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SEC Declares USDT, USDC, and Other Covered Stablecoins Not Securities

The U.S. Securities and Exchange Commission (SEC) has issued a statement clarifying that certain types of stablecoins, referred to as `Covered Stablecoins,` such as USDT and USDC, are not considered securities. These stablecoins are designed to maintain a stable value relative to the U.S. dollar on a one-for-one basis and can be redeemed for USD at the same rate. The SEC`s Division of Corporation Finance stated that the process of minting and redeeming these stablecoins, which are backed by low-risk and readily liquid assets, does not require registration with the Commission under the Securities Act. The SEC`s statement specifically addresses stablecoins like USDT and USDC, which are marketed for use in commerce, as a means of payment, money transmission, and value storage, rather than as investments. This clarification aims to provide regulatory clarity to the stablecoin market, which has been a topic of significant interest and debate in recent weeks. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io AMB Crypto

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Bitcoin Price Analysis: BTC Gives Up Early Gains As Momentum Dips

Bitcoin (BTC) gave up early gains as the price dropped after reaching $84,639 earlier today. BTC looked to be on the brink of reclaiming $85,000, but price action turned bearish, with the flagship cryptocurrency dropping to $81,745 before rising above $82,000 and moving to its current level of $82,350. BTC has been marginally up over the past 24 hours, with price action relatively flat after the flagship cryptocurrency lost momentum around $84,500. Genius Group Temporarily Banned From Buying Bitcoin Genius Group, a Singapore-based artificial intelligence firm has announced it has been temporarily banned from buying more Bitcoin after a US court order barred the company from selling shares, raising funds, and using investor funds to buy more of the asset. The preliminary injunction and temporary restraining order (TRO) were issued by a New York District court in connection with a broader dispute regarding its merger with Fatbrain AI. Fatbrain AI and Genius Group completed a merger and purchase agreement in March 2024. However, on October 30, Genius initiated arbitration proceedings to terminate the agreement alleging fraud by Fatbrain AI executives connected to the deal. “Genius Group Limited (NYSE American: GNS) (“Genius Group” or the “Company”), a leading AI-powered, Bitcoin-first education group, today announced that it is being forced to sell its Bitcoin Treasury after having been blocked from selling shares or raising funds, and specifically from using investor funds to buy Bitcoin by the United States District Court Southern District of New York (SDNY).” Fatbrain AI executives Michael Moe and Peter Ritz filed for a TRO and permanent injunction in February, preventing Genius from selling shares, raising funds, and buying more BTC . The injunction forced Genius Group to close divisions, halt marketing activities, and sell 10 BTC from its stash of 440 to fund operations. The firm has not ruled out more sales of Bitcoin. “Genius is taking all necessary measures to minimize Bitcoin sales but anticipates that it will need to downsize its Bitcoin Treasury in the coming months in the event the PI remains in place.” Fatbrain AI shareholders also filed two lawsuits against Fatbrain AI executives, including Moe, Ritz, and Genius, alleging violations of federal securities laws in connection with the merger. However, Genius Group has stated the injunction forced it to break Singapore law by halting employee compensation. “We never dreamed that it was possible that a US court could block the company from being able to issue shares, raise funds, or buy Bitcoin — all actions that would normally be decided by a public company`s shareholders or Board rather than a court.” Japanese Gaming Firm Enish Announces Bitcoin Investment Japanese game developer Enish has announced a strategic investment of 100 million yen ($660,000) in Bitcoin . The purchase is set to be completed between April 1 and April 4. The acquisition is part of a broader initiative to deepen the company’s understanding of blockchain technology and enhance its game development capabilities. The game developer plans to integrate crypto assets into its financial strategy while leveraging BTC’s liquidity, market stability, and potential long-term growth. The company also plans to allocate a portion of its liquid funds to Bitcoin, conduct quarterly market valuations of its Bitcoin assets, and include any gains or losses in its financial statement. It has also pledged to disclose any significant market event that could impact its performance. Bitcoin (BTC) Price Analysis Bitcoin (BTC) is back in the red during the ongoing session after giving up most of the day’s gains and trading marginally down at $83,200. BTC attempted a rally during the ongoing session but could only push to the 20-day SMA before losing momentum. BTC’s price action indicates its growing correlation with the traditional markets as governments and major institutions ramp up their interest in the asset. Block CEO Jack Dorsey weighed in on Bitcoin’s popularity with governments and institutional investors, warning about the increasing influence of these institutions over the flagship cryptocurrency. Dorsey stated that while institutional adoption of Bitcoin was bound to happen, it could impact the cryptocurrency’s foundational principles. Dorsey also warned that becoming solely a store of value could reduce Bitcoin`s usefulness in regular transactions. BTC started the previous week on a bullish note, rising to an intraday high of $88,839. However, it lost momentum after encountering selling pressure and volatility. As a result, BTC registered marginal declines on Tuesday and Wednesday, slipping below $87,000 and settling at $86,942. The price registered a marginal increase on Thursday to reclaim $87,000 and settle at $87,236. Bearish sentiment returned on Friday as BTC plunged below the 200-day SMA and $85,000 to settle at $84,422. Price action remained bearish over the weekend as BTC fell over 2% on Saturday and 0.36% on Sunday and settled at $82,404. Source: TradingView The flagship cryptocurrency encountered volatility on Monday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as BTC registered a marginal increase and settled at $82,511. Bullish sentiment intensified on Tuesday as BTC rose over 3%, moving past the 20-day SMA and $85,000 and settling at $85,150. The price surged to an intraday high of $88,624 on Wednesday as bullish sentiment intensified in the leadup to Trump’s Liberation Day speech. However, sentiment turned bearish, and BTC fell over 3%, slipping below the 20-day SMA and $85,000 and settling at $82,535. BTC recovered on Thursday despite overwhelming selling pressure, rising almost 1% to $83,199. The current session sees BTC marginally down as buyers and sellers struggle to establish control. The RSI is just under the neutral zone, while the MACD has a slight bullish bias, indicating buyers have the upper hand. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. AMB Crypto