Crypto Market Overview May 3rd | Dex-Trade
Musk is Interested in Using DOGE to Fight Twitter Bots
The newly minted owner of Twitter, Elon Musk, showed interest in the idea of billionaire Mark Cuban, who suggested that all users of the social network use one DOGE as a guarantor for publishing posts, and as soon as one of the users can confirm that the post of another is spam, he will receive a spammer coin as a reward. Cuban's tweet received over 10,000 likes almost instantly. At the same time, Musk commented on the post, writing that it was “not a bad idea,” and one of the creators of Dogecoin, Billy Markus, said: “I like it a lot.” The billionaire later suggested that confirmed spammers would have to deposit 100 DOGE to republish. But if the accuser of the spammer fails to argue his position, he will have to say goodbye to his coin. But some Twitter users, nevertheless, believe that the introduction of DOGE can turn the social network into a paid chatting platform, scaring away not only scammers, but also respectable users. Others say that "enforcing" the use of crypto for tweets would hurt Twitter's business and also allow attackers to take advantage of other users by falsely flagging those they disagree with. Well, we hope that Musk's impulsiveness does not affect the idea approval process in the company and, even if DOGE is directed to work with bots, its incorrect use will do more harm to scammers than ordinary users.
SEC Almost Doubled Its Crypto-Crime Unit
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, said that the organization is ready to fight crime in the field of digital assets, for which it opened 20 more new positions in its Crypto Assets and Cyber Unit, bringing its number to 50 people, who will protect investors by detecting criminal activity related to cryptocurrencies. The Crypto Assets and Cyber Unit was created in 2017 under the name Cyber Unit when the crypto space was going through a wave of ICO mania. Since then, more than 80 cases have been filed against fraudulent crypto transactions with monetary compensation amounting to about $2 billion. According to the SEC, the newly strengthened division will focus on violations of the law related to securities, initial coin offerings, exchanges, lending and staking products, DeFi, NFTs, and stablecoins. While the SEC has made explicit efforts to crack down on misconduct in the crypto space in recent years, its efforts have occasionally been criticized. Especially after the regulator threatened legal action against Coinbase last year over the Lend product, saying the feature could be classified as a non-registered security. It’s also worth remembering the “endless”litigation with Ripple and the clear patronage of strengthening the conditions for regulating the crypto market.
Uzbekistan to Adopt a Special Crypto-System
The President of Uzbekistan, Shavkat Mirziyoyev, has issued a new decree ordering the reorganization of the National Agency for Project Management (NAPM) into a new structure, the National Agency for Perspective Projects (NAPP), responsible for a wide range of projects related to the mission of introducing a “special crypto regulatory regime” in the country. The responsibilities of the agency will include the development and adoption of a unified state policy regarding cryptocurrency, ensuring the protection of investors, taking measures to combat illegal activities and the financing of terrorism.NAPP will also initiate and promote projects that use blockchain and other modern technologies in public administration and other socio-economic sectors. Obviously, the National Agency for Advanced Projects will also set the legal conditions for organizations using these technologies, as well as for providers of virtual assets. Such a technological monopoly.