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'It would be absurd' for a US court to rule private NFTs as securities: Lawyer

Blockchain Association’s chief legal officer says “it would be absurd” for a United States court to rule that digital assets on private blockchains are securities, following a federal judge's decision to allow a lawsuit against Dapper Labs's NBA Top Shots NFTs to play out

U.S. attorney Jake Chervinsky made the comment after federal judge Victor Marreo denied a motion to dismiss a 2021 lawsuit that accused Dapper Labs of selling nonfungible tokens (NFTs) as unregistered securities.

Chervinsky was among a host of lawyers on Twitter to reiterate that the judge’s denial of the motion does not mean a ruling has been made on the lawsuit, only that it was “facially plausible.”

“The judge didn't decide anything. He allowed the case to proceed past a motion to dismiss because the securities claims were at least ‘plausible,’ an extremely low bar and not a final ruling at all,” he explained.

“This dispute aside, it would be absurd if all valuable digital assets stored on centralized databases were securities.”

'It would be absurd' for a US court to rule private NFTs as securities: Lawyer

The comments from the hosts of lawyers comes as Judge Victor Marreo said that Dapper Labs’ NBA Top Shot Moments NFT may constitute a security.

Trade group accuses SEC of ‘stealthy’ overreach in Coinbase insider trading case

The Chamber of Digital Commerce has accused the SEC of trying to impose securities regulations via the “back door” of an insider trading lawsuit.

Frax Finance to retire algorithmic backing amid stablecoin crackdown

The vote was passed to fully collateralize Frax Finance's native stablecoin, thus phasing out its algorithmic backing.

CoinEx crypto exchange sued by New York for failing to register with state

The NY Attorney General is looking for a court order to remove the exchange from the state and wants it to block all internet addresses originating from New York.

Forsage founders indicted over $340M DeFi ‘Ponzi scheme’

According to the Department of Justice, Forsage employed smart contracts which were coded in ways consistent with a Ponzi scheme.

Forsage founders indicted over $340M DeFi ‘Ponzi scheme’

According to the Department of Justice, Forsage employed smart contracts which were coded in ways consistent with a Ponzi scheme.

Only 0.04% of Ethereum validators have been slashed since 2020, says core dev

Only 226 validators have been slashed since Ethereum staking began, with 75 of those coming from one single event in Feb. 2021.

Google Cloud partners with Tezos blockchain to develop Web3 tech

The partnership will see Google Cloud becoming a validator on the Tezos network.

Breaking: Polygon blockchain reportedly suffers network outage

The blockchain has not produced any new blocks or processed transactions for at least an hour and 40 minutes, leading some to believe its currently suffering an outage.

Gary Gensler’s SEC is playing a game, but not the one you think

Gensler has made a show of cracking down on crypto companies that haven’t engaged in actual misconduct. When real fraud is taking place, he’s nowhere to be seen.

BIS head describes ideal ‘unified ledger’ for central banks and other financial users

peaking in Singapore, Agustín Carstens described a ledger that would accommodate a variety of public and private projects in discrete but connectable parts.

Rep. Maxine Waters says all US regulators 'better get together on crypto'

According to Representative Maxine Waters, the crypto market crash and bankruptcies gave U.S. lawmakers an opportunity of “getting accountability” in the space through legislation.

Web3 Domain Alliance expands with 51 new members

The Alliance said it aims to focus on consumer protection, preventing naming collisions, fair and open use of intellectual property in the industry, and interoperability of blockchain naming systems, among other topics.

Enterprise blockchain is transforming business operations and reducing costs: Web3 exec

According to Daniela Barbosa, the Executive Director at the Hyperledger Foundation, some challenges involved in adopting enterprise blockchain include a lack of complete comprehension of the technology's advantages.

New Canadian rules for crypto trading platforms leave little room for stablecoins

The Canadian Securities Administrators has tightened registration requirements for crypto exchanges for the second time, after the disorder seen in 2022.

Dapper Lab's NBA Top Shot Moments qualify as a security, says U.S. judge

Federal judge Victor Marreo reviewed the Howey Test, which determines whether the NFTs qualified as an investment contract subject to U.S. securities laws. Upon denying the motion, the court authorized the case to proceed.

Tencent Cloud signs multiple collaboration agreements with blockchain firms

The Chinese internet giant is launching new Web 3.0 solutions including a Metaverse-in-a-Box product and blockchain API services.

Price analysis 2/22: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB

The United States equities markets saw their worst performance of 2023 as concerned investors dumped stocks on Feb. 21, fearing continued rate hikes by the U.S. Federal Reserve.

Although the cryptocurrency markets also gave back some of the gains, the fall was comparatively muted. UTXO Management senior analyst Dylan LeClair said that Bitcoin’s (BTC) correlation to the S&P 500 index has fallen to the lowest since late 2021.

After the sharp recovery from the lows, Glassnode data showed that only 21% of the coins sent by Long-Term Holders to exchanges at the start of this week moved at a loss. That is a huge improvement from mid-January when 56% of LTH coins sent to exchanges were moved at a loss.

Daily cryptocurrency market performance. Source: Coin360

The decoupling of the crypto and the U.S. equities markets is a positive sign but traders must remain cautious. If stocks turn sharply lower and a risk-off sentiment develops, then the crypto rally may find it difficult to continue its gains.

What are the important levels that could arrest the correction in Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.

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Price analysis 2/22: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB

BTC and altcoins are pulling back sharply, but is today’s correction a simple lower support retest, or a sign of worse things to come?

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