In response to the recent lawsuit filed by the Securities and Exchange Commission (SEC) against Binance and oinbase">Coinbase, Animoca Brands has announced its intention to redirect its attention toward international regions. The Hong Kong-based investment firm, which specializes in web3 technologies, has been implicated in the lawsuit due to its $SAND token, which serves as the native currency for its metaverse platform The Sandbox. The SEC has categorized this token as an unregistered
The Securities and Exchange Commission (SEC) is taking strict measures against cryptocurrency in the wake of the FTX cryptocurrency exchange platform’s downfall last year. According to an email sent to the South China Morning Post, Animoca Brands’ Co-founder and Executive Chairman, Yat Siu, stated that his company does not concentrate on a single
According to Siu, the impact of the SEC’s focus on the US should not be significant for Animoca Brands in other markets where Sand is widely available and accepted. This includes more progressive jurisdictions such as Hong Kong and Japan.
Siu has stated that the company has taken steps to prioritize other markets, as the US has demonstrated a hostile approach towards blockchain technology. Siu has indicated that the company intends to focus more on these alternative markets.
Despite Animoca Brands’ decision to prioritize other markets, oinbase">Coinbase has indicated that it has no intention of delisting any of the tokens mentioned in the lawsuit. The CEO of the crypto exchange, Bryan Armstrong, has created the Stand With Crypto NFT, which enables users to voice their opposition to the hostility being directed toward the industry. The NFT has seen a significant increase in minting, with over 140,000 mints since April, up from approximately 17,000.
A number of cryptocurrency companies, including oinbase">Coinbase, have suggested that they may relocate their operations outside of the US due to the country’s negative stance towards the industry. The United Arab Emirates (UAE) has emerged as a significant hub for cryptocurrencies, thanks to its regulatory framework.
The Securities and Exchange Commission (SEC) has launched an aggressive campaign against the token economy, with a particular emphasis on staked tokens. The SEC’s position is that any token used for fundraising, where investors anticipate a return, is considered a security. Consequently, such tokens are subject to the regulations enforced by the SEC.
The SEC has stated that the SAND token generated $3 million in a private fundraising round and that investors were given the impression that the token was an investment opportunity. Holders were led to believe that they could expect to profit from the company’s efforts to expand the Sandbox protocol, according to the SEC.
The NFTgators publication recently reported that Animoca Brands intends to pivot its focus towards markets outside of the US, in response to the Securities and Exchange Commission’s (SEC) negative stance towards cryptocurrencies.
