Cryptocurrency News
Read the top cryptocurrency news from CoinChapter.com on Google News, carefully curated by CoinChapter.com.
Court strikes down SEC rule
A federal appeals court has invalidated an SEC rule that would have forced hedge funds and venture capital firms to be more transparent about their fees, expenses and performance. In a June 5 ruling, a three-judge panel of the Fifth Circuit Court of Appeals struck down the 656-page rule.
The move was a victory for six industry groups that had challenged the rule. Judge Kurt Engelhard rejected the SEC’s claim that Dodd-Frank expanded the agency’s authority to regulate private funds.
The rescinded rules would have required quarterly investor reporting, annual audits and an end to preferential treatment for certain investors. The SEC has maintained that the measures are necessary to increase transparency and protect investors. However, critics in the cryptocurrency industry and elsewhere have questioned whether the SEC is overstepping its authority.
Other Crypto News of the Day: Most Celebrity Crypto Tokens Drop More Than 66%
Most of the recent celebrity-backed cryptocurrencies have experienced a massive sell-off a few weeks after their launch. One notable exception is the token launched by rapper Iggy Azalela, which broke the trend and hit a new all-time high.
The plunge began when media personality Caitlyn Jenner launched the "JENNER" token on May 28. The token initially created a market cap of over $30 million. However, despite Jenner confirming the authenticity of the token, JENNER has since plummeted 79% from a peak price of $0.0061.
Other celebrity crypto tokens facing a similar fate include Nigerian singer Davido’s “DAVIDO” (down 66%), rapper Rich the Kid’s “RICH” (down more than 90%), and tokens associated with Floyd Mayweather, Moneybagg Yo, and Trippie Red, which have seen more than 90% of their value evaporate.
The lone bright spot was Iggy Azalela’s “MOTHER,” which surged to a market cap of $134 million on June 6. The token hit a new all-time high price of $0.1272 in the process.
McDonald's launches Metaverse experience in Singapore
McDonald’s has launched a first-of-its-kind virtual experience in Singapore called “My Happy Place.” In partnership with local metaverse developer Bandwagon Labs, the project allows customers to build virtual burgers, play games, and win prizes like free McDonald’s food.
According to Bandwagon Labs founder Chen Juncheng, secure authentication enabled by crypto wallets such as MetaMask unlocks “token-gate” activities and digital collectibles within the virtual space.
The initial McDonald’s Metaverse rollout is limited to Singapore for a month, from June 6 to July 7. The fast food giant will be closely monitoring its success as a potential springboard for a wider deployment.
Crypto News: Forcount 'Ponzi' Promoter Pleads Guilty in $8.4M Fraud
One of the leading promoters of the alleged $8.4 million Forcount cryptocurrency “Ponzi” scheme has pleaded guilty to federal wire fraud conspiracy charges. Juan Takuri admitted his role in defrauding mostly Spanish-speaking victims around the world. He operated a fake cryptocurrency investment scheme that promised to double funds with bogus crypto trading and mining activities.
Tacuri now faces up to 20 years in prison. Authorities seized nearly $4 million and real estate he earned from his illegal profits. Prosecutors said he spent millions on "luxury goods" as he toured and promoted the scam.
Crypto advocacy group surpasses 1 million members
Crypto advocacy group Stand With Crypto announced that it has surpassed 1 million members as of this week. The group, which is backed by major crypto exchange Coinbase, has become a powerful political voice. The group rates politicians based on their crypto stances, organizes grassroots events, and recently formed a PAC to directly support candidates.
Follow CoinChapter for the latest cryptocurrency news and insights.