Crypto.com vs. the SEC: A Big Lawsuit.

What we’ll cover today:

👨‍⚖️ Crypto.com vs. the SEC.

💸 86-Year-Old Running a Massive Crypto Scam.

🪙 Where’s The Action in Crypto? Solana.

1. Crypto.com vs. the SEC.

They’ve fired back with a lawsuit against the SEC and Chair Gary Gensler.

Here’s what you need to know:

• The SEC’s Claim: The SEC is labelling most tokens, except Bitcoin and Ethereum, as securities.

• Crypto.com’s Fight: They’re pushing to prevent the SEC from expanding its jurisdiction to secondary-market sales of these tokens.

• The Bigger Picture: This isn’t just about Crypto.com. Major players like Coinbase, Ripple, and OpenSea also challenge the SEC’s aggressive regulatory stance.

• Uncertainty: While the industry waits for clear rules from Congress, the Financial Innovation and Technology Act (FIT21) is still on hold.

• Immediate Impact: Following the news, Crypto.com’s native token, Cronos (CRO), dropped 4.7%.

This showdown could have huge consequences for the future of crypto in the U.S.

Here’s the whole article

2. 86-Year-Old Running a Massive Crypto Scam.

Sounds crazy, right?

David Kagel, a former attorney, was sentenced to five years probation and fined nearly $14 million.

Here’s how the scam unfolded:

• The Scheme: From 2017 to 2022, Kagel and his partners promised massive profits using crypto trading bots.

• The Hook: They guaranteed high returns with zero risk, which sounded too good to be true.

• The Trust Factor: Kagel used official letters from his law firm to gain investors' confidence.

• The Big Lie: He claimed to have $11 million in Bitcoin in escrow as a guarantee.

• The Truth: None of the promises or investments were real.

Now, Kagel is serving probation in hospice care while his partners await trial.

Here’s the whole article.

3. Where’s The Action in Crypto? Solana.

It’s dominating the new token game, owning 87% of all token launches in 2024.

By September, Solana had over 96,000 new tokens out of 110,180 across all networks.

What’s driving this explosion?

• Ease of use: Tools like Pump.fun make it simple for anyone, even beginners, to create tokens.

• Speed: Solana’s lightning-fast transactions are a major draw.

• Low costs: Launching tokens on Solana is incredibly cheap, making it the go-to choice.

• Memecoin surge: The popularity of memecoin has added to the boom.

But Solana isn’t alone in the race.

Base, powered by Ethereum, is stepping up as a serious competitor.

Since April, Solana and Base have control over 80% of the token market.

As the battle heats up, both platforms are constantly innovating and improving.

Here’s the whole article