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A parliamentary committee in the United Kingdom has called for stricter regulations on sports fan tokens and has proposed that the government establish a code of conduct for NFT platforms. In a bipartisan move, a parliamentary committee in the UK has strongly recommended that the government takes measures to safeguard the rights of creators in the face of copyright violations linked to nonfungible tokens (NFTs). Additionally, the committee aims to tackle potential issues arising from sports organizations releasing digital assets. In a press release dated October 11, the Culture, Media and Sport Committee emphasized that the most critical concern is the threat to artists’ intellectual property rights due to the rapid and easy minting of NFTs, in stark contrast to the sluggish process artists encounter when attempting to protect their rights. Dame Caroline Dinenage, the committee’s chair, expressed concern, saying, “Artists face the risk of their hard-earned creations be...

During a panel moderated by Cointelegraph editor-in-chief Kristina Lucrezia Cornèr at Swiss Web3 Fest, industry experts provided insights into how tokenization is enabling solutions never seen before. The Boston Consulting Group estimates the token ization of real-world asset s could become a $16 trillion industry in the coming years. Its impact, however, goes well beyond financial figures, and can help people in developing countries to find new ways to deal with real-world problems. During a panel moderated by Cointelegraph's editor-in-chief Kristina Lucrezia Cornèr at Swiss Web3 Fest, industry experts provided insights into how tokenization can be applied to real-world assets, and how it is enabling solutions never seen before. "Our farmers, in Kenya, receive their payouts days after the harvesting season ends. If they have less yield than expected, then they receive a payout immediately. In the traditional insurance space, they need to wait six months. And that can mean th...

NFTs have taken a massive hit since the 2021 bull market, but some experts say they could make a comeback. Nonfungible tokens (NFTs) saw a massive surge in popularity in 2021, accompanied by sky-high prices, but the market has since come crashing back to earth, and it’s unclear whether there will be a resurgence .  NFTs are unique digital tokens recorded on a blockchain to certify ownership and authenticity. They can’t be copied or substituted but can be transferred and sold by their owner. According to analytics platform NFTGo, the NFT market cap valued in Ether (ETH) is down 40.59% over the past year at the time of writing, with trading volume down 40.81%. The market cap in U.S. dollars is down 41.16%, and its volume has dropped 66.77%. At the same time, market sentiment is ranked 13 out of 100, with an overall rating of “cold.” The NFT market has fallen even further in the latter half of 2023. Source: NFTGo Arno Bauer, senior solution architect at BNB Chain, told Cointelegraph ...

Brad Garlinghouse stressed Ripple’s unchanged commitment to transparency but hinted that future reports might undergo some changes. Ripple CEO Brad Garlinhouse on Aug. 2 expressed his disapproval of the United States Securities and Exchange Commission for utilizing Ripple’s quarterly XRP (XRP) Markets Report, designed to enhance transparency in the cryptocurrency industry, as evidence against the company in the ongoing lawsuit .  Garlinghouse stated that the company initiated the report s with the intention of voluntarily offering updates on its XRP holdings. However, the CEO said these report s were later “used against” the company in the SEC’s lawsuit . Garlinghouse reiterated the company’s commitment to transparency but hinted that future report s might undergo some changes. We began these reports to voluntarily provide updates given our XRP holdings. Sadly, they were used against us in the SEC lawsuit - however, we remain steadfast in our commitment to transparency but I suspect t...

Blockchain security firm PeckShield has detected multiple fake Worldcoin token s amid the recent launch of OpenAI CEO’s cryptocurrency.  PeckShield identified two fake Worldcoin tokens circulating on the Ethereum network. The first demonstrated a staggering 100% price drop, indicating its dubious nature. It quickly became evident that it was a rug pull, posing severe risks to unsuspecting investors. #PeckShieldAlert PeckShield has detected that a fake #Worldcoin rugged. https://t.co/TOhOpZc3Wn The fake #WorldCoin has dropped -100%. The Deployer 0x477aF2 has interacted with #SimpleSwap and #MEXC , and originally funded 161.6 $ETH from #MEXC https://t.co/4idBsxtSrm pic.twitter.com/wY8QZcyWdV — PeckShieldAlert (@PeckShieldAlert) July 24, 2023 The deployer address 0x477aF2 was involved with well-known crypto platforms SimpleSwap and MEXC. Further investigation revealed that the perpetrator had initially funded the fake Worldcoin with a substantial amount of 161.6 ETH, ori...

Paul Brody’s “Ethereum for Business” gives a basic overview of enterprise Ethereum, while providing real-world use cases of how EY clients leverage the technology. The cryptocurrency market has encountered its share of ups and downs over the past year, but blockchain technology continues to see impressive growth as businesses seek digital transformation.  Recent findings from the market research platform, MarketsandMarkets, estimated the global blockchain market size to be $7.4 billion in 2022. While notable, the report indicates that the blockchain sector is expected to generate $94 billion in revenue by the end of 2027. If these findings are accurate, this will result in a compound annual growth rate of 66% from 2022 to 2027. Breaking down ‘Ethereum for Business’ Specifically speaking, many enterprises today are using the Ethereum blockchain to improve outdated business processes. Paul Brody, global blockchain leader for Ernst & Young (EY), told Cointelegraph that he believe...

The proposal for MATIC’s technical upgrade is subject to approval from the Polygon community. Once approved, MATIC’s upgrade to a multipurpose token will result in its renaming to POL. Ethereum layer 2 development firm Polygon proposed upgrading its in-house MATIC (MATIC) token into a multipurpose token that can be used to validate multiple chain s. The proposal for MATIC’s technical upgrade is subject to approval from the Polygon community. Once approved, MATIC’s upgrade to a multipurpose token will result in its renaming to POL. According to the announcement shared with Cointelegraph, POL’s utility will span all the Polygon protocols, which includes Polygon PoS, zkEVM and Supernets. Sharing details about the anticipated upgrade, the announcement read: “Primarily, it enables the pool of protocol participants, i.e. actors to scale to support thousands of Polygon chains without sacrificing security.” The utility of POL revolves around validators, with the goal of aligning and i...

Coinbase has asked the court to dismiss the lawsuit filed against the company by the US Securities and Exchange Commission (SEC), stating that the tokens mentioned in the lawsuit are not “investment contracts” and therefore do not qualify as crypto asset securities.  Coinbase refutes the SEC label of digital assets on its platform  U.S. crypto exchange giant Coinbase filed a 177-page response to the SEC’s complaint on June 28, stating that the SEC lacked the regulatory power to oversee digital assets. In June, the SEC sued Coinbase for operating as an unregistered broker, national securities exchange, and clearing agency. The lawsuit also mentioned Coinbase’s staking program along with 13 tokens including DASH, NEXO, FLOW, SOL, and ADA, labeling them as securities .  You might also like: Sen. Cynthia Lummis lambasts SEC over enforcement actions against Coinbase Meanwhile, the document claimed that Coinbase’s business remains ...