On May 30, the United States Securities and Exchange Commission (SEC) announced that Ishan Wahi, the former Coinbase product manager, and his brother, Nikhil Wahi, had agreed to settle charges brought forth by the regulator accusing them of engaging in an insider trading scheme.

SEC Settlement With Former Coinbase Product Manager

In this way, the two defendants also agreed that their actions violated Section 10(b) of the Securities Exchange Act. 

Accordingly, Ishan has been sentenced to two years in prison, while his brother, Nikhil, will serve ten months behind bars.

In a statement, the SEC also said the former Coinbase product manager forfeited 10.97 ETH and 9,440 USDT. On the other hand, Nikhil has submitted to the state 892,500 USDT. 

This is part of the settlement and forfeiture of securities the SEC said were ill-gotten.

The case was settled roughly a year after the SEC filed the suit at the District Court for the Western District of Washington, accusing the former Coinbase product manager of using confidential information to benefit from trading crypto assets, most of which, the regulator claims, were securities.

According to the Director of the SEC’s Division of Enforcement, Gurbir S. Grewal, their actions amounted to insider trading. Grewal stated:

While the technologies at issue, in this case, may be new, the conduct is not. We allege that Ishan and Nikhil Wahi, respectively, tipped and traded securities based on material nonpublic information, and that’s insider trading, pure and simple.

How Will The SEC Handle Ethereum?

While the SEC succeeded, questions are being asked about how the regulator will allow the forfeiture of those digital assets, including Ethereum, in a way that the regulator considers legal and lawful. 

Though there is an argument that all assets received from the two brothers will be forfeited to the Department of Justice (DoJ), some maintain that the SEC must first confirm receipt.

Recently, Gary Gensler, the chairman of the SEC, failed to clarify whether Ethereum, like Bitcoin, is a commodity that should be treated as a property and its capital gains tax.

While in front of the House Financial Services Committee, Gensler repeatedly said the agency was learning more about Ethereum. 

This didn’t help ETH since a clear endorsement from the SEC, the principal regulator, could lead to regulatory clarity, possibly driving prices and on-chain activity.

SEC’s position differs from the Commodity Futures Trading Commission (CFTC), which classifies Bitcoin, Ethereum, and Litecoin as commodities, not securities.

Still, a statement from the SEC declaring ETH a commodity is much awaited by the community and could help prices. In late 2020, the SEC sued payment company Ripple and its executives, claiming XRP is an unregistered security. A ruling on this case is expected in the coming few months.

Feature Image From Canva, Chart From TradingView

Dogecoin has become the staple cryptocurrency that everyone knows. Regardless of anyone’s preexisting knowledge of crypto, the king of the K-9s has the support of the world’s wealthiest man. What effect did Elon Musk’s overt support of Dogecoin have on its price action? Could this be replicated in another project like Big Eyes Coin? This article will try to answer those questions!

Why Does Elon Musk Have Such an Affinity With the DOGE?

Elon loves memes. Have you ever seen him on a podcast? The interviewer nearly always questions him over memes. The Lex Fridman podcast purposefully designated 15 minutes to get Elon Musk’s opinion on some topical memes. Why is this?

The definition of a meme has changed dramatically over the last decade. Starting as humorous captions on top of humorous images, they are now culturally embedded in our society. Because of this, meme has become a political weapon and a means of marketing.

This is why Elon has such a deep love for Dogecoin. DOGE is the incarnation of memes in cryptocurrency. Created as a joke, the token has gathered serious backing and mustered up an impressive market capitalization – topping at around $88 billion at the height of the bull run.

Elon Musk has said many times in interviews that a joke cryptocurrency becoming the highest ranked by market cap would be, quote on quote, ‘hilarious.’ This, of course, sparked some criticism from many as they doubted the sincerity of his support of Dogecoin. Anyone who knows Musk will know that he did not bat an eyelid and would even revel in this spotlight of criticism.

Regardless of the bad press, Elon helped Dogecoin to a top 10 cryptocurrency ranked by market capitalization; it is exactly this highbrow support that could take Big Eyes Coin to the next level of fame.

Who Could Back Big Eyes Coin?

Big Eyes Coin is hardly struggling. It has stormed through its presale stages and onto stage 4; the project has raised $5 million already in a very short period. Many are wondering if a celebrity of some status could end up endorsing the project as Elon Musk did to Dogecoin.

The project has already made numerous collaborations with crypto Twitter influencers, which has helped Big Eyes onto a pedestal. But who could take the project one step further once the token is launched and open for trading? Let’s take a look.

It is unlikely that Elon Musk would take a stance to support Big Eyes as he is already such a sincere advocate of Dogecoin. Someone with Musk’s profile would no doubt take Big Eyes Coin to the skies and beyond, but unfortunately, it is a very unlikely scenario.

The Big Eyes project has emphasized the welfare of the oceans and related sanctuaries. 5% of its total token supply has been dedicated to an as-of-yet unspecified ocean charity. This has led to speculation that the project is looking to work with a known environmentalist. The most notable would be Sir David Attenborough. The British natural historian phenomenon. The support he has is unparalleled throughout the world, and he would surely raise the Big Eyes pedestal even higher.

Interested in the presale? Check the button below:-

This, however, would be unlikely because he is far from involved in cryptocurrency at present and would likely be uninterested in such a venture. In all fairness to him, he is 96! The next obvious candidate would be Greta Thunberg, the Swedish environmentalist sensation who took to fame from a very young age. This is a much more likely sponsorship of the Big Eyes token and would be a partnership that would stand the test of time.

Not bought any Big Eyes Coins yet? Get involved in their presale! You’re still very early, as we are only in stage 4/15! Each stage increases the value of the token, and so an investment in presale stage 4 would mean you, at minimum, make over 200% of your original investment upon the token launch.

Hollywood News – Crypto and Celebs:

Well, by now, we are all accustomed to the ties that interlace Hollywood with the cryptocurrency industry. I mean, we all know about it. A big part of the “job” of being a celebrity is, in fact, to influence the public and to ultimately “sell” the “dream.” The connection between the prominent and powerful of the world, the general public, social media, and financial products or services are strong and everlasting. Whether we’re talking about tangible commodities or abstract fantasies, there’s always something to sell, there’s always someone willing to sell it, and there’s always someone interested in buying it.

So let’s dive straight into it. Who’s selling what, where, and most importantly, to whom?

Well, Cryptocurrency has been a “thing” in Hollywood for quite some time now, with celebrities swearing by their digital currency and Web.3 investments. Kanye West and Snoop Dogg are, of course, leading the “pack” with their efforts and full involvement in the NFT and Metaverse sectors.

Snoop Dogg

Image source axs.com

 

Rapper, actor, and businessman (who, as reported by CNN, has just dropped his very own brand of breakfast cereal – Snoop Loopz) is a real crypto-aficionado. What am I saying, the man is literally building a crypto-empire with his NFT collections and his strive to support young, emerging artists through digital currency. NFTs, or non-fungible tokens, are one-of-a-kind blockchain tokens that can represent ownership of a digital or physical asset, usually in the form of a unique art piece.

The “Drop it Like it’s Hot” singer has recently talked about what’s happening in the crypto markets lately and how he feels that the cryptocurrency winter “may actually do the industry some good in the long run.”

The artist went on to state that he believes crypto is a “beautiful industry” with plenty of potential and plenty of opportunities too. He added that he personally feels that the industry’s temporary swinging position is not here to stay, “there is always a depression in every industry,” he says, comparing the current downfall of the crypto markets to those of alcohol, tobacco, fashion, and even food.

 

The statement comes just after major news broke out about:

• One, is that the world’s main record label companies, Universal, Warner Music Group, and Sony Music, have all investigated the possibility of employing NFT technology in the near future, which would in return, attract even more artists to join the cause.

 

• Two, after partnering with Bored Ape (and creating its very own Taco Truck business – Bored Taco), Snoop might be thinking of partnering with yet another animal-themed project. Dogs? Nah, Cats!

The Starsky & Hutch actor is allegedly in talks with the developers of Big Eyes for the creation of a “top-secret” project involving unique NFTs which will stimulate and benefit young, emerging artists.

Kanye West

 

Another talented artist, rapper, and businessman. Kanye West (who has recently been spotted out with a “mystery brunette”), famous for his Yeezy lifestyle brand and of course, his relationship with modern-day starlet Kim Kardashian (formerly Kim Kardashian West), is not new to making “shocking” claims.

(image source The Indian Express)

This time, the 21-time Grammy winner has spoken in favour of cryptocurrency, saying that the “True Liberation of America” (Forbes) might actually come from Bitcoin (BTC) and the cryptocurrency industry at large. Well that’s a bold claim, Kanye! But could he have spoken some truth there?

(Kanye on the Joe Rogan Podcast)

 

In the age of the digital, having the opportunity to create “self-wealth” through decentralised finance (DeFi) and consequently eliminating the need for intermediaries (such as banks) has been a blessing for many, celebrities included.

Any, (or almost any) crypto projects hold the space and the freedom to generate passive income for their users in a convenient and straightforward way.  For the most part, the DeFi protocol works as follows: You get to stake your “magic” token to earn yield in digital currency that you may then trade on margin for derivatives of even more digital tokens. In a sense, this process constitutes a remarkable accomplishment for our society – as a (now) large sector of the economy, we have finally developed a distinct financial system that is, for the most part, functioning, (very) profitable, and also almost entirely disconnected from the physical world.

The Billionaire and (controversial) MAGA supporter, after having had some concerns about NFTs (non-fungible-tokens) bidding them volatile “objects” with no foundations or intrinsic purpose in the “real world,” has turned around. He has now warmed up to the idea of having his own NFT collections, following in the footsteps of fellow rapper Snoop Dogg.

According to over 15 new trademark cases submitted around the rapper’s alter-persona, “Yeezus”, Kanye West may be getting ready to mint his very own NFTs.

These speculations are based on the fact that “Ye” (Kanye’s new legal name) is now exploring “blockchain-based non-fungible assets,” currencies, and tokens, trying to possibly open up an online Metaverse retail store that would feature digital art as well as items from his Yeezy fashion house. All of this, it is rumoured, will be created in partnership with Big Eyes, an up-and-comer in the world of cryptocurrency and digital art.

Other Celebrities

If you thought that Mr “Ye” or “Big Unc Snoop” were the only superstars to have ventured into the wonderful, wonderful world of digital products and investment, well you are very wrong my friend!

In the cryptocurrency endorsement expedition, alongside the before-mentioned duo, other very prominent names come up.

Artist and influencer Paris Hilton has made NFTs “hot” by introducing to the market a series of “iconic” digital art pieces which sold for millions of dollars. The heiress to the Hilton Hotels “Empire” has repeatedly applauded the industry for the way it has helped democratising art and empower women.

Good Will Hunting actor and Academy Award winner Matt Damon has also expressed his full commitment to the cryptocurrency industry. In recent months Damon has been stating that “Fortune Favours the Brave” and that investing in digital currency should be a priority for anyone looking to make passive income.

Last but not least, British Supermodel Kate Moss has used cryptocurrency to make some good. The businesswoman and fashion Icon got in on the NFTs trend, presenting something wholly original. She created a video showing her in bed, sleeping, and released it as a non-fungible token titled “Sleep with Kate,” which then sold for over $17,000. All proceeds have gone to the non-profit organisation “Gurls Talk.”

Other notable personalities involved in cryptocurrency include Kim Kardashian, entrepreneur Elon Musk, Bella Hadid, Eminem, and comedian Ellen DeGeneres.

Now, who’s going to be the next big celeb to endorse Big Eyes?

“Certified Cuteness”: Big Eyes

Okay, so we have been mentioning the possibility of celebrities like Kanye and Snoop endorsing Big Eyes. Cool! But you may be wondering, what is Big Eyes? Well here is what we know about the new “certified cuteness” meme coin and NFT-based cryptocurrency.

First of all, Big Eyes (BIG) has been fully developed to be the cutest meme coin in the cryptocurrency sphere. It has been said that the creators of Big Eyes – a cute ginger kitten bearing sparkly eyes – have been elaborating the project to be the best possible alternative to the prominent (silly-looking) Shiba-inspired meme currency already present on the market (Dogecoin rings a bell).

Big Eyes (BIG) is a full-fledged community token that has the explicit objective of creating and then transferring income from the Defi ecosystem into individual’s wallets, while also preserving the essential component of global community interconnections.

Tokens issued by the community can generate significant riches for both individuals and charitable organisations. Big Eyes strives to expand its endeavours even more by developing a blockchain ecosystem that can self-propagate for hypergrowth using non-fungible tokens (NFTs) – You can see why the two rappers, which have always been interested in developing community ties and helping the younger generations, are allegedly thinking about getting involved in the Big Eyes ecosystem and efforts.

In order to assure the longevity and sustainability of the project, to guarantee an investors-come-first ecosystem, and also to keep great ideas flowing, the ecosystem has implemented reactions that are quick and smooth, just like the ones of a cat, of course.  A tax system that is both straightforward and dynamic will permit adjustments to be made to fees with Auto Burn features, Marketing Wallet, and LP Acquisition.

Big Eyes plans to go big on NFT creation, with a creative marketplace waiting to open – the NFT Sushi Crew. The NFT collection will aim at bringing joy to the community while also increasing the value of the token, benefiting all holders in return. In addition, all revenue made through the NFT events will be contributed to a vote on whether or not to burn currency.

Big Eyes is also planning on giving its community access to many other in-house projects such as contests, rewarding systems and a shop where Big Eyes aficionados can purchase cool merch designed by the hottest artists in the business; this “wear the stare” venture is aimed at attracting even more individuals to join the “family” and expand Big Eyes’ reach (together with holder’s wallets).

The cutest project in DeFi is aiming at raising 50 million USD by the end of the year. According to data, the Big Eyes presale so far has managed to raise a whopping 1 million dollars.

The Big Eyes platform is going to be a place for creatives, artists, and anybody who is really “hungry for a change.”

 

Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.