Web3🌗Wednesday Landscape: Trump's NFT Surge, SEC's Bitcoin ETF Talks, Binance vs. SEC, IRS's Crypto Fraud Roundup

In today's dynamic landscape of Web3 advancements, the digital space is abuzz with noteworthy developments that shape the crypto and blockchain spheres. . Witness the unconventional rise of Donald Trump's 'Mugshot' NFT collection, causing ripples in the previously established NFT market. Meanwhile, the SEC engages in crucial dialogues with BlackRock, exploring the potential landscape for Bitcoin ETFs. On a regulatory battleground, Binance contests the legitimacy of an SEC lawsuit, sparking debates on compliance and legal frameworks. Additionally, the IRS uncovers and details significant instances of crypto fraud, shedding light on challenges within the cryptocurrency sphere. Dive into this whirlwind of updates reshaping the future of Web3!

1. Donald Trump Launches New 'Mugshot' NFTs, Boosting Prices of Prior NFTs

Former President Trump's $99 "Mugshot Edition" NFT collection has spiked prices for his prior tokens. Buying 47+ cards could secure dinner with Trump and a piece of his arrest suit. Some cards in the series are exclusive, even hand-signed by Trump. Previously, his NFTs traded at 0.1 ETH, dropping from 0.2 ETH before the announcement, but then rebounding to around 0.18 ETH. Despite initial crypto skepticism, Trump's earlier NFT releases sold out swiftly. He currently holds $2.8 million in cryptocurrency from NFT sales. The launch hints at both the influence of NFTs and Trump's foray into the crypto market.

Donald Trump Unveils New ‘Mugshot’ NFTs, Stirring Up Prices for His Previous NFTs

Buy enough of them and you can get a piece of the suit the former U.S. president wore when he arrested in August.

CoinDeskKrisztian Sandor

2. SEC Holds Talks with BlackRock Regarding Spot Bitcoin ETF

Financial giants like BlackRock, Fidelity, and Grayscale met the SEC for Bitcoin ETF discussions. With 13 firms awaiting approval, anticipation rises for the first spot Bitcoin ETF, boosting crypto prices. Despite recent highs, Bitcoin now hovers around $40,900. The SEC's scrutiny on ETF proposals hints at possible approval soon, pushing for the first U.S. spot Bitcoin ETF, after consistent rejections. Meetings signal mounting pressure on the SEC, fueling hopes for crypto enthusiasts and reflecting the growing momentum towards establishing a spot Bitcoin ETF in the U.S.

SEC Meets With BlackRock To Discuss Spot Bitcoin ETF

According to ETF analyst James Seyffart, BlackRock, the world’s largest asset manager, met with the SEC to discuss spot Bitcoin ETF.

Watcher GuruVignesh Karunanidhi

3. Binance Claims SEC Lacks Legal Grounds to Sue in Lawsuit Dismissal Attempt

Binance and CEO Changpeng Zhao rebuff SEC's lawsuit, contending insufficient proof of 'investment contracts' for U.S. users. The filing, a response to the SEC's claims, leverages the Howey Test and cites settlements and jurisdiction as reasons. This escalates the high-stakes battle, where Binance's earlier DOJ settlement, CFTC suit dismissal bid, and recent SEC lawsuit dismissal attempt emphasize overreach. The argument emphasizes the lack of obligations post-crypto purchases and asserts the settlements do not pertain to securities laws. The legal tussle deepens, with Binance challenging the SEC's allegations and pushing against implications of laws governing prior settlements.

SEC Hasn’t Met Legal Requirements to Sue, Binance Says in Latest Bid to Dismiss Lawsuit

Binance responded to an SEC filing, arguing that the regulator’s arguments weren’t applicable to the actual conduct it was analyzing.

CoinDeskNikhilesh De

4. IRS Reveals Major Crypto Fraud Schemes of the Year

The IRS's top ten cases showcased significant crypto-related crimes in 2023. The list featured a Silk Road hacker, a OneCoin co-founder, a bitcoin launderer, and a token project founder. IRS's Criminal Investigation division highlighted international tax schemes, cryptocurrency-linked MLM frauds, and a colossal renewable fuel credit scam. Among those listed was "Bruno Block," sentenced to four years for misleading tax filings despite extravagant spending. Another case involved a Silk Road fraudster, James Zhong, sentenced for stealing 50,000 bitcoins. Additionally, Ian Freeman's money laundering, and OneCoin co-founder Karl Greenwood's 20-year sentence showcased the IRS's focus on major crypto-related financial crimes.

IRS counts down biggest crypto fraud schemes of the year | Headlines | News | CoinMarketCap

The Criminal Investigation division of the U.S. Internal Revenue Service published a list of its top ten “most prominent and high-profile” cases it …

CoinMarketCap

As we conclude this Web3 update, the landscape continues to evolve, highlighting the multifaceted nature of the digital sphere. Stay tuned as Web3 unfurls its endless possibilities, offering an intriguing glimpse into the future of digital innovation and regulation.

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