at $0.0822 in the medium term.AGIX/US Dollar trading at $0.2139 on the weekend chart | Chart: TradingView.com But as time progresses, investors and traders should be able to observe how AGIX will react with the releases of crucial components of SingularityNET’s AGI development.However, Microsoft’s investment on ChatGPT development will further cement artificial intelligence technology in the mainstream, boosting the development of the AGI.With this in mind, investors and traders would have to sustain short term volatility and losses for possible medium term gains.
Featured image by VentureBeat Christian Encila Freelance writing is Christian’s other cup of tea.When not on his computer, he unwinds with a bottle of beer and laughs with his son over cartoons.Other than that, he’s just like everybody else who wants to be happy with their life.Arbitrum and Optimism raked millions in profit despite the extended bear market that hammered decentralized finance (DeFi) activities and Ethereum (ETH) valuation in 2022.
Per on-chain data shared on Twitter, Arbitrum, and Optimism, general-purpose Ethereum layer-2 platforms, made 2,906 ETH and 2,086ETH, respectively.In USD terms, it translates to around $4.6 million and $3.3 million for each protocol.L2s are amazing businesses Arbitrum made 2,906ETH ($4.6M) of profit in 2022 Optimism made 2,086ETH ($3.3M) of profit in 2022 pic.twitter.com/ViOkPA0Juv — Kofi (@0xKofi) January 17, 2023 Based on user activity and the number of dApps launched on Ethereum, solid statistics show that developers prefer the first smart contracting over competitors.
Since launching, the network has become a hub of activity, spearheading exciting innovations in decentralized finance (DeFi), NFTs, metaverse, and gaming.
Trackers in mid-January 2023 state that the total value locked (TVL) in Ethereum stands at $26.88 billion, representing more than half of the assets locked across DeFi.
The drop in TVL mirrors the fall in ETH prices in 2022.In essence, Ethereum dominates with DeFi activity over the Binance Smart Chain (BSC), trailing at less than a quarter of the TVL of the leading platform, at $4.65 billion.Despite this dominance, Ethereum’s scaling problem directly impacts Gas fees.As demand picks up, Gas fees fluctuate, leading to as much as $50 on this blockchain to post a simple transaction.Deploying smart contracts cost much more, sometimes upwards of $80, when the network is congested.
As an illustration, the average transaction fees on Ethereum stood at $0.63 on January 17.However, on May 1, 2022, this figure stood at over $23.
Ethereum layer-2 protocols are part of the scaling attempts made by developers to relieve the mainnet.By routing transactions off-chain, layer-2 solutions can help scale Ethereum but, most importantly, reduce Gas fees by several magnitudes.In Ethereum’s layer-2 realm, Arbitrum and Optimism dominate.According to L2Beat statistics, Arbitrum and Optimism had TVLs of $2.52 billion and $1.45 billion, with a market share of 52% and roughly 30%, respectively.Riding on Network Effects Although associated fees in Arbitrum, Optimism, and all other layer-2 networks are negligibly low, these protocols can profit based on activity.For every transfer or smart contract execution of Arbitrum and Optimism, there is an associated fee.Arbitrum and Optimism charge $0.11 and $0.23 for simple transfers, payable in ETH.If a smart contract is deployed, the fees rise to $0.30 and $0.35.
They make more fees as more users deploy smart contracts or initiate transfers.Accumulating these amounts over months translate to a tidy profit for the protocol operator.In 2022, Ethereum layer-2 TVL fell roughly 40% from $7.45 billion to $3.3 billion in July 2022.Outflows were lower compared to layer-1 DeFi.
As the market recovers, layer-2 operators may likely post higher revenue as users move assets to dApps launched on these scalable and low-fee protocols.
Featured image from Flickr, Charts from TradingView.com.Solana has been one of the top performers in the cryptocurrency market, with gains of over 89% in 30 days, 131% in 14 days, and 63% in 7 days.In the face of claims that the SOL network is failing, the token’s price needs a slight upward boost to gain back the support of investors.
After dropping to a low of $8.01 in December, its price has increased dramatically in recent weeks and is now trading above the $20.00 level.Solana Surge After Months When Solana’s native token SOL hit a 52-week low of $8.14 on December 29, the cryptocurrency was on the edge of collapse before the end of 2022.
However, the market has since turned around and is currently in its favor.Related Reading: Solana (SOL) Continues To Shine With 43% Gains In Last Week The release of the first meme coin, BONK, on the blockchain in late December also contributed to the Solana price increase.The meme coin’s market cap skyrocketed to $200 million as word spread but faded to $55 million at press time.But SOL has not slowed down.SOL has to close higher than the 200-day simple moving average of $27.59 and exponential moving average of $30.25 to confirm this trend change.
However, this close could signal continued positive momentum and set the stage for higher prices.Although the RSI has moved into the bullish momentum at 73, the MACD is still well above its optimum values.So, it lends credence to the idea that another surge is possible.
The on-balance volume (OBV) has also increased dramatically since the January rally began, reaching a high not seen since July-August 2022.The OBV going up before a breakout is standard, but all other indicators must still hold steady.
According to CoinMarketCap, the market valuation for SOL was $8.62 billion as of 18 January, when it was trading at $23.25 on a 24-hour volume of $902 million.The price of SOL has risen by more than 200% from its low point on December 18.
Solana Catching The Positive Trend To establish this trend change, SOL has to close above the $27.59 and $30.25 200-day Simple and Exponential Moving Averages.However, with such a close, positive momentum appears bullish, which might lead to more price appreciation.
According to Coincodex’s technical analysis, the price of SOL will drop during the next few days, hitting $18.29 on February 1st.It would represent a 20% reduction from current levels.Solana currently has the fastest-growing developer community, with an expected 2,000 developers by 2022, per a recent report by Electric Capital.This could help to confirm the asset’s bullish trend.
1/ A new report by @ElectricCapital shows that Solana is the fastest growing developer ecosystem, surpassing 2,000 total developers in 2022.It’s second in raw numbers only to Ethereum.Let’s dig into the numbers.https://t.co/HQvPbQzQD2 pic.twitter.com/xV6pnoT7db — Solana (@solana) January 17, 2023 This record ranks SOL as the second most valuable cryptocurrency, after only Ethereum (ETH).Still, it’s too soon to tell if this gain is sustainable or merely a preliminary to other rallies.
However, while Solana’s price growth over the previous two-and-a-half weeks has been outstanding, there is still room for the cryptocurrency to swing either way at this point.Featured Image From Changelly, Chart From Tradingview.Top posts Alameda Research7 hours ago US Government Seizes $700 Million In Assets From Disgraced FTX Co-Founder Sam Bankman-Fried Federal prosecutors have seized $697 million in assets, mostly comprised of more than 56 million Robinhood shares worth $526 million,…ada9 hours ago Biggest Movers: SOL Up 20%, ADA Hits Highest Point Since November Solana rose by as much as 20% Saturday, as crypto markets came alive to start the weekend.The token hit…Uncategorized10 hours ago Why Shiba Inu’s SHIB And Bitgert’s BRISE Are The Best Cryptocurrencies Of 2023 The crypto market slump last year had brought leftovers of the dry spell from the year 2022, with major…Analysis10 hours ago Bitcoin, Ethereum Technical Analysis: BTC Moves To 5-Month High, As ETH Nears $1,700 Bitcoin surged to a five-month high to start the weekend, as bullish sentiment returned to cryptocurrency markets.
Prices of the…
Crypto regulation11 hours ago Crypto will have a major role to play in UAE, believes Foreign Trade Minister UAE’s Minister of State for Foreign Trade believed that crypto was the way forward for the country.The country could…Crypto news11 hours ago Elon Musk & Billy Markus Criticize SBF Following $700M Seizure In the early hours today, the US Federal prosecutors seized nearly $700 million in cash and assets which are in…Latest News12 hours ago Top 5 Machine Learning Hackathon Tips To Follow The article presents the essential top 5 machine learning hackathon tips to follow in 2023 Machine learning is a subfield…genesis12 hours ago Creditors call out Genesis’ “very sloppy” bankruptcy filing: What went wrong? Genesis’ creditors have taken issue with the way in which the bankruptcy filing was made.Mirana and Cumberland have accused…
Crypto12 hours ago Switzerland Less Affected By Crypto Industry Crisis, Study Finds While the global industry built around digital assets is losing funds and jobs are dropping off, Switzerland seems to be…altcoin13 hours ago Decentraland reveals credit against Genesis: Should investors be worried? Decentraland provided clarification regarding its dealings with Genesis.
MANA’s price continued to surge but metrics were bearish.Decentraland [MANA] recently…Crypto news13 hours ago Will Genesis Bankruptcy Spell Disaster for Grayscale’s GBTC and DCG? The cryptocurrency lending platform, Genesis Global Capital, which is owned and operated by Digital Currency Group, has filed for bankruptcy….Binance14 hours ago UAE Says No Virtual Asset Service Provider Has Been Granted An Operating Permit The United Arab Emirates virtual assets regulator has said no crypto entity has been granted the full market product (FMP)…Cryptocurrency15 hours ago Top 10 Cryptocurrencies For January 21 2023; Bitcoin Hits $22K This week of January is ending on a good note as Bitcoin hits the $22K mark today as per our…Altcoins15 hours ago Cardano’s Charles Hoskinson Shuts Down The Idea of ADA Token Burning: Here’s why It looks like the crypto market is all set to enjoy a bullish weekend as the star cryptocurrency, Bitcoin has…Crypto news15 hours ago Genesis Capital Faces Bankruptcy Hearing on January 23: What’s at stake? Digital currency trading firm Genesis Global filed for bankruptcy on Jan 20, 2023, citing ‘adverse market conditions’.
They are likely…Latest News16 hours ago Top 10 Programming Languages Developers Are Adding Instead Of Python The advancement in technology has resulted in organizations relying on programming languages like never before.With programming in place, organizations…Crypto news17 hours ago FED Make Major Move: $700 Million Seized from Sam Bankman Fried The United States Federal authorities have seized $697 million from Sam Bankman Fried, Founder of cryptocurrency exchange FTX.
The majority…Crypto news18 hours ago ByBit CEO’s Genesis Exposure Explanation Sparks Controversy in Crypto Community Genesis Global Capital, the cryptocurrency lending platform owned and operated by DCG, filed for bankruptcy.According to the court document,…Trending – Bankruptcy5 days ago Defunct Crypto Hedge Fund Three Arrows Capital Founders Seek $25 Million To Start New Exchange Amid Scrutiny – Uncategorized5 days ago Ethereum Validator Count Surpasses 500,000 Ahead Of Upcoming Shanghai Hard Fork – Abu Dhabi Commercial Bank6 days ago Report: Egyptian Pound Reaches New Low Against US Dollar Despite Flexible Exchange Rate Regime – Accusations6 days ago Former President Of FTX US Shares His Experience And Relationship With CEO Sam Bankman-Fried In Detailed Twitter Thread – Centralized Exchanges6 days ago Bankman-Fried’s Lavish Lifestyle Allegedly Revealed, Cuban Warns Of Wash Trade Implosion, Experts Expect Soaring Gold Prices In 2023 — Week In Review – Decentralized6 days ago Decentralized hiring process leads to unique perspective on transparency in DeFi industry – SlateCast #48 – Binance7 days ago Binance (BNB) Pushes Past $300 This Weekend, As Bitgert (BRISE) Soars Higher – These Are These Week Expectations – Scholarships5 days ago Treasure Scholarship 2023 In US | Fully Funded []https://news.btcminingvolt.io/uncategorized/defunct-crypto-hedge-fund-three-arrows-capital-founders-seek-25-million-to-start-new-exchange-amid-scrutiny/ []https://news.btcminingvolt.io/uncategorized/ethereum-validator-count-surpasses-5 -ahead-of-upcoming-shanghai-hard-fork/ []https://news.btcminingvolt.io/uncategorized/report-egyptian-pound-reaches-new-low-against-us-dollar-despite-flexible-exchange-rate-regime/ []https://news.btcminingvolt.io/uncategorized/former-president-of-ftx-us-shares-his-experience-and-relationship-with-ceo-sam-bankman-fried-in-detailed-twitter-thread/ []https://news.btcminingvolt.io/uncategorized/bankman-frieds-lavish-lifestyle-allegedly-revealed-cuban-warns-of-wash-trade-implosion-experts-expect-soaring-gold-prices-in-2023-week-in-review/ []https://news.btcminingvolt.io/decentralized/decentralized-hiring-process-leads-to-unique-perspective-on-transparency-in-defi-industry-slatecast-48/ []https://news.btcminingvolt.io/cryptocurrency/binance-bnb-pushes-past-300-this-weekend-as-bitgert-brise-soars-higher-these-are-these-week-expectations/ []https://news.btcminingvolt.io/scholarships/treasure-scholarship-2023-in-us-fully-funded/.
