WSM migrates to secure Binance Smart Chain for faster, cheaper transactions while SEC delays Ethereum ETF decision.
Recent regulatory developments and security concerns have brought the cryptocurrency landscape under increased scrutiny, with the United States Securities and Exchange Commission (SEC) delaying decisions on proposed Ethereum exchange-traded funds (ETFs).
Simultaneously, Binance Smart Chain (BSC) has showcased substantial advancements in security measures. Meanwhile, Wall Street Memes (WSM) has strategically migrated to Binance Smart Chain, underlining a commitment to security and transparency.
SEC’s Gripe with Security in Crypto
The SEC’s decision to postpone the approval of BlackRock’s spot Ethereum ETF a day before the deadline, citing the need for further review, reflects the regulatory uncertainties surrounding its cryptocurrency offerings.
The deadline for BlackRock’s ETF decision is now extended to August 7, with a consolidated decision on all pending spot Ether ETFs predicted in May, mirroring the SEC’s approach to spot Bitcoin ETFs in January.
The SEC’s cautious stance is further exemplified by the delay in deciding on Grayscale Investments’ spot Ethereum ETF, opening the application to public comments. The SEC’s move, coupled with its heightened enforcement actions in 2023, reflects a proactive approach toward digital assets, with the SEC imposing 46 enforcement actions and $281 million in penalties overall in 2023.
In contrast to the regulatory challenges faced by Ethereum ETFs, Binance Smart Chain (BSC) has reported a substantial 85% reduction in financial losses due to security incidents in 2023 compared to the previous year.
With total losses amounting to over $161 million, BSC’s security measures have proven effective in minimising risks. Strategic security measures, including the proactive alert system of AvengerDAO, played a pivotal role in mitigating potential scams and hacks.
Despite a 44% increase in security incidents, BSC witnessed a 64% decrease in fiat losses in Q4 2023 compared to Q3. The positive trend extends to the types of incidents, with hacks and scams leading to 91% and 54% decreases in losses.
BSC’s minimal impact on vulnerabilities, accounting for only 0.9% of the total vulnerabilities based on Total Value Locked (TVL) in Q1 2023, further solidifies its reputation for robust security.
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WSM Banking on BSC’s Regulatory Future-Proofing
Amidst these developments, Wall Street Memes (WSM) has announced its transition to Binance Smart Chain, in response to the network’s upgraded security features.
WSM has deployed new BEP-20 token and staking contracts, focusing on providing an enhanced safety experience for its community. The move to Binance Smart Chain facilitates faster and more cost-effective transactions.
WSM, known for its commitment to transparency, has been providing regular updates to its community. The WSM project encompasses various initiatives, including the WSM Casino, launched in 2023. The casino, backed by the success of WSM’s native token, $WSM, offers over 5,000 games, distinguishing itself through its acceptance of various cryptocurrencies, including Bitcoin, Dogecoin, Cardano, Solana, Ethereum, XRP and Tether.
One of WSM Casino’s unique features is its broad range of accepted cryptocurrencies, setting it apart in an industry where most platforms only accept Bitcoin. The casino incentivises bettors to join with a 200% Welcome Bonus and 200 free spins.
WSM Casino promotes transparency through initiatives like an hourly $WSM token buyback program, contributing to price stability and offering staking facilities with a 32% annual yield.
As WSM embraces the benefits of Binance Smart Chain, its commitment to transparency and security is evident in both its blockchain initiatives and the thriving WSM Casino. These developments signify the maturation of the crypto industry, navigating regulatory pressures while prioritising user safety and satisfaction.
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