• The SEC’s Gensler analogizes crypto vs. securities to calling a dog a goldfish; sparking community backlash
• Congressmen raise concerns over prudential regulators’ effort to ‘de-bank’ crypto industry
• FTX confirms plans to restart its Japanese exchange and takes control of NFTs worth over $4M
SEC Analogizes Crypto vs. Securities
The Securities and Exchange Commission (SEC) chairman Gary Gensler sparked a community backlash after he analogized crypto assets with securities, comparing it to calling a dog a goldfish. This was in response to the growing number of digital assets that are being classified as securities by the regulator.
Congressmen Raise Concerns Over De-Banking
Congressmen have raised their concerns about the potential effort from prudential regulators to “de-bank” those working within the cryptocurrency industry. These regulatory pressures could make operating in the sector more difficult if they succeed in their efforts.
FTX Plans To Restart Japanese Exchange
Crypto exchange firm FTX has confirmed that it is planning to restart its Japanese subsidiary despite filing for bankruptcy earlier this year. The firm is currently trying to obtain approval from the court for its Key Employee Incentive Plan (KEIP) which will be given out to seven employees critical for its operation in Japan. FTX also possesses two coveted licenses under the Payment Services Act and Financial Instruments and Exchange Act of Japan, which makes it an attractive target for investors interested in acquiring it.
FTX Takes Control Of NFTs Worth Over $4M
In addition, FTX recently took control of Non-Fungible Tokens (NFTs) worth over $4 million as part of its bankruptcy proceedings. These NFTs include artworks, sports memorabilia, music recordings and other collectibles that have been put on sale by their creators on various platforms including Ethereum blockchain-based marketplaces OpenSea and Rarible.
Meta Says 40% Of Instagram Content Is AI Recommended
Finally, Meta recently revealed that 40 percent of all content on Instagram is generated by Artificial Intelligence (AI). Despite this statistic, Meta said it still remains focused on its mission towards building a decentralized virtual platform called Metaverse which would allow users greater ownership rights over their digital identities and data stored on social media networks like Instagram.
