SEC Chairman Hints At Authority Over Crypto And DeFi – November 5

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $62,096

Bitcoin price remains relatively steady for yet another day of trading, currently sitting around $62,000 to kick off Friday.

Top-20 altcoins have remained steady over the last 24 hours, as Ethereum and Cardano remain almost unchanged, while Shiba Inu sees a further 14% drop.

Top Stories for November 5, 2021 πŸ”₯

πŸ‘‰ SEC Chairman Hints At Authority Over Crypto And DeFi

Gary Gensler, chairman of the Securities and Exchange Commission (SEC), has hinted that the agency may take action against crypto and decentralized finance (DeFi) projects.

Gensler stated that labels and terms such as “DeFi” and “peer-to-peer” should not be taken at face value, and that the “economic realities” of a project or platform will be assessed when determining whether or not an asset qualifies as a security.

πŸ‘‰ South Korea’s FSC Does Not Recognize NFTs As Virtual Assets

South Korean regulator, the Financial Services Commission (FSC), has clarified that it does not consider NFTs to meet their definition of virtual assets.

Due to the classification, NFTs will not be subject to regulation as a virtual asset, however an interviewed official from the Financial Intelligence Unit (FIU) has left the door open to NFT regulation in special cases.

πŸ‘‰ Square’s Cash App Sees Bitcoin Profits Fall 23% In Q3

Square’s payments app, Cash App, has seen a fall of 23% in profits generated by Bitcoin, according to its Q3 earnings report.

The company has attributed the decline to greater stability in the price of Bitcoin, which has resulted in a drop in trading activity of the asset.