Charles Hoskinson's proposal to create a decentralized social platform based on Cardano arose as a response to the ban on X in Brazil. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Charles Hoskinson plans to create a decentralized social network in Brazil
📍Amid the controversy generated by the actions of the Supreme Federal Court (STF) of Brazil, Cardano founder has called on the community to support the construction of a decentralized social network. In X, Hoskinson wrote that a decentralized, censorship-free social platform will give voice back to Brazilians who have been silenced on X amid media conflicts.
According to the STF order, X (formerly Twitter) has allowed misinformation from extremist groups to spread freely, leading to attacks against democratic institutions. The court condemned the social network for its role in spreading hate speech, racism and anti-democratic content and issued an order for the country's National Telecommunications Agency to block Brazilians' access to the platform.
In response to the announced measures, several leaders of the crypto community have spoken out against them, pointing to the STF's court order as an attack on the right to freedom of expression.
Hoskinson, who was one of those who criticized the restrictions imposed by the STF, called on the crypto community to help build a decentralized social network that counters censorship and allows users in the country to communicate and express themselves freely.
Telegram founder under judicial supervision
📍Amid censorship and attacks on freedom of expression by the authorities, Pavel Durov, founder of Telegram, has been fined 5 million euros and is also banned from leaving FranceDurov was released after four days of detention. However, despite his release, he will remain under judicial supervision.
A report published by the Hindustan Times, a New Delhi-based newspaper, said that Durov will face a formal investigation in France as per the order issued by the French judge handling the case. In addition, the Telegram founder will have to pay the huge fine to avoid pre-trial detention and will have to report twice a week to the French police, without leaving the country.
As reported by this media, Durov was arrested outside Paris after being accused of allowing illicit activities to be organised through his messaging platform. According to statements by French President Emmanuel Macron, Durov was arrested as part of a judicial investigation into disinformation and the use of platforms for illicit activities.
SEC sets its sights on Opensea
📍One of the leading non-fungible token markets, Opensea has been served with a Wells Notice by the Securities and Exchange Commission (SEC). In this formal notification, the securities regulator expressed its interest in filing a lawsuit against the NFT marketplace, which is considered investment contracts by the federal regulator.
On social media, Opensea expressed its dismay at the SEC's notice, and the platform has committed significant resources to support artists and creators who also receive a notice from Wells.
“To help ensure that creators continue to build without fear, we are committing to providing $5 million to cover the legal fees of NFT artists and developers who receive a Wells notice.”, said opensea.
Devin Finzer, co-founder and CEO of Opensea, said in a statement that the SEC’s notice to Opensea may come as a surprise to many, but for those who have been closely following the developments in the US political and regulatory landscape, this notice is nothing but “fatigue and disappointment.” Finzer criticized the SEC’s actions, pointing out the risk it may pose to creators, entrepreneurs, and consumers alike. In his view, classifying NFT tokens as securities is not only a misinterpretation of securities law, but also poses a danger to the livelihoods of artists and creators. He also indicated that this intention to sue could disempower collectors and gamers, and stifle innovation in the many promising use cases for NFTs.
Despite his disappointment, Finzer also assured that Opensea is prepared to fight the legal battle and fight the SEC.
Donald Trump launches a new collection of NFTs
📍Despite the US regulatory environment, Presidential candidate Donald Trump unveiled his fourth collection of non-fungible tokens. Titled “American First Collection,” the new series of NFTs showcases the former president and presidential candidate’s enthusiasm for Bitcoin, the most capitalized cryptocurrency on the market.
The digital trading cards feature Trump dancing and holding a bitcoin. They also offer unique perks and prizes for those who purchase multiple of these crypto-collectibles in a single transaction. Prizes range from a dinner at Trump's private estate to a piece of his actual debate suit.
To date, Trump has unveiled several initiatives related to the world of cryptocurrencies. His latest launch was a special edition of sneakers printed with the Bitcoin logo, which sold out during pre-sale. Trump has made multiple promises to the crypto industry, focused on ensuring a favorable environment for its development and growth in the country.
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