The United States Securities and Exchange Commission (SEC) has initiated legal action against FTX’s auditor. Let’s look at this and some of the biggest stories in the crypto space over the past week.
Ethereum
Manifold Finance, a critical player in the MEV subsector, has announced its latest venture, a maximal extractable value (MEV) protocol that could redefine ETH staking. The new protocol sees the introduction of a novel system that allows multiple winners for each auction slot. The introduction of this new auction system could be a game-changer.
UBS, a leading Swiss bank, has announced the launch of a live pilot version of its Variable Capital Company (VCC) fund. The pilot is part of an initiative called Project Guardian and is led by Singapore’s central bank. The move brings real-world assets onto the blockchain and is a milestone in understanding fund tokenization.
Grayscale Investments, the world’s largest crypto asset manager, announced that NYSE Arca filed with the Securities and Exchange Commission to convert the Grayscale Ethereum Trust into a spot Ethereum ETF.
Technology
The Bank of International Settlements (BIS) has published initial results from a decentralized finance and crypto assets research initiative. The results were published alongside details for the development of a prototype crypto-monitoring system called Atlas.
Wirex, a digital payment service provider, has introduced a revolutionary, non-custodial crypto debit card service called W-Pay. W-Pay leverages zero-knowledge proof (zk-proof) technology.
LayerZero Labs has announced a partnership with the Conflux Network to help bolster the capabilities of China Telecom’s blockchain-based SIM card (BSIM) system. The collaboration will allow BSIM users to access omnichain features and help enhance the security and functionality of their blockchain experience.
Do the people at large understand the grave risks that come with traditional banking? While the mainstream media screams about crypto scams and how regulators must deal with them, no one is talking about the risks that banks carry.
The Hong Kong Stock Exchange (HKEX) is all set to enhance its Stock Connect system. Dubbed HKEX Synapse, the project is an integrated settlement acceleration program that will boost market efficiency and transparency. Synapse is an extension of Stock Connect.
NFT
The world’s largest NFT marketplace, OpenSea, has announced the introduction of OpenSea Studio. The new platform will help streamline the process of launching and managing NFT projects. The move will also help empower creators by simplifying project management tasks.
Regulation
Binance is pulling out all the stops to comply with the new UK Financial Promotions Regime. Binance has announced that it is partnering with RebuildSociety.com to comply with the new regulations.
In a win for crypto, pro-crypto lawmaker Patrick McHenry has become the interim speaker of the house after sitting speaker Kevin McCarthy was ousted in a vote by Congress. The position of speaker is the third most powerful position in the US government.
The failed Cardano-based stablecoin project Ardana was the subject of an investigation by Xerberus. Now, the UK-based Web3 risk management platform has released its investigative report on Ardana Labs. At its peak, the failed project attracted over $10 million in investments.
Ripple announced that it has received full approval for its license to operate as a major payment institution in Singapore. The news comes after a recent ruling from a US court denied the SEC from filing an appeal against Ripple Labs.
The United States Securities and Exchange Commission (SEC) initiated legal action against Prager Metis, FTX’s auditor, alleging hundreds of violations by the firm. The firm, hired by FTX, allegedly did not exhibit the necessary independence when providing services to clients.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
