PRESS RELEASE. The premier blockchain platform, B2BinPay, has been significantly upgraded. The newest version now includes TRX staking and supports a wider range of blockchains, providing clients with increased flexibility and efficiency. The following sections explore how these enhancements improve the user experience with B2BinPay. TRX Staking – Earn Rewards as Transactions are Made A […]
Bitcoin News
Bitcoin.com Announces Integration of VERSE Token With BitPay for Expanded Payment Options
Bitcoin.com, a leading figure in the world of cryptocurrency and blockchain technology, is thrilled to announce a significant enhancement to the utility of its ecosystem token, VERSE. In a groundbreaking collaboration, VERSE has now been integrated with BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services. This integration heralds a new era of […]
Bitcoin News
Coinbase CLO Warns Pokémon Might Be Key in Rejecting SEC’s Expanded Security Definition
Paul Grewal, CLO of Coinbase, believes collectibles, like Pokémon cards, might be essential in rejecting the expanded definition of what the U.S. Securities and Exchange Commission (SEC) claims to be a security. To Grewal, these cards are also part of an ecosystem fueling their value, an element the SEC considers part of what makes some tokens securities.
Coinbase CLO Argues Pokémon Collectibles Might Throw Down SEC’s Case
Coinbase CLO Paul Grewal commented about how playing card games like Pokémon, the Nintendo franchise, might dent the logic that the U.S. Securities and Exchange Commission (SEC) presented during the first hearing in its case against the exchange.
In June, Coinbase was charged by the SEC under allegations of operating as an unregistered broker and infringing upon various securities laws.
During this first encounter, one of the core discussions involved the definition of security, which differed for each party. While Coinbase argues that none of the tokens involved in the case (ICP, AXS, CHZ, FLOW, DASH, VGX, FIL, NEXO, NEAR, ADA, SAND, SOL, and MATIC) are securities due to the lack of a signed contract between seller and buyers in secondary markets, the SEC introduced a new element, citing the existence of an ecosystem behind these tokens as a part of its expanded understanding in the issue.
Nonetheless, Grewal argues that not only tokens can have an ecosystem behind them to back them. In a post on X, Grewal stated:
To say Pokémon cards do not provide access to an ecosystem is to say you never played Pokémon. This argument to avoid sweeping them in as securities but still tag tokens is, well, absurd.
During the first hearing, Judge Katherine Polk Failla also showed some contempt for this expanded definition promoted by the SEC, stating that broadening it would risk including even collectibles as securities.
Grewal quoted an article titled “Into the Not-So-Wild World of Pokémon,” describing how Pokémon and its trading card game outgrew their intended target, becoming an ecosystem. The article explained:
In each new game, Pokémon iterates on the ecosystem it invented before, making it more user-friendly and including new features that appeal to players.
What do you think about Pokémon trading cards? Do you think these might be classified as securities under the SEC’s broad definitions? Tell us in the comments section below.
Official Hints China Could Pit Expanded BRICS Against G7
China may be in the process of building an expanded BRICS to pit the bloc as a geopolitical rival for the Group of Seven (G7) nations, as per statements from a Chinese official. In its upcoming summit that will take place in Johannesburg, the bloc will discuss the conditions of adding nations like Saudi Arabia and UAE to its lineup of members.
China Could Leverage Expanded BRICS to Fight G7 Influence
China could be interested in extending the number of countries in the BRICS bloc, integrated by Brazil, Russia, India, China, and South Africa, to grow its influence and pit the new group as a geopolitical adversary of the Group of the Seven (G7). Several countries have already applied to be an official part of the bloc, which will discuss new admissions for the first time after including South Africa in 2010.
An unidentified Chinese official quoted by Financial Times stated:
If we expand BRICS to account for a similar portion of world GDP as the G7, then our collective voice in the world will grow stronger.
Economic powerhouses like Saudi Arabia and UAE have been in conversation with BRICS to be part of, or to streamline, trade relationships with countries of the bloc. Countries with high GDPs joining the group would bring the reported Chinese intentions closer to the goal. Other countries that have expressed clear anti-U.S. sentiment, like Iran and Venezuela, are also applying to be part of the group.
Opposition to China
Last week, several experts acknowledged the strength of the BRICS bloc. Anthony Rowley, a South China Morning Post journalist, declared that “no one can dismiss lightheartedly now their challenge to the established economic order.” Hung Tran, a non-resident senior fellow at the Atlantic Council think tank, also explained that BRICS could “evolve to become a counterpart to the Group of Seven (G7) in world affairs, resulting in a profound impact on international relations,” predicting China’s intentions.
However, China’s ambition is likely to find an opposing force in India, as the latter is more inclined to position the group as a non-aligned club for the economic interests of developing countries, according to people briefed on the positions of both countries.
South Africa is likely to also oppose China’s intentions. South Africa’s Foreign Minister Naledi Pandor declared on August 7 that South Africa didn’t see the BRICS bloc as “being pro-Russia or anti-Western.” Furthermore, Pandor stated that he thought classifying the group like that would be “extremely wrong.”
What do you think about China’s objectives and the BRICS bloc expansion? Tell us in the comments section below.
Qtum Forges Ahead with Development of Its x86 Virtual Machine and Expanded Network
Qtum is on the move with the announcement of a partnership with Baofeng to begin running 50,000 full Qtum nodes and an upcoming x86 VM to support multiple languages for smart contracts.Qtum is a hybrid of Bitcoin and Ethereum that is based on proof-of-stake consensus instead of proof of work, and is compatible with existing Ethereum contracts as well as Bitcoin gateways. Supporting the Ethereum Virtual Machine EVM wasnt enough for Qtum co-founder Jordan Earls, who has been working on an x86 V
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7