19-09-2024

Author

Fernando Fierro
September 19, 2024

Howdy folks,

📊👀 The CFTC is ramping up scrutiny on decentralized prediction markets like Polymarket, emphasizing regulations around sensitive topics such as elections. Chair Rostin Behnam highlighted the potential for legal actions against platforms offering unauthorized derivatives contracts within the U.S.

Recently, Polymarket faced a $1.4 million penalty and stricter compliance obligations for similar issues.

In other news:

💥💼 FTX's collapse, marked by an $8 billion financial black hole, remains one of crypto's biggest scandals. Now, Prager Metis, FTX’s former auditor, will pay $1.95 million to settle SEC allegations, including fines for negligent audits and violating audit standards.

Despite these measures, skeptics argue that the crypto industry's regulatory gaps render surface-level fixes inadequate.

🚀🔗 Google Cloud has unveiled a blockchain RPC service aiming to drive Web3 adoption by offering a reliable, cost-effective way for developers to access blockchain data. Starting with compatibility for the Ethereum mainnet and testnets, the service will expand to other blockchains by 2025.

While this innovation strengthens Google's Web3 ambitions, it poses competition for existing crypto-native providers.

💸🐕 A seasoned trader with $145 million invested in SHIB in 2021-2022 suffered a huge loss recently due to risky NEIRO meme coin trades. Despite swaps, the trader's major holdings remain ETH and SHIB, battling an unrealized $1.38 million loss with NEIRO since September 6.

This highlights the precarious nature of meme coins and token swapping, even for experienced investors.

DailyCoin Daily Meme

Ethereum’s Got Talent? Vitalik’s Token2049 Serenade Echoes His Legendary ETH 2.0 Rap

Vitalik Buterin's surprise singing at Token2049 echoes his 2019 Ethereum rap, dividing opinions but keeping us entertained.

“A Dark Day For Bitcoin”: Tron Founder Justin Sun Slaps Coinbase’s Wrist On cbBTC Arrival

Tron founder Justin Sun lambasts Coinbase’s new wrapped version of Bitcoin (cbBTC) as unsafe due to Coinbase not providing a Proof of Reserves (PoR).

Solana-Based Memecoin Reglion Implodes Amid Rug Pull Accusations

Church of Smoking Chicken Fish evolved from a memecoin into a church. Now, it faces infighting and rug-pull accusations.

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DISCLAIMER: The content provided does not constitute financial advice. This newsletter is purely educational and should not be considered as investment advice or a recommendation to buy or sell any assets or make any financial decisions. Please exercise caution and do your own research.

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