Crypto Flipsider News – August 4th – Ethereum’s London Hard Fork, SEC, Cardano, Tencent NFT Platfrom, Google By DailyCoin
Crypto Flipsider News – August 4th – Ethereum’s London Hard Fork, SEC, Cardano, Tencent NFT Platfrom, Google
- Ethereum’s London hard fork is approaching!
- SEC Chairperson Gensler: Most cryptos violate the securities law, regulation could increase adoption.
- updates: Japan, cFund, Celsius Network.
- China’s Tencent to launch an NFT art platform.
- Google (NASDAQ:) allows ads for regulated crypto market entities.
Ethereum’s London Hard Fork Is Approaching!
The long awaited ETH network update is set to be launched today between 13:00 UTC and 17:00 UTC, and should happen at block 12,965,000. The London upgrade is one of the biggest steps towards 2.0, which intends to switch the network from proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism.
The London Hard Fork includes two major upgrades, namely limiting the amount of supply that creates pricing pressure, as well as lowering the ridiculously high gas fees!
- The wait for Ethereum 2.0 has become similar to the anticipation of the messiah’s arrival. Some people overestimate its influence. Yes, it’s a big update. However, will it tackle the core issues the industry faces and speed up the mass adoption of ETH and crypto in general?
SEC Chairperson Gensler: Most Cryptos Violate The Securities Law, Regulation Could Increase Adoption
Chairperson of the SEC, Gary Gensler, has expressed that crypto space lacks investor protection. In his speech at the Aspen Security Forum he compared it to the Wild West. The regulator said that a number of tokens are offered and sold as unregistered securities that do not comply with the US securities law, and therefore operate without regulatory oversight.
“This leaves prices open to manipulation. This leaves investors vulnerable.”
He further urged the SEC to continue investor protection, viewing crypto trading, lending, and DeFi platforms as a priority for legislation.
- Unregulated markets mean a lack of stability, and thus, a lack of investments, because who wants to risk their funds? The SEC is implementing a core mission – to protect investors and ensure financial stability, which is also a prioritized topic of national security.
Cardano Updates: Japan, cFund, and Celsius Network
- Cardano will finally be listed in Japan. Japanese crypto exchange Bitpoint has become the first in Japan to include ADA, the fifth-largest digital asset.
- CFund, Cardano’s innovation fund, has invested $500K into Blockswap’s DeFi app. Following this, the application will have ADA integrated into the platform. The app is called Open Saver, and allows users to bet on green crypto.
- The Celsius Network announced that they will integrate ADA into their system on August 19th. The platform is intended for borrowing collateral and yield returns. Moreover, the platform offers a yield rate of 4.05% for ADA exclusively.
- Finally, we get several news stories from Cardano at once. Has the company switched from its baby steps approach to a “capture that market” strategy?
China’s Tencent to Launch an NFT Art Platform
China’s tech giant Tencent has plans to release a platform that enables artists to issue and sell their NFT art, music, videos, photos and more. It has already launched 3,000 NFTs as self promotion.
The NFT market has seen incredible growth so far in 2021. The largest NFT marketplace, OpenSea, recently surpassed $1 billion in market volume.
- Is this irony, or hypocrisy? That is the question. Interest in NFTs peaked in China right after the country cracked down on the cryptocurrency industry. The communist government has been as silent as a mouse, though that’s probably because it’s a little bit preoccupied with censoring video games to be “good, clean and secure.”
Google Permits Ads for Regulated Entities in the Crypto Market
Google’s new financial products and services policy came into effect this week. Regulated crypto market entities, namely crypto exchanges and wallets, are now allowed to advertise on the engine’s services. On the other hand, ICOs, DeFi trading promotions, and celebrity endorsements all remain banned.
Google initially banned crypto and ICO ads back in 2018. The step was taken in an effort to stop crypto scammers and shillers. Google ads generated $147 billion in revenue last year.
- Marketing is a powerful weapon, so it has to be used with caution. Just remember the case of Robinhood (NASDAQ:), whose misleading statements led to the suicide of inexperienced trader.
- Regardless of these new decisions from Google, those who want to promote themselves will always find a way.
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