Author: Angela Wang

AS Roma has made history and set a precedent for sports teams by becoming the first professional football team to accept crypto payments! The Italian club is taking payments in DigitalBits (XDB) across five of its flagship retail stores, giving fans the ability to purchase AS Roma merchandise quickly and easily.

Through the use of the AstraX mobile wallet, customers will be able to pay by scanning a QR code that instantly processes the payments. The DigitalBits blockchain and Coinbar pay processing will provide additional support for these transactions.

This is a major milestone not just for AS Roma and DigitalBits, but for crypto adoption as a whole. Many businesses have attempted to enable crypto payments by providing solutions to convert one’s crypto into fiat at the point of sale, but these solutions require centralized custody of consumer’s crypto, thus defeating much of the purpose of blockchain’s peer-to-peer technology.

“This is a big step for the DigitalBits community as we look to drive the adoption of crypto and Web3,” said Daniele Mensi, Managing Director at DigitalBits Foundation. “As one of the premier football clubs in the world with millions of fans worldwide, it is the perfect next step in this product-focused partnership to provide a consumer-friendly onboarding experience to the next generation of web3 users.”

AS Roma’s onboarding of crypto isn’t the only one in the world of sports. Its rival, FC Barcelona, recently inked an agreement with the WhiteBIT cryptocurrency platform in order to raise awareness about cryptocurrencies and offer a variety of activities to bring together crypto participants and soccer fans. FC Barcelona has previously collaborated with the Chilliz project and NFT marketplace Ownix, and recently, Paris Saint-Germain Football Club and New York Giants partnered with Crypto.com to introduce digital collectibles to sports fans.

Leading cryptocurrency trading venues, including Binance, Crypto.com, and Bitget, have also collaborated with famous soccer clubs or players over the past few years. Binance serves as the main jersey partner of the Italian Lazio and the main global sponsor of Argentina’s national team, while Crypto.com was the official sponsor of the FIFA World Cup Qatar 2022. Bitget, on the other hand, is the sleeve partner of Juventus and has partnered with Lionel Messi to allow fans to explore Web3 and the potential of crypto trading on the platform.

AS Roma’s decision to implement crypto payments is a remarkable step forward for the whole sports industry! The organization has not just set a precedent for other teams to follow, but has also shown that crypto transactions are becoming a practical and convenient way to purchase sports merchandise, bringing a better and safer user experience.

Whether this move could be an inflection point for the mass adoption of cryptocurrencies, only time will tell. What is sure, however, is that AS Roma and other top sports teams are paving the way in making digital assets more accessible to the general public. Indeed, the future of sports and cryptocurrency are intersecting like never before!

As a consequential week of economic updates looms in China, the cryptocurrency market braces for a potential price surge of Bitcoin (BTC) and Ether (ETH). After rallying to $23,000 on Monday, BTC retreated slightly while ETH remained above the $1,600 mark. Markets are now waiting to see if the rally will continue. China’s hectic economic week could kickstart Bitcoin’s profit to go up.

Data releases from China might be the tipping point that drives Bitcoin out of its slump, where it has been trading in a tight range for the past few weeks. On Tuesday, economic figures for China’s balance of trade are expected to jump from $78 billion to $100 billion. Year-over-year export and import figures are also anticipated to improve.

In the US, the Federal Reserve have voiced concerns over the risks of crypto assets on banking organizations due to potential money laundering. But on-chain indicators show that the 70% of unique bitcoin addresses have a cost basis that is lower than the current price. This is a potential sign of BTC being oversold, at a potential bottom of the market.

The equity market has been looking a bit rosier with NVidia’s enthusiasm about their AI-focused chatbot lifting the Nasdaq. On the other hand, Ethereum-focused projects such as Web3 group chat protocol and NFT metaverse games are facing funding challenges. These are just a few of the events that are shaping the cryptocurrency market as the week progresses and the Chinese economic data comes in.

The supply of ETH has been dropping, signaling a potential investment for investors bullish on ETH. As the crypto market waits for the rally to continue, the crypto market sentiment is cautiously optimistic with Bitcoin showing resilience to Federal Reserve dialogue and high inflation. Technical analysis suggest BTC is capable of breaking the 25K mark, and with funding rates remaining positive for 10 days, it could be the sign investors have been looking for to capitalize on the potentially price surge of Bitcoin and Ether.

With all eyes on cryptocurrency, the next few days could be just what the market needs to kickstart Bitcoin’s profit boom. Will the data that comes out of China be enough to rally the slumping market? One thing is for sure, investors are paying close attention to the developments as the week progresses.
Rallying Out of Slump? China’s Hectic Economic Week Could Kickstart Bitcoin’s Profit Boom!
As the cryptocurrency market braces itself for an intense week of economic updates in China, investors are speculating if the data will be enough to drive Bitcoin (BTC) and Ether (ETH) out of their slump. With the US Federal Reserve’s dialogue about monetary policy, BTC has remained resilient. At the same time, on-chain indicators show that 70% of Bitcoin’s unique addresses have a cost basis that is lower than the current price, signifying a potential bottom of the market.

Analysts are expecting a jump in economic figures for China’s balance of trade from $78 billion to $100 billion on Tuesday. Year-over-year export and import data is also anticipated to improve. These data releases might just be the tipping point needed to fuel the rally.

The previously bearish market is shifting to cautiously optimistic with Bitcoin showing potential to break the 25K mark. Funding rates have also remained positive for 10 days, signifying bullish investor sentiment. Equity indexes have increased with NVidia’s enthusiasm about their AI-focused chatbot lifting the Nasdaq.

However, Ethereum-focused projects such as Web3 group chat protocol and NFT metaverse game have faced difficulties in funding. Despite this, the supply of Ether has been dropping, signaling a potential investment opportunity for investors bullish on ETH.

The highly consequential week of data releases from China might be what the market needs to kickstart Bitcoin’s profit boom. Investors will be intently scouring through the economic figures as the week progresses, hoping for that bullish sign to propel their investments into the green. Will Bitcoin and Ether be able to rally out of the slump? One thing is for sure, the next few days are sure to be decisive for the cryptocurrency market.

Web3 lifestyle platform Stepn has come a long way since its launch in December 2021, and is now looking to the future. Stepn combines the power of blockchain technology with a play-to-earn gaming experience, augmented reality, and its token economics that revolve around a vested unlock model.
Now, the crypto project is set to launch an array of new features that include an achievement and badge system. In a recent statement, Stepn’s COO Shiti Manghani shared her enthusiasm with Decrypt: “if GMT is at the center of the solar system, we want to add value and capture value back to GMT through all of our products.” These products include “apps on the demand side that onboard consumers from Web2 to Web3” as well as providing users with the liquidity for NFT swaps or the tools to launch their own projects.

At the heart of Stepn is its Green Metaverse Token (GMT), its native token, which is used in its play-to-earn model. The platform rewards users with Green Satoshi Tokens (GST) for participating in physical exercise. The tokens can be purchased after the participants select from several types of NFT sneakers. (https://teamtapper.com)

Unfortunately, Stepn has encountered a few roadblocks since its launch. For example, the app was blocked in Mainland China, making it unusable for users in the region, and also saw a series of Distributed Denial of Service (DDoS) attacks in June 2022. Because of these setbacks, the company’s popularity saw a dip from its peak of 700,000 monthly active users in May 2022, to 45,000 in December.

In addition, Stepn has increased its circulating supply of GMT tokens by 16.5 million tokens, and will continue to unlock the tokens on a daily basis until the end of April. Despite these unlocking mechanisms, GMT prices have continued to dip down 90% from its all-time high in April 2022 to its current value of $0.397 as of writing.

Despite the recent challenges, Stepn’s move-to-earn model is still gaining traction. The tokenomics revolve around a vested unlock model with 6 billion tokens allocated between the treasury, the team, and the move-to-earn program. Airdrops of the rarest NFT sneaker yet, the Genesis Sneaker on February 19th increased user engagement and potential demand for the token.

It’s unclear how successful Stepn’s achievements and badge system will be, but the project looks to be in it for the long run. The technical analysis of the price movement suggests that the GMT token could break out of its short-term channel soon, with a fall to the $0.31 support area or a breakout to the $0.59 resistance area.

For now, the crypto world is anxiously waiting to see what the future holds for Stepn in terms of price movement and new features!

BeInCrypto’s latest crypto market analysis is right here, so make sure to check it out!

In the face of recent ethical misconduct in the crypto sector, it is crucial to foster a culture of increased transparency and accountability. 2022 saw a range of debacles, from Ponzi schemes to rug pulls and shady centralized exchange activities, cast a spotlight on the need for clear safety nets to protect investors. Media plays a fundamental role in this process, as well as providing un-biased, factual news reporting that can help build trust and rid the industry of its negative reputation.

On a recent episode of The Agenda, Cointelegraph’s podcast, hosts Ray Salmond and Jonathan DeYoung conducted an in-depth interview with long-time crypto media veteran, Molly Jane Zuckerman. Zuckerman put the emphasis on transparency, noting that the first step to remedying the industry’s ethical predicament is creating a standards and guidelines handbook with the Association of Cryptocurrency Journalists and Researchers (ACJR). This would help ensure that both journalists and media outlets report on the news in an honest, trustworthy manner.

When prompted on whose responsibility it is to bring ethics and morality to the crypto world — those in the industry, or journalists — Zuckerman maintained a balanced approach. While she acknowledged that the influence of profit-driven companies should not be ignored, she asserted that journalists must also abide by a code of integrity, and that what should be avoided is “the temptation to take shortcuts and hype up news and stories for clicks.”

The heart of the matter, according to Zuckerman, should be to focus not on pushing crypto into the mainstream, but rather on educating the public on crypto and its uses. She believes that this knowledge can enable the blockchain community to develop into a more informed and judicious investor base.

As the crypto landscape develops, ethical and moral considerations are a key factor in achieving long-term success. It is only through greater transparency that the industry can re-earn public trust, while giving industry players the chance to do their due-diligence and make informed decisions.

It is encouraging to see that the ACJR has taken the matter of ethical guidelines into its own hands. If more organizations within the industry, be it exchanges, DApps, projects and so on, come on board to actively promote transparent practices and uphold a certain standard, we can begin to create a truly ethical, vibrant and safe cryptocurrency ecosystem.

Navigating a Dark Room: Exploring the Ethical Challenges Facing the Crypto Sector in 2022 and Beyond

The collapse of crypto markets in 2022 was attributed not to a technological failure, but to unethical actions, making it painfully clear that stronger standards need to be put in place to protect the industry. With the media responsible for investigating and uncovering any potential wrongdoing, crypto must prioritize transparency in order to earn the trust of the populous and rid itself of its negative public perception.

On a recent episode of The Agenda, Cointelegraph’s podcast, hosts Ray Salmond and Jonathan DeYoung sat down with crypto media vet Molly Jane Zuckerman to discuss ethics in the industry. Zuckerman proposed a standards handbook with the Association of Cryptocurrency Journalists and Researchers (ACJR) to ensure that both journalists and media outlets report on the news in an honest way. She noted that the onus of ethics does fall on industry players and journalists alike, but that what must be avoided is “the temptation to take shortcuts and hype up news and stories for clicks.”

The purpose of crypto media should be to educate readers, rather than push for mass adoption. To this end, the ACJR has created a system to help journalists adhere to a code of conduct, while other organizations in the industry can join together to help ensure transparency across the board. All of these ethical considerations must be kept in mind if the industry is to continue to build trust and inspire confidence in the wider public.

Ultimately, cryptocurrencies offer tremendous potential if managed safely and responsibly. The industry needs clear safety nets and greater transparency if it is to realize this potential and create a truly ethical and vibrant ecosystem. Doing so will no doubt take great effort, but it is a necessary step towards moving forward in 2022 and beyond. (www.manafort.com)

It’s no surprise that decentralized finance (DeFi) is becoming increasingly popular as blockchain technology provides users with the potential for a faster, more secure and inclusive world. Automated market makers, derivatives, liquidity pools and flash loans are just some of the tools used to make DeFi more accessible. But some people are raising the alarm bells regarding DeFi whales and their potential influence on crypto projects.

Recent findings by DeFi researcher Thor Hartvigsen have revealed the extent to which whales could control some of the top crypto projects. This includes projects such as Lido, GMX and Curve. Thor’s findings revealed that some of these DeFi giants held significant amounts of tokens, with some prominent venture capital firms controlling up to 10% of the LDO supply. Furthermore, these tokens are locked for vesting for the next couple of years, meaning that these whale accounts can easily hold an influencer vote when necessary.

The current crypto landscape reflects that many of the key projects are venture capital-backed. This means that these firms can easily hold large bags of tokens, increasing the amount of control that they have over the project. Projects like Uniswap, which recently voted against a proposal due to the influence of venture firm Andreessen Horowitz, highlight this risk.

The main issue is that these “decentralized” projects are not as decentralized as they claim to be. These whales can use their large amounts of tokens to influence governance voting, as well as to liquidate their stashes at a whim which could affect the prices dramatically. The small retail holders are often the ones who suffer when this happens.

Therefore, it is essential that potential users and investors of these projects do their research and are aware of the associated rewards and risks. Aggregation solutions are making DeFi more accessible, particularly to those who want to pursue strategic alternatives which could provide real yields. Ultimately, the battle for decentralization rages on, as users and investors should always be careful to ensure that the DeFi whale’s influence is limited.

The blockchain gaming market is heating up. It’s estimated that the sector will be worth over $5 billion USD by 2024 and that the number of blockchain gamers worldwide will exceed five million by the end of the year. These numbers are the result of Web3 gaming projects that have seen exceptional growth in the past year. Companies like Ubisoft, Square Enix, and GSC Game World have all embraced NFTs and the benefits of the blockchain, leading to more players and profits than ever before.

However, one of the biggest challenges that Web3 games face is the lack of adoption from gamers. Even as game developers pour time and money into creating NFT-based experiences, many prominent gaming fans have criticized early NFT games due to shallow gameplay, scams, and falling asset prices. Players don’t feel like they are getting value for their money, and they are turned off by the idea of having to use wallets, pay fees, and understand complex terms such as “digital collectibles”.

Ryan Wyatt, President at Polygon Labs, believes that in a few years these issues will be resolved. He highlights the fact that gamers are the most tech-savvy group and will eventually understand the value of digital ownership, NFTs, and Web3 technology. To Wyatt, success would be a world where Call of Duty: Warzone can feature blockchain assets, where users can buy and trade NFT guns and cosmetics, and where artists can create and sell supported items.

As developers continue to create stronger Web3 games and make more accessible onboarding experiences for gamers, there is a chance that the blockchain gaming industry could reach mass adoption. This would be an incredible feat, as these games provide enhanced security for players, more control over game assets, and an opportunity to monetize content. However, there are still a host of obstacles that must be overcome before we can unlock the full potential of Web3 gaming and make it accessible to everyone.

It’s clear that the blockchain gaming industry is still in its infancy and there’s still a long way to go before we see the full power of blockchain technology. To reap the benefits of Web3 games, developers must be willing to create compelling games that put the gamer experience first. At the same time, gamers must also be willing to put their trust in blockchain technology and make the leap to a new form of gaming. Can Web3 games ignite mass adoption or will gaming greatness get lost in the Web3 hype? Only time will tell.

The world of Non-Fungible Tokens (NFTs) is always advancing and there is always something new and exciting to be discovered. This week it’s Yuga Labs, the $4 billion company responsible for popular NFT collection Bored Ape Yacht Club (BAYC), having announced the upcoming launch of a Bitcoin-based NFT project called TwelveFold.

TwelveFold will consist of 300 limited-edition generative art pieces each inscribed to the Bitcoin blockchain. Internally referred to as “base 12 art system localized around a 12×12 grid,” the project is an ingenious combination of 3D graphics and hand-drawn features that demonstrates the relationship between time, mathematics, and variability.

While the entries for TwelveFold may come as a surprise to some – given that all other projects of Yuga Labs have been based on the Ethereum blockchain – the rationale for the collection’s launch is firmly rooted in the recent success of Ordinals. Issued on the Ethereum-layer 2 scaling network Polygon, Ordinals have proven to be immensely popular on the blockchain, so much so that the NFT collective Vocabulary even hosted a YouTube series in their honour.

Those interested in TwelveFold will be provided with a guide to acquiring the tokens, which will involve running a self-custodial Bitcoin wallet and submitting a bid through the network. It’s unclear what benefits, if any, TwelveFold holders will reap during the acquisition process, however Yuga Labs did state that their “royalties will be paid in full”.

The level of interest in NFTs from the public in general appears to have cooled off in recent months according to Google Trend data. The keyword “NFTs” between Feb. 19 and Feb. 25 scored a mere seven out of 100, which hasn’t been seen since early-to-mid January 2021.

But contrary to this apparent lack of interest, February’s NFT trading volume has skyrocketed, with a whopping $997.14 million worth of global sales. Moreover, a man who won the Golden Key NFT for posting the highest score on the BAYC-affiliated Dookey Dash game has sold the token for 1,000 Ether (ETH), or roughly $1.63 million, which further adds to the success stories of the NFT market.

The NFT mania shows no sign of slowing down, and its presence can be seen all over the world, from Japan to South Korea. In particular, Japanese tech companies have agreed to forward the creation of the “Japan Metaverse Economic Zone”, with an emphasis on building a open metaverse infrastructure called “Ryugukoku”.

Furthermore, the NFT platform Metajuice has surveyed its users on which reasons play a part in the acquisition of NFTs, with nearly three out of four respondents stating that their motivation for collecting is status, uniqueness and aesthetics, whereas the remaining 13% are interested in reselling them in the future.

NFTs have evidently become a significant source of income for many as well as a vibrant world of art, fascination and entertainment. With Yuga Labs having taken a first-time leap into Bitcoin NFTs by introducing TwelveFold, it will be interesting to see how the product is received and if the hype surrounding NFTs is here to stay.

The art of the con is as old as the world itself, with tricks and games pre-dating recorded history. However, the emergence of cryptographic currency – combined with its relatively young, barely regulated industry – has enabled the rise of a new kind of scam artist: the ‘rip-deal gangs’.

The fraudsters behind these scams first use a highly sophisticated ruse that has become known as the ‘crypto long con’. After spending weeks or months courting blockchain-project executives, they weave elaborate and impressive-sounding tales of investments and promise large amounts of money. When their victims agree to meet in person, the scammers keep them off balance with clever misdirection and deceptive tactics. In a few cases, they’ve even gone so far as to tamp down victims’ suspicions by presenting an electronic version of a non-disclosure agreement.

Once they’ve gained the trust of their victims, they direct the victims to set up wallets that allow them access to the victim’s newfound stash. But when the funds are sent over, the scammers are somehow able to drain the wallets – whether through nefarious means, private key exploitation or security flaws.

One of the most famous victims so far is Ahad Shams of Webaverse, who was scammed out of $4 million earlier this month after meeting a fraudster in person in Rome.

The details of his case are strikingly similar to those described in a German police officer’s report on the rise of rip-deal gangs, who often operate across multiple jurisdictions to make tracing their movements incredibly difficult.

Other victims have taken to a Telegram group to share information, while some of the so-called victims in the group have been quickly suspected of fraud themselves.

These rip-deal gangs are just one example of the fraudsters exploiting the relative anonymity and lack of regulation that comes with crypto trading. Others have been seen in Europe, including Austria, Italy and Germany, while victims of similar scams in the U.S. lost a whopping $185 million in romance scams in 2021.

Even more troubling is the name that seems to crop up in many of these victims’ accounts: Joseph Safra. Although it’s unclear who this individual is or whether he’s actually connected to the scammers at all, his mysterious presence haunts many of the victims’ recollections.

On a personal level, these scams are an absolute tragedy for their victims, leaving them feeling drained, robbed and unable to trust other people. But on a broader level, these scams leave a far more insidious legacy on the crypto industry.

Whether they realize it or not, these scam artists have subtly undermined public trust in the nascent cryptocurrency markets and reinforced bad stereotypes. As more and more money flows into the crypto industry, so too must a corresponding increase in trust – both in terms of individual users and the industry as a whole. (https://cityoflightpublishing.com/)

Until then, it will be up to law enforcement to catch – and hopefully prosecute – those behind this new breed of con artist. Until authorities can confidently stop those behind the billion-dollar blockchain ‘rip-deal gangs’, their masterful scams may continue to enslave more innocent victims.

With the rise of non-fungible tokens (NFTs), the crypto space is becoming increasingly creative with these digital assets and looking for ways to make them even more functional. As part of this innovation, the concept of “NFTFI” has emerged — the application of traditional DeFi technology to NFTs — to make these tokens even more capital efficient. This concept has been transforming the way people think of pet rocks and pixel art and has been gaining traction as more platforms emerge to give it life.

At the forefront of this emerging culture is Julian Holguin, CEO of NFTs-focused project Doodles. As he made his way to the NFT Paris event in 2021, Holguin had some interesting thoughts to share about the space — particularly for optimists who once used the acronym WAGMI (or “we’re all going to make it”) as a mantra on Twitter.

The space had certainly experienced a major fall from its highs in 2021, with multiple projects failing and the headwinds of the bear market proving to be challenging for many. As a result, Holguin observed deeper connections forming in the communities surrounding NFT projects as a sign of resilience.

Holguin also saw hope in the rise of NFT-focused events like NFT Paris, which has provided a beacon of positivity to the space. Events like these provide a much-needed chance to step away from the doom-scrolling and echo chambers of the crypto winter, while offering attendees a chance to connect with others in person.

For Holguin himself, this has been a breath of fresh air after coming off a two-year stint as president of Billboard. His focus now has shifted to shipping product and not talking so much about it — letting the products, like “money legos,” do the talking instead.

Just like with traditional DeFi, users are able to utilize lending and borrowing platforms to increase liquidity without having to sell their precious Doodles. And even at the early stages of adoption, this idea has been gaining traction, with over twenty-three million dollars in activity already recorded. On top of that, new decentralized exchanges like SwapStation and NFTX have been created to further develop a liquid market for trading these assets.

Overall, in the midst of the crypto winter, Holguin believes that the NFT community is working hard behind the scenes to build something their communities can proudly be proud of — a sentiment that is bringing life to these pet rocks. With traditional DeFi tech boosting the functionalities of these assets, the rise of in-person events, and a newfound sense of connection within the communities, NFTs are slowly but surely paving their own destiny. So while WAGMI may not be all that officially associated with the space anymore, it is clear that we are all going to make it through this period of development together.

Well-known artist Tom Sachs is taking a unique path in the ever-shifting world of Web3, often known as crypto, blockchain technology and the now popularized Non-Fungible Tokens (NFTs). But, when it comes to the terminology and labels often associated with the technology he is more focused on the function than the form it takes. According to Sachs, “I’m not so interested in those words. I think they’re–in a lot of ways–poisoned.”

Sachs continues to lead on the forefront of the NFT phenomenon through his unique venture, Rocket Factory. It consists of a platform where digital rocket components are bought as NFTs, featuring features of popular brands like Coca-Cola and Budweiser. This artwork has drawn the attention of businesses such as Budweiser who, last year, paid a whopping eight Ethereum for one of Sachs’ pieces. For Tom the project allows the viewers to engage in a conversation about consumerism, a commentary on wanting to “define yourself through the things you consume.”

To bring a physical element to the project, Sachs has also set it up in a way that allows participants to assemble the digital components into a complete rocket piece, which can then be launched and recovered as a matching sculpture. A unique aspect of this project is the ability to contain all the data and additional information about the project, such as videos and metadata, within the NFT.

As the value of the NFTs gain traction and are starting to be incorporated into museum’s collections, Sachs believes it is not only blockchain technology redefining art but also art redefining blockchain technology. Participating in the NFT culture has allowed Sachs to learn from people in the Web3 community and the field of NFTs has”learnt how to navigate through people”. (https://davidsinstruments.com/)

Embracing the notion of an ongoing conversation, Sachs continues to not only advocate for the value of art but also the advancement of technology to create more opportunities. The artist is also excited by the “transparency, boundaries and concrete nature of blockchain”, something he believes cannot be brought through a single person but through the collective nature of the technology.

The story of Tom Sachs revealing an alternative way of looking at the world of Web3 and NFTs serves to remind us that the terminology associated with blockchain is not what matters most, but the function and creativity it brings. Through its increasing opportunity and varied application, it may not long be before companies learn how to use blockchain technology without the negative associations of terms like “crypto” and “NFT”.

U.S. crypto exchanges have found themselves in a tussle with regulators in recent months, as the U.S. Securities and Exchange Commission (SEC) attempts to outlaw crypto from the inside. The Chamber of Digital Commerce, a nonprofit trade association that engages government officials on the use of crypto and blockchain, has responded with a legal filing to the U.S. District Court in Washington, D.C.

It all started with a case brought by the SEC against former Coinbase (COIN) employee Ishan Wahi, accusing him of insider trading. Last year, the U.S. Department of Justice (DOJ) charged Wahi with wire fraud for sharing information with his brother, Nikhil Wahi, and friend Sameer Ramani regarding which tokens would be listed on the exchange’s platform before they went live. The SEC swiftly followed suit with the same insider trading allegations.

Perianne Boring, the founder of the Chamber of Digital Commerce, said that what the SEC is doing is another example of ‘regulating by enforcement’ and does nothing to define “what sort of digital asset transactions it considers to be securities transactions.” According to Boring, nine of the supposedly 25 crypto assets the trio purchased and sold could be defined as securities and this could lead to further legal battles for other crypto companies that list the tokens.

That’s why Boring’s group filed an amicus brief— officially known as a “friend of the court” (amicus) brief— arguing that the SEC’s crackdown is an example of “backdoor rulemaking”. Binance, the largest crypto exchange in the world, and itself in the crosshairs of U.S. regulators, is among one of the contributors to the Chamber’s legal filing.

The filing states: “Under Supreme Court precedent, the agency’s authority to expand its regulatory writ to virtually all transactions touching upon a digital asset is a major question requiring clear Congressional authorization. But the SEC has never been granted such authority, and legislation pending before Congress makes very clear that it likely never will be.”

The filing further argues that the only regulatory guidance provided by the SEC has been in “the form of nonbinding speeches and statements that have been conflicting from administration to administration.”

Additionally, Wahi’s lawyers have since filed a motion to dismiss the SEC’s securities fraud charges, claiming the tokens listed were utility-based and not investment contracts. The Chamber supports this motion, stressing that it takes no sides on insider trading accusations and disagrees that secondary market trades of digital assets are securities transactions.

The Chamber of Digital Commerce isn’t the only organization to oppose the SEC in the Coinbase insider trading case. Earlier this month, the Blockchain Association also filed a similar brief, saying that the SEC has done more to confuse rather than clarify the application of U.S. securities laws.

The SEC case against the Coinbase employees could have serious consequences for the entire crypto industry if a court ruling embraces the agency’s position and endorses its tactics. That’s why it’s essential that organizations like the Chamber of Digital Commerce continue to fight for the crypto industry’s rights and freedoms by providing sound legal backing when needed.