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As soon as a gamer cashes out an in-game asset, they realize monetary value, which is where the problem with the SEC comes in, a Shrapnel executive told Cointelegraph. The creators of blockchain game Shrapnel — an upcoming AAA first-person extraction shooter — will be cutting a part of its game for United States-based players, in order to avoid the potential ire of the country’s securities regulator. The game, which is due to launch in early access in December, will be unrestricted for players from Europe and Asia but gamers from the U.S. will not be able to cash out at all, says Shrapnel Head of Economy Francis Brankin in a Sept. 13 interview with Cointelegraph at Token 2049. “They [U.S. users] can do everything every other player can do, but they can't cash out. Because that's what makes it a security to the U.S. player, as soon as they can realize monetary value, that’s where the problem comes in.” He hopes the issue will be temporary and that Neon — the team behind Shrapn...

Mirror Trading International (MTI) is convicted by a U.S. court for deceiving victims in a Bitcoin scam, facing a restitution order of $1.7 billion. The U.S. Commodity Futures Trading Commission (CFTC) revealed that Mirror Trading International Proprietary Limited (MTI) has been convicted in a crypto currency fraud case. The complaint against the South African firm was lodged on June 30. MTI had falsely promised victims trading intelligence software that utilized Bitcoin (BTC). The company and its CEO misled users by offering participation in an unregistered commodity pool in return for Bitcoins. They managed to deceive victims into contributing a staggering 29,421 BTC. As a result of the verdict, MTI is mandated to reimburse the victims an estimated $1.7 billion and will be barred from trading in CFTC markets. You might also like: UN report links SE Asia crypto scams to human trafficking The rise and impact of crypto scams With the surge in crypto currency adoption, sc...

Also Read: Bitcoin Price Rally Takes Breather As BTC Retreats From 12-Month High – How To Prepare for This Week’s Trading? advertisement Recently, attorney Kylie Chiseul Kim, who was counsel for Ripple Labs, withdrew from the case. Ripple had clarified that the withdrawal had no bearing on the lawsuit. In a similar move, John Deaton, the attorney representing thousands of XRP token holders in the Ripple lawsuit, said another lawyer was making the move. Lawyer Withdraws From Ripple Lawsuit Although the lawyer’s name and the reason for withdrawal are yet to be known, Deaton confirmed that he received an email about the same. However, he said this development was in no way a hint of settlement or something similar. The attorney said a lawyer withdrawing from the SEC case ‘means nothing.’ “Just got an email of a filing in the Ripple case and I must have admit, I got (butterflies) in my stomach. But it was just a lawyer w...

ARK Investment Management founder and CEO Cathie Wood predicted on Aug. 7 the SEC would delay its decision on the firm's spot BTC ETF application. The United States Securities and Exchange Commission (SEC) has delayed a decision on approving or disapproving the spot Bitcoin (BTC) exchange-traded fund proposed by ARK Investment Management. In an Aug. 11 notice, the SEC opened a 21-day comment period for the ARK 21Shares Bitcoin ETF to the public following publication in the Federal Register, the latest delay for the regulator determining whether to approve or disapprove of a spot crypto ETF in the United States. ARK originally filed to list the ETF in May, giving the SEC a maximum of 240 days — until January 2024 — to reach a final decision. “The regulated market of significant size test does not require that the spot bitcoin market be regulated in order for the Commission to approve this proposal , and precedent makes clear that an underlying market for a spot commodity or curren...

Also Read: XRP Lawsuit: John Deaton Bets Against Summary Judgment Overturning advertisement Meanwhile, the CME FedWatchTool shows that as many as 86% of respondents predict a likelihood of the Fed keeping the Federal target rate steady at the upcoming Federal Open Market Committee (FOMC) meeting in September 2023. Ahead of the July inflation data release by the U.S. Bureau of Labor Statistics on Thursday, August 9, 2023, the Bitcoin price is trading just shy of the $30,000 mark. Bitcoin To Regain Key Average Metric? According to Steven Ehrlich, the Director of Research at Forbes Crypto, the Bitcoin price is set to match the 200-day simple moving average (SMA), which is currently on the upside for the top cryptocurrency. Having maintaining the 50 day SMA in recent weeks, BTC is likely to regain the 200 day average in the days to come, he suggested. Interestingly, the CPI data release is upcoming and has history of spurring upward path in Bitcoin trajecto...

US Senators urge Treasury and IRS to implement crypto tax rules by December 2023, warning of potential $1.5 billion revenue loss. Four U.S. Senators, Elizabeth Warren, Robert P. Casey, Jr., Richard Blumenthal, and Bernard Sanders, have sent a letter to the Department of the Treasury and the Internal Revenue Service, alerting them of the potential loss of tax revenue if crypto tax reporting rules are not implemented by Dec. 31, 2023. Referring to the Infrastructure Investment and Jobs Act (IIJA), passed by Congress in November 2021, which directed the Treasury and the Internal Revenue Service (IRS) to implement rules for third-party crypto brokers, the Senators reported that the proposed regulations had yet to be published.  The letter reveals that there would be an estimated loss of $1.5 billion in tax revenue in 2024 if the rules were not implement ed. You might also like: U.S. lawmakers push for new crypto legislation It cites the research that suggests that “at lea...

Also Read: Binance CEO “CZ” AMA: Bull Market, US SEC Lawsuit, BNB Chain, & Others advertisement In the recent times, the Bitcoin price On the inflation front, the Fed officials said core inflation showed no signs of sustained easing since the beginning of the year 2023. Hence, additional information on the state of the economy would be key to deciding further monetary stance, the report said. Overall, the US central bank continues to send out a cautionary message in deciding interest rate movement, which favors riskier assets like cryptocurrencies over the stock markets. Rate Hikes Coming Ahead After the June FOMC meeting, Fed Chair Jerome Powell warned that forecasts released at the meeting signaled tightening of 0.5% more interest rate in 2023 with high possibility. The minutes revealed that all participants agreed maintaining a restrictive stance would be appropriate while the June meeting had consensus to hold the interest rates steady....

Also Read: LUNC News: Terra Classic Dev Teams Proceeds For USTC Repeg To Revive Price To $1 advertisement Abraham Bielski, a Coinbase customer, claimed that he lost $30,000 in a 2021 fraudster attack. In this respect, Bielski accused the exchange of breaking the Electronic Funds Transfer Act. Supreme Court Rules In Coinbase Favor According to a Bloomberg report, the Supreme Court ruling came out in support of the Crypto exchange with a 5-4 voting between the justices. Hence, the customer lawsuits should be put on hold, sending the case to arbitration. This comes after the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the exchange, in a fresh round of anti-crypto lawsuits against the crypto businesses from regulators. Coinbase ’s argument was supported by business groups, around the argument that litigation in court would add to cost burden as against going for arbitration, the report added. Another major win came for the exc...