UK Government to Introduce Legislation to Regulate Misleading Crypto Asset Promotions and Protect Consumers
Advertising is a crucial aspect of promoting businesses in the crypto industry. However, regulators are stepping in to address concerns about fraud and misleading advertisements as cryptocurrencies gain popularity. The UK Advertising Standards Authority has designated crypto ads as a priority issue and plans to introduce legislation to address misleading promotions. Other countries, such as Japan and Australia, also have strict regulations on crypto advertising. It is important for regulators, industry players, and consumers to work together to establish a transparent and secure environment for cryptocurrencies to flourish as a legitimate force in the global financial landscape.
Crypto Analyst Egrag Believes VeChain (VET) is in a Buy Zone and Could See a Price Increase in the Coming Weeks
According to crypto analyst Egrag, VeChain (VET) is currently in a buy zone and attempting to exit its descending channel to move into an uptrend. Egrag noted that VET has attempted to break out of the channel five times previously and could form a double bottom, which is often associated with a trend reversal and potential upside break for an asset. The analyst set up three price targets for VET to exit the channel and believes the asset is currently in a buy zone between $0.012 and $0.025. However, VET is currently trading below its 50-day and 200-day Simple Moving Averages, which could hint at a potential decline if it cannot reach higher levels.
SEC Chairman Gary Gensler Asserts Rules Already Published for Crypto Companies to Remain in Compliance with Federal Law
During a keynote speech at the 27th annual Financial Markets Conference, Securities and Exchange Commission chairman Gary Gensler pushed back on criticism that the SEC has not provided useful guidance for crypto companies looking to remain in compliance with federal law. While Gensler barely touched upon the digital assets market, moderator Tom Barkin brought up the subject, asking about the SEC’s ongoing court case with Coinbase, as well as whether Gensler thought the agency had fallen behind on enforcement with cryptocurrencies. Gensler reminded the public how cryptocurrency companies are building fraudulent business models and insisted that they also need to adhere to the rules. The European Union has been working hard to usher in a new set of rules for the crypto industry, while U.S. regulators like Gensler insist that current regulations are enough.
BNY Mellon Enhances Focus on Digital Assets, but Not Crypto, as Part of Digitization Strategy
BNY Mellon is increasing its focus on digital assets and plans to integrate them into all aspects of its business. However, the bank's focus does not extend to cryptocurrency. BNY Mellon's digital asset strategy involves distributed ledger technology, tokenization, and digital cash. The bank's three-part plan for digital assets includes providing existing services for digital assets, advancing and modernizing existing infrastructure through blockchain and other technologies, and exploring new use cases such as tokenization. BNY Mellon aims to offer digital cash and tokenization services to corporate trust clients in upcoming use cases.
Crypto Gaming Sector Recovery Driven by Mainstream Gaming Giants, Says Animoca Ventures Head
James Ho, head of Animoca Ventures, believes that mainstream gaming giants can lead a recovery in the struggling web3 gaming sector. He cites examples such as FunPlus's investment in Xterio and Square Enix's expansion into blockchain gaming. Ho also notes that console makers are showing interest in the space, potentially signaling future investment. Animoca Ventures is currently exploring the possibility of raising a second early-stage venture fund, with interest expressed by "key Japanese console makers". However, Ho warns that future crypto gaming pioneers must prioritize building a sustainable tokenomics model to avoid the mistakes of the first wave of innovators.
32% of Family Offices Globally Have Exposure to Digital Assets, NFTs, or DeFi: Goldman Sachs Study
Goldman Sachs conducted a study that found 32% of family offices globally have exposure to digital assets, NFTs, or DeFi, while 26% have invested in cryptocurrencies. The study surveyed 166 family offices across the Americas, Europe, the Middle East and Africa (EMEA), and Asia-Pacific (APAC) to determine changes in investment strategy. The study also revealed that interest in the sector has dropped significantly, with 62% of respondents not invested or interested in the future. Another study by KPMG China and Aspen Digital found that nearly 60% of family offices and high-net-worth individuals (HNWIs) from Hong Kong and Singapore have invested in digital assets.
Gallup Poll Reveals Preference for Real Estate and Crypto Slides, While Bias Toward Gold Nearly Doubles
A recent Gallup Poll has shown that real estate is no longer the preferred long-term investment for Americans, with a decline in the percentage of respondents favoring it from 45% to 35%. Gold has experienced an almost twofold increase in popularity, with 26% of respondents now choosing it as their preferred long-term investment.
Judge Orders $112 Million in Crypto to Be Given Back to Pig Butchering Victims
The U.S. Department of Justice (DOJ) has seized as much as $112 million in digital currency from addresses tied to pig butchering scams.
Crypto Startups Raised $2.6B in Q1 Despite Fourth Consecutive Quarter of Decreasing Investment Activity
According to a report by PitchBook, crypto-focused companies raised $2.6 billion in the first quarter of 2023, marking a decrease in both the total number of deals and deal value compared to the previous quarter. This decline in investment activity has continued for the fourth consecutive quarter, with Q1 2023 seeing the lowest capital invested and deals completed since Q4 2020. However, there were positive outlooks for the crypto space, with seed and late-stage rounds up compared to 2022, and Layer-2 scaling solutions continuing to attract investments. Crypto custodial services also received notable investments, with Ledger securing $109 million in a Series C extension funding round.
Crypto Exchange Delists Rival XLM, Ripple Community Questions Motives and SEC Chairman’s Involvement
Bakkt, the crypto business arm of Intercontinental Exchange (ICE), has decided to delist a number of digital assets, including Stellar Lumens (XLM), which is a rival of Ripple's XRP. The exchange cited regulatory guidance and industry developments as the reasons for the mass delisting, which is part of the exchange's regular coin listing review process. However, the decision has been met with criticism from the Ripple and XRP community, with some members speculating that it may be an attempt to spread fear, uncertainty, and doubt (FUD) or that the exchange has received a warning from U.S. regulators. Recently, high-profile pro-XRP attorney John Deaton accused the SEC's leadership of corruption in their dealings with Ripple Labs.
