Perhaps the argument made by the SEC to prove that Ethereum is not as strong a security as it claims. The SEC closed its investigation into whether Ethereum is a security on June 19.
“There will be no more protests from the SEC that Ethereum is a security,” said ConsenSys attorney Laura Brookover. He said this was a response to pressure on him “to lift the subpoenas against Consensys given recent approvals to change the ETH (exchange-traded fund) rules based on because ETH is a commodity.
Consensys’ letter states that the SEC’s approval of Ethereum (ETH) exchange-traded funds (ETFs) indicates that it has “updated its position to classify Ethereum as a commodity rather than a security.”
However, the committee itself has not publicly confirmed the consensus thesis. An SEC spokesperson told Cointelegraph that it “does not comment on the presence or absence of a potential investigation.”
However, Carol Goforth, a professor at the University of Arkansas School of Law who specializes in trade associations and securities regulation, says the SEC’s approval of an Ethereum spot ETF does not mean that ETH is a commodity. She added that there are already ETFs with commodities as underlying assets.
Iran launches beta version of central bank digital currency (CBDC).
The Central Bank of Iran (CBI) is launching a national digital currency (CBDC) in a public trial targeting local micropayments.
Under the pilot project, Iranian digital currency will be available to bank customers and tourists on Kish Island. The pilot program began on June 21, the first day of the calendar month of Shooting.
Kish Island, with an area of 92 square kilometers, is the second largest island in the Persian Gulf, located in the south of Iran.
Kish is a popular tourist destination, welcoming around 12 million visitors each year. Since Kish operates one of Iran’s free zones, tourists from many countries are exempt from obtaining a visa to visit Kish.
Under the pilot program, bank customers and tourists will be able to use the digital riyal to pay for goods and services by scanning the barcode through a special program. The digital riyal offers an additional means of payment in addition to cash and bank cards.
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Uphold supports delisting stablecoins from European market, citing MiCA
Cryptocurrency exchange Uphold has sent a notice to its European users informing them that the platform will end support for six popular stablecoins effective July 1.
Uphold announces removal of stablecoins to align with European Crypto Asset Markets (MiCA) regulations.
The six stablecoins are Tether (USDT), FRAX, Gemini Dollar (GUSD), Buck Dollar (USDP), and True USD (TUSD).
Users who own these stablecoins must convert them to another cryptocurrency before June 28, after which the cryptocurrency exchange will automatically convert them to USD (USDC).
MiCA, which takes effect on June 30, imposes additional and stricter regulatory requirements on stablecoins and fiat-backed e-money tokens that have crossed a predefined adoption threshold, determined by a set of seven quantitative indicators and qualitative.
In addition to requiring that fiat-backed stablecoins be backed by a 1:1 ratio of liquid reserves and that issuers create a pool of assets and maintain them in third-party custody isolated from other assets , the rule categorically prohibits algorithmic stablecoins.
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Italian government steps up surveillance of cryptocurrency market
Italy is set to strengthen its oversight of cryptocurrency markets as part of its compliance with the MiCA regulatory framework.
Under the new regulations, Italy will strengthen supervision of digital asset markets to limit and punish insider trading and market manipulation schemes.
The decree provides for fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) depending on the severity and scale of regulatory infractions.
The MiCA regulatory framework forces blockchain companies to make difficult decisions, while decentralized finance (DeFi) protocols find themselves facing a difficult choice: completely decentralize their networks or submit to the framework’s AML and KYC regulations.
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