The Securities and Exchange Commission (SEC) is under increasing pressure because of an alleged conflict of interest involving a member of the organization and Ethereum, the native asset of the Ethereum blockchain.
Records allegedly show that one of the SEC’s former employees, William Hinman, had a direct financial interest in Simpson Thacher, a firm linked with ETH while working there. An investigation into ethics violations at the agency was called for by Empower Oversight, a nonpartisan nonprofit.
The claims are at the heart of a case that the SEC and Ripple Labs, the organization that created the Ripple cryptocurrency, are currently engaged in. The SEC sued Ripple in December 2020, alleging XRP was ‘’unregistered securities’’. Hinman also said in a 2018 speech that Ethereum was not a security.
The SEC’s designation of a cryptocurrency as security usually has a negative effect on its price, and after the SEC announced its legal action, XRP’s price instantly fell, falling from $0.45 on the day of the announcement to $0.25 the following day. The price of XRP was $0.22 at the end of the month, which is 50% less than it was before the SEC’s announcement of its lawsuit.
The SEC’s office of the inspector general, which looks into ethics infractions within the organization, has been asked by Empower Oversight to look into the purported oversight lapse.
Immutable X has announced it is bringing Web3 to Hollywood with Gossamer world. IMX’s strategic partners, DIG, and xyzzy studios are joining forces with media & entertainment juggernaut Bron Studios to bring the best-animated series to Immutable X hyperscaling L2 platform
All Gossamer world players will have a seamless game experience as IMX’s scaling solution will enable all in-game assets to be gas-free, carbon-neutral & tradeable at a bigger scale and speed.
”Gossamer” is based on the young adult novel by critically acclaimed author Lois Lowry, who also penned The Giver and The Willoughbys. The Miami-based nonfungible token (NFT) and metaverse-gaming studio XYZZY is working with Hollywood’s Bron Digital, a division of Bron Media Corporation, to create an NFT collection linked to eight episodes.
Decentralized Investment Group (DIG) subsidiary XYZZY, a Miami-based metaverse GameFi company, is bridging the virtual and physical worlds with a team of 250-plus programmers. Immutable X is an Ethereum Layer-2 scaling solution designed for NFTs.
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