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Katherine Wu, a senior blockchain legal expert and manager of Notation Capital, drew these key points in a 70-page SEC prosecution document against Ripple.
Author: Katherine Wu, Manager of Investment Fund Notation Capital Author: Lu Jiangfei
Katherine Wu, manager of investment fund Notation Capital, is a senior blockchain and cryptocurrency legal expert. Every time the U.S. Securities and Exchange Commission (SEC) strikes heavily on the cryptocurrency industry, the U.S. cryptocurrency investment circle will turn its attention to Katherine Wu and look forward to her comments.
She especially likes to mark the PDF files of SEC prosecution documents with pens of various colors, write down notes and some of her own opinions. These legal documents with her colorful labels spread widely in the U.S. currency circle and became a sight.
In response to the U.S. Securities and Exchange Commission’s prosecution of Ripple, Katherine Wu drew the key points in a 70-page SEC prosecution document and wrote down his own notes and opinions:
You can click on the link to download this document with key points and notes with her.
Before publishing this note, Katherine Wu also shared some preliminary thoughts on the SEC v. Ripple case, as follows:
The U.S. Securities and Exchange Commission (SEC) sued Ripple is different from some other prosecution cases we have seen in the cryptocurrency industry. For example, it is different from the Block.one lawsuit. From the perspective of the prosecution process, Ripple suffered from U.S. Securities. The trading commission’s lawsuit should be more similar to the previous Kik lawsuit, and the same is a bit ugly.
More importantly, I personally think that in terms of Ripple being sued by the US Securities and Exchange Commission, the real crazy thing is that the regulator actually named the founder and chief operating officer in their personal capacity-which means that they have a relationship with the company. All bear joint and several liability. I have never seen anything like this in the cryptocurrency industry (in terms of legal proceedings)… which leads to my next point:
If you have been in the cryptocurrency industry for several years, you may not be too surprised by the US Securities and Exchange Commission’s prosecution of crypto projects, but to an absolute degree, Chris Larson (the founder of Ripple) ) And Brad Garlinghouse (COO of Ripple) did create a market for Ripple (XRP), and did not design a use case for Ripple from the beginning and did not promote token adoption (according to the lawsuit, Ripple has already admitted this), but the two of them rely on Ripple to earn more than 700 million US dollars in cash. All I can say is that Chris Larson and Brad Garlinghouse have been creating this “snake oil” product in all aspects of marketing, promotion, public relations, and other aspects (I don’t often use the term , Really) is indeed… amazing.
Side note: Come to think of it, even institutional investors should be aware that Ripple has some red flags: 20% of the total supply of Ripple is immediately transferred to the executives after the token supply is established, and there is no token distribution/lock Warehouse schedule-this is really crazy to me. Ripple’s gameplay is likely to never be accepted by “traditional” institutions, but I think in the cryptocurrency industry, all of this happened, and it was seen by everyone.
Finally (please note that I am not a lawyer!)-I think the US Securities and Exchange Commission will almost overwhelm this lawsuit. All the preparatory work in this prosecution case has been done very well (to be honest, Ripple owns a lot of its own things!), which may well explain why Ripple’s reaction is so radical. According to the complaint, the fee agreement was actually signed in April 2019. My guess is that the previous negotiations and settlement discussions between Ripple and the US Securities and Exchange Commission failed.
Another very important thing is that the only accusation here is about Ripple selling unregistered securities-this means that there are no criminal charges involved in this case, so the defendant may not go to jail, so this case may not be as dramatic as people think. , This may disappoint many people who eat melon. However, although some people think that Ripple is not guilty or responsible in this case, there are still many people who hope that Ripple will be taught and accepted legal punishment, and I think there are actually many aspects of the whole matter worth discussing/studying, for example, some The details are still very unclear, for example, the discussion about currency/securities classification.
Anyway, I just wrote down some of my impromptu thoughts and really tried to avoid too many personal opinions during the analysis. For the indictment in this case, I also made comments and analysis, hoping that my thoughts will not conflict with the relevant comments and analysis I made before.
Of course, there is another thing that is very important. Prosecuting Ripple does not mean putting an end to this matter. Some facts also need to be on the defendant side (ie Ripple / Chris Larson / Brad Garlinghouse) Consider and choose carefully.
I hope the work I have done will help you review the case of the US Securities and Exchange Commission suing Ripple. As always, I will encourage everyone to understand all the points of view and do some research on your own as much as possible.
The following is the core page of Katherine Wu, selected by Lianwen, who drew key points on more than 70 pages of SEC prosecution documents, and downloaded all the files of her notes.
Source link: www.katherinewu.me
Senior practitioners such as Maizi Wallet Lu Yaoyuan and Cocos CTO Reed Hong shared their experience and views on participating in GameFi in person.
Original title: “Will GameFi become the second half of DeFi? 》
Author: Li Xiaoping
“Next, we will enter GameFi.” Since Andre Cronje, the founder of Yearn.finance, emphasized GameFi in early September, the concept of GameFi has been widely discussed in the community, and new projects and new gameplay are emerging in endlessly.
There are currently two understandings of GameFi. One is GameFi=NFT+DeFi, that is, the introduction of NFT mortgages in DeFi, such as Aavegotchi, Meme, and Whale projects; the other is DeFi gamification, which converts users’ assets into equipment and flows Obtaining rewards for completing tasks by means of sexual mining, such as the ARCx project, and the DEGO project that was popular before National Day. An airdrop event attracted 48,000 people into the Telegram group within 3 days. The blockchain “scratch music” gameplay made many players addicted .
In fact, the idea of GameFi has a long history. In the second half of 2019, Mary Ma, Chief Strategy Officer of MixMarvel, presented GameFi for the first time in a speech at the Wuzhen Summit, which is gamification finance and a new gamification business; Meng Yan published a paper discussing the issue of game tokenization. He believed that “gamification is the key The only way to prove the economy.” And so on.
Now that GameFi is being emphasized again, it may be a short carnival under the DeFi wave, and it will fade with the tide soon; it may be the next stage of the development of DeFi and NFT, which contains various wealth opportunities. In this context, the Babbitt reporter interviewed three in-depth participants of the GameFi project . They shared their views on GameFi based on their own experiences. The “wealth code” in it requires readers to judge by themselves.
Lu Yaoyuan is the product manager of Maizi Wallet and an early participant in the NFT and DeFi projects. He is called “Lao Lu” in the circle. In his opinion, the proposal of GameFi is not sudden. When the market confuses DeFi and liquid mining applications, the latter’s routine is well known by users. Micro-innovation is difficult to become a new hot direction. Based on DeFi and liquid mining applications GameFi has become the focus of market pursuit. And GameFi itself is a concept of dynamic development.
The early GameFi was a satire of DeFi gamification. “Emerging applications are the banner of large-scale liquidity mining. Assets are equipment. Participating in DeFi is like copying. DeFi players become game players.” Players’ front-end and contract of DeFi applications Make judgments with the audit endorsement and choose whether to participate.
The DeFi front end is equivalent to the UI of a game, and a game with a beautiful screen can always attract a large number of players.
The DeFi contract is equivalent to the game’s mode and the difficulty design of the copy. Choosing Pool1 or Pool2 (liquidity pool), lossy or non-destructive all belong to the game design.
The audit endorsement of a security agency is like a product produced by a major manufacturer, which is a key factor for players to judge whether a game can be popular.
But the biggest difference between the two is that the game can be restarted. Once GameFi steps into the pit and falls into a copy of Hell difficulty, the assets (equipment) will be permanently gone. In the end, the full-level player wore a magical outfit, breaking through the major dungeons one by one, and the novice players struggled to open up wasteland. The income may not be as good as the gas fee. DeFi and games are cruel.
NFTFi was later derived from GameFi, but its essence remained the same. “Blockchain and games make people involuntarily think of NFT. DeFi and NFT then collide with a new type of GameFi, which is essentially a game of capital.”
For GameFi, Lao Lu is an enthusiastic participant and a calm observer, just like his cool ponytail under the brim of his black hat. He said frankly that compared to liquid mining, it is easier to maximize profits by directly purchasing tokens from projects such as WCK, MEME, and DEGO. Doesn’t this bring him freshness?
“Participating in the GameFi project depends on the founding team rather than market rules. For ordinary users, the higher the on-chain fee, the more difficult it is to understand GameFi’s gameplay logic. The humanities and history involved are more difficult to understand than DeFi applications. . Therefore, it is not recommended to invest heavily in GameFi projects, just use a small amount of funds to participate in top popular projects, there will be a head effect similar to YFI. If the funds are sufficient, after multi-dimensional research, you can participate in lossless GameFi.”
If DeFi and traditional finance form a parallel system, then the emergence of GameFi does not seem to solve the existing pain points of the industry. “The ideal GameFi must have a 2D or 3D game experience. Players have virtual characters, and participation in it should also have stronger gameplay. The DeFi property of GameFi in the current market is greater than that of Game.” Lao Lu looks forward to the emergence of GameFi projects with higher production standards.
Reed Hong is the chief technical expert of Cocos-BCX and has a strong curiosity and desire to explore DeFi.
More than a month ago, he conducted DeFi research and sharing within the Cocos-BCX team, and analyzed the reasons for the hot DeFi including the long-term bear market value-added demand, the bull market expectations such as Ethereum 2.0 and the Bitcoin halving cycle, and FOMO liquidity mining. Mine and building block development agreement.
Finally, he suggested to every colleague: take out 1000USDT to try various DeFi applications.
Reed believes that FT (homogeneous token) is not enough to describe certain scenarios of DeFi applications, so NFT is needed to supplement it. NFT and games are closely connected, and GameFi is naturally proposed. Additional gamification elements make the entire DeFi gameplay richer and more interesting.
DEGO is the GameFi project that excites him the most. In his own words, “Try it with two pickaxes, it’s very good.”
DEGO is a DeFi project with a modular design. It introduces a variety of innovative gameplay on the basis of liquid mining, which is called blockchain scratching.
On September 24, the DEGO project team released an airdrop mission. Players can receive V1-V6 NFT “pickaxes” of different levels. The Telegram group swarmed nearly 50,000 people within the three-day airdrop registration period.
On September 27, DEGO opened the airdrop receiving channel. Some players won a V5 “pick” and sold it outside the venue for $800.
On October 5th, DEGO opened its first NFT auction. An NFT named “Satoshi Nakamoto” was sold at a high price of 129 ETH.
“A friend bought a V6 pickaxe with 6ETH and sold a price of 30ETH in Opensea, which made a lot of money.” The friend’s experience made Reed very envious. Of course, he did not show weakness and bought a batch of pickaxes with 30ETH. , This process is very exciting,
“Now is the time to create new gameplay. Innovative things are most popular. It is easy to play DEGO, because if you get a trash (pick), you want to draw a good one. If you draw a good one, you want to try again. “
The success of airdrop marketing and interesting and innovative gameplay have brought DEGO to the forefront of the GameFi market. Data from the Ethereum browser shows that DEGO NFT currently ranks 3rd in Gas consumption, second only to Uniswap and Tether. Some players complained about the high gas fee, and some players who participated in the airdrop did not receive the GEGO NFT due to the gas fee. As a vested interest of DEGO, Reed said, “You have to feel the gunfire on the front line, otherwise it must be almost cognitive.”
Will GameFi be the second half of DeFi? Reed believes that this issue is not important. The industry is developing rapidly, new projects are emerging in an endless stream, and it is difficult to predict the future. The important thing is to actively participate, “GameFi is to incorporate more fun elements into DeFi, but the essence is not separated from DeFi, so safety is always Is the greatest demand.”
Zhang Zhiren is an interesting friend from Taiwan. He has been exposed to Bitcoin since 2012. He currently runs the second largest blockchain Facebook community in the Chinese area full-time. He is called “Poet” because he is like a bard. Share the stories or expert opinions of the great gods you have seen and heard with your friends in the community.
Take DeFi, for example, he observed that the old Leek was discouraged because of the high miners’ fees, and regretted stepping out of the field, while the new Leek did not know how to join the battle. The capital market is often the big one, Hengda, and the real money is the big whales. They have a large body and have the kinetic energy to make waves. However, retail investors have always tried to find ways to survive and continue to accumulate. The strength of risk tolerance is insufficient for retail investors. The original sin.
For example, NFT, he kindly reminded that NFT is a market that needs love to re-enter, because this market has already been brewing various news, such as the rise to the sky AAVE, which is essentially DeFi for the loan relationship, and at the same time introduces various partners , Can not be evaluated with normal eyes.
When it comes to GameFi, the poet does not hesitate to praise ENJ. ENJ is a token issued by Enjin, the world’s largest online game community platform. Enjin is also the promoter of the ERC-1155 protocol standard. Three months ago, he saw a title with the word GameFi on Enjin’s official website, and then realized that there are big players in the market promoting GameFi hype.
“If the momentum of DeFi+NFT is really made waves, then ENJ will be a target of opportunity. As a game company with strong technical strength and a high-end hype project with a long history, Enjin entered the crypto market from the 2017 ICO. After an unscrupulous drop below the issue price, and then a crazy increase of dozens of times from the bottom to benefit all believers. After that, they played with news at different points in the conversion of bulls and bears, such as cooperation with Samsung mobile phones, creating NFTs for Minecraft, etc. “
Like Lao Lu and Reed, the poet is also optimistic about DEGO and successfully recommended more than 50 community members to participate in the DEGO airdrop. In his opinion, the popularity of DEGO does not lie in NFT mortgages, but in the membership level system. “Send NFT to you so that people who understand and those who don’t understand can participate. After catching up with the boom of DeFi and NFT, it will become popular. Get up, this is a very clever way to play.”
In fact, there is not much difference between cryptocurrency investors in Taiwan and the mainland. Making money is always the most important thing, followed by love. The poet said that the U.S. presidential election in October and the movements of the Federal Reserve will determine the flow of funds in the cryptocurrency field for some time to come. He believes that GameFi is not the second half of DeFi, but big players hope so.
Source link: mp.weixin.qq.com
Mike McGlone grew up 20 minutes from the Chicago Board of Trade with a deep interest in finance and trading. Climbing the ladder quickly, Mike went from taking phone calls on the trading floor to becoming a Senior Commodity Strategist for Bloomberg Intelligence. Having spent his entire career in Chicago and on Wall Street, Mike has a keen eye for macro economic trends, in legacy markets and beyond. While his opinions are strictly his own and not financial advice, Mike believes to have strong evidence for a long-term bullish Bitcoin scenario.
Scott Melker and Mike McGlone further discuss the screams and shouts of the trading pit, determining the volume of the market by the odor of the other traders, the Bloomberg Terminal, the election’s impact on the market, CBDCs’ unstoppable trend, tempting the market gods, quantitative easing, the classic signs of a bear and bull market, the growing advantages of hard assets, where the market is heading, Bitcoin’s true value and more.
Follow on twitter @scottmelker and check out http://www.thewolfofallstreets.io
On the morning of Oct. 1, the United States government authorities in New York issued indictments for four of the senior team of BitMEX, the famed “wild card” exchange based in Hong Kong. Despite that, the crypto exchange still continues to operate its services.
BitMEX is one of the world’s largest crypto exchanges and has a reputation for being notoriously “relaxed” on Know Your Customer and ID procedures for its users — at least until mid-August of this year. Additionally, users are allowed a high withdrawal limit with little to no KYC.
After doing some research, it is clear that the company operates a complex international corporate structure. It promotes its registration in the Seychelles with offices in Hong Kong and New York. Although, from a legal point, this could most likely be disputed. The company has often been in the top five exchanges internationally.
The United States has a habit of listing “lenient” charges on warrants in order to obtain international extradition of those wanted under U.S. laws. Once the defendants have entered the U.S., the charges are then lifted with additional charges added. The reason for this move is that not every country recognizes these complex U.S. laws — especially in relation to money laundering and financial crimes. The extradition can be obtained on the lenient laws, with the charges to be improved once the individual is in the United States.
If to read between the lines, the papers released by the authorities indicate that more severe charges could follow, including breaching international sanctions. The rumor mill in New York indicates that the Federal authorities believe BitMEX may have most likely been a “jumping-off point” for countries like Iran and North Korea to move out of their crypto positions. If that is the case, enabling them to do that carries a large level of charges with it. Breaching international sanctions is a massive issue, especially as far as the U.S. is concerned.
During the course of the day as the news spread, Bitcoin’s (BTC) price dropped, and many users began making withdrawals from the exchange. Some experts tried to quiet the market down as the day went on by reassuring people that BitMEX isn’t going anywhere (with the belief that it is too big to fail).
Adding to this, a spokesperson for HDR Global Trading Limited — one of the BitMEX companies — quoted to the New York Times:
“We strongly disagree with the U.S. government’s heavy-handed decision to bring these charges, and intend to defend the allegations vigorously.”
Regardless of how true that is, if to look at the timing of the statement, BitMEX may have been trying to ease the market more than take a stand on their situation.
Related: 3 reasons why the CFTC action against BitMEX will not crash Bitcoin price
The reality of the situation is that if found guilty, the assets of the exchange will most likely be used to provide restitution to victims of money laundering and other crimes. This realistically means the freezing of accounts, suspension of trading, and even blacklisting of the company in general, as well as selling international assets to pay back victims.
At the time of writing, one of the four indicted individuals, Samuel Reed, has been arrested by authorities in connection with the warrants. The other three remain unaccounted for.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Cal Evans is an international technology lawyer from London who studied financial markets at Yale University and has experience working with some of the best-known companies in Silicon Valley. In 2016, Cal left a top-10 California law firm to start Gresham International — a legal service and compliance firm specializing in the technology sector that now has offices in the U.S. and the United Kingdom.
Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Cal Evans
HONG KONG, Sept. 4, 2020 /PRNewswire/ — BOA Financial Group Limited (“Group”) today announced that it has appointed Jennifer Zhu as Senior Consultant of the Group.
Jennifer will be responsible for brand building, business development and customer engagement for the Group’s businesses across Asia and Greater China.
Jennifer has more than 24 years of experience in the financial industry in Mainland China, the United States and Canada. Before joining the Group, Jennifer acted as Deputy Chairman at Hebei XiongAn Liandian Technology Limited. She also held several senior roles in her career including at DBS Bank (China), Westpac Bank and Standard Chartered Bank.
Commenting, Carson Wen, Founder of BOA Financial Group, said: “Jennifer has exceptional experience in developing business strategies and growing sales at multinationals and public sector organisations.”
“BOA Financial Group is geared to become a one-stop shop for diverse financial services and products, catering to the evolving needs of major financial institutions, large enterprises and SMEs, and high-net-worth individuals. I am confident that Jennifer will play an integral role as we embark on our next phase of growth in the Asia-Pacific region,” he added.
“This is an exciting time to be joining BOA Financial Group as the financial industry continues its digitalisation ascendancy. I look forward to working with Carson and his team to provide key support services that will transform the financial industry and satisfy our clients’ diverse financial needs,” said Jennifer Zhu.
About BOA Financial Group
The BOA Financial Group (“Group”) was formed with the primary objective of enabling financial institutions to provide services in a cost-efficient, technology driven and user-friendly manner to customers around the world. By investing heavily in technology and user experience, the Group aims to revolutionise the traditional financial services industry by providing intuitive and convenient services and products to its clients.
For more details, please visit www.boafg.com.
SOURCE BOA Financial Group Limited
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