• The crypto industry is speaking out against the SEC’s attempt to conflate DeFi with centralized exchanges.
• Binance clarified its terms of use and plans to turn ‘zombie assets’ into stablecoins.
• Ripple’s chief legal officer has called for an investigation after the release of Hinman documents.
Crypto Industry Opposes SEC’s Attempt to Conflate DeFi With Centralized Exchanges
The crypto industry has expressed concern about the US Securities and Exchange Commission’s (SEC) attempts to equate decentralized finance (DeFi) with centralized exchanges. This follows a recent announcement by the SEC that it would be increasing its scrutiny of certain digital assets, including those offered on decentralized exchanges, which could potentially limit innovation in this space.
Binance Clarifies Terms of Use; Plans to Turn ‚Zombie Assets‘ Into Stablecoins
In response, Binance recently announced that it would be clarifying its terms of use and plans to turn „zombie assets“ into stablecoins in order to protect users‘ funds from becoming stuck in limbo. Zombie assets refer to delisted cryptocurrencies whose networks are no longer supported by the exchange. However, Binance did not specify which stablecoin these assets would be converted into.
Ripple Chief Legal Officer Calls For Investigation After Release of Hinman Docs
Similarly, Ripple’s chief legal officer has called for an investigation following the release of documents related to remarks made by former SEC Commissioner Jay Clayton regarding whether certain digital tokens should be considered securities or not – known as the „Hinman docs“. According to Ripple, these documents contain potentially misleading statements that may need further clarification from the SEC moving forward.
Cardano’s DeFi TVL Surges Past 500 Million ADA Amid Growing Ecosystem Interest
On a more positive note, Cardano’s total value locked (TVL) in decentralized finance applications has now surpassed 500 million ADA due largely to growing interest in Cardano’s DeFi ecosystem. This surge comes on the heels of several major announcements made over recent months including partnerships with various companies such as IOHK and Kava Labs as well as new projects like Voltaire and Goguen updates.
Taiwanese Telecoms Company Explores Investments In Local Crypto Firms
Finally, Taiwan’s second-largest telecom company Chunghwa Telecom Co Ltd has reportedly begun exploring potential investments in local cryptocurrency firms as part of its efforts to diversify its business portfolio amidst increasing competition from 5G providers across Asia Pacific region. It is unclear at this stage which specific startups Chunghwa will invest in but this move signals a positive outlook towards blockchain technology amongst Taiwanese businesses going forward.