Crypto Market Overview October 25th | Dex-Trade
Commodity or Security? Benham and Gensler Can't Split ETH
Speaking at the Rutgers Law event on Monday, the chairman of the US Commodity Futures Trading Commission (CFTC), Rostin Behnam, said that Ethereum is a commodity, which fundamentally contradicts the opinion of the head of the Securities and Exchange Commission (SEC) Gary Gensler that the main altcoin is a security. Actually, Gensler has repeatedly declined to comment on Ethereum's regulatory status. But he argued that there were many reasons to classify the second-largest cryptocurrency as an unregistered security since 2018, when he was actually a partner of Goldman Sachs and taught a course at the Massachusetts Institute of Technology (MIT). At the same time, the head of the SEC has repeatedly argued that bitcoin is a commodity, which actually removes it from the jurisdiction of the Commission. However, crypto industry lobbyists frankly want more, so they regularly try to deprive the SEC of regulatory powers and, at the same time, expand the influence of the CFTC on the digital asset market, as they consider it potentially softer. Notably, Behnam does not support this view and refers to the CFTC enforcement report. But he also believes that the SEC and the CFTC must work together if regulation is to be truly effective. Although, Behnam acknowledges that even the collaboration of regulators may not be sufficient to provide industry players with regulatory clarity.
Kim Seo-joon Didn't Come to Testify Against Terra
The CEO of venture capital firm Hashed and one of Terra's (LUNC's) early investors, Kim Seo-joon, who was hospitalized due to "mental consequences" after the coin collapse, failed to appear before the Political Affairs Committee of the South Korean National Assembly to testify against the management. TerraForm due to the fact that he was in an extremely stressful state. “Since the Luna-Terra crash occurred, I have been suffering from anxiety disorder and panic disorder due to extreme mental stress.” — said Seo-joon. In addition to the letter that was sent to the National Assembly, the CEO of Hashed has attached an expert opinion and a medical certificate confirming that he has been hospitalized and treated by a psychiatrist since July 29. According to doctors, Seo-joon is “in absolute need of emotional stability at this time.” Just months after LUNC's infamous collapse, in an August interview with Bloomberg, Seo Joon revealed that Hashed had suffered a loss of $3.6 billion compared to the coin's peak value at the end of April. At the time of the collapse in the value of the digital asset, the company owned 30 million LUNC tokens. By the way, in early October, the chairman of the South Korean exchange Bithumb, Lee Jong Hoon, also refused to attend the parliamentary hearings on the TerraForm case, citing panic disorder. And, apparently, these cases are not the last consequences of the biggest crash in the crypto market in 2022.
Apple "Reconciled" with NFT and Spoke About Its Rules of the Game in the Market
We waited: Apple's Cupertinos published a guide to including NFTs and other digital content in cryptocurrency trading applications, and for the first time announced certain rules for buying non-fungible tokens using their resources. The list of rules states which NFTs can and cannot be used. The document also contains information about the expected timing of the launch of the application for working on the cryptocurrency exchange. According to updated App Store guidelines, users will be able to buy NFTs in a dedicated app. However, those non-fungible tokens obtained from other sources will be view-only by Apple. Minting, listing, NFT sharing, and viewing other users' collections will also be available in the App Store app, provided they do not contain buttons, external links, or other calls to action that direct customers to purchase mechanisms other than in-app purchases. Also, users of Apple gadgets will not be able to unlock any content and functions using such QR codes, cryptocurrencies and cryptocurrency wallets. But there are also positive aspects. For example, now NFTs can be bought with a moderate fee, as the company previously appropriated 30% of the value of tokens purchased on OpenSea or Magic Eden, for which it was fairly criticized.
