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emilymiller08177

@emilymiller08177

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The best option is to take measured steps to develop community-driven infrastructures and systems like community coins. It is time for the industry to give power back to the community.
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Web3 has the potential to transform everyday life and is developing rapidly, but in its current form, it is at risk of abuse by a small number of malicious creators. We must proceed cautiously to protect Web3 and ensure it delivers on the promise of decentralized finance and decentralized governance.
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Whether it be a small group of African entrepreneurs looking to build a liquidity pool or a group of residents in Ohio raising funds for a school, the power of digitally administered democracy is the global breakthrough that will redefine the current state of crypto and finance, and this momentum and support will only continue under US President-elect Donald Trump’s administration.
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In September, ASIC Commissioner Alan Kirkland said the regulator was preparing new guidance requiring crypto exchanges to obtain financial services licensing.
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The case reflects ASIC’s growing focus on the crypto industry. Recently, the regulator fined Kraken’s Australian operator $12.8 million for regulatory breaches. ASIC is also preparing new guidelines to require crypto exchanges to obtain financial services licenses under the Corporations Act.
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In April 2023, following a review of the crypto exchange’s operations, ASIC canceled Binance’s Australian financial services license “in response to a request to cancel from the entity.”
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The lawsuit outlines several regulatory violations, including Binance’s failure to issue a PDS or TMD, inadequate dispute resolution mechanisms and a lack of employee training to ensure compliance with its financial services license. ASIC also accused Binance of failing to deliver services “efficiently, honestly, and fairly.”
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ASIC Deputy Chair Sarah Court criticized Binance’s compliance systems, describing them as “woefully inadequate,” and said that many clients had suffered significant financial losses due to improper protections.
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In the filing, ASIC states retail clients are entitled to stronger consumer protections, including access to a Product Disclosure Statement (PDS), a Target Market Determination (TMD) and internal dispute resolution processes.
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In a Dec. 18 news release, the regulator claimed Binance misclassified over 500 retail clients as wholesale investors between July 2022 and April 2023, stripping them of legal protections afforded under Australian financial laws.
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The Australian Securities and Investments Commission (ASIC) has launched legal action against Binance Australia Derivatives, a crypto derivatives trading platform, alleging consumer protection failures.
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Previously, Coinbase reached a $100 million settlement with the New York Department of Financial Services over a case involving its compliance program in January 2023.
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The US SEC sued Coinbase in June 2023 for alleged offering of unregistered securities, which came just a few months after the regulator charged Sun with fraud. The litigation is ongoing, with Coinbase’s chief legal officer Paul Grewal having publicly urged regulators to adopt a more constructive approach toward the crypto industry.
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A day earlier, on Nov. 28, Japanese investment firm Metaplanet announced it planned to raise over $62 million (9.5 billion Japanese yen) to purchase more Bitcoin for its treasury, which currently holds 1,142 Bitcoin worth over $114 million.
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The PRA notes that the use of “permissionless blockchains cannot be sufficiently mitigated at present,” although it has listed this classification as remaining under review.
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“While there are benefits that these new types of ledgers can bring, they also pose risks such as lack of settlement finality, settlement failure, and no guaranteed link between the intended owner of the asset and the entity that may have control of the authentication, validation mechanism,” a part of the questionnaire reads.
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The Network Realized Profit/Loss (NPL) indicator shown in the chart below suggests that holders booked profits following XRP’s run to $2.90. The NPL indicator spiked between Dec. 1 and Dec. 3, indicating that many holders sold their tokens at significant profit levels.
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XRP is up more than 340% over the last 30 days, putting many tokenholders in profit, according to onchain data from Santiment. This has exerted high selling pressure in the market, pointing to a continued correction over the next few days.
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XRP price has, however, pulled back significantly since, leading to questions about whether $2.90 was the top, at least for now. The price of the remittance token is down 5% over the last 24 hours to trade at $2.45.
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A further sell-off risks crashing DOGE toward the 0.236 Fibonacci retracement level at $0.391 by December, down 9.75% from the current price levels.
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