American singer-songwriter Miley Cyrus has been actively engaged in the promotion of her own brand, securing this intention with patent applications for two metaverses at once in the US Patent and Trademark Office (USPTO). In addition to the metaverses themselves, about which little is known yet, the singer announced the registration of her own NFTs in the form of trademarks, which will be sold as part of a number of collections. But, again, data about the collections themselves, their release dates, possible collaborations, platforms for sale and the cost of tokens have not yet been disclosed. According to Metaverse trademark attorney Mike Kondudis, the singer has already registered two trademarks for the names "Miley" and "Miley Cyrus." Kondoudis said the Cyrus trademarks are likely to include virtual money management software, virtual clothing and sneakers. Trademarks are officially registered under serial numbers 97551201 and 97551195. And some statistics. According to analyst firm Juniper Research, there will be at least 40 million transactions involving authored NFTs over the next five years. The study shows that metaverse-related use cases will play an important role in the widespread adoption of digital products. And how successful this solution is for public figures, you can "peep" from the legendary Snoop Dogg, who, in fact, showed how an NFT business should look like.
Lawyers for former OpenSea marketplace employee Nate Chastain, who was accused of insider token trading in the workplace in June, have filed a motion to have the related charges dropped, arguing that the assets are not securities or commodities. Chastain, who served as Product Manager for OpenSea between January and September 2021, has been sued by the Department of Justice (DoJ) on two charges of wire fraud and money laundering on NFT sales, by purchasing them during releases and sales at inflated prices. By the way, this is the first time in history that the Department of Justice has brought such charges against a person associated with the NFT industry. Each charge of money laundering and wire fraud carries a maximum sentence of 20 years, meaning Chastain technically faces a maximum sentence of up to 40 years in prison. A motion by Chastain's attorneys, filed in New York's Southern District Court, alleges that the government brought charges using "ill-founded applications" of criminal law to set a precedent. Specifically, the Justice Department alleges that Chastain used the company's confidential information to trade NFTs before they were posted on the OpenSea homepage for a "two to five times profit." At the same time, according to prosecutors, Chastain managed to earn only 19 ETH (about $30,000) on such sales. And was it worth it?
Recently, the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, gave an interview to the Wall Street Journal, in which he said that it does not make sense to treat the cryptocurrency market in any other way than capital markets just because digital money is based on another technology. In a controversial statement, Gensler argues that the crypto market is still regulated by securities law and urges industry stakeholders to speak with the SEC to clarify regulatory policy. In response, American billionaire Mark Cuban wrote: “Come in and talk to who ? Set up an appointment how ? You using Calendly these days ? Since you understand crypto lending/finances, why don't you just publish bright line guidelines you would like to see and open it up for comments ?” It is worth noting that the SEC's hesitation regarding the publication of clear guidelines has been repeatedly criticized by representatives of the crypto community. The commission itself regulates the digital asset market forcibly, and despite Gensler's frequent statements that the state body is available and ready to negotiate with industry participants, several reports indicated that when industry participants apply to the SEC, they receive almost nothing in return, except for threats and lawsuits.