Tuesday, February 18, 2025

SEC Goes After NFT Marketplaces, Elon Musk Faces Ban: Latest Crypto News Roundup

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Originally published on: September 02, 2024

The recent actions taken by the United States Securities and Exchange Commission (SEC) have sent shockwaves through the crypto community. In a surprising move, the SEC issued a Wells notice to OpenSea, accusing the popular NFT marketplace of being a platform for unregistered securities. The CEO of OpenSea, Devin Finzer, expressed his surprise at the accusation but vowed to fight back against the regulatory body.

Meanwhile, former FTX Digital Markets co-CEO Ryan Salame found himself in legal trouble after a federal judge ordered him to appear in court, despite withdrawing a guilty plea. The judge set a date for Salame to appear in court as a condition of his release on bail, leading to a delayed prison sentence for the former executive.

In another controversial development, Supreme Court justice Alexandre de Moraes threatened to shut down X’s operations in Brazil if Elon Musk failed to appoint a legal representative by a certain deadline. This move sparked outrage in the crypto community, with users expressing frustrations over the ban on the social media platform.

On the DeFi front, Maker, now rebranded as Sky, faced criticism over its upgraded stablecoin’s new freeze function. Although co-founder Rune Christensen clarified that no freeze function would be implemented at launch, concerns about the protocol’s decentralization lingered among users.

As the crypto world continues to navigate regulatory challenges and technological advancements, one thing remains clear – the industry is always full of surprises. Stay tuned for more updates on the latest developments in the world of cryptocurrencies and blockchain technology.

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