The SEC’s lawsuits against Binance and Coinbase have sparked a high-stakes battle between crypto and the U.S. government. The outcome will shape the crypto industry’s future and determine whether it continues to reside in the U.S. or moves abroad.
The SEC’s assertive actions, led by Chairman Gary Gensler, reveal a strong discretionary power and a potential intent to severely regulate the crypto industry. Binance and Coinbase are being accused of trading unregistered securities, creating legal concerns for 61 cryptos that the SEC has listed as securities, including Mirror Protocol (MIR) and COTI (COTI).
Elsewhere, Uwerx continues to make massive development strides and has started working towards developing the Beta Version. This article will explore Uwerx’s progress as well as the recent happenings in Mirror Protocol (MIR) and COTI (COTI).
Uwerx (WERX) Begins Beta Development
Freelancing has spread widely, with 80% of workers reported to be interested in freelancing, as reported by Forbes in 2022. Many freelancing platforms charge hefty transaction fees of 10% to 20% on their platforms. Uwerx leverages blockchain technology to offer a cheaper transaction fee of 1%.
In recent news, the Uwerx platform’s Beta Version development is ongoing. This is after launching its Alpha Version with many exciting features, including the Log-In, SignUp, Forgot Password, Freelancer or Client Initiation, Job Creation Process, My Activity, and Initial Step of Job Creation and Initial Step Of Finding Talent Pages. Uwerx encourages users to test its platform and offer valuable feedback. Users with feedback can reach the team via email at [email protected].
As Uwerx nears the end of its presale on 31 July, the platform provides investors another opportunity to make more gains. Priced at $0.041, Uwerx has grown 730% from its $0.0005 ICO price. Growing adoption caused the project’s developers to increase its presale allocation to 57% of the 750 million total WERX supply.
Uwerx has also launched a security tool, the Uwerx Vault, where users can store/lock/stake their tokens for a specified duration and get rewarded for using the Vault. On 7 June 2023, the team locked the developers’ liquidity tokens for nine months, in addition to the InterFi Network and SolidProof audit approvals secured before ICO. These moves aim to ensure the security of the network and investors’ funds.
Investors need to trust that a project will stay for the long run. As a result, Uwerx has promised to renounce smart contract ownership when the project is listed on centralized exchanges. The community has also approved conducting a Test Airdrop via a vote to help users validate their wallet addresses. This will happen before the end of the presale.
SEC, The Latest To Hit Mirror Protocol (MIR)
Mirror Protocol (MIR) has faced several issues in the past year. With the SEC breathing heavily down its neck with allegations of being a security, the token may need a little break. However, this is not Mirror Protocol’s (MIR) first time in the news recently.
Bitfinex delisted several tokens from its platform on 4 March 2023, including Mirror Protocol (MIR). The protocol claimed that this aligns with its dedication to delivering the best trading experience.
While the price of Mirror Protocol (MIR) is up by 1.5% as of writing, it has hit a severe negative trend since the news of the SEC’s crackdown on crypto broke seven days ago.
COTI (COTI) Launches Atom Node
COTI (COTI) is still running its business as usual despite the allegations against them by the SEC. The COTI token, amongst 60 others, was named security by the SEC. The lawsuit came after the SEC alleged that Binance and CoinBase listed unregistered securities on their platforms.
On May 22, COTI (COTI) launched a new Mainnet Node, Atom Node, run by Tom Wells, an old COTI community member.
Furthermore, in preparation for the Ledger Mainnet integration, COTI (COTI) launched Ledger on Testnet. The platform announced that it would launch Ledger on Mainnet soon.
Amid the SEC’s allegations on cryptos, Uwerx has kept busy developing its platform’s Beta Version and still experiencing massive presale sellouts. The presale is still ongoing, and investors receive a 15% purchase bonus on all purchases!
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