SEC Clarifies Crypto Custody Rules as Innovative Projects Raise Millions
The crypto landscape has seen significant developments, with the SEC providing clarity on crypto custody and several projects raising substantial funds for their innovative solutions.
The SEC has issued a no-action letter, defining 'bank' to include state trust companies like Ripple and Coinbase. This allows them to qualify as 'custodians' under the Investment Advisers Act of 1940. To mitigate counterparty risk, assets must remain segregated from the custodian's balance sheet. This move strengthens the legal framework, potentially driving institutional investment into crypto.
Bitcoin Hyper ($HYPER) is set to launch a Layer-2 solution directly on Bitcoin, integrating the Solana Virtual Machine for sub-second transactions and near-zero fees. Meanwhile, Nexchain ($NEX) positions itself as the world's first AI-built Layer-1 blockchain, promising high throughput and daily gas fee distribution to holders. PepeNode ($PEPENODE) introduces a 'mine-to-earn' model, encouraging holders to build virtual server rooms and upgrade mining nodes for incentives.
These projects have seen notable presale success. Bitcoin Hyper raised over $19.5M, with tokens priced at $0.013015 and early stakers enjoying around 60% APY. Nexchain's presale raised over $10.61M, with tokens priced at $0.112 and a projected listing price of $0.30, indicating a 168% upside. PepeNode's presale raised $1.55M, with tokens priced at $0.0010831 and staking offering an 845% APY.
With the SEC's clarification, Ripple and Coinbase can now securely store client crypto assets, provided they meet strict requirements. Meanwhile, innovative projects like Bitcoin Hyper, Nexchain, and PepeNode continue to push the boundaries of blockchain technology, raising substantial funds and offering attractive incentives for early adopters.
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