SEC Investigates Ethereum: Law Decoded
The United States Securities and Exchange Commission's (SEC) case for ensuring the safety of Ether may not be as strong as it lets on. The SEC closed its investigation into Ether's security on June 19.
“There will be no more objections from the SEC that Ether is a security,” said Laura Brookover, the deal's attorney. She said, “The recent E.T.H. She said that it is a response to the push to withdraw the subpoenas submitted on the basis of agreement [exchange-traded fund] ETH is defined as a commodity.
The letter from Consensus reveals that the SEC's approval of spot ether (ETH) exchange-traded funds (ETFs) has “updated its position to classify ether as a security rather than a commodity.”
However, the Commission itself has not officially endorsed the text of the Consensus. An SEC spokesperson told Cointelegraph that it “does not comment on the existence or nonexistence of a potential investigation.”
Still, Carol Goforth, a professor at Arkansas Law School who specializes in trade unions and securities regulation, says the SEC's approval of the Space Ether ETF doesn't mean ETH is a commodity. There are already ETFs with commodities as the underlying asset, she added.
Iran's CBCC She started the pilot.
The Central Bank of Iran (CBI) will launch a national digital currency (CBCC) in a public pilot aimed at domestic micropayments.
As part of the pilot, Iran's digital currency will be available to bank customers and tourists on Kish Island. The pilot began on June 21, the first day of the calendar month of Tir.
The 92 square kilometer island of Kish is the second largest island in the Persian Gulf, south of Iran.
Kish is a popular tourist destination and is said to host around 12 million visitors every year. As Kish is one of Iran's Free Trade Zones, tourists from many countries are exempted from obtaining a visa to visit Kish.
As part of the pilot, bank customers and tourists will be able to use digital riyals to pay for goods and services by scanning barcodes with special software. Digital Riyal introduces an additional payment method in addition to cash and bank cards.
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Support a stable coin on the European market by referring to MiCA
Cryptocurrency exchange Uphold has sent a notice to its European users that the platform will end support for six popular stablecoins as of July 1.
Uphold says it is withdrawing stablecoins to bring them into line with EU markets in the Crypto-Assets Regulation (MiCA).
The six stablecoins are Tether (USDT), Frax Protocol (FRAX), Gemini Dollar (GUSD), Pax Dollar (USDP), and TrueUSD (TUSD).
Users who hold these stablecoins must convert to a different cryptocurrency before June 28, after which the cryptocurrency exchange will convert them to USD Coin (USDC).
The MCA, which will take effect on June 30, will impose additional and stricter regulatory requirements on fiat-backed stablecoins and e-money tokens that cross a predetermined adoption threshold as determined by a set of seven quantitative and qualitative indicators.
In addition to requiring fiat-backed stablecoins to be backed by a 1:1 ratio of liquid reserves, and requiring issuers to create and maintain assets held in third-party custody separate from other assets, the law strictly prohibits algorithmic Storicoin funds.
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The Italian government is set to step up surveillance of the crypto market.
Italy is set to step up regulation of crypto markets by complying with the MiCA regulatory framework.
With the new regulations, Italy will increase controls on digital asset markets to prevent and punish insider trading and market manipulation.
The decree provides for fines ranging from 5,000 to 5 million euros ($5,400–5.4 million), depending on the severity and scope of violations.
MiCA's regulatory framework is forcing blockchain companies to make some tough calls, while decentralized finance (DeFi) protocols are left with a tough choice to fully decentralize their networks or comply with the framework's anti-money laundering and know-your-customer regulations.
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