Ritchie Torres, a representative from New York, has urged Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), to reassess the regulator’s stance on cryptocurrencies in light of a “dreadful day in court”.
Torres recommended that the SEC limit its enforcement cases to “bonafide bad actors” rather than “indiscriminately” classifying the majority of crypto assets as securities subject to its jurisdiction in a letter to Gensler on July 18, 2023.
A court decision in the SEC’s action against Blockchain company Ripple revealed that the XRP cryptocurrency was mostly not a security, prompting the lawmaker’s letter.
“Under Chair Gensler, the SEC has not issued a single rule on crypto assets, nor has it given any clear guidance. All it has done is sent mixed messages, one after the [other], not only contradicting the CFTC but often contradicting itself,” Torres said.
Vitalik Buterin’s Portrait From 2014 Auctioned As NFT
A photograph of Ethereum co-founder Vitalik Buterin from 2014 is being auctioned off as a non-fungible token (NFT).
The portrait was taken by Canadian photographer Andrew Miller before the well-known developer gained fame as the co-founder of Ethereum.
By presenting a portrait of the Ethereum inventor that has never been sold before, the NFT sale also commemorates the 10th anniversary of the creation of Ethereum.
Buterin is pictured in formal attire, which is not a look the Ethereum founder typically dons. The history of the portrait and how it came to be was described in the NFT listing.
The listing claims that Miller and Buterin first met in Toronto before Buterin became famous. The photographer wanted to do something to help the young inventor gain “a stronger public image and marketability” since he believed in the young founder’s mission.
However, when it came time to take pictures for the portrait, Buterin wore his typical attire, which the advertisement described as “distressed casual clothing”, adding that the co-founder of Ethereum had “no instinct for any formal photos”. Miller didn’t like the appearance and pulled off his own striped shirt and gave it to Buterin for the photoshoot.
Centralised Exchanges Will Become Gateways For DeFi, Says Dydx CEO
Charles d’Haussy, the CEO of dYdX Foundation has said that centralised exchanges will become the gateways for decentralised finance. He said he doesn’t view centralised exchanges as competitors for dYdX.
The dYdX Foundation, which is an independent foundation dedicated to supporting decentralised finance (DeFi), recently unveiled a public testnet for the dYdX protocol’s most recent version, v4. It said that this puts dYdX ahead of schedule for the upcoming launch of the v4 mainnet, which also reflects dYdX’s full decentralisation.
The July 5, 2023 testnet launch was the fourth of five benchmarks dYdX outlined in a roadmap towards decentralisation last year, according to a recent report by Cointelegraph.
dYdX is still regarded as being only partially centralised in its current operational implementation. It nonetheless makes use of a central order book and matching mechanism even though it doesn’t really hold any user assets. When it is fully released, the most recent version should address this problem.
At present, dYdX is regarded as the largest decentralised market for perpetuals, or bonds without a maturity date, and transfers somewhat more than $1 billion in money every day.
