On-Going Concerns In Crypto

General Suggestions
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The legal landscape in the US is fast approaching the Zero Barrier point where everything breaks.

Aside from various SEC activities and actions against some major players, as lot of legal activity is continuing.

In this AIP idea, the discussion about apestake came up and @br00no suggested that it wasn’t legally available to US and Canadian citizens.

I pulled up this article related to that, and the discussions would have gone off-topic in that AIP idea thread, so I created this topic for further discussion.

“Starting December 5, $APE holders had the option to pre-deposit funds in preparation for rewards accrual to begin on December 12. With that period now over, rewards for staked $APE are now live and accruing, and all ApeCoin or BAYC NFT holders can join in on staking. Unfortunately, due to regulatory concerns, ApeStake is not available to residents of the United States, Canada, North Korea, and more (see the full list here)”

WSJ - SEC Is Cracking Down on Crypto Staking. Here’s What to Know

Cointelegraph - SEC crackdown on crypto staking in the US could boost decentralization

Coindesk - Coinbase Violated Securities Laws With Staking Program, Multiple U.S. State Regulators Allege

Coindesk - Coinbase to Pause Staking in California, New Jersey, South Carolina and Wisconsin

The IRS also recently released guidelines for taxing staked tokens. I would assume that only appplies to tokens not deemed to be securities.

Then this happened today.

CNBS - Some crypto assets are securities, Manhattan judge says, complicating Coinbase and Ripple cases

Also, most of the mainstream banks are now closing bank accounts that transact with crypto exchanges - without warning.

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Hong Kong and Zug in Switzerland are great places for Crypto.

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If the judges in the US don’t even know what the law in the US with regard to crypto classification is, then it is unlikely anyone else would be able to give clarity. Two judges in the same District making different findings from each other, incredible. This needs to go to the Supreme Court, so they can make a finding as to what the law in the US actually is in this regard. Whatever they find will then be the law, unless Congress passes the crypto Bills, then that will be the law. First major success in US Congress for two crypto bills: Law Decoded

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:heart_on_fire: … oh please let us create something in Zug … builded up so much stuff there, simply amazing feamework for Crypto…we could easily offer staking and other more fun solutions

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Yup. I think if any crypto case is headed to SCOTUS, it’s going to be Ripple and Coinbase. Binance is cooked, so they don’t count any longer.

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switzerland ans dubai is a good country for crypto at the moment

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US DoJ is concerned about a run on Binance should prosecutors bring fraud charges: Report

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I think it’s absurd, the US simply turning a blind eye to a complete universe of technology that is the crypto market, but that’s the real role of governments, right, is to dominate everything to its very soul.

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GameStop Is Killing Its NFT Wallet and Blames ‘Regulatory Uncertainty’

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Is apestake legally available to US and Canadian citizens amid the ongoing legal activity and SEC actions in the US legal landscape? Is this really real?

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It has never been available to those within the US (ignoring VPNs etc etc.)

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wow. So Revolut has exited the US as well.

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Federal Reserve increases oversight of banking crypto ties

"Called the “Novel Activities Supervision Program,” the central bank will enhance the supervision of all banking organizations it oversees, focusing on crypto, distributed ledger technology, as well as “technology-driven partnerships with nonbanks to deliver financial services to customers.”

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PayPal introduces its own stablecoin that’s pegged to the US dollar

One of the most hated corps goes big on crypto. What could possibly go wrong? :stuck_out_tongue_winking_eye:

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Bankman-Fried plans to place partial blame on previous legal advice in October trial - Fenwick & West LLP (the DAO attorneys in the US)

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Sotheby’s and Yuga Labs respond to lawsuit from Bored Ape investors

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SEC charges podcaster in first unregistered securities sales claim against NFT offering

And so it begins.

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Coindesk has an excellent opinion article on the recent SEC enforcement action against a corp that issued NFTs as securities.

The Many Layers of the SEC’s First NFT Enforcement Action

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$APE is on a rapid downward trajectory. Precisely as I predicted back in July. It’s currently down past $1.40.

“In tandem with the persistent decline in ApeCoin’s value, a separate report underscores the alarming exodus of investors, particularly those with significant holdings, colloquially known as whales. Faced with a lack of profit opportunities within the APE ecosystem, these whales have sought more promising investment avenues elsewhere.”

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dappRadar has a new $141 million Web3 gaming investments.

dappradar.com-casual-game-platforms-lead-with-10-on-chain-gaming-activity-image-31
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Web3 gaming investments is still trending downwards due to on-going macro conditions. Though most of the investments made between 2020-21 are unlikely to be released any time soon. Assuming that the startups succeed.

Also, this happened. It’s a glaring assault on NFTs posing as anything but investment contracts.

Mila Kunis’ Stoner Cats NFT Project Sued by SEC, Settles for $1 Million