Today, with Crypto, the US SEC has launched Project Crypto, pledging to overhaul digital asset rules. In India, CoindCX employees were reportedly arrested after a $44 million hack in exchange. Meanwhile, Ether saw its biggest monthly profit since July 2022 due to strong ETF inflows and financial activities.
US SEC will deploy “Project Crypto” to rewrite the rules for digital assets
Paul Atkins, chairman of the U.S. Securities and Exchange Commission, has announced Project Crypto, an initiative to modernize institutions in the digital finance era and establish clear regulations on US digital assets.
Atkins said Project Crypto is responding directly to recommendations in a recent report by the president’s working group on digital assets.
Atkins proposed relaxing the licensing rules to provide multiple asset classes or equipment offered by brokerage companies under a single license, creating a clear market structure that separates the products that a number of cryptocurrencies separate from the securities.
According to Atkins, regulatory exemptions or bounty periods should be provided to ensure that there is enough space to innovate, without crushing enough room to innovate these projects, without crushing them.
Furthermore, the SEC chairman said that cryptocurrencies should not be forced to establish decentralized autonomous organizations (DAOs) to avoid regulations. He also said that the right to be independent must be protected by law. Atkins wrote:
“Many of the Commission’s legacy rules and regulations make no sense in the 21st century. Not to mention in the on-chain market, the Commission must revamp the Rules Book so that the rule moat does not hinder progress and competition from both new and incumbents to the disadvantages of Main Street.”
Equipping the Internet’s Nocturne and Onchain Finance’s SEC is the goal of the new SEC chair and a way to solidify US leadership with Crypto.
CoindCX employee arrested in connection with $44 million crypto hack: Report
According to multiple local reports, an employee of CoindCX, a cryptocurrency exchange hacked for $44 million in mid-July, was arrested in India in connection with a security breach.
Bengaluru police have detained Coind CX software engineer Rahul Agarwal after he was said to have compromised his login eligibility to suck up the assets in exchange, The Times of India reported on Thursday.
The arrest, following a complaint and an internal investigation by CoindCX operator Neblio Technologies, determined that Agarwal’s qualifications had been breached through his working laptop, allowing unauthorized access to the company’s servers.
During questions when his laptop was seized, 30-year-old Agarwal denied any involvement in the theft of the code, but admitted to working part-time for up to four individual clients while employed at CoindCX.
“We urge the media and the public to avoid a cycle of unverified information as it may hinder ongoing investigations,” a Cointelegraph spokesman for Cointelegraph.
Coindcx refused to confirm or refuse Agarwal’s arrest on Cointelegraph, referring to the X-Post by Cointcx co-founder and CEO Sumit Gupta.
“Based on our internal preliminary findings, this appears to be a sophisticated social engineering attack,” Gupta said in the post, adding that employees often target such attacks.
Ether, “Technology Stocks of the 90s” ended in July, making its biggest profit in three years
Ether recorded its highest monthly return in three years, surged at 56%, and one analyst calls it similar to the “tech stocks of the 90s” behind the recent strong ETF influx.
According to Coingecko, ETH is currently trading at $3,862.
According to Coinglas, this is the first time Ether has given more than 50% return per month in a month since July 2022, when ETH rose 56.62%.
Eric Balknas, senior ETF analyst at Bloomberg, said ETH’s recent price performance is attributed to net inflows seen in spot ether exchange trade funds (ETFs).
“As ETFs are setting fires, ether is beginning to become more like tech stocks in the ’90s,” Bulknath writes in X-Post.
He further compared the ether to “flying tech stocks of the 90s” in terms of accelerating adoption and network growth that is distinguished from Bitcoin’s “new gold” narrative.
