Top Crypto News Of The Day: SEC Rule Rejection, Celeb Crypto Down, and More

Here is the top crypto news of the day curated by CoinChapter.com.

Court Strikes Down SEC Rule 

A federal appeals court has invalidated an SEC rule that would have forced hedge funds and private equity firms to be far more transparent about their fees, expenses and performance. In a ruling on June 5th, a three-judge panel from the Fifth Circuit Court of Appeals struck down the extensive 656-page regulation.

The ruling is a win for six industry groups that challenged the regulation. Judge Kurt Engelhard rejected the SEC’s claim that the Dodd-Frank Act expanded the agency’s mandate to regulate private funds in this manner.

The vacated rule would have mandated quarterly investor reports, annual audits, and an end to preferential treatment of certain investors. The SEC maintained these measures were necessary to enhance transparency and protect investors. However, critics in the crypto industry and elsewhere had questioned whether the SEC was overstepping its authority.

Another Crypto News of the Day: Most Celebrity Crypto Tokens Down Over 66% 

The majority of recently launched celebrity-endorsed cryptocurrencies experienced massive sell-offs just weeks after their debuts. One notable exception is a token launched by rapper Iggy Azalea, which has defied the trend by setting fresh all-time highs.

The plunge began after media personality Caitlyn Jenner launched the “JENNER” token on May 28th.  The token initially generated over $30 million in market capitalization. However, despite Jenner’s confirmation of the token’s authenticity, JENNER has since plummeted 79% from its record price of $0.0061.

Other celebrity crypto tokens facing similar fates include “DAVIDO” by Nigerian singer Davido (down 66%), “RICH” by rapper Rich the Kid (down 90%+), and coins tied to Floyd Mayweather, Moneybagg Yo, and Trippie Red, which have all hemorrhaged over 90% of their value.

The lone standout is “MOTHER” by Iggy Azalea, which skyrocketed to a $134 million market cap on June 6th. The token set a new all-time high price of $0.1272 in the process. 

McDonald Launches Metaverse Experience in Singapore 

McDonald’s has launched a first-of-its-kind virtual experience called “My Happy Place” in Singapore. In partnership with local metaverse developer Bandwagon Labs, the project allows customers to build virtual burgers, play games, and earn rewards like free McDonald’s food.

According to Bandwagon Labs founder Clarence Chan, the secure authentication enabled by crypto wallets like MetaMask unlocks “token-gated” activities and digital collectibles within the virtual space.

The initial McDonald’s metaverse rollout is limited to a one-month run in Singapore from June 6th to July 7th. The fast food giant will closely monitor its success as a potential springboard for broader deployment. 

Crypto News: Forcount ‘Ponzi’ Promoter Pleads Guilty in $8.4M Fraud Case

One of the leading promoters behind the alleged $8.4 million Forcount cryptocurrency “Ponzi” scheme has pleaded guilty to federal wire fraud conspiracy charges. Juan Tacuri admitted to his role in luring mostly Spanish-speaking victims worldwide. He ran a fraudulent crypto investment with false promises of doubling money through bogus crypto trading and mining activities.

Tacuri now faces up to 20 years in prison. The authority forfeited nearly $4 million and real estate he acquired through ill-gain money. Prosecutors stated he spent millions on “luxury goods” as he traveled giving presentations hyping the scam.

Crypto Advocacy Group Tops 1 Million Members

The crypto advocacy group Stand With Crypto announced it has exceeded 1 million members as of this week. The organization is backed by major crypto exchange Coinbase and has emerged as a forceful political voice. It grades politicians on crypto stances, organizes grassroots events, and recently formed a PAC to directly support candidates.

With the self-reported membership, Stand With Crypto says it is sending “a clear message to Washington” that crypto is a pivotal issue with substantial voter interest. The group aims to mobilize its ranks of U.S. crypto enthusiasts to lobby for industry-friendly policies and lawmakers.

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