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Here’s a full draft of Senator Cynthia Lummis’ landmark crypto bill

US Senator Cynthia Lummis (R-WY) has spent months teasing details of a comprehensive bill that addresses crypto regulation. The Block has obtained a draft version that offers key details about the scope and impact of the bill. The 70-page draft focuses on numerous aspects of US crypto regulation. These areas include which activities would fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC) and other federal regulators.  The Block understands that this …

Texas, Alabama securities regulators serve a casino NFT scheme cease-and-desists

The Texan securities regulator has issued an emergency cease and desist order to a metaverse investment scheme it has accused of being fraudulent The Texas Securities Commission is accusing Sand Vegas Casino Club, Martin Schwarzberger and Finn Ruben Warnke of illegally offering non-fungible tokens (NFTs) to create virtual casinos in metaverse venues like Sandbox, Decentraland, Infinity Void and NFT Worlds. The Alabama Securities Commission has filed a simultaneous cease and desist as well.  Those named in the order have advised …

SEC commissioner Hester Peirce is expecting growth in NFT use cases in 2022

SEC commissioner Hester Peirce says she’s expecting an increase in the financialization of non-fungible tokens (NFTs) in 2022, and that means holders will have to keep an eye on the ways their activity could run into securities laws. In an interview with CoinDesk’s First Mover on Thursday, Peirce delivered her 2022 outlook. Peirce said she anticipates additional use cases for NFTs as people figure out how they can further extract value from the tokens. As those use cases expand ownership …