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Five proposed crypto class actions over unregistered securities dismissed in NY

Quantstamp, Status Research, Civic Technologies, HDR Global Trading and Kaydex are off the hook, after five securities related lawsuits were dismissed in New York Courts earlier this week.

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Five proposed class-action lawsuits against crypto firms have been voluntarily dismissed without prejudice in New York federal courts — without costs or attorney fees to any party.

Quantstamp, Status Research, Civic Technologies, HDR Global Trading, and Kaydex are off the hook, however related cases are ongoing.

The five class-action lawsuits dismissed on April 27 are part of a batch of 11 filed by Law firms Selendy & Gay PLLCRoche Freedman a year earlier. The lawsuits accused several crypto firms of causing investor harm by selling digital assets that were allegedly unlicensed securities without brokerage licensing, misleading investors, and engaging in market manipulation.

However the plaintiffs were unable to provide strong evidence of damages caused to investors from the alleged sale of unlicensed securities, and two prior court rulings in favor of BProtocol and Bibox reportedly paved the way for the dismissals. Within days of the Bibox ruling, all five legal teams had flagged the decision to the judges overseeing their cases.

Cases against Binance, Kucoin, Tron and HDR Global’s Bitmex remain in play according to court filings.

In a blog post yesterday, Director of Marketing Nancy Li for decentralized identity firm Civic Technologies welcomed the end of proceedings:

“The dismissal of this case signals the end of a lengthy and hard-fought process for Civic. During the past year plus the company remained confident that we would prevail, not just on behalf of Civic, but in support of the crypto ecosystem overall.”

Li added, “Nonetheless, sometimes being on the right side of an argument is not enough (and we were right), so it is with a certain sense of vindication that we tick this one in the win column for Civic and for crypto.”

The ongoing case against China-basedblockchain software developer Tron Foundation may end with similar results with claims the lawsuit was filed outside the statute of limitations deadline.

Tron filed a motion to dismiss the “fatally flawed” lawsuit on Dec. 15, arguing that plaintiffs failed to allege harm, and that they continued to buy TRX after the SEC released the April 2019 framework on securities.

“Had plaintiffs read the white paper, they would have seen that Tron warned that although TRX was not intended to be a security, future government oversight or regulatory actions could affect Tron and the TRX token, including the ‘price and stability’ of the token and its use on the blockchain,” the motion said.

Paving the way for this week’s dismissals was a securities fraud lawsuit against Israel-based Bancor over its BProtocol Foundation which was dismissed in February due to the plaintiff’s failure to show damages caused, with the court also citing a lack of personal jurisdiction.

Earlier this month the class action aimed at Bibox was thrown out, after the complaint was filed outside of the statute of limitations deadline, with the judge also noting the plaintiff lacked standing on claims against five tokens they didn’t purchase, and failed to show injury caused on other class members who did purchase the tokens.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/five-proposed-crypto-class-actions-in-ny-over-unregistered-securities-dismissed

Blockchain

PlotX v2 Mainnet Launch: DeFi Prediction Markets

[PRESS RELEASE – Please Read Disclaimer] AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, congratulates PlotX – a cross-chain prediction market protocol on their v2 Mainnet launch on the Polygon Network on May 14 at 12:00 p.m. UTC. PlotX Version 1 (“v1”) was launched in October 2020 […]

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[PRESS RELEASE – Please Read Disclaimer]

AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, congratulates PlotX – a cross-chain prediction market protocol on their v2 Mainnet launch on the Polygon Network on May 14 at 12:00 p.m. UTC.

PlotX Version 1 (“v1”) was launched in October 2020 as a decentralized non-custodial prediction market protocol on the Ethereum Blockchain. PlotX allows crypto-traders to use their skills to predict the future value of digital assets like ETH, BTC. Markets on PlotX v1 were automatically created in intervals of 4 hour, 1 day and 1 week.

The v2 has been under development since December 2020 and the testnet was released on April 13th, 2021 for the public. After rigorous testing by the community, the launch of PlotX v2 on the Polygon Mainnet is now scheduled on May 14th, 2021.

PlotX v2 has focussed heavily on simplifying the prediction-making experience for users thanks to a consistent dialogue with their community via the research forum and their official community telegram group. It brings the experience closer to mainstream applications while retaining the DeFi ethos of being non-custodial and permissionless.

This can be seen in the marquee features that PlotX announced via their recent blog post about the mainnet release:

  1. Gasless prediction-making – via meta-transactions that abstract the process for users so they only have to make a single transaction while making predictions
  2. Smooth token bridging – via cross-chain swap technology, that enables users to move $PLOT between Ethereuem, Polygon and other EVM compatible chains like BSC & Solana, from within the application itself
  3. Guaranteed liquidity provisions – via incentive alignment of market creators for providing liquidity for new markets, making it lucrative for users to participate in
  4. Simple onboarding experience – for users, especially ones who are not familiar with metamask and RPC changes, to login using their email addresses without compromising on the non-custodial nature of the dapp

The team has built a class product and is highly receptive to the community. As per the roadmap, upgrades in V2 do not end here; numerous new features are slated to be introduced that will equip users with exciting new prediction opportunities.

Ish Goel, co-founder PlotX, shares his thoughts “It has been an exciting journey for us since the launch of PlotX v1 in October 2020. Prediction markets have always been an exciting derivative for crypto traders. However, they have always faced the challenges of a complex UX, high gas fees & low market liquidity that has also resulted in a lack of growth of the space. With PlotX v2 we have worked alongside our community to solve these challenges by introducing an overhauled UX, deploying on Polygon and introducing liquidity bootstrapping mechanisms for new markets. The community has reacted positively to these features and we’re super excited to reveal the mainnet app to them as well as the larger crypto trading community!”

About AscendEX

Originally founded in 2018 as BitMax.io, AscendEx is a leading crypto and digital asset financial platform catering to both professional and retail traders. Our venue offers spot, futures, margin trading and staking products and incorporates key elements from the DeFi space to foster a unique market structure for users. AscendEx is led by a team of Wall Street veterans who have applied traditional markets’ rigor to create a robust, secure, and reliable experience for all participants; and a consistent source of liquidity for primary offerings.

About PlotX

PlotX is a cross-chain Prediction Market protocol built by the ex-CTO of Nexus Mutual (>$1bn mcap). It enables crypto-asset price predictions, like “What will be the price of BTC/USDT in the next 1 hour?”

Dubbed as the Uniswap of Prediction Markets, PlotX is the simplest and most fun DeFi derivative for crypto traders.

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Source: https://cryptopotato.com/plotx-v2-mainnet-launch-defi-prediction-markets/

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Bitcoin Price Hit 11-Week Low: BTC Retesting The Lowest Weekly Close Since February

Bitcoin prices have fallen to their lowest levels since the end of February as momentum wanes and the bears start rousing from their six-month hibernation.

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In early Sunday trading, BTC prices had fallen to their lowest levels for over 11 weeks, hitting $46,700 before a minor recovery.

The last time Bitcoin dropped to these levels was at the end of February during the second major correction of this ongoing rally. A rebound off that bottom sent prices above $60K for the first time in the two weeks that followed.

Later today, Bitcoin is going to close another weekly candle. In case the candle closes at those levels, this will become the worst weekly close since February 22nd, when BTC ended the week at $45,240, according to Bitstamp. Two weeks ago the weekly candle closed at $49,200, which the current lowest week close since February.

Second ‘Lower Low’ For Bitcoin

This time around, things feel slightly different and the bearish sentiment is returning to crypto-asset markets. Since its all-time high of $65K on April 14, Bitcoin has made a lower high and has now formed a second lower low on the daily chart, which is indicative of a larger downtrend developing.

Analyst ‘CryptoFibonacci’ has been eyeing the weekly chart which also suggests the bulls could be running out of steam.


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The move appears to have been driven by Elon Musk again with a tweet about Bitcoin’s energy consumption on May 13. Bitcoin’s fear and greed index has dropped to 20 – ‘extreme fear’ – its lowest level since the March 2020 market crash. At the time of press, BTC was trading at just under $48,000, down 4% over the past 24 hours.

Market Cap Shrinks by $150B

As usual, the move has initiated a selloff for the majority of other cryptocurrencies resulting in around $150 billion exiting the markets over the past day or so.

The total market cap has declined to $2.3 trillion after an all-time high of $2.5 trillion on May 12. Things are still high on the long term view but losses could accelerate rapidly if the bearish sentiment increases.

Not all crypto assets are correcting this weekend, and some have been building on recent gains to push even higher – although they are few in number.

Those weekend warriors include Cardano which has added 4.8% on the day to trade at $2.27 according to Coingecko. ADA hit an all-time high on Saturday, May 15 reaching $2.36, a gain of 54% over the past 30 days.

Ripple’s XRP is also seeing a resurgence with a 13% pump on the day to flip Cardano for the fourth spot. XRP is currently trading at $1.58 with a market cap of $73 billion. The only other two cryptocurrencies in the green at the time of writing are Stellar and Solana, gaining 3.7% and 12% respectively.

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Source: https://cryptopotato.com/bitcoin-falls-to-11-week-low-as-150-billion-exits-crypto-markets/

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North Dakota City to Accept Cryptocurrencies for Utility Bill Payments

Williston hopes to expand bill payment options if interest and volume for crypto payments are significant.

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Williston, a city in North Dakota, plans to accept cryptocurrencies for utility bills online payments, becoming the first in the state to adopt crypto assets.

According to City Finance Director Hercules Cummings, the city has partnered with BitPay, one of the largest bitcoin payment service providers in the U.S. Payments will be converted from crypto to fiat in real-time.

Paying Bills with Crypto

The city council would first monitor how citizens respond to crypto payments. Utility bill payments are the only bills available to be paid with crypto.

However, if volume and interest are significant, the city will expand the options by allowing landfills, permits, and licenses to be paid with crypto. 

Individuals willing to do so only have to visit the official website of the city of Williston, enter their account information to receive an emailed BitPay invoice, and choose their digital wallet and the crypto in which they want to pay.


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Citizens can benefit from cost savings when using crypto as well. Exchanges only charge 1% for every transaction, unlike other payment services, which can charge up to 3%.

North Dakota Embracing Technological Change

Cummings outlined that his city is only responding to a growing trend and technological changes. He added that cryptocurrencies represent innovation for the city’s finance department and a significant step to take the lead in the state and nationwide.

“We are pioneers in the state. This is just one of many, many things that’s going to be rolling out of the finance department. We’ve got a lot of exciting things to unveil later on to be the first of many. Our goal is to be industry leaders, not industry laggers.” Said Cummings.

Williston is the third government entity in the U.S. to embrace cryptocurrencies as adoption takes a fast pace in the country. Wyoming is one of those states, which registered Ripple as an entity and has several crypto-friendly laws.

Featured image courtesy of US News.

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Source: https://cryptopotato.com/north-dakota-city-to-accept-cryptocurrencies-for-utility-bill-payments/

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Bitcoin Mining Company Vows to be Carbon Neutral Following Tesla’s Recent Statement

A bitcoin mining company has vowed to be carbon neutral by the end of the year and in the future. This comes days after Tesla’s decision to halt BTC payments.

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It goes without saying that Tesla took center stage last week when the company announced it would no longer support bitcoin payments for its electric vehicles.

The message seems to have resonated, as Greenidge Generation Bitcoin Mining has vowed to be carbon neutral in 2021 and beyond.

Carbon Neutral Bitcoin Mining

After announcing plans to expand its Bitcoin mining operations last month, Greenidge is now looking to go entirely carbon neutral this year and in the future.

The company is committed to the cause, and it plans to invest in US-based renewable energy projects.

According to a recent press release, the company will also take part in the Regional Greenhouse Gas Initiative, which is a market-based program where participants sell CO2 allowances through auctions and invest the proceeds in renewable energy and energy efficiency.


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Speaking on the matter was Jeffrey Kirt, the CEO of the company, who said:

“Our bitcoin mining capability is already best-in-class and seamlessly integrated with our electricity generation that powers thousands of homes and businesses. By taking the bold and unique step of making or cryptocurrency mining fully carbon neutral immediately – as opposed to some distant date in the future – Greenidge is once again leading in environmental efforts.”

Musk’s Message Resonates

Greenidge’s announcement comes days after the leading electric vehicle manufacturer, Tesla, revealed that it would no longer support bitcoin payments. As a reason for its decision, the company cited environmental concerns related to bitcoin mining.

Elon Musk, the company’s CEO, confirmed and reiterated that he is bullish on crypto but so long as it doesn’t have a negative environmental impact.

The company also said that it’s looking for ‘greener’ alternatives to Bitcoin so that it can continue accepting crypto payments. This led to many speculations about which cryptocurrency it would choose. Shortly after, Musk said that he’s working closely with Dogecoin developers to improve transaction efficiency, causing many to believe that the meme-inspired coin might be Tesla’s choice.

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Source: https://cryptopotato.com/bitcoin-mining-company-vows-to-be-carbon-neutral-following-teslas-recent-statement/

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