OpenSea ‘insider trading’ could see NFTs labeled securities: Former SEC lawyer

Former Securities and Exchange Commission lawyer Alma Angotti says this week’s news about an OpenSea employee being charged with insider trading could open the doors to non-fungible tokens being labeled as securities.  On Wednesday, in a first for the industry, prosecutors in Manhattan charged former OpenSea product manager Nathaniel Chastain with insider trading. The U.S. Attorney’s Office for the Southern District of New York said the exact charges were “wire fraud and money laundering in connection with a scheme to commit insider trading.” Until now, the phrase “insider trading” has…

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401(k) provider ForUsAll sues US Labor Dept over anti-crypto compliance release

ForUsAll, a 401(k) retirement provider, filed suit against the United States Department of Labor (DOL) and Martin Walsh as Labor secretary in U.S. District Court in Washington, D.C. on Thursday. The company is seeking the withdrawal of a DOL compliance assistance release issued in March, citing the Administrative Procedure Act, which safeguards against arbitrary official encroachment on private rights. The DOL release warned that the department’s Employee Benefits Security Administration is expected to “conduct an investigative program” aimed at 401(k) plans that contain cryptocurrency. ForUsAll CEO Jeff Schulte told Cointelegraph:…

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3 reasons why Ethereum price is pinned below $2,000

Ether’s (ETH) market structure continues to be bearish despite the failed attempt to break the descending channel resistance at $2,000 on May 31. This three-week-long price formation could mean that an eventual retest of the $1,700 support is underway. Ether/USD 4-hour price at Bitstamp. Source: TradingView On the non-crypto side, a number of equities-related factors are translating to negative sentiment in the crypto market. This week Microsoft (MSFT) lowered its profit and revenue outlook, citing challenging macroeconomic conditions. The U.S. Federal Reserve signalled in its periodic “Beige Book” that economic activity…

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This classic Bitcoin metric is flashing buy for first time since March 2020

Bitcoin (BTC) bulls may only need a pair of simple moving averages (SMAs) to determine if the bottom is in this halving cycle. In a Twitter thread on June 2, Checkmate, lead on-chain analyst at crypto analytics firm Glassnode, flagged the Investor Tool metric hitting “buy the dip” territory. “Generational zone” enters for Bitcoin’s Investor Tool The Investor Tool is a simple yet effective BTC price metric showing the potential for buyers to enjoy “outsized” returns. Its creator, LookIntoBitcoin founder Philip Swift, aimed to deduce when BTC/USD is likely overbought…

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After record growth, VC crypto investments decline 38% in May

This short-term decline in investments can be correlated to the recent market correction, which made Bitcoin (BTC) and other major cryptocurrencies lose 50% or more of their value. According to new data released by Dove Metrics, total venture capital investment in crypto declined 38.2% over the past month, from $6.8 billion in April to $4.7 billion in May, while surging 97.8% since last year. Data on investment distribution showed infrastructure companies received 21% of the pie, while decentralized finance (DeFi) startups accounted for 14%. Centralized finance (CeFi) and nonfungible token…

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3 key indicators traders use to determine when altcoin season begins

It’s widely accepted that the fate of the cryptocurrency market depends largely on the performance of Bitcoin (BTC), which makes times like these for crypto traders who prefer to invest in altcoins.  When BTC price is down, altcoins tend to follow, but as a bottoming process begins, altcoins tend to perk up during Bitcoin’s consolidation phases and this typically leads to a call for an altcoin season. While Bitcoin’s current dip below $30,000 shows that it’s a bit premature to call for an altseason, analysts are still charting a variety…

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CFTC sues Gemini claiming the crypto exchange lied in futures contract evaluation

The United States Commodity Futures Trading Commission (CFTC) filed suit against Gemini Trust Co. in the U.S. Southern District Court of New York on Thursday. The CFTC claimed in the civil suit that Gemini made false or misleading statements to the CFTC in 2017 during in-person meetings and in documents, violating the Commodity Exchange Act and other regulations.  The agency was making an evaluation of the potential self-certification of a Bitcoin (BTC) futures contract to be based on the spot Bitcoin price determined by an auction held on Gemini’s digital…

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$32K Bitcoin price could turn the tides in Friday’s $160M BTC options expiry

Twenty-three agonizing days have passed since Bitcoin (BTC) last closed above $32,000 and the 10% rally that took place on May 29 and 30 is currently evaporating as BTC price retraces toward $30,000. The move back to $30,000 simply confirms the strong correlation to traditional assets and in the same period the S&P 500 also retreated 0.6%. Bitcoin/USD 12-hour price at Kraken. Source: TradingView Weaker corporate profits could pressure the stock market due to rising inflation and the upcoming U.S. Federal Reserve interest rate hikes, according to Citi strategist Jamie…

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Paradigm and Pace Capital Backs DAO Management Platform Network in $5M Seed Funding Round

 Dework, a startup that aims to be a combination of Trello and LinkedIn for Web3, raised $5 million in a seed funding round co-led by crypto investing giant Paradigm and early-stage venture capital firm Pace Capital. According to the founder and CEO of Dework, Lonis Hamaili, “The fresh capital will help Dework expand from its current three-person core team and several contributors.” In a draft blog post provided to CoinDesk, it explains the mission of the Web3 platform: “Dework is a Web 3-native collaboration tool where decentralized autonomous…

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