The Securities and Exchange Commission’s (SEC) crackdown on the crypto sector continues to cause aftershocks in the crypto sector. News of lawsuits against two major exchanges in early June caused widespread anxiety in this sector.
In the meantime, DigiToads has proven resilient in its presale. Some projects are having a crisis, while others, like DigiToads, continue to thrive. These mixed fortunes are not entirely uncommon in this sector, with coins constantly going up and down. DigiToads is conducting a presale and has already raised close to $6 million in its first few weeks of availability.
eToro delists four tokens amid regulatory concerns
The regulatory scrutiny on the crypto industry continues to take its toll. Investing platform eToro announced on June 12th, 2023, that it would delist four crypto tokens after the SEC crackdown on this sector. The four tokens are Algogrand (ALGO), the gaming token Decentraland (MANA), Dash (DASH), and Polygon (MATIC). Pursuant to the delisting, users on the platform will no longer be able to open new positions in these tokens.
eToro will allow those with long or short positions to hold them until they close. The SEC sued Binance and Coinbase in the US for allegedly operating without proper registration to offer securities. EToro probably targeted these assets because the SEC could view them as securities, with the American market being critical for the brokerage. The SEC views assets like the MATIC token as unregistered securities influencing the decision.
DigiToads marches on with its successful presale
The DigiToads presale continues to impress even in the middle of all the regulatory upheaval. Tokens are currently available for $0.047, soon to be $0.05 in the next stage. The presale is a process that onboards those interested in the tokens before the project launches, with the token going to be subject to market forces as a utility token upon launch.
DigiToad’s core development is positive market reception because of how the project structure operates. It is a decentralized play-to-earn gaming ecosystem with a utility token at the heart of the platform. Users play the game by nurturing digital toads to battle in the game ecosystem. The toads can team up with ‘Toadvengers’ to fight for the ecosystem. Toads are very resilient creatures, and the game matches their reputation.
The project has real-life sustainable goals, with 2.5% of overall profits going to charities dedicated to conserving the Amazon rainforest. DigiToads will implement a decentralized autonomous organization governance structure to ensure effective community participation in providing direction for the project.
Unlike the tokens the SEC is targeting, the performance of TOADS is not pegged on specific returns based on the team’s activity. All the development team will be undertaking is the creation of the ecosystem, and game participants will be the ones to give it utility. The promise of TOADS does not lie in an investment that the development team is making. Instead, it is pegged on the market forces driving the token and game adoption.
The eToro news could be of concern to affected token holders as it is one of the most prominent online brokerage platforms. Notably, TOADS’ primary rallying point is its utility. The SEC will continue to fine-tune its policy on cryptocurrency and securities, but the same does not appear to target utility tokens in the functional sense.
Conclusion
The SEC has rattled many crypto enthusiasts with its latest maneuvers; these actions have brought back fears of widespread crackdowns that have seen the likes of eToro take pre-emptive actions. DigiToads offers an excellent alternative for investors seeking newer options in a market with many tokens in crisis.
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Source: https://coinpedia.org/press-release/digitoads-presale-close-to-breaking-six-million/