
<div class="d-flex justify-content-center"><ins class="64c25105bd391bf86a4f85f8" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c25105bd391bf86a4f85f8",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<p>Ethereum co-founder Vitalik Buterin has set the blockchain community abuzz with his recent financial maneuvers. With a flurry of Ether (ETH) transfers worth millions, this article dives into the details of Buterin&#8217;s crypto escapades, highlighting a substantial $600,000 transaction to <a href="https://www.coinbase.com">Coinbase</a>. </p>



<p>Read more: <a href="https://hodl.fm/vitalik-nft-metalabel-collection-tops-opensea-charts">Vitalik NFT Metalabel Collection Tops OpenSea Charts</a></p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">🚨 <a href="https://twitter.com/VitalikButerin?ref_src=twsrc%5Etfw">@VitalikButerin</a> deposited 400 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw">#Coinbase</a> at $1,579 ($632K) 2hrs ago.<br><br>Notably, Ethereum’s co-founder has deposited a total of 2,421 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> to multiple CEXs at 1,628 on average ($3.94M) via two addresses over the past 10 days.<br><br>👉 More details: <a href="https://t.co/tiJwn0omkk">https://t.co/tiJwn0omkk</a>… <a href="https://t.co/C3BqRmsUau">https://t.co/C3BqRmsUau</a> <a href="https://t.co/8v1jmadwaM">pic.twitter.com/8v1jmadwaM</a></p>&mdash; Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1706156605874872403?ref_src=twsrc%5Etfw">September 25, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading">Blockchain&#8217;s Sleuths Uncover Vitalik&#8217;s ETH Gift </h2>



<p>In September 2023, crypto sleuths with a knack for tracking blockchain transactions stumbled upon a series of strange moves involving Ethereum&#8217;s legendary co-founder, Vitalik Buterin. They uncovered a sequence of Ether transactions, each with its own story to tell, all adding up to a $3.9 million. You&#8217;ve got the moves like jagger, Vitalik!</p>


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<p>It begins begins with a wallet associated with Vitalik Buterin initiating a transaction of 400 ETH, equivalent to approximately $600,000, to the popular cryptocurrency exchange, Coinbase. A significant move that sent ripples throughout the crypto world, it left many wondering about Buterin&#8217;s intentions behind this sizeable transfer.</p>



<h2 class="wp-block-heading">The Great Ethereum ETH Migration</h2>



<p>But that&#8217;s just the tip of the iceberg. According to the blockchain analysis platform Spot On Chain, this transaction is just one episode in a string of ETH deposits made by Buterin into centralized exchanges over the course of ten days. The grand total? An astonishing 2,421 ETH, equating to a staggering $3.94 million, all moved between September 15 and beyond.</p>



<div class="d-flex justify-content-center"><ins class="64c250b9b41a4b5be53156b1" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c250b9b41a4b5be53156b1",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<h2 class="wp-block-heading">Kraken, Bitstamp, and Paxos: Vitalik&#8217;s Stamping Grounds</h2>



<p>The blockchain detectives meticulously pieced together the puzzle, revealing that 321 ETH had found its way to <a href="https://www.kraken.com">Kraken</a> between September 15 and September 19. <a href="https://www.bitstamp.net">Bitstamp</a>, another cryptocurrency exchange, played host to a series of transactions involving a hefty 1,700 ETH on September 17 and 20. To top it off, 500 ETH made a pit stop at <a href="https://paxos.com">Paxos</a> on September 19.</p>



<p>More Here: <a href="https://hodl.fm/kraken-review-2023">Kraken review 2023: Features, Fees, Advantages</a></p>



<h2 class="wp-block-heading">Independently Verified by Cointelegraph</h2>



<p>To add further credence to these mind-boggling transactions, Cointelegraph independently verified several of them. Accessing Nansen 2 beta’s wallet profiler, they confirmed the authenticity of these movements. The blockchain data also underscored a substantial transfer of 2,000 ETH, equivalent to a staggering $4.9 million, to the address responsible for these transfers. This address has long been associated with the Ethereum co-founder.</p>


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<figure class="aligncenter size-large"><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-09/3e5049d5-95ef-4bf9-bfe7-801f3e7c8517.png" alt=""/><figcaption class="wp-element-caption">Nansen 2 wallet profiler. Source: <a href="https://cointelegraph.com/news/vitalik-wallet-sends-400-eth-worth-600k-to-coinbase">CoinTelegraph</a></figcaption></figure></div>


<h2 class="wp-block-heading">A Tale of Three Wallets</h2>



<p>Spot On Chain delved even deeper into the rabbit hole, highlighting the source of the 2,000 ETH transaction as a &#8220;better-known address&#8221; (0xD04daa65144b97F147fbc9a9B45E741dF0A28fd7) owned by Buterin. This revelation added an intriguing layer to the unfolding narrative, contrasting with the middle address (0x5567A4bE2D5b77F5Fd870f99Ed9167Feab8831B1) responsible for ferrying funds to various exchanges.</p>


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<h2 class="wp-block-heading">Recalling the $1 Million Transaction</h2>



<p>This whirlwind of transactions isn&#8217;t Buterin&#8217;s first dance with crypto headlines. On August 21, there was a notable 600 ETH ($1 million) transaction from the address vitalik.eth, which didn&#8217;t escape the watchful eyes of on-chain monitoring platforms.</p>



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<h2 class="wp-block-heading">Concluding Thoughts</h2>



<p>As the crypto community eagerly watches Vitalik Buterin&#8217;s financial maneuvers, the Ethereum co-founder&#8217;s recent $600,000 ETH transfer to Coinbase remains a hot topic. </p>



<h3 class="wp-block-heading">Read More: </h3>



<ul>
<li><a href="https://hodl.fm/top-people-in-crypto">TOP people in crypto and blockchain – who is the best?</a></li>



<li><a href="https://hodl.fm/digest-3">Ethereum Shanghai upgrade, Arbitrum drama and an unexpected BTC whale?</a></li>
</ul>



<p>With millions in ETH making its way to various exchanges, one can only wonder about the motivations behind these moves. </p>


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<p><strong>Disclaimer</strong>:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;strongly recommends contacting a qualified industry professional.</em></p>


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Vitalik Buterin Transfers-2

Vitalik Buterin Transfers 400 ETH Valued at $600,000 to Coinbase


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<p>Have you heard the news? On-chain data shows <a href="https://www.coinbase.com">Coinbase</a> profited at least $1 Million or 460 ETH after attackers corrupted the <a href="https://curve.fi/#/ethereum/swap">Curve Protocol</a>. Thereby causing an imbalance in how the protocol determines the value of assets.&nbsp;</p>



<p>As a result, a trading bot saw this imbalance and executed an arbitrage by making a 570 ETH validator fee payment to Coinbase Exchange. For this reason, Coinbase prioritised all transactions by the bot in syphoning funds from the Curve Finance pool. Now several experts hold Coinbase accountable, and demand to know why the company has not returned the funds. According to <a href="https://alchemix.fi">Alchemix</a>, one of the pools that lost millions of funds, the exchange is holding stolen money.&nbsp;</p>



<p>Read more: <a href="https://hodl.fm/grayscale-wins-lawsuit-against-sec">Grayscale Wins the Court Battle Against SEC</a></p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" src="https://images.axios.com/AfxtlF8tMtEHu1ckjPti3SMwvhI=/0x0:1920x1080/1920x1080/2020/12/17/1608233348622.gif" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://www.axios.com/2020/12/17/coinbase-files-public-listing-confidentially">Axios</a></figcaption></figure></div>


<h2 class="wp-block-heading">The Coinbase Hack and Its Aftermath: Financial Implications</h2>



<p>Security breaches are not uncommon in the cryptocurrency space. A report by DEFI security firm Beosin <a href="https://twitter.com/BeosinAlert/status/1674618821766971392">indicates</a> crypto has already lost $656 million to cryptocurrency hacks in the first half of 2023.&nbsp;</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">H1 2023 Web3 Security Statistics <br><br>🚨Total losses from hacks, phishing scams, and rug pulls in Web3 reached $655.61 million in the first half of 2023. <br><br>Among them,<br>108 attacks  -&gt; $471.43M<br>Phishing scams -&gt;  $108M<br>110 rug pulls -&gt; $75.87M <a href="https://t.co/8Q9kmDETfQ">pic.twitter.com/8Q9kmDETfQ</a></p>&mdash; Beosin Alert (@BeosinAlert) <a href="https://twitter.com/BeosinAlert/status/1674618821766971392?ref_src=twsrc%5Etfw">June 30, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Meanwhile, the Curve exploit led to unintended earnings of approximately $1 million for Coinbase and has raised significant ethical questions about the role of digital assets platforms in protecting customer funds.&nbsp;</p>



<p>This article will provide a comprehensive overview of the Curve Finance hack, how the MEV Bot reaped profit from the hack,&nbsp; why Coinbase made a profit,&nbsp; the plight of the victims, Coinbase&#8217;s ethical responsibility, the broader ethical dilemma, potential solutions, and lessons for the crypto industry.</p>



<p>In July, an attacker targeted Curve Finance and stole $73 million, causing a temporary disruption in asset valuation. This malicious act resulted in substantial losses, leaving affected users in despair. While some stolen funds were recovered, not all victims received full compensation. What is most concerning is that Coinbase, a prominent cryptocurrency exchange, chose not to return the unexpected profit it earned from this incident to the victims. &nbsp;</p>


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<h2 class="wp-block-heading">Technically speaking&nbsp;</h2>



<p>The Curve Finance exploiter took advantage of a smart contract bug on particular liquidity pools on the protocol. One of the pools that fell victim to this attack belonged to the Alchemix crypto lending platform. Before the exploit on Curve, this pool contained 4,822 alETH and&nbsp; 7,259 ETH. According to a spokesman from Alchemix, the attacker drained most of the tokens in the pool and left behind 3,856 alETH and 1 ETH.&nbsp;</p>


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<p>At this point, it bears mentioning that traders on liquidity pools swap from one token to another using an exchange rate based on the ratio of the pool’s assets. After the hack, a massive imbalance between the pool’s ETH and aiETH created a lifetime arbitrage opportunity. Thereby opening up a loophole for experienced traders to purchase aiETH at a high discount. During the incident, an MEV trading bot picked up the signal and purchased the remaining alETH in the pool and sold them off for another derivative called frxETH. Later on, swapping the frxETH for ETH.</p>



<h2 class="wp-block-heading">Coinbase&#8217;s hack aftermath</h2>



<h3 class="wp-block-heading">Coinbase&#8217;s Windfall Profit</h3>



<p>Coinbase&#8217;s $1 million windfall profit stemmed from the trading bot that seized an opportunity to exploit Miner Extractable Value (MEV) during the chaos following the hack. To prioritize its transaction, the MEV trading bot paid an enormous fee of 570 ETH to an Ethereum blockchain validator. This fee, one of the largest ever paid for MEV, was received by Coinbase. This transaction effectively ensured the bot&#8217;s trade went through.</p>



<p>However, it is important to note that the trading bot netted a measly 43 ETH while the lion’s share went to the validator, Coinbase. This unusually high transaction fee ensured that the validator was going to prioritise all of the bot’s transactions, thereby front-running anyone who would have been ahead of it in the trade.&nbsp;</p>



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<h3 class="wp-block-heading">The Victims&#8217; Plight</h3>



<p>One of the Coinbase hack aftermath implications is the plight of victims who lost their funds. The victims of the Coinbase hack have faced both financial and emotional turmoil, with some of them claiming they lost their life savings through the incident. Despite bounty hunters and whitehat hackers recovering some of the funds through various channels, Coinbase refused to return the profit it earned. Some of the individuals who lost their life savings now feel abandoned by the exchange.&nbsp;</p>



<p>Requests for Coinbase to address software defects that enabled scammers to access their accounts went unanswered, compounding their distress. This has led most of them to question the Moral responsibility of the platform’s customer support towards user protection.&nbsp;</p>



<p>A bone of contention has taken centre stage as cryptocurrency users went on to question the ethical responsibility of the exchange towards its customers.&nbsp;</p>



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<p>Alchemix has come out several times claiming Coinbase is still holding stolen funds despite the majority of the hackers having returned what they stole in exchange for bounty. Unfortunately, the exchange claims there are no legal requirements for Customer compensation resulting from what it terms ‘was not a breach of Coinbase security’ Meanwhile, the situation has highlighted the state of things between crypto users, blockchain trustless ethos and the lack of any alternative for Coinbase victims to get their funds back.&nbsp;</p>



<p>Eric Rosen, a<a href="https://news.slashdot.org/story/22/10/17/0142216/96-file-legal-action-demanding-coinbase-reimburse-21m-lost-to-crypto-scammers"> crypto law expert </a>representing hundreds of victims who lost their funds in previous years through Coinbase said:</p>



<blockquote class="wp-block-quote">
<p>The platform is trying to become a financial institution without creating the right supporting infrastructure.</p>
</blockquote>



<h3 class="wp-block-heading">Industry Ethics: The Ethical Dilemma and Regulatory Compliance</h3>



<p>Coinbase exchange is at the centre of an epic industry ethics dilemma, how does it profit from a security hack that harmed its customers? The exchange may suffer a huge threat to its reputation and credibility if it decides to keep the money. Customers feeling that their exchange prioritizes making a profit by sacrificing customer protection could have long-lasting negative implications on the platform.&nbsp;</p>


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<h3 class="wp-block-heading">More Info: </h3>



<ul>
<li><a href="https://hodl.fm/cftcs-order-against-three-defi-protocols">CFTC’s Order against Three DeFi Protocols</a></li>



<li><a href="https://hodl.fm/lbry-sec-legal-battle-etf-appeal-crypto-regulation">LBRY’s Fight Against the SEC: A Closer Look at ETF Appeal Process</a></li>
</ul>



<p>Coinbase can address this challenge by reimbursing the $1 million to Alchemix. In addition, the exchange has to improve its security standards and ensure nothing like this happens in future. At least, the platform can create an emergency fund for compensating victims of hack-related incidents. If the exchange feels unjustified to reimburse the funds, the best thing to do is liaise with regulators on how to compensate customers in the event of such a breach.&nbsp;</p>



<h2 class="wp-block-heading">Lessons for the Crypto Industry</h2>



<p>Cryptocurrency stakeholders should come together in times like this to establish clear measures and industry standards on how to deal with hacks. These measures must highlight proactive measures for supporting and compensating any victims of a hack. In addition, industry participants like Coinbase should recognize the need for ethical responsibility in the cryptocurrency industry. This means prioritizing the needs of its customers and protecting itself from reputation damage resulting from such incidents.&nbsp;</p>



<h2 class="wp-block-heading">Conclusion</h2>



<p>The Curve Finance incident and the subsequent exploit on Alchemix derivative pools have revealed the sophisticated world of crypto. However, as the sector continues to evolve, experts are betting on robust security measures and regulatory oversight to protect crypto funds from attackers. Meanwhile, we are yet to see whether Coinbase will do what’s right by putting in place robust user protection measures and returning the $1 million.&nbsp;</p>


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<p><strong>Disclaimer</strong>:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;strongly recommends contacting a qualified industry professional.</em></p>


Coinbase’s Moral Dilemma

Coinbase’s Moral Dilemma: Profiting from a Hack While Victims Await Reimbursement


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<p>Whew! The Hodl.Fm Team just returned from the amazing experience that was TOKEN2049, and let us tell you, the thrill hasn&#8217;t worn off yet. The Singaporean air was thick with heat and humidity, but amidst the sweltering conditions, we found ourselves immersed in a sea of productivity.</p>



<p>Our time at TOKEN2049 was a journey through the world of blockchain innovation, where we had the privilege of encountering some incredibly promising projects. Rest assured, we&#8217;re here to spill the beans and share all the exciting details with you.</p>



<p>But that&#8217;s not all; we were in the company of crypto titans, the behemoths of the industry, even – and when we say giants, we mean it quite literally. These are the heavyweights in the world of crypto exchanges, and while they may be fierce competitors, today we&#8217;re setting aside the rivalry to focus on something even more intriguing – the crypto exchanges that took the spotlight at the Singapore conference. So, are you ready for this crypto adventure? Let&#8217;s dive in!</p>



<h2 class="wp-block-heading">About TOKEN 2049</h2>



<p>🚀 <a href="https://www.asia.token2049.com">TOKEN 2049</a> — Two days of pure crypto-magic at the Sands Exhibition and Conference Center in Singapore! For the Bitmedia team, it was more than just a conference where we showcased our company. It was an immersive experience filled with productive networking, engaging discussions, valuable partnerships, and numerous fruitful meetings.</p>


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<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://hodl.fm/wp-files/2023/09/IMG_2183-1-edited-scaled.jpg" alt="" class="wp-image-3967" style="width:438px;height:438px" width="438" height="438" srcset="https://hodl.fm/wp-files/2023/09/IMG_2183-1-edited-scaled.jpg 2560w, https://hodl.fm/wp-files/2023/09/IMG_2183-1-edited-300x300.jpg 300w, https://hodl.fm/wp-files/2023/09/IMG_2183-1-edited-1024x1024.jpg 1024w, https://hodl.fm/wp-files/2023/09/IMG_2183-1-edited-150x150.jpg 150w, https://hodl.fm/wp-files/2023/09/IMG_2183-1-edited-768x768.jpg 768w, https://hodl.fm/wp-files/2023/09/IMG_2183-1-edited-1536x1536.jpg 1536w, https://hodl.fm/wp-files/2023/09/IMG_2183-1-edited-2048x2048.jpg 2048w, https://hodl.fm/wp-files/2023/09/IMG_2183-1-edited-260x260.jpg 260w, https://hodl.fm/wp-files/2023/09/IMG_2183-1-edited-10x10.jpg 10w, https://hodl.fm/wp-files/2023/09/IMG_2183-1-edited-1568x1568.jpg 1568w" sizes="(max-width: 438px) 100vw, 438px" /></figure></div>


<p>In the heart of the dynamic and ever-evolving cryptocurrency landscape, TOKEN2049 Singapore brought together industry giants, innovators, and enthusiasts for an event that promised to be nothing short of extraordinary. With an impressive lineup of speakers that included prominent figures like Changpeng Zhao, CEO of Binance, and Daniel Ricciardo, Scuderia AlphaTauri Formula 1 Driver, this convention was set to ignite conversations and unveil groundbreaking insights into the world of blockchain and web3 technologies.</p>



<p>Read more: <a href="https://hodl.fm/can-you-trust-crypto-exchanges-after-collapse-ftx">Can you trust crypto exchanges after the collapse of FTX?</a></p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://hodl.fm/wp-files/2023/09/IMG_2157-edited-scaled.jpg" alt="" class="wp-image-3966" style="width:496px;height:496px" width="496" height="496" srcset="https://hodl.fm/wp-files/2023/09/IMG_2157-edited-scaled.jpg 2560w, https://hodl.fm/wp-files/2023/09/IMG_2157-edited-300x300.jpg 300w, https://hodl.fm/wp-files/2023/09/IMG_2157-edited-1024x1024.jpg 1024w, https://hodl.fm/wp-files/2023/09/IMG_2157-edited-150x150.jpg 150w, https://hodl.fm/wp-files/2023/09/IMG_2157-edited-768x768.jpg 768w, https://hodl.fm/wp-files/2023/09/IMG_2157-edited-1536x1536.jpg 1536w, https://hodl.fm/wp-files/2023/09/IMG_2157-edited-2048x2048.jpg 2048w, https://hodl.fm/wp-files/2023/09/IMG_2157-edited-260x260.jpg 260w, https://hodl.fm/wp-files/2023/09/IMG_2157-edited-10x10.jpg 10w, https://hodl.fm/wp-files/2023/09/IMG_2157-edited-1568x1568.jpg 1568w" sizes="(max-width: 496px) 100vw, 496px" /></figure></div>


<h2 class="wp-block-heading">The Crypto Exchanges Presented at the Conference</h2>



<p>Crypto exchanges play a pivotal role in the cryptocurrency ecosystem. They serve as the gateway for traders, investors, and enthusiasts to access a wide array of digital assets and engage in the global crypto market. Let&#8217;s take a brief look at some of the notable crypto exchanges present at TOKEN2049 Singapore:</p>



<ul>
<li><strong><a href="https://whitebit.com/en-CA">WhiteBit</a></strong>: WhiteBit offers a secure and user-friendly trading platform with a wide selection of cryptocurrencies. It emphasizes transparency and compliance, making it an attractive choice for traders seeking a reliable exchange. </li>
</ul>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://bitmedia.io/wp-files/2023/09/IMG_2242-edited-scaled.jpg" alt="" style="width:594px;height:446px" width="594" height="446"/></figure></div>


<ul>
<li><strong><a href="https://www.okx.com">OKX</a></strong>: Known for its robust trading platform, OKX offers a diverse range of cryptocurrencies and trading pairs. With a focus on security and user experience, OKX has earned its place as a trusted exchange in the crypto sphere.</li>
</ul>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" src="https://static.okx.com/cdn/assets/plugins/contentful/4nqoo8goeymu/4P0NGdMMTOQQwU75yPj0Vo/b7d45193fe3d8bb64f9913bb864620dc/Hong_panel.jpeg" alt=""/><figcaption class="wp-element-caption">OKX President Hong Fang on the OKX Mainstage at Token2049. Source: <a href="https://www.okx.com/learn/okx-accelerates-web3-at-token2049">OKX</a></figcaption></figure></div>


<ul>
<li><strong><a href="https://www.bybit.com/en-US/">BYBIT</a></strong>: Specializing in derivatives trading, BYBIT provides traders with powerful tools to navigate the volatile crypto markets. Its user-friendly interface and innovative features have garnered a strong following among crypto enthusiasts.</li>
</ul>



<figure class="wp-block-image size-large"><img decoding="async" src="https://images.contentstack.io/v3/assets/bltd582a520b3ab6888/blt5cc8931e53a990e5/63478eb3d3919c1378c1b7fd/20220928-DSC02792_11zon.webp" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://blog.bybit.com/en-US/post/token2049-the-future-of-crypto-decrypted-bltbcd01a59d0ccb4aa/">Bybit Blog</a></figcaption></figure>



<ul>
<li><strong><a href="https://www.bitmex.com">BitMex</a></strong>: BitMex is synonymous with cryptocurrency derivatives trading. It has been a pioneer in offering leveraged trading options, making it a preferred choice for experienced traders looking to maximize their profits.</li>
</ul>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://static.wixstatic.com/media/bb716a_4213f16d321246b4a5ee1f2ffd9dea9f~mv2.jpg/v1/fit/w_479,h_320,q_90/bb716a_4213f16d321246b4a5ee1f2ffd9dea9f~mv2.jpg" alt="" style="width:569px;height:379px" width="569" height="379"/></figure></div>


<ul>
<li><strong><a href="https://www.zorixchange.io/en_US/">ZORIX</a></strong>: ZORIXchange is an emerging player in the crypto exchange arena, providing a platform for trading a variety of digital assets. Its commitment to continuous improvement and innovation positions it as a promising exchange to watch.</li>
</ul>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" src="https://media.licdn.com/dms/image/D5622AQE99j1V53MSjw/feedshare-shrink_800/0/1694672623716?e=1697673600&amp;v=beta&amp;t=wuEKsKk1yF3SPGGBCCqfsLdSc8uaaiRto9_RAnxMNMU" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://www.linkedin.com/posts/zorixchange_zorix-token2049-token2049week-activity-7107316961432281088-m8SQ/?trk=public_profile_like_view">ZORIX LinkedIn</a></figcaption></figure></div>


<ul>
<li><strong><a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;ved=2ahUKEwjvmIjxmrqBAxXWnokEHRCMDfwQFnoECBIQAQ&amp;url=https%3A%2F%2Fwww.bibvip.com%2F&amp;usg=AOvVaw086woKVI84bPKUy1WexMjA&amp;opi=89978449">BIBexchange</a></strong>: BIBexchange stands out for its commitment to security and user privacy. It offers a wide range of cryptocurrencies and is dedicated to providing a seamless trading experience.</li>
</ul>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://pbs.twimg.com/media/F55HGWObYAAKEKD?format=jpg&amp;name=large" alt="" style="object-fit:cover;width:600px;height:277px" width="600" height="277"/><figcaption class="wp-element-caption">Source: <a href="https://twitter.com/srmarepally">Srinivas reddy</a></figcaption></figure></div>


<p></p>



<div class="d-flex justify-content-center"><ins class="64c250b9b41a4b5be53156b1" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c250b9b41a4b5be53156b1",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<h2 class="wp-block-heading">Final Words</h2>



<p>TOKEN2049 Singapore was more than just a conference; it was a testament to the rapid evolution of the cryptocurrency industry. With industry leaders sharing their insights and thousands of attendees converging to explore the latest trends and innovations, it was an event that left a lasting impression.</p>



<p>As we look to the future of crypto, it&#8217;s clear that exchanges like OKX, BYBIT, WhiteBit, BitMex, ZORIX, BIBexchange, Etherscan, and Vertu will continue to play a crucial role in shaping this dynamic landscape. Whether you&#8217;re a seasoned trader or a newcomer to the world of cryptocurrencies, these exchanges offer a gateway to explore the limitless possibilities of digital assets.</p>



<p>In a world where blockchain and web3 technologies are set to redefine various aspects of our lives, TOKEN2049 Singapore served as a reminder that the crypto community is stronger and more vibrant than ever. As we move forward, it&#8217;s essential to stay informed, engaged, and open to the possibilities that this transformative technology brings.</p>



<p><strong>Disclaimer</strong>:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;strongly recommends contacting a qualified industry professional.</em></p>


LBRY’s Fight Against the SEC A Closer Look at the ETF Appeal Process (2)-2

TOKEN2049 Singapore: Crypto Exchanges Highlights


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<p>The control of currency is perhaps among the most potent weapons any government anywhere wields and would never wish to yield. The determination by the DeFi market to disrupt existing systems, take away some of that power from governments, and give it back to individuals has never sat easily with governments as it portends titanic economic, cultural, and political clashes. </p>



<p>Read more: <a href="https://hodl.fm/ethereum-liquid-staking-tokens-impending-doom">Ethereum’s Impending Doom? Liquid Staking Tokens to Conquer the Crypto World</a></p>



<p>This is the dilemma facing three decentralized finance (DeFi) companies <a href="https://www.opyn.co/?ct=CA">Opyn</a>, <a href="https://0x.org">ZeroEx</a> and Deridex accused by the U.S. Commodity Futures Trading Commission (CFTC) of financial impropriety in “unlawfully” offering cryptocurrency derivative trading.&nbsp;</p>


<div class="wp-block-image">
<figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="480" height="270" src="https://hodl.fm/wp-files/2023/09/giphy-6.gif" alt="" class="wp-image-3945"/></figure></div>


<h2 class="wp-block-heading">Key allegations made by the CFTC</h2>



<p>According to&nbsp;<a href="https://twitter.com/CFTC/status/1699911727792693687?">an order</a>&nbsp;issued by the U.S. commodities regulator, the CFTC filed, settled charges, imposed hefty fines, and issued “cease and desist” orders against three decentralized exchanges (DEXs). The CFTC accused the three DeFi platforms, Opyn, ZeroEx (0x), and Deridex, of offering unlawful digital asset derivatives trading.&nbsp; &nbsp; &nbsp;&nbsp;</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Today <a href="https://twitter.com/CFTC?ref_src=twsrc%5Etfw">@CFTC</a> issued orders against operators of three DeFi protocols for offering illegal digital asset derivatives trading. Learn more: <a href="https://t.co/7YDbgC1Xl2">https://t.co/7YDbgC1Xl2</a></p>&mdash; CFTC (@CFTC) <a href="https://twitter.com/CFTC/status/1699911727792693687?ref_src=twsrc%5Etfw">September 7, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>The CFTC’s issues are contained in a&nbsp;<a href="https://www.cftc.gov/PressRoom/PressReleases/8774-23">detailed report</a>&nbsp;against the three DeFi protocols, stating they failed to obtain the requisite licenses to offer financial services in the United States. Deridex and Opyn also faced additional charges for not registering their designated contract market (DCM) and swap execution facility (SEF), besides not registering to operate as a futures commission merchant (FCM).</p>



<p>Moreover, the regulators held that the two DEXs were liable for violating the Bank Secrecy Act by enabling U.S-based users to violate anti-money laundering. The CFTC ordered Opyn, ZeroEx, and Deridex to pay civil monetary penalties of $ 250,000, $200,000, and $100,000, respectively.&nbsp; &nbsp;&nbsp;</p>



<h2 class="wp-block-heading">Legal basis for the CFTC’s Jurisdiction over DeFi</h2>



<p>Commenting on the CFTC against DeFi case, Ian McGinley, the agency’s director of enforcement, said there was no way DeFi operators could evade federal laws by merely using smart contracts. He emphasized that the CFTC was committed to ensuring digital asset derivative trading platforms involving U.S. residents were duly registered. The current enforcement order underlines the raging controversy within the DeFi community on including a regulatory approach in enforcing a balance between market integrity and emerging financial technologies.&nbsp; &nbsp; &nbsp; &nbsp;</p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img decoding="async" loading="lazy" src="https://hodl.fm/wp-files/2023/09/http-im.ft-static.com-content-images-1d37cc02-e615-11e9-9743-db5a370481bc.img_.gif" alt="" class="wp-image-3946" style="width:462px;height:340px" width="462" height="340"/><figcaption class="wp-element-caption">Source: <a href="https://ig.ft.com/esg-purpose-profit-game/">Financial Times</a></figcaption></figure></div>


<p>The CFTC has a primary legal jurisdiction over derivative markets and a regulatory authority, including the commodities markets. However, there seems to be a lacuna regarding whether their prerogative should extend towards DeFi derivatives and crypto derivatives whose activities CFTC classifies as derivatives under its control.&nbsp;</p>



<p>In its introduction, the CFTC has classified Bitcoin and Ethereum as commodities, which categorization it uses to claim regulatory control over DeFi protocols created on blockchain networks. The watchdog has habitually extended the control toward networks offering futures contracts, derivatives trading, and other commodity-related financial products.&nbsp; &nbsp;&nbsp;</p>



<h2 class="wp-block-heading">Response from Opyn, ZeroEx, and Deridex&nbsp;</h2>



<p>In its report, the CFTC affirmed that all three companies, including ZeroEx, famous for its Ox protocol, never showed any hostility towards the investigative activities and consequently earned reduced penalties. While there hasn’t been any formal official response from representatives of ZeroEx and Opyn, accounts on Matcha, an app associated with Ox, seemed to continue unabated.&nbsp;</p>



<p>An official&nbsp;<a href="https://twitter.com/matchaxyz/status/1699919425225523352">post</a>&nbsp;on Ox’s Twitter handle stated they cooperated with CFTC, adding the inquiry involved less than 0.1% of their trading volume. The post reiterated the Matcha team’s desire to facilitate the adoption of Web 3.0 and that they welcomed CFTC’s involvement in their affairs. Per the statement, Ox involved external legal counsel in constructive dialogue with the CFTC.&nbsp;&nbsp;</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">0x, the developer of DEX aggregator Matcha, recently cooperated with the CFTC to resolve an inquiry regarding tokens constituting less than 0.1% of Matcha’s trading volume since inception. As part of our efforts to drive sustained web3 adoption, our team appreciates the CFTC’s…</p>&mdash; Matcha 🍵 (@matchaxyz) <a href="https://twitter.com/matchaxyz/status/1699919425225523352?ref_src=twsrc%5Etfw">September 7, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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<h2 class="wp-block-heading">Implications for DeFi in the United States</h2>



<p>Members of the DeFi community are already raising concerns following the heightened regulatory efforts by CFTC, which they believe portends the potential to make DeFi illegal within the United States. While appreciating the necessity for implementing measures to promote market integrity and investor safety, there’s fear that excessively stringent restrictions could push innovators away besides restricting the growth of the nascent DeFi market.&nbsp; &nbsp;</p>


<div class="wp-block-image">
<figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="500" height="247" src="https://hodl.fm/wp-files/2023/09/giphy-7.gif" alt="" class="wp-image-3952"/></figure></div>


<p>Dissenting the enforcement vote, CFTC commissioner Summer Mersinger expressed his dissatisfaction, noting the regulator never gave evidence showing any misdemeanor that led to the loss of misappropriation of funds by the victimized DeFi protocols. Mersinger said his fear that the path taken by the Commission needed to be revised since a public engagement would have borne better results. There’s real apprehension within the DeFi space that the arbitrary application of federal laws could force DeFi operators and projects to exit the United States to avoid the ongoing regulatory uncertainties and kill creativity and the prospects associated with blockchain within the U.S.&nbsp;&nbsp;</p>



<h2 class="wp-block-heading">Conclusion&nbsp;</h2>



<p>The ongoing CFTC against DeFi legal battles could be a wake-up call to the DeFi community on the need for stakeholders to interact proactively with the authorities to negotiate the ever-changing regulatory landscape. By collaborating openly with the authorities charged with enforcing federal laws, the community could help regulators better understand the digital asset derivative trading in the complex DeFi sphere so they could propose a regulatory framework that could guarantee investor protection without stifling innovation.&nbsp; &nbsp;&nbsp;</p>



<p>This would augur well because if leading DeFi protocols could implement security and transparency procedures that foster regulatory compliance by introducing anti-money laundering (AML) and know-your-customer (KYC) procedures besides performing audits on smart contracts. Implementing such activities could demonstrate the DeFi community’s commitment to working with bodies like the CFTC to ensure a conducive investment environment.&nbsp;&nbsp;</p>



<p>The steady growth of the DeFi market indicates that decentralized finance has the wherewithal to enrich the financial ecosystem. DeFi has demonstrated its potential to cut transaction costs, enhance financial inclusion, and improve financial market transparency by introducing peer-to-peer transactions that eliminate the need for intermediaries.&nbsp;</p>


<div class="wp-block-image">
<figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="400" height="225" src="https://hodl.fm/wp-files/2023/09/76b3e4f8-73ef-4395-acbb-d18d213e6f64_text.gif" alt="" class="wp-image-3955"/></figure></div>


<p>While promoting these benefits that foster innovation and broader financial inclusion, regulators keen on creating DeFi regulation must consider these benefits to find the problematic but critical balance between oversight and innovation.&nbsp; &nbsp; &nbsp;</p>



<h2 class="wp-block-heading">FAQs</h2>



<h3 class="wp-block-heading">How many DeFi protocols are there?</h3>



<p>According to&nbsp;<a href="https://consensys.net/blog/cryptoeconomic-research/defi-market-commentary-february-2022/">Consensys.net</a>, there were at least 17,000 DeFi protocols and applications as of February 2022 at the height of the DeFi summer. The numbers could now be a little higher or lower, but there has been a positive, albeit slowed-down adoption rate, with DeFi wallets exceeding 4.4 million during the same period. However, you need to note that some users have multiple addresses or wallets, but this data shows that DeFi has a healthy disposition within the financial sector.&nbsp;&nbsp;</p>



<h3 class="wp-block-heading">What are the main DeFi protocols?</h3>



<p>According to&nbsp;<a href="https://defillama.com/">DeFiLlama</a>, the total value locked (TVL) in the DeFi market was at least $44.19 billion in July 2023. Following is a list of the leading DeFi protocols:&nbsp; &nbsp;&nbsp;</p>



<ul>
<li><strong>Uniswap:</strong>&nbsp;The DEX enables users to trade on the ETH blockchain.</li>



<li><strong>MakerDAO:</strong>&nbsp;The platform issues stablecoins using collateralized debt positions.&nbsp;</li>



<li><strong>Compound:</strong>&nbsp;The DEX facilitates borrowing and lending where users earn interest on assets.&nbsp;</li>



<li><strong>Aave:</strong>&nbsp;The protocol allows users to borrow against their assets and earn interest.</li>



<li><strong>Kyber Network</strong>: A DEX that allows the instant conversion of crypto tokens&nbsp;</li>



<li><strong>Chainlink</strong>: The platform uses smart contracts to enable users’ access to chain data.&nbsp;</li>



<li><strong>Yearn.finance</strong>: A DeFi platform that combines borrowing, lending, and yield farming.&nbsp;</li>



<li><strong>Synthetix:</strong>&nbsp;A DEX where users can trade synthetic versions of conventional assets.&nbsp;</li>



<li><strong>dYdX:</strong>&nbsp;The DEX promotes derivatives and margin trading.</li>



<li><strong>Balancer:</strong>&nbsp;The exchange thrives in trading ERC-20 tokens.</li>
</ul>



<h3 class="wp-block-heading"><strong>What does the Commodity Futures Trading Commission do?</strong></h3>



<p>According to a U.S. Government&nbsp;<a href="https://www.usa.gov/agencies/u-s-commodity-futures-trading-commission">website</a>, the Commodity Futures Trading Commission is an agency whose primary role is regulating the United States’ derivative market, options, swaps, and futures. The mission of the CFTC is to enhance the integrity, vibrancy, and resilience of the derivative market via regulation.&nbsp;</p>



<h3 class="wp-block-heading">More Info: </h3>



<ul>
<li><a href="https://hodl.fm/decentralized-finance-defi-revolutionizing-traditional-financial-systems">Decentralized Finance (DeFi): Revolutionizing Traditional Financial Systems</a></li>



<li><a href="https://hodl.fm/decentralized-exchanges-defi-gateways">Centralized Exchanges: The DeFi Gateways We Never Knew We Needed</a></li>
</ul>



<p>The Commission achieves its mission by policing the derivative market to prevent abuses. It works hard to promote customer protection besides reducing the risks associated with sutures and swaps markets to protect investors. CFTC also oversees swap execution facilities, designated contract markets, futures commission merchants, swap data repositories, and commodity pool operators, among other industry players.&nbsp;</p>



<p><strong>Disclaimer</strong>:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;strongly recommends contacting a qualified industry professional.</em></p>


CFTC’s Order Against Three DeFi Protocols-2

CFTC’s Order against Three DeFi Protocols


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<p><a href="https://lbry.com">LBRY</a>, a blockchain firm, has been in a legal battle with the U.S. Securities and Exchange Commission (SEC). The company recently filed a notice of appeal against the SEC&#8217;s actions, marking a significant development in this ongoing legal dispute. The case revolves around classifying LBRY&#8217;s tokens, with the SEC claiming they are securities. This decision could have implications not only for LBRY but also for the broader cryptocurrency industry.</p>



<p>Read more: <a href="https://hodl.fm/the-sec-vs-nfts-regulation">The SEC vs. NFTs: What You Need to Know</a></p>



<p>The legal proceedings have attracted attention within the crypto community and beyond, with some parallels being drawn to other cases, such as Ripple&#8217;s ongoing legal battle. LBRY&#8217;s decision to appeal the SEC&#8217;s actions indicates the company&#8217;s determination to challenge the regulatory body&#8217;s classification and defend the nature of its tokens.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" src="https://media.tenor.com/ihi4n-HwdpYAAAAC/lbry-lbc.gif" alt=""/></figure></div>


<p>Additionally, it&#8217;s worth noting that the SEC lost an appeal in the LBRY vs. SEC case in a related development, which could have broader implications for how the SEC regulates the cryptocurrency space. This loss may influence the SEC&#8217;s approach to future cases involving the classification of digital assets.</p>



<p>LBRY&#8217;s appeal against the SEC&#8217;s classification of its tokens as securities is an ongoing legal battle with potential repercussions for the cryptocurrency industry. It reflects the broader regulatory challenges and uncertainties blockchain firms face in the United States.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="931" height="1024" src="https://hodl.fm/wp-files/2023/09/2ace7b84-2811-48e5-b89b-d7a1f4dbf4e8-931x1024.jpg" alt="" class="wp-image-3914" srcset="https://hodl.fm/wp-files/2023/09/2ace7b84-2811-48e5-b89b-d7a1f4dbf4e8-931x1024.jpg 931w, https://hodl.fm/wp-files/2023/09/2ace7b84-2811-48e5-b89b-d7a1f4dbf4e8-273x300.jpg 273w, https://hodl.fm/wp-files/2023/09/2ace7b84-2811-48e5-b89b-d7a1f4dbf4e8-768x845.jpg 768w, https://hodl.fm/wp-files/2023/09/2ace7b84-2811-48e5-b89b-d7a1f4dbf4e8-1396x1536.jpg 1396w, https://hodl.fm/wp-files/2023/09/2ace7b84-2811-48e5-b89b-d7a1f4dbf4e8-236x260.jpg 236w, https://hodl.fm/wp-files/2023/09/2ace7b84-2811-48e5-b89b-d7a1f4dbf4e8-10x10.jpg 10w, https://hodl.fm/wp-files/2023/09/2ace7b84-2811-48e5-b89b-d7a1f4dbf4e8.jpg 1400w" sizes="(max-width: 931px) 100vw, 931px" /><figcaption class="wp-element-caption">Source: <a href="https://www.theinformation.com/articles/the-sec-v-lbry-how-a-new-hampshire-court-battle-could-rewrite-the-rules-of-crypto">The Information</a></figcaption></figure></div>


<h2 class="wp-block-heading">LBRY’s ongoing battle with the SEC</h2>



<p>LBRY, the blockchain-based content-sharing platform, has been in the eye of a regulatory storm, with the U.S. Securities and Exchange Commission (SEC) as its adversary. This contentious showdown revolves around classifying LBRY&#8217;s digital tokens (LBC) and delves into the heart of the ongoing cryptocurrency regulation debate.</p>



<p>The SEC has accused LBRY of violating U.S. securities laws by offering unregistered securities through its LBC tokens. This legal fracas has not only put LBRY in the spotlight but has broader implications for the cryptocurrency industry.</p>



<p>Read more: <a href="https://hodl.fm/biggest-crypto-villains">Meet the Biggest Crypto Villains to Walk the Earth!</a></p>



<p>LBRY&#8217;s decision to challenge the SEC&#8217;s ruling is a bold stance. It reflects their unwavering belief in the legitimacy of their protocol and the non-security nature of their tokens. This move is seen by many in the crypto community as a critical battle in the struggle for regulatory clarity in an industry often plagued by uncertainty.</p>



<p>As of the <a href="https://www.binance.com/en/feed/post/2023-09-08-blockchain-leader-lbry-files-notice-of-appeal-against-sec-after-court-ruling-1108290">latest developments</a>, LBRY has officially declared its intent to contest the SEC&#8217;s allegations, ensuring this legal saga will continue. The outcome of this case will undoubtedly shape how regulators approach cryptocurrency-related matters, leaving a lasting mark on the industry.</p>



<p>LBRY&#8217;s ongoing battle with the SEC is a compelling narrative of a blockchain firm challenging regulatory authority. It serves as a litmus test for the evolving landscape of cryptocurrency regulations, and the final judgment will resonate far beyond the LBRY protocol itself, influencing how the world views digital assets.</p>


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<figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="480" height="270" src="https://hodl.fm/wp-files/2023/09/giphy-5.gif" alt="" class="wp-image-3922"/></figure></div>


<h2 class="wp-block-heading">What LBRY is and its core blockchain-based content-sharing platform</h2>



<p>LBRY is a blockchain-based content-sharing platform that operates on a decentralized network. It offers several key features, such as;&nbsp;</p>



<h3 class="wp-block-heading">Decentralization</h3>



<p>LBRY operates on a decentralized network, which means no central authority controls content distribution. This decentralization reduces the risk of censorship and ensures that content creators have more control over their work.</p>



<h3 class="wp-block-heading">Blockchain Technology</h3>



<p>LBRY utilizes blockchain technology to manage and distribute content. This technology ensures transparency and security in content transactions, making it resistant to tampering.</p>



<h3 class="wp-block-heading">Content Ownership</h3>



<p>Content creators on LBRY have full ownership of their content. They can publish their work on the platform, set their terms, and earn rewards through LBRY&#8217;s cryptocurrency, LBC (LBRY Credits).</p>



<h3 class="wp-block-heading">Monetization</h3>



<p>LBRY enables content monetization through microtransactions. Users can directly support creators by paying for content using LBC, providing an alternative revenue stream to traditional advertising.</p>



<h3 class="wp-block-heading">Open Source</h3>



<p>LBRY is open source, meaning its code is publicly available and can be audited by anyone. This transparency fosters trust among its user base.</p>



<h3 class="wp-block-heading">Content Discovery</h3>



<p>LBRY provides a user-friendly interface for content discovery, making it easy for users to find and access a wide range of content.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="566" src="https://hodl.fm/wp-files/2023/09/Screenshot-2023-09-19-at-16.06.27-1024x566.png" alt="" class="wp-image-3913" srcset="https://hodl.fm/wp-files/2023/09/Screenshot-2023-09-19-at-16.06.27-1024x566.png 1024w, https://hodl.fm/wp-files/2023/09/Screenshot-2023-09-19-at-16.06.27-300x166.png 300w, https://hodl.fm/wp-files/2023/09/Screenshot-2023-09-19-at-16.06.27-768x425.png 768w, https://hodl.fm/wp-files/2023/09/Screenshot-2023-09-19-at-16.06.27-1536x849.png 1536w, https://hodl.fm/wp-files/2023/09/Screenshot-2023-09-19-at-16.06.27-2048x1133.png 2048w, https://hodl.fm/wp-files/2023/09/Screenshot-2023-09-19-at-16.06.27-340x188.png 340w, https://hodl.fm/wp-files/2023/09/Screenshot-2023-09-19-at-16.06.27-10x6.png 10w, https://hodl.fm/wp-files/2023/09/Screenshot-2023-09-19-at-16.06.27-1568x867.png 1568w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Source: <a href="https://lbry.org/?_ga=2.169639777.1970691254.1695041180-2035506264.1695041180">LBRY digital marketplace</a></figcaption></figure>



<h2 class="wp-block-heading">SEC’s allegations against LBRY</h2>



<p>The U.S. Securities and Exchange Commission, SEC sued LBRY, Inc. concerning selling unregistered securities. According to the SEC&#8217;s litigation release, LBRY&#8217;s digital tokens, LBC, were deemed securities under U.S. federal securities laws. This led to a legal battle between the SEC and LBRY.</p>



<div class="d-flex justify-content-center"><ins class="64c25105bd391bf86a4f85f8" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c25105bd391bf86a4f85f8",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<p>LBRY&#8217;s initial response to the SEC&#8217;s lawsuit was to challenge the allegations. LBRY contested the SEC&#8217;s characterization of LBC as securities, arguing that they were utility tokens used for accessing content and services within the LBRY network rather than traditional securities.</p>



<p>The LBRY case garnered significant attention within the cryptocurrency and blockchain communities due to its potential implications for the broader industry. It underscored the regulatory uncertainty surrounding digital assets and the need for clarity in classifying tokens.</p>



<p>As of the available sources, <a href="https://cointelegraph.com/news/lbry-decides-to-fight-blockchain-firm-files-notice-of-appeal-against-sec">LBRY&#8217;s legal battle with the SEC</a> remained ongoing, and the outcome could have lasting consequences for how regulators approach cryptocurrency-related cases and token classifications. The case highlights the importance of regulatory compliance and legal challenges faced by blockchain-based platforms operating in the United States.</p>



<h2 class="wp-block-heading">Timeline and key events leading up to the Notice of Appeal against the SEC</h2>



<p>The LBRY case against the U.S. Securities and Exchange Commission (SEC) has been marked by significant events and developments.</p>



<ul>
<li><strong><em>Initial SEC Lawsuit</em></strong></li>
</ul>



<p>The SEC initially filed a lawsuit against LBRY, alleging that LBRY&#8217;s digital tokens (LBC) were unregistered securities under U.S. federal securities laws.</p>



<ul>
<li><strong><em> SEC&#8217;s Ruling</em></strong></li>
</ul>



<p>The SEC&#8217;s lawsuit led to a court ruling that favored the SEC&#8217;s position, finding that LBC tokens were indeed securities.</p>



<ul>
<li><strong><em>LBRY&#8217;s Response</em></strong></li>
</ul>



<p>In response to the SEC&#8217;s lawsuit and the court ruling, LBRY decided to challenge the verdict. They expressed their intention to file a Notice of Appeal against the SEC&#8217;s decision.</p>



<ul>
<li><strong><em>John Deaton&#8217;s Involvement</em></strong></li>
</ul>



<p>Notably, XRP lawyer <a href="https://coingape.com/xrp-community-backs-lbry-as-it-decides-to-appeal-against-us-sec/">John Deaton joined the LBRY</a> case as an Amicus Curiae, providing additional legal expertise and support to LBRY in their appeal against the SEC.</p>



<ul>
<li><strong><em>Notice of Appeal</em></strong></li>
</ul>



<p>The timeline culminated with LBRY officially filing a <a href="http://securities">Notice of Appeal</a> against the SEC&#8217;s ruling based on the LBRY lawsuit update. This legal action signified LBRY&#8217;s determination to contest the SEC&#8217;s classification of LBC tokens as securities.</p>



<ul>
<li><strong><em>Ongoing Legal Battle</em></strong></li>
</ul>



<p>The LBRY case remained ongoing, with the appeal process underway. The outcome of this case will have implications for how regulatory bodies classify digital tokens and their potential impact on blockchain-based platforms.</p>



<h3 class="wp-block-heading">More Info: </h3>



<ol>
<li><a href="https://hodl.fm/crypto-etf-approval-saga">Decoding the Delay: SEC Extends Bitcoin ETF Approval Timeline to 2024</a></li>



<li><a href="https://hodl.fm/grayscale-wins-lawsuit-against-sec">Grayscale Wins the Court Battle Against SEC</a></li>



<li><a href="https://hodl.fm/ripple-sec-lawsuit-analysis">Navigating Ripple’s Legal Drama: The SEC Lawsuit</a></li>
</ol>



<div class="d-flex justify-content-center"><ins class="64c250b9b41a4b5be53156b1" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c250b9b41a4b5be53156b1",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<h2 class="wp-block-heading">FAQs</h2>



<p>LBRY&#8217;s journey from the SEC&#8217;s initial lawsuit to the Notice of Appeal represents a significant legal battle in the cryptocurrency industry, emphasizing the importance of regulatory clarity and the challenges faced by blockchain projects in navigating complex legal landscapes. Below are some frequently asked questions.&nbsp;</p>


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<h4 class="wp-block-heading">What is the SEC vs. LBRY case?</h4>



<p>The LBRY vs. SEC case is a legal dispute between LBRY, Inc., a blockchain-based content-sharing platform, and the U.S. Securities and Exchange Commission (SEC).</p>



<p>In this case, the SEC alleged that LBRY&#8217;s digital tokens, known as LBC, were unregistered securities under U.S. federal securities laws. The SEC argued that these tokens should have been registered as securities and subjected to regulatory oversight.</p>



<h4 class="wp-block-heading">What was the summary Judgment of the SEC v LBRY case?</h4>



<p>The summary judgment ruled that LBRY&#8217;s digital tokens, known as LBC, were considered securities and should have been registered as such under U.S. federal securities laws.</p>



<p>This judgment implied that LBRY had violated securities laws by failing to register its tokens as securities with the SEC. The ruling had significant implications for LBRY, indicating that they were subject to regulatory oversight and legal consequences for non-compliance with securities regulations.</p>



<p>The summary judgment represented a victory for the SEC in its efforts to regulate digital tokens within the cryptocurrency industry. It underscored the importance of compliance with securities laws in the evolving regulatory landscape of blockchain and cryptocurrency markets.</p>



<h4 class="wp-block-heading">Did LBRY win the lawsuit?</h4>



<p>No LIBRY did not win the case; however, they are challenging the previous ruling through an ongoing appeal process.&nbsp;</p>


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<p><strong>Disclaimer</strong>:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;strongly recommends contacting a qualified industry professional.</em></p>


LBRY’s Fight Against the SEC A Closer Look at the ETF Appeal Process (1)

LBRY’s Fight Against the SEC: A Closer Look at ETF Appeal Process


<div class="d-flex justify-content-center"><ins class="64c25105bd391bf86a4f85f8" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c25105bd391bf86a4f85f8",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<p><a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;ved=2ahUKEwj5iY3QjbWBAxXamIkEHXJPDpwQFnoECBcQAQ&amp;url=https%3A%2F%2Fwww.jpmorgan.com%2F&amp;usg=AOvVaw1qO3hlomb-9j8lVN2ZU2DN&amp;opi=89978449">JP Morgan</a> is pending approval for its blockchain-powered deposit token from U.S regulators in what it deems, a new method of faster transactions and lower costs. If U.S regulators approve JP Morgan’s digital deposit tokens, the investment bank will launch a new deposit feature for its corporate clients in a year. </p>



<p>It bears mentioning that the digital deposit token differs from the JPM Coin, another cryptocurrency-based payments system JP Morgan announced in 2019. As per reports, the deposit token aims at facilitating the transfer of cash across clients in different banks. In addition, the reports claim that the digital deposit token will favour trade settlement in tokenized securities.</p>



<p>Read more: <a href="https://hodl.fm/digest-5">Ethereum price, JPMorgan’s AI crystal ball, Grimes AI-generated music collaboration, CFTC’s record penalty</a></p>



<p>A digital deposit token represents claims of deposit against a commercial bank. Industry experts have mentioned before that a deposit token has the potential to disrupt the traditional investment and financial system. For instance, the technology would facilitate instantaneous transactions via blockchain ledgers and speed settlements. This also has the ripple effect of reducing transaction costs.</p>



<p>According to sources, the bank is considering connecting its existing compliance infrastructure with the new token system so that it undergoes necessary regulatory checks and reporting. At the start, the new feature’s main denomination will be in US dollars. However, the bank aims to increase the number of available currencies and denominations as more regulators submit approvals.&nbsp;</p>


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<h2 class="wp-block-heading"><strong>JP Morgan&#8217;s Past Involvement with Blockchain Technology</strong></h2>



<p>Even before that time in 2021 when JP Morgan CEO James Dimon said “I personally think Bitcoin is worthless’, the JP Morgan bank had on many occasions still suggested that it would roll out a blockchain-based digital payments system.&nbsp;</p>



<p>JP Morgan first announced the JPM Coin in February 2019. In the year that followed, the investment bank created a new department unit for blockchain projects. In August 2020, the bank kicked off a wealth management relationship with clients who requested exposure to cryptocurrency assets.&nbsp;</p>



<p>This made JP Morgan the very first bank in the United States to roll out its digital token targeting a real-world utility. Ever since the bank has been leading at the front on Wall Street through efforts to leverage the power of blockchain in streamlining banking processes. For this and many other reasons, JP Morgan rolled out the system for instantaneous transfer of payments across institutional client accounts. To date, the blockchain-powered system has processed over $300 billion in transactions.&nbsp;</p>


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<p>According to a 2021 <a href="https://www.bloomberg.com/news/articles/2023-06-23/jpmorgan-jpm-switches-on-jpm-coin-payments-system-in-euros">blog post,</a> ‘the JPM Coin is not money per se but a digital coin that represents the USD across designated accounts at the J.P Morgan Chase N.A. Hence, the JPM Coin carries a value equivalent to the US Dollar. In particular, the coin would facilitate instantaneous transfer of monetary value via blockchain technology. On the other end, the recipient had the ability to immediately redeem their JPM Coin crypto for US Dollars.</p>



<div class="d-flex justify-content-center"><ins class="64c25105bd391bf86a4f85f8" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c25105bd391bf86a4f85f8",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<p>Read more: <a href="https://hodl.fm/digest-13">Wall Street’s Interest in Crypto, Happiness at Exchanges, UAE’s Emergence as a Bitcoin Mining Destination</a> </p>



<p>In 2019, JP Morgan Bank announced its commitment to tokenizing the entire traditional finance. The days that followed saw the bank launch Onyx, the world’s first bank-led digital asset program, which as of now has been adopted at BNP Paribas, Goldman Sachs and DBS Bank.&nbsp;</p>



<h2 class="wp-block-heading">Why a major bank like JPMorgan is exploring blockchain technology</h2>



<p>In evaluating the reasons why JP Morgan is exploring blockchain technology, a few would underestimate the power of blockchain technology in transforming digital payments. Blockchain is a decentralized ledger technology that enables secure transaction records, optimizes transparency, eliminates the reliance on trust and reduces cases of fraud.&nbsp;</p>


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<p>One of the main reasons why JPMorgan adopted blockchain technology was to optimize efficiency and speed up transactions. Traditional finance had an inconvenient model for processing global transactions in 3 &#8211; 5 business days. The bank saw blockchain technology as the best way to send money faster and save time for clients.&nbsp;</p>



<p>The adoption of blockchain technology and the launch of the JPM Coin saw the company achieve maximum efficiency, cut costs and automate transactions. Advanced cryptography, which is a necessity in blockchain technology ensures that customer funds and data remain safe and secure.</p>



<p>As you can see, adopting cryptocurrency technology and blockchain in its operations has enabled JPMorgan to lead the front across leading traditional finance corporations that are entering the crypto space. Besides, the bank does not want to remain behind in an evolving industry where competitors are exploring the latest technology to avoid falling behind in payment innovation.&nbsp;</p>


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<p>Something else to note is that the entry of traditional finance giants delving into crypto could help streamline regulations. For instance, JPMorgan has already stated that the digital deposit token will be based on know-your-customer (KYC) and compliance systems.&nbsp; The investment bank is keen on not causing friction between their new feature and regulatory officers.&nbsp;</p>



<p>However, the company still needs to get approval from U.S. compliance authorities for the new digital deposit token before it launches.&nbsp;</p>



<p>Read more: <a href="https://hodl.fm/shiba-inu-shibarium-network-restarts-amid-challenges">Shiba Inu’s Shibarium Network Resumes Operations Amid Challenges</a></p>



<h2 class="wp-block-heading">How JPMorgan’s move influences other banks and financial institutions</h2>



<p>JP Morgan Chase is among the world’s largest and most influential investment banks. For this reason, the bank has on many occasions set the industry tone for various innovation or compliance trends. Hence, a move like adopting blockchain and building a cryptocurrency must have a ripple effect across the entire industry.&nbsp;</p>



<p>For example, other banks in the world could follow suit and expand their traditional finance model into the blockchain sector. Deploying the JPM Coin already had the competitive pressure to attract rival banks into innovative financial products.&nbsp;</p>



<p>Another ripple effect would be the enhancement of regulations that favour cryptocurrencies and blockchain technology. This is possible because the bank’s effort will set the stage for compliance, clarity and oversight when dealing with digital currencies.&nbsp;</p>



<p>JPMorgan’s fiscal perfomance also positions the bank as a key influencer towards the banking sector. Hence, anything the bank bends its back towards has the ability to attract increased investment from other financial institutions.&nbsp;</p>


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<p><strong>Technology Adoption</strong>: JPMorgan has been at the forefront of adopting the latest technology, from machine learning, artificial intelligence, and nonfungible tokens to blockchain technology. Other institutions have already taken notice and gone on to accommodate innovative practices that are at par with industry trends.&nbsp;</p>



<h2 class="wp-block-heading">Challenges and risks JPMorgan might face in implementing blockchain solutions</h2>



<p>Regulatory, interoperability, Security and reputational risks are some of the challenges that could face JPMorgan’s journey to implementing blockchain solutions.&nbsp;</p>



<p>The regulatory environment for crypto is quick-evolving at a moment of increased industry scrutiny, complex jurisdictions and increasingly hostile oversight by authorities. Particularly, the use of cryptocurrencies by criminals and money launderers has often put crypto in bad records. For this reason, financial regulators have become wary of the technology and tightened their compliance requirements.&nbsp;</p>



<h2 class="wp-block-heading">Read More: </h2>



<ul>
<li><a href="https://hodl.fm/clockchain-carbon-transparency-solana">A Deeper Dive into Blockchain Carbon Transparency: Solana’s New Emissions Dashboard Takes Centre Stage</a></li>



<li><a href="https://hodl.fm/blockchain-gaming-countries-crypto">Blockchain Gaming: These Countries Are Ready to Rule the Crypto Playground!</a></li>
</ul>



<p>Interoperability issues are another limiting factor that JPMorgan might have to deal with when porting its blockchain technology software to other platforms, industries or partner banks. Again, the cryptocurrency industry is a risky business for companies or platforms handling customer funds due to increasing cases of hacks and funds theft. JPMorgan must have to invest in its security infrastructure so as to protect both customer funds and personal data. </p>



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<h2 class="wp-block-heading"><strong>Recent news about JP Morgan&nbsp;</strong></h2>



<ul>
<li><strong>JPM Coin</strong></li>
</ul>



<p>JPMorgan launched the JPM Coin in February 2019 as a way to process over $6 trillion of annual settlements between clients of its wholesale payments business. Mid this year in June 2023, JPMorgan announced the launch of their euro-denominated JPM Coin feature for corporate clients. According to the June 23 release, the bank would extend its JPM Coin platform to accommodate both U.S. dollars and euros.&nbsp;</p>



<ul>
<li><strong>JP Morgan has expanded its blockchain payment platform JPM Coin to support the euro with Siemens as the first client </strong></li>
</ul>



<p>Two days after launching the euro-denominated JPM Coin, the company announced that it had processed the first transaction on the blockchain, which was a payment transaction for the German multinational conglomerate, Siemens.&nbsp;</p>



<ul>
<li><strong>JPMorgan applies blockchain to interbank U.S. dollar transactions in India amid growing signs of global de-dollarization</strong></li>
</ul>



<p>On 5th June 2023, Bloomberg reported that JPMorgan Chase &amp; Co. had partnered with 6 Indian financial institutions to help facilitate international transfers amidst the dollar’s growing concerns of imminent de-dollarizations.</p>



<h3 class="wp-block-heading"><strong>FAQs</strong></h3>



<h4 class="wp-block-heading"><strong>How is J.P. Morgan using blockchain?</strong></h4>



<p>J.P. Morgan is leveraging blockchain technology in a bid to revolutionize the way money and assets move across the globe. For this reason, the traditional finance institution became the first bank to introduce a blockchain-based payment system based on the JPM Coin platform, Onyx and the upcoming digital deposit token.&nbsp;</p>



<h4 class="wp-block-heading">What is Onyx by J.P. Morgan?</h4>



<p>Onyx by JPMorgan is the <a href="https://www.jpmorgan.com/onyx/index">world’s first bank-led blockchain platform</a> that facilitates the transfer of value, digital assets, and data through a secure decentralized ledger. &nbsp;</p>



<h4 class="wp-block-heading">Why is JPMorgan using blockchain?</h4>



<p>The leading bank aims to leverage the power of a decentralized ledger to facilitate quicker, less costly and more transparent transactions.&nbsp;</p>



<p><strong>Disclaimer</strong>:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;strongly recommends contacting a qualified industry professional.</em></p>


9g3gq1x3rspc6q1b3njAzzzc03mA1f8hl2139mcxd7m9tf2dcrsfhjkmtsplth31h5mf7pf14nxd9sgj8055714g9c66wlxnjrjdl0Ag5mmjshhfy2vyrr83m3t1pkxspr86mdbmAr9lftyhx0tn28py72z8m7435lmmld69j6k3rtgtxv4q

JPMorgan Explores Blockchain-Powered Deposit Tokens for Faster Transactions and Reduced Costs


<div class="d-flex justify-content-center"><ins class="64c25105bd391bf86a4f85f8" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c25105bd391bf86a4f85f8",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<p>The winds of change blow with an unpredictable vigor. Binance, has pulled a trick, announcing its grand plan to bid adieu to BUSD, <a href="https://www.binance.com/en/busd">the Binance USD stablecoin</a>. But fret not, dear hodlers, for Binance isn&#8217;t leaving you hanging. They&#8217;ve got something up their virtual sleeves to keep your crypto adventures rolling. What have they prepared for us next? We bet, you can&#8217;t wait to know. </p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">FYI: Binance will stop BUSD in 2024🪙<br><br>According to an official announcement on crypto exchange Binance’s app, the exchange pops up a notification for users that they  will stop supporting  BUSD in 2024. <br><br>This is an elignment with Paxos phase out for purchasing BUSD by February… <a href="https://t.co/XiRPy71b3p">pic.twitter.com/XiRPy71b3p</a></p>&mdash; Nu Brave (@NuBraveIN) <a href="https://twitter.com/NuBraveIN/status/1696695457412788395?ref_src=twsrc%5Etfw">August 30, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading"><strong>Is It a Goodbye, BUSD</strong>?</h2>



<p>Binance giving a sly wink to its users, encouraging them to start converting their BUSD holdings into other available assets. Why? Well, they&#8217;ve got plans, and they&#8217;re as big as the blockchain itself. On August 31, Binance confirmed the rumors swirling in the cryptosphere &#8211; BUSD&#8217;s days in Binance&#8217;s court are numbered, set to fade into the crypto twilight by February 2024. It’s in perfect harmony with a plan to bid adieu to BUSD redemption at that same time.</p>


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<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://y.yarn.co/634cbb6a-5e7e-44a0-b33f-7d17ddac3045_text.gif" alt="" style="width:526px;height:224px" width="526" height="224"/></figure></div>


<h2 class="wp-block-heading"><strong>The Tease and the Pop-Up</strong></h2>



<p>If you&#8217;re wondering why you didn&#8217;t receive a formal invitation to this crypto party earlier, don&#8217;t worry, you&#8217;re not alone. Binance kept it low-key until August 31 when they dropped an official statement bombshell. It was the first time they&#8217;d publicly <a href="https://www.binance.com/en/support/announcement/binance-encourages-users-to-convert-busd-to-other-stablecoins-prior-to-february-2024-d392843e81fd4bc3a5f7e219aa01f34d">addressed the matter</a>, despite some sneaky users sharing screenshots of a pop-up on their mobile apps, teasing the impending support halt. </p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">As Paxos has halted minting of new BUSD, <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> will now gradually remove support for the stablecoin on our platform.<br><br>BUSD will always remain backed 1:1 by USD, and we continue to support a wide range of other stablecoins.<br><br>Find more details below.</p>&mdash; Binance (@binance) <a href="https://twitter.com/binance/status/1697159019234791909?ref_src=twsrc%5Etfw">August 31, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading"><strong>The Newbie: FDUSD</strong></h2>



<p>Binance wants you to swap your BUSD for a hot new contender in the stablecoin arena: First Digital USD (FDUSD). It&#8217;s like trading in your old car for a brand new, shiny one &#8211; with zero fees attached. </p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://media2.giphy.com/media/l2JefImZ9vCUCChLG/giphy.gif" alt="" style="width:451px;height:344px" width="451" height="344"/></figure></div>


<p>FDUSD, launched in June by the trusty folks at First Digital Group, made its grand debut on Binance in late July, and they&#8217;ve been wooing traders with their zero-fee trading pairs for FDUSD with Bitcoin (BTC) and Ether (ETH).</p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">First Digital, a Hong Kong licensed trust company, launches a new USD pegged stablecoin (FDUSD), on <a href="https://twitter.com/hashtag/BNB?src=hash&amp;ref_src=twsrc%5Etfw">#BNB</a> Smart Chain.</p>&mdash; CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1664135832863752199?ref_src=twsrc%5Etfw">June 1, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<div class="d-flex justify-content-center"><ins class="64c250b9b41a4b5be53156b1" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c250b9b41a4b5be53156b1",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<h2 class="wp-block-heading"><strong>Behind the Scenes Drama</strong></h2>



<p>Now, let&#8217;s delve into the juicy backstory. Binance&#8217;s decision to bid adieu to BUSD isn&#8217;t just a casual whim. It&#8217;s partly inspired by the United States Securities and Exchange Commission (SEC), which, on February 13, dropped a bombshell alleging that BUSD was an unregistered security. Imagine the SEC as the stern principal of the crypto school, pointing fingers. On the same day, the New York Department of Financial Services ordered Paxos to halt BUSD issuance. Drama, drama!</p>



<h3 class="wp-block-heading">More Info: </h3>



<ul>
<li><a href="https://hodl.fm/usdt-usdc-busd/">USDT, USDC, and BUSD – Which one is the best stablecoin?</a></li>



<li><a href="https://hodl.fm/circle-euro-stablecoin-avalanche/">Euro-Backed Stablecoin Launches on Avalanche Blockchain Platform by Circle</a></li>



<li><a href="https://devnext.hodl.fm/what-is-pepe-coin-why-ethereum-jumps-to-2k">What is Pepe Coin (PEPE) and why Ethereum Jumps to $2K</a></li>
</ul>



<p>In a world where cryptos rule and surprises lurk around every blockchain, Binance has thrown us a curveball. While they&#8217;re giving a fond farewell to BUSD, they&#8217;re ushering in FDUSD with open arms. It&#8217;s a classic tale of out with the old, in with the new, crypto-style. So, dear Hodlers,, it&#8217;s time to swap your BUSD for FDUSD, and let&#8217;s witness the birth of a new era!</p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://y.yarn.co/96c2262d-193f-40da-9fca-0c9a346b2e7a_text.gif" alt="" style="width:486px;height:273px" width="486" height="273"/></figure></div>


<p><strong>Disclaimer</strong>:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;strongly recommends contacting a qualified industry professional.</em></p>


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Binance’s Transition Swapping BUSD for FDUSD-2

Binance’s Transition: Swapping BUSD for FDUSD


<div class="d-flex justify-content-center"><ins class="64c25105bd391bf86a4f85f8" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c25105bd391bf86a4f85f8",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<p>X, formerly known as Twitter, has embarked on a fascinating journey towards becoming an all-encompassing &#8220;everything app&#8221; under the visionary leadership of Elon Musk. In its latest stride, X has secured a coveted currency transmitter license in Rhode Island, marking a significant move towards integrating cryptocurrencies into its services. Join us as we delve into this exciting development and explore the potential for crypto services within X&#8217;s grand vision.</p>



<p>Read more: <a href="https://hodl.fm/twitter-x-rebranding/">Elon Musk’s ‘X’ Rebranding; Farewell Bluebird</a></p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Buying Twitter is an accelerant to creating X, the everything app</p>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1577428272056389633?ref_src=twsrc%5Etfw">October 4, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading"><strong>Gathering the Necessary Licenses</strong></h2>



<p>To navigate the intricate world of cryptocurrencies, X has been diligently gathering the essential licenses. Rhode Island, in particular, requires entities handling digital currencies, including wallets, exchanges, and payment processors, to possess a currency transfer license. X has also wisely registered with the Treasury Department&#8217;s Financial Crimes Enforcement Network (FinCEN) in preparation for processing payments.</p>


<div class="wp-block-image">
<figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="974" height="274" src="https://hodl.fm/wp-files/2023/09/image.png" alt="" class="wp-image-3687" srcset="https://hodl.fm/wp-files/2023/09/image.png 974w, https://hodl.fm/wp-files/2023/09/image-300x84.png 300w, https://hodl.fm/wp-files/2023/09/image-768x216.png 768w, https://hodl.fm/wp-files/2023/09/image-816x230.png 816w" sizes="(max-width: 974px) 100vw, 974px" /><figcaption class="wp-element-caption">X has a total of seven money and currency transmitter licenses. Source: <a href="https://mortgage.nationwidelicensingsystem.org/news/nmlsnews/Pages/default.aspx">NMLS</a></figcaption></figure></div>


<h2 class="wp-block-heading"><strong>Crypto Speculation</strong></h2>



<p>While X has remained tight-lipped about which cryptocurrencies it will incorporate first, Elon Musk&#8217;s conspicuous enthusiasm for Dogecoin (DOGE) on Twitter has ignited speculation about the meme coin&#8217;s possible early inclusion. This aligns with a broader industry trend of social media platforms embracing digital payments.</p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="zxx" dir="ltr"><a href="https://t.co/wmN5WxUhfQ">pic.twitter.com/wmN5WxUhfQ</a></p>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1642962756906418176?ref_src=twsrc%5Etfw">April 3, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading"><strong>Steadfast Progress</strong></h2>



<p>X has been quietly strengthening its payment infrastructure for months. In November 2022, it applied for money service business (MSB) licenses with FinCEN, signaling its intent to operate nationwide. Although X has yet to officially launch a payment service, obtaining the Rhode Island Currency Transmitter License is a momentous achievement in its quest to create an all-encompassing digital platform.</p>



<div class="d-flex justify-content-center"><ins class="64c250b9b41a4b5be53156b1" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c250b9b41a4b5be53156b1",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<h2 class="wp-block-heading"><strong>Rhode Island&#8217;s Seal of Approval</strong></h2>



<p>Rhode Island&#8217;s regulators recently granted X the currency transmitter license it needed, allowing the company to conduct financial activities related to both fiat and crypto assets. This approval empowers X to securely custody, transfer, and exchange digital currencies, effectively opening doors to a world of financial possibilities. However, not all app users are as thrilled as we are. </p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">when Elon Musk sees any useful or valuable aspect of Twitter: <a href="https://t.co/xgLOBtzW5G">pic.twitter.com/xgLOBtzW5G</a></p>&mdash; ITYSL memes 💦🥩 (@ITYSL_memes) <a href="https://twitter.com/ITYSL_memes/status/1683212680922791936?ref_src=twsrc%5Etfw">July 23, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading"><strong>A Step Closer to the &#8220;Everything App&#8221;</strong></h2>



<p>Elon Musk&#8217;s vision for X as an &#8220;everything app,&#8221; complete with crypto and fiat payments, is rapidly materializing. While initial reports suggest X&#8217;s payment feature will primarily support fiat currencies, Musk has instructed developers to make room for future crypto integration, keeping pace with the dynamic crypto landscape.</p>



<p>This revelation comes hot on the heels of rumors that gained traction in recent days. The information comes courtesy of the renowned security researcher, Jane Manchun Wong, who has earned her place in Forbes&#8217; prestigious 30 under 30 list for her remarkable track record of exposing tech-related scoops. </p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Twitter is working on a “wallet prototype” that supports “crypto deposit and withdrawal”</p>&mdash; Jane Manchun Wong (@wongmjane) <a href="https://twitter.com/wongmjane/status/1584616567530483712?ref_src=twsrc%5Etfw">October 24, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h3 class="wp-block-heading">Read More: </h3>



<ul>
<li><a href="https://hodl.fm/elon-musk-tweet-sends-milady-nft/">Elon Musk Tweet Sends Milady NFT Collection Floor Price Upwards</a></li>



<li><a href="https://hodl.fm/elon-musk-xai-chatgpt-ai-crypto-tokens/">Elon Musk’s AI Showdown: xAI Takes on ChatGPT, Boosts AI-Related Crypto Tokens</a></li>



<li><a href="https://hodl.fm/elon-musk-ai-experiments-letter/">Elon Musk Signs Contentious “Pause AI Experiments-Open Letter” to AI Labs</a></li>
</ul>



<p>X&#8217;s journey towards becoming a comprehensive digital platform is gaining momentum, with the Rhode Island currency transmitter license as a crucial milestone. As X navigates the ever-evolving world of cryptocurrencies, its ambitious goal of becoming an &#8220;everything app&#8221; is within reach. Stay tuned for more exciting developments in the world of X and cryptocurrencies!</p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" src="https://media4.giphy.com/media/jPzNDcnrwc3zUzDwpN/giphy.gif" alt=""/></figure></div>


<p><strong>Disclaimer</strong>:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;strongly recommends contacting a qualified industry professional.</em></p>


X Clears the Path to Crypto Services with Rhode Island License


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<p>It just got a little more interesting as the U.S. Securities and Exchange Commission (SEC) takes its first steps into the realm of non-fungible tokens (NFTs). This enforcement action has left the crypto community buzzing with questions about what it all means for NFT issuers, exchanges, and everyone in between. </p>



<p>Read more: <a href="https://hodl.fm/binance-us-wash-trading-crypto-capers/">Unveiling the Allegations: The SEC’s Case Against Binance.US and Wash Trading Explained</a></p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" src="https://media.tenor.com/3dmOe9S9pc8AAAAC/elon-musk-sec.gif" alt=""/></figure></div>


<h2 class="wp-block-heading">What&#8217;s the Fuss About?</h2>



<p>The SEC <a href="https://www.sec.gov/news/statement/peirce-uyeda-statement-nft-082823">set its sights</a> on <a href="https://impacttheory.com">Impact Theory,</a> an entertainment company that made a cool $30 million by selling Founders Keys, a collection of nearly 14,000 NFTs. These digital treasures promised exclusive perks like discounts and early access to content. However, the SEC wasn&#8217;t thrilled with how they were marketed, <a href="https://www.sec.gov/files/litigation/admin/2023/33-11226.pdf">alleging</a> that they were essentially pitched as investments in Impact Theory&#8217;s success.</p>



<h2 class="wp-block-heading">The Price of Missteps</h2>



<p>Impact Theory chose to settle with the SEC without admitting wrongdoing. As part of the deal, they had to obliterate their NFT collection and pony up a hefty $6 million fine. Ouch! James Walker, a fintech compliance pro, quipped that Impact Theory essentially did everything you shouldn&#8217;t do.</p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><a href="https://tenor.com/ru/view/bearded-dragon-im-out-lizard-looking-staring-gif-8511896"><img decoding="async" loading="lazy" src="https://hodl.fm/wp-files/2023/09/bearded-dragon-im-out.gif" alt="" class="wp-image-3820" style="width:510px;height:286px" width="510" height="286"/></a></figure></div>


<h2 class="wp-block-heading">Navigating the NFT Minefield</h2>



<p>But here&#8217;s the kicker &#8211; what&#8217;s actually allowed in the wild west of NFTs? The SEC loves setting examples, but it&#8217;s no guarantee of airtight rules. </p>



<blockquote class="wp-block-quote">
<p>The SEC likes to pick enforcement actions and kind of stand them up as archetypes, knowing that they&#8217;re not binding legal precedent. But it’s like a pseudo-doctrine that they can point to and say here, you guys have all been warned and this is also under our remit.</p>
<cite>Rodrigo Seira, special counsel at crypto venture capital firm Paradigm</cite></blockquote>



<h2 class="wp-block-heading">The SEC&#8217;s Take</h2>



<p>The SEC makes its stance clear: if something looks and acts like a security, it better be registered. Antonia Apps, director of the SEC&#8217;s New York Regional Office, emphasized that investors deserve the protection that comes with robust disclosures and safeguards provided by securities laws. But this raises a flurry of questions.</p>



<h2 class="wp-block-heading">NFT Marketplaces in the Crosshairs</h2>



<p>If certain NFTs are deemed securities, does that mean the platforms they&#8217;re traded on fall under securities exchange regulations? Well, it&#8217;s a <a href="https://public-inspection.federalregister.gov/2023-17565.pdf">grey area</a>, depending on the specifics of each marketplace. So, buckle up, NFT exchanges.</p>



<div class="d-flex justify-content-center"><ins class="64c250b9b41a4b5be53156b1" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c250b9b41a4b5be53156b1",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<h2 class="wp-block-heading">The Howey Test</h2>



<p>The SEC argued that these NFTs were akin to investment contracts, making them securities. To decide this, they use the Howey Test, a rule established back in 1946 involving citrus groves. It boils down to investing money in a common project with the expectation of profit from others&#8217; efforts. Interestingly, the assets themselves don&#8217;t really factor into this.</p>



<p>NFTs are a tech standard. It&#8217;s not the token itself but the recorded transactions on a blockchain that create the NFT magic. They can represent everything from art to real estate, and that&#8217;s what keeps things interesting.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://s32659.pcdn.co/wp-content/uploads/2023/04/Howey-Test-BTC-1-850x478.png" alt="" style="width:494px;height:278px" width="494" height="278"/><figcaption class="wp-element-caption">Source: <a href="https://beincrypto.com/learn/howey-test/">BeInCrypto</a></figcaption></figure></div>


<h2 class="wp-block-heading"><strong>Marketing Matters</strong></h2>



<p>Issuers, take heed! How you market your NFT project is critical. Max Dilendorf, a digital assets lawyer, points out that the line between a legit project and something the SEC frowns upon is thinner than a razor&#8217;s edge.</p>



<h3 class="wp-block-heading">Read More: </h3>



<ul>
<li><a href="https://hodl.fm/ripple-sec-lawsuit-analysis/">Navigating Ripple’s Legal Drama: The SEC Lawsuit</a></li>



<li><a href="https://hodl.fm/digest-9/">Digital World Drama: Binance Sued by SEC, NFTs Get a Luxury Boost, While Apple’s Vision Pro Bypasses the Metaverse</a></li>



<li><a href="https://hodl.fm/coinbase-sec-delisting-drama-seo/">SEC’s Odd Request: Coinbase Rejects Delisting All But Bitcoin</a></li>
</ul>



<p>As with many digital asset-related SEC actions, experts like Dilendorf and Seira believe that clear guidelines and regulations are the best bet to protect consumers and investors alike. Even two SEC members, Hester Pierce and Mark Uyeda, are pondering whether the current securities framework suits NFT purchasers. It&#8217;s a question that&#8217;s worth exploring.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" src="https://media.tenor.com/XsDUm74iHHcAAAAC/we-will-see.gif" alt=""/></figure></div>


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