Web3 Diaries-Solana, Polygon Are Securities: SEC
After the Securities and Exchange Commission (SEC) unveiled a high-profile lawsuit against Binance on Monday, a slew of altcoins such as Solana and Polygon have fallen in the agency’s sights.
Binance and the exchange’s CEO Changpeng Zhao were hit with 13 charges, accused of conduct like commingling customers’ funds and trying to evade U.S. securities laws with “sham controls” for determining who can do business with the firm.
But the SEC also claimed that Solana, Polygon, Cardano, and several other coins are securities in the lawsuit. Almost all of them are among the crypto market’s largest, with multi-billion dollar market caps, while others belong to more nascent, gaming-centered projects.
Tether Invests In El Salvador’s $1 bn Renewable Energy Project
Stablecoin issuer Tether has announced that it will be partnering with Bitcoin-friendly nation El Salvador to invest in a planned $1 billion dollar renewable energy initiative.
The Central American country continues efforts to drive Bitcoin adoption after becoming the first nation to make BTC legal tender some three years ago. The latest is a renewable power generation precinct in Metapán that aims to harness solar and wind energy that will power and be monetized by Bitcoin mining operations.
Tether is among investors in a first-round capital raise to develop Volcano Energy, a soon-to-be-developed 241-megawatt (MW) renewable energy park. The site is located in Metapán and will comprise 169 MWs of photovoltaic solar energy and 72 MWs of wind.
GameStop NFT back in the spotlight after partnership with Illuvium
Ethereum blockchain game developer Illuvium announced a partnership with video game and consumer merchandise retailer GameStop to debut a 20,000 nonfungible token (NFT) collection starting June 12.
According to developers, the “Illuvitars” NFTs are “dynamic collectible works of art, representing a specific avatar of an Illuvial with a distinct expression. Each Illuvitar carries a power rating, determined by its rarity, which helps you climb the leaderboard.”
Each “GameStop x Illuvitar D1SK NFT” will contain a unique GameStop-branded “Illuvitar,” which developers say possess “108 potential combinations based on six different Illuvials, three expressions, three background stages, and two finishes.” D1SKs contain random Illuvitars and accessories and can be traded on the Illuvi decentralized exchange. In addition, NFT holders will be entitled to early access to Illuvium’s creature collector games, Illuvium Overworld and Illuvium Arena, and other perks.
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