On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
U.S. state securities regulators have revealed that cryptocurrency investments are their top investor threat this year. “Before you jump into the crypto craze, be mindful that cryptocurrencies and related financial products may be nothing more than public facing fronts for Ponzi schemes and other frauds,” one regulator warned.
Crypto Is the Top Threat for US Securities Regulators
The North American Securities Administrators Association (NASAA) released its “annual list of top investor threats” Monday.
The NASAA, formed in 1919, is a nonprofit association of state, provincial, and territorial securities regulators in the U.S., Canada, and Mexico. The association has 67 members, including the securities regulators in all 50 U.S. states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
“The top threats to investors were determined by surveying North American securities regulators to identify the most problematic products, practices, or schemes,” the association explained. “Investments tied to cryptocurrencies and digital assets” top the list of the threats most often cited by securities regulators, the association noted.
Alabama Securities Commission Director Joseph P. Borg commented:
By far, NASAA’s securities regulators revealed that investments related to cryptocurrencies and digital assets is our top investor threat.
He elaborated: “Stories of ‘crypto millionaires’ attracted some investors to try their hand at investing in cryptocurrencies or crypto-related investments this year, and with them, many stories of those who bet big and lost big began appearing, and they will continue to appear in 2022.”
The NASAA warned: “Digital assets do not fall neatly into the existing investor regulatory framework, and it may be easier for the promoters of these products to fleece the public. All investments carry the risk that some, or all, of the invested funds could be lost.”
Texas State Securities Board Enforcement Division Director Joseph Rotunda cautioned:
Before you jump into the crypto craze, be mindful that cryptocurrencies and related financial products may be nothing more than public facing fronts for Ponzi schemes and other frauds.
He continued: “Investments in cryptocurrency trading programs, interests in crypto mining pools, crypto depository accounts and securitized tokens should be seen for what they are: extremely risky speculation with a high risk of loss.”
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