Another crypto player questions SEC's verdict on "unregistered securities"

💸 Only 0.02% of holders are crypto millionaires

The first Crypto Wealth Report by Henley & Partners reveals that out of the 425 million cryptocurrency holders worldwide, only 88,200 are crypto millionaires, representing just 0.02% of all investors.

In comparison, 1.1% of the global adult population are millionaires. Additionally, the industry has 182 individuals with at least $100 million in crypto and 22 billionaires. Over half of these affluent individuals have gained their wealth from altcoins, not Bitcoin. With a predicted compound annual growth rate of 12.5% from 2023 to 2030 for the crypto market, current investors express concerns regarding the unstable legal environment surrounding crypto.

🌟 Cardano shines bright in a dim crypto universe

In August, Cardano showcased exceptional growth, notably different from the broader cryptocurrency market.

Cardano recorded a 1.6 million increase in transactions and welcomed two new projects to its ecosystem. Additionally, token policies grew by 850, and 140,000 new native tokens were minted. Technological advancements were witnessed in the realm of smart contracts, especially with Plutus scripts. Furthermore, a groundbreaking development occurred when a static website was fully hosted on the Cardano blockchain.

🏛️ LBRY challenges SEC ruling on token sales

Decentralized content platform LBRY is appealing against the SEC’s 2022 decision, which declared LBRY's token sales as unregistered securities and led to the platform’s shutdown.

This appeal follows the ruling in favor of Ripple Labs, which the SEC had similarly accused of unregistered securities sales. Ripple's victory has sparked speculation regarding LBRY’s odds in its appeal. LBRY’s case is pivotal for the crypto world as it could clarify the SEC's stance on regulating cryptocurrencies. The outcome may significantly impact the industry's regulatory landscape.

🔐 Vitalik proposes a way to merge privacy and compliance

Ethereum researchers have introduced Privacy Pools, an open-source offshoot of Tornado Cash, built on zero-knowledge proofs.

This initiative aims to find a balance between user privacy and regulatory compliance within the Ethereum ecosystem. Privacy Pools employ ZK-proofs to confirm the legitimacy of cryptocurrency funds without exposing transaction details. While the technology shows potential in aiding regulatory efforts and user empowerment, challenges persist in maintaining the right privacy-compliance equilibrium. Meanwhile, Ethereum's price dipped slightly but remains competitive against Bitcoin.

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