SEC v. OpenSea, Cardano’s Chang hard fork, Telegram founder indicted | Weekly Recap

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As a seasoned crypto investor with over a decade of experience navigating the ever-evolving digital asset landscape, I find myself intrigued by the current developments involving OpenSea and the U.S. Securities and Exchange Commission (SEC). The Wells Notice received by OpenSea, while not an official charge or allegation, serves as a stark reminder that regulation will continue to play a significant role in shaping the future of our industry.

In this week’s update, we’re highlighting:

SEC v. OpenSea

  • Last week, OpenSea — one of the largest non-fungible token marketplaces on Ethereum — received a Wells Notice from the U.S. Securities and Exchange Commission. 
  • While the notice is not a formal charge or allegation of wrongdoing, it indicates that the agency believes there is enough evidence to pursue legal action.
  • Regulators allege that the NFTs traded on the OpenSea platform are securities. OpenSea CEO Devin Finzer plans to “stand up and fight” the SEC.

Binance prepares for Chang

  • On Aug. 30, Binance declared its intentions to support the Cardano Chang hard fork. The disclosure came three days after the exchange signaled readiness for the upgrade.
  • Recall that the Chang hard fork was initially slated for Aug. 27, but Cardano founder Charles Hoskinson pushed back the date to Sept. 1 due to the lack of preparedness from Binance and other top exchanges at the time.

The power of deadlines lies in making those who aren’t fully committed to upgrades exclaim “We really need to step it up!” Once they start moving, progress comes rapidly. At this moment, Binance and a few others appear to require more time to organize themselves, so the launch will be delayed until they are ready…

— Charles Hoskinson (@IOHK_Charles) August 23, 2024

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2024-09-01 16:27