SEC Charges "Stoner Cats" NFT Creator, Coinbase Embraces Lightning Network, and Binance.US Faces Layoffs and CEO Departure Amid Regulatory Scrutiny
Summary:
Stoner Cats" NFT creator charged for securities sale, Coinbase integrates Lightning Network for faster Bitcoin transactions, and Binance.US lays off staff and CEO departs amid regulatory actions.
Stoner Cats" NFT creator faces charges for unauthorized securities sale
The company responsible for the "Stoner Cats" NFT collection, Stoner Cats 2 LLC, has been charged by the U.S. Securities and Exchange Commission (SEC) for conducting an unlawful sale of securities. The charges are specifically related to the sale of the nonfungible tokens (NFTs) associated with the animated series "Stoner Cats." The SEC alleges that over 10,000 NFTs were sold for approximately $800 each during the crypto bull market in 2021, with the proceeds used to finance the series. As a result, Stoner Cats 2 LLC has agreed to a cease-and-desist order, a $1 million civil penalty, and the creation of a fund to compensate affected investors. Additionally, all NFTs in the company's possession will be destroyed.
Coinbase confirms integration of Lightning Network for faster Bitcoin transactions
Coinbase, a prominent cryptocurrency exchange, has confirmed its decision to integrate the Lightning Network, a layer-2 payment protocol, to cater to users' demand for faster and more cost-effective Bitcoin transactions. The Lightning Network was created to address Bitcoin's scalability issue and compete with newer cryptocurrency projects that promised quicker and cheaper transactions. This move by Coinbase comes after criticisms from community members who believed that Lightning Network integration offered limited benefits for exchange revenue. Coinbase CEO Brian Armstrong expressed excitement about contributing to enabling faster and cheaper Bitcoin transactions, emphasizing that the integration will take some time.
Binance.US undergoes job cuts as CEO departs
Binance.US, a cryptocurrency exchange, has laid off around 100 employees, amounting to approximately one-third of its workforce. In addition to the staff reduction, the company's CEO, Brian Shroder, has stepped down from his position. Norman Reedan, the chief legal officer, will temporarily assume the role of CEO. Binance.US explained that these actions were taken to secure the exchange's financial stability for the foreseeable future. The move comes amidst ongoing regulatory actions against the firm, including lawsuits from the SEC alleging illegal operations and mishandling of customer funds, as well as violations of commodities laws.
Published At
9/13/2023 6:08:39 PM
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