HAHA! You can't make this stuff up. They are literally digging their own grave SEC asks to toss Debt Box suit after court threatens sanctions The SEC admitted its attorneys “should have been more forthcoming” with the court but argued a sanction wasn’t appropriate. 3004Total views 5Total shares Listen to article 3:21 NEWS Join us on social networks The United States securities regulator is seeking to dismiss a lawsuit it launched against a crypto company after a federal court issued an order mandating the agency provide reasons why it should not incur penalties for lying. In a Jan. 30 court filing to a Utah District Court in its case against Debt Box, the Securities and Exchange Commission said it “has determined that the best way to proceed is to dismiss this action without prejudice.” “While the Commission recognizes that its attorneys should have been more forthcoming with the Court, sanctions are not appropriate or necessary to address those issues.” The SEC initially claimed Debt Box perpetrated a $50 million fraudulent crypto scheme amid its operations as a software mining license provider. In August, it won a restraining order to freeze Debt Box‘s assets after claiming the firm had already sent $720,000 overseas and would flee to the United Arab Emirates and secretly transfer more assets with it if it was notified of the order. However, Judge Robert Shelby, overseeing the case, reviewed his initial order and concluded the SEC misrepresented evidence and that the $720,000 transfer was instead sent within the United States. In December, Judge Shelby gave the SEC a “show cause order” — a type of court order that requires a party to justify, explain or prove something to the court. The SEC is now asking the court to reject Debt Box’s request for additional sanctions. A dismissal with prejudice is “an extreme sanction appropriate only in cases of willful misconduct,” the SEC said. “No such willful misconduct occurred here.” Related:Cryptocurrency versus the SEC: A fight for fair digital investing “The SEC got this case wrong. Badly wrong,” lawyers for Debt Box told Judge Shelby in a Dec. 4 motion to dismiss. “The SEC should not be allowed to continue to spin a false narrative to avoid dismissal.” An SEC spokesperson told Cointelegraph it declined to comment beyond the public filings. Magazine:Deposit risk — What do crypto exchanges really do with your money? Explore more articles like this Subscribe to our Crypto Biz newsletter A weekly pulse of the business behind blockchain and crypto. Delivered every Thursday By subscribing, you agree to our Terms of Services and Privacy Policy #Law #Business #Security #SEC #Court #Sanctions #Regulation READ MORE Microsoft revenue up 18% after ‘infusing AI’ across tech stack Ad Blockchain can make the cacao industry fair and sustainable: Here’s how Terraform Labs says bankruptcy will aid appeal of SEC suit DEREK ANDERSEN 17 HOURS AGO Circle’s USDC token will go native on Celo blockchain, pay for gas The hookup between Celo and Circle will benefit both sides as Celo continues to advance real-world use cases and Circle expands its reach. 2516Total views 3Total shares Listen to article 2:52 NEWS Join us on social networks Circle’s USD Coin USDC $1.00 will launch natively on the Celo blockchain, the Celo Foundation has announced. Minting USDC on the blockchain will boost Celo’s use cases for real-world assets and enhance USDC’s convertibility into fiat currencies. USDC will join Celo’s native proof-of-stake governance token, CELO CELO $0.66 , as the blockchain transitions from an Ethereum Virtual Machine-compatible layer-1 chain to an Ethereum layer-2 protocol. The Celo community will vote in an upcoming proposal on making USDC the gas currency for the ecosystem. Mento Lab already issues the cUSD stablecoin on Celo, as well as other stablecoins such as the cEuro, cREAL (pegged to the Brazilian real) and eXOF (pegged to the West African CFA franc). Celo positions itself as part of the regenerative finance movement and is carbon-neutral and mobile-first. It emphasizes mobile technology to improve the user experience in emerging economies. The Opera web platform launched its MiniPay wallet on Celo in September for African users with mobile phones. Circle senior business development manager Shamus Noonan said in a statement: “This partnership will help broaden access for USDC and leverage Celo’s mobile-first user-base in regions where blockchain adoption is highest.” The integration of USDC will also give institutional and enterprise users access to the Circle Mint on/off-ramp, which will enable greater activity on Celo, the Celo Foundation said. Related: Wallets with USDC stablecoin grew by 59% in 2023 despite circulation drop USDC is the second-largest stablecoin with a market cap of $26.5 billion, following Tether USDT $1.00 , with a market cap of $96.1 billion. It reportedly filed for an initial public offering in the United States in mid-January. Circle has been expanding its global reach. It was granted conditional registration as a virtual assets service provider in France in December. A month earlier, it partnered with Japanese financial services firm SBI to introduce USDC in that country. It has partnered with global payments processor Visa since 2020 and expanded cooperation using USDC issued on Ethereum and Solana in September. Circle has also come under fire for alleged connections to money laundering — allegations it has denied. Magazine: 6 Questions for Rene Reinsberg of Celo Explore more articles like this Subscribe to our Crypto Biz newsletter A weekly pulse of the business behind blockchain and crypto. Delivered every Thursday By subscribing, you agree to our Terms of Services and Privacy Policy #Blockchain #Circle #Africa #Mobile Payments #Mobile Wallet #Stablecoin #DeFi #Celo READ MORE How Move found new purpose after the collapse of Facebook’s stablecoin Diem Ad Blockchain can make the cacao industry fair and sustainable: Here’s how Swiss city of Lugano embraces diverse digital currencies future EMRE GÜNEN 52 MINUTES AGO How this DeFi lending protocol aims to change ADA hodlers’ habits A DeFi lending protocol leverages the Cardano blockchain to offer easy-to-use and secure lending opportunities. 239Total views Listen to article 4:32 SPOTLIGHT Loan bonds and permissionless pool ownership are innovative solutions addressing traditional crypto strategy limitations, like hodling. Lenfi, a DeFi lending protocol, simplifies lending and borrowing for ADA and native token holders on the Cardano blockchain. Decentralized finance (DeFi) lending is a transformative innovation that reshapes investors’ engagement by enabling direct peer-to-peer financial services. Blockchain technology allows borrowers and lenders to interact directly and autonomously through smart contracts. Borrowers enjoy better access to loan services while facing fewer bureaucratic and financial barriers than traditional methods offer. DeFi lending protocols can run on various blockchain networks, and among them is Cardano, renowned for its research-driven approach. Cardano’s layered architecture, designed with scalability in mind, separates the settlement and computational layers —allowing for more efficient processing of transactions. In Cardano, stakeholders who have delegated their tokens to a stake pool receive rewards every five days, but it decreases over time due to the limited supply. As rewards diminish, savvy users will seek alternative methods to maximize gains, turning to decentralized liquidity protocols for assistance. DeFi lending on Cardano Lenfi is a lending solution that provides Cardano ADA $0.502 or Cardano Native Token holders better ways to utilize their assets through tokenizing user interactions. Lenfi transforms borrowers’ debt and the associated collateral into a transferable digital format via loan bonds. Suppliers and borrowers can list their nonfungible token (NFT) bonds in a dedicated marketplace. Every depositor receives LP tokens representing a share of the underlying pool. Source: Lenfi Lenfi also introduces the concept of Permissionless Pool Ownership, where users can create and manage their liquidity pools without centralized authorization. This feature democratizes access to liquidity provision and allows for a more diverse and dynamic lending environment. As a decentralized liquidity protocol, Lenfi addresses the limitations of traditional hodling — long-term investing with digital assets. When investors choose to hodl, they may suffer from diminishing staking rewards. ADA holders can diversify their investment strategies on Lenfi and surpass traditional staking models. DeFi users can supply assets by depositing native tokens into a smart contract on Lenfi’s platform, thereby earning algorithmically calculated interest. Simultaneously, borrowers obtain loans from a pool provided by lenders and must maintain a certain ‘Health Factor’ to prevent their collateral from being liquidated. If a borrower’s Health Factor falls below 1, their collateral is liquidated, ensuring loans are adequately collateralized and maintaining stability in the system. Lenfi introduces isolated liquidity pools that allow users to supply ADA specifically against stablecoins or supply stablecoins against their preferred Cardano native tokens — tailoring their investment approach. How borrowing works on the Lenfi protocol. Source: Lenfi Lenfi adopts a pooled lending approach that enables lenders to hedge their positions. Lenders can choose the collateral token for the pool and lend against ADA, stablecoins or other tokens with deep liquidity on the Cardano network. Empowering users with advanced trading tools Using the Lenfi platform, borrowers use capital to trade other financial assets, increasing their purchasing or selling power beyond the funds available in their wallets. Users also can short-sell by borrowing and selling assets, expecting a price drop. Lenfi also allows users to leverage yield farming strategies, enabling them to borrow tokens and leverage the difference in annual percentage yields (APYs). Users who want to learn about progress toward mainnet deployment can get early access to the testnet version. Blockchain-specific lending protocols are helping the industry grow with its digital services regardless of geographic location or economic background. Key industry figures’ predictions strengthen this view, with tokenization powering much of the DeFi sector in 2024. With innovative approaches to different blockchains, DeFi can discover new horizons by offering a more diverse selection of ways for investors to handle their holdings. Learn more about Lenfi #Blockchain #Lending #Cardano #DeFi #Staking Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain in this sponsored article, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice. READ MORE Bitcoin halving hopium - study reveals 84% of investors expect new all-time highs Ad How this DeFi lending protocol aims to change ADA hodlers’ habits Quantstamp reports $38.9M lost in DeFi attacks in January