Welcome to our platform! Do you ever wonder what’s happening in the world of Web3 while you’re busy at work? Don’t worry, we’ve got you covered with a Genfinity News Recap. Let us keep you in the loop on a few things you may have missed on February 6, 2024!
February 6, 2024 Genfinity News Recap
The Solana Network
The Solana network went out for about 5 hours today, and Solana released a statement on their incident page. The most recent statement noted: “Block production on Solana mainnet beta resumed at 14:57 UTC, following a successful upgrade to v1.17.20 and a restart of the cluster by validator operators. Engineers will continue to monitor performance as network operations are restored.”
Another publication noted that this has been their 11th outage in 2 years time.
It seems that this particular outage was not due to a failure in the blockchain, but instead due to an upgrade.
Non-decentralized De-Fi Awaits Us?
Coindesk reported today that the Securities and Exchange Commission (SEC) passed a final rule that has sparked concern among DeFi stakeholders, potentially mandating projects to register as dealers. The SEC expanded its definition of a dealer to encompass a broader range of financial activities, including those involving crypto securities, as indicated in an earlier proposal footnote.
The SEC clarified that the final rules apply to all types of securities, including crypto asset securities, based on the trading activities undertaken by individuals rather than the specific security type.
“Crypto Mom” Hester Pierce opposed the rule, stating: “In addition to these fundamental flaws, the new rule comes with other problems, including serious implementation challenges. The rule is ambiguous in scope, which almost certainly will bring in firms the Commission has given no thought to including.”
She went on to state, “These firms will incur significant costs in registering as dealers or changing their businesses so they do not have to register. The implementation period is too short, particularly given the involvement of both FINRA and SIPC. The likely interactions with other rules are unpredictable. And, not surprisingly, the rule reflects little thought regarding its practical application in the crypto markets.”
In case you missed it yesterday
Yesterday UToday reported that Magistrate Judge Sarah Netburn granted a motion in the SEC’s favor that requires Ripple to produce their financial statements for 2022-2023. The ruling also requested that Ripple provide post-complaint contracts and also a response to an interrogatory surrounding their institutional sales proceeds. These are XRP sales occurring after the complaint was filed.
The government report states: “On July 13, 2023, the Court resolved the parties’ cross motions for summary judgment. ECF No. 874. As relevant here, the Court determined that Ripple engaged in the unlawful offer and sale of securities in violation of Section 5 of the Securities Act of 19336 when it made Institutional Sales of XRP to Institutional Buyers. The parties have since agreed that certain ‘remedies-related discovery’ is appropriate. In setting deadlines for such discovery, the SEC expressed its intent to seek post-complaint discovery, which it believes is relevant to its claims for injunctive and monetary remedies, and Ripple reserved it right to oppose such discovery. ECF No. 923.”The Court has set a Feb 12, 2024 deadline to complete such discovery.” You can read the official report on the gov.uscourts website.
Yesterday The Block reported that crypto asset managers like BlockRock, Fidelity, Grayscale, and more, are returning to a state of inflows, per CoinShare’s latest data. Last week saw the second-largest amount of inflows since the Bitcoin ETFs were launched on January 11. Bitcoin investment assets saw $703 million of inflows just in the last week. Overall, the nine US spot Bitcoin ETFs have averaged almost $2 billion worth of inflows in around 4 weeks.
We hope you enjoyed our February 6, 2024 Genfinity news recap! Come back tomorrow for another summary, and please leave your comments below.
