Crypto Regulations Are Required To Govern The Burgeoning Industry To Avoid Situations Such As What Ripple Is Facing

Bitcoin, Cryptocurrency, Investing
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Recently India indicated that it will ban crypto in the country, but that could change following Finance Minister Nirmala Sitharaman’s comments that the government is considering a calibrated approach towards crypto regulation. Crypto players represented by the Internet and Mobile Association of India (IAMAI) have welcomed the Minister’s comments.

IAMAI says the crypto sector employs millions of people

Sitharaman said that the Reserve Bank of India will take a standardized approach towards crypto trading and already discussions and negotiations are ongoing on how to regulate the industry. IAMAI appealed to the government not to ban crypto, but instead, they should come up with mechanisms of regulating the industry.

According to IAMAI, the crypto industry has created jobs in different fields such as compliance, tech, legal, business development, marketing, and finance. IAMAI argues that the crypto community comprises more than 10 million digital currency holders with over $1 billion worth of assets and more than 300 start-ups creating several jobs. As a result, the proposal to ban crypto will have a considerable impact leading to investment loss and affect over 10 million crypto customers in the country.

Ripple denies ever holding an ICO for XRP

In a response to the SEC charge for violating securities regulations, Ripple has denied that it held an ICO. The company said that the original XRP sale didn’t constitute the SEC version of an offering. According to court documents filed in New York Southern District, the company mentions the word “denies” 440 times, as the company refutes allegations that it sold illegal securities to customers after issuing XRP. The documents indicate that the company denies engaging in offering securities, denies engaging in a single XRP offering, and denies inaccurate characterization on legal advice received about XRP.

Ripple informed the court that they have never tried to raise money with the promise of profit, which is the basis for SEC’s supervision of the crypto ecosystem. Similarly, the firm claims that XRP’s economic substance differs from the business arrangement and instruments the SEC is mandated to regulate.

Twitter suspends Crypto influencers’ accounts

Several crypto influencers have had their accounts suspended on Twitter. Social media profiles of seven influencers in the cryptocurrency sector were inaccessible, with some Twitter users noticing the suspension on early Wednesday. The profile pages of the influencers showed “Twitter suspends accounts which violate Twitter Rules.” Some of the affected accounts include @100trillionUSD, @woonomic, @theCryptoDog, @mmcrypto, @themoooncarl, @wsbcahaimrna, and @KoroushAK. However, @100trillionUSD and @woonimic have been restored, with the other remaining suspended.

Jose Delbo auctions Wonder Woman NFTs for $1.85 million

Former DC comic artist Jose Delbo has sold the NFT of the comic book series Wonder Woman for $1.85 million in an auction. Delbo collaborated with Milan-based cryptocurrency art duo to Hacktao offer the NFT drop called Heroines. Most importantly, this dealt with comic books Transformers, Batman, and The Beatles Yellow Submarine. Around 914 NFTs were auctioned, with tokens each that included seven animated GIFs or illustrations.

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