Low-Cap Ethereum Rival Explodes 80% in Just One Week As Crypto Sees Uptick in Regulatory Scrutiny
A privacy-focused Ethereum rival has surged by more than 81% this week as US regulatory crackdowns bubble up across the crypto space.
The layer-1 blockchain project Dusk Network (DUSK) is currently trading at $0.268, up from $0.1471 seven days ago.
Dusk Network focuses on privacy-focused smart contracts that comply with business compliance standards. Late last month, Dusk Network launched “Citadel,” a zero-knowledge proof know-your-customer (KYC) solution that aims to allow individuals to control their own data and satisfy business-related KYC requests at the same time.
Sabine de Witte, head of public relations and communications at Dusk Network, notes that individuals often have to share their KYC information multiple times, like when they open a bank account and an account with a stock trading brokerage service, or when they purchase a home.
“All these players will keep your information and store it, which both has a big impact on your privacy and puts you at risk of data leakage. Instead, if you use Citadel, you would store your data with one party who is only able to store and verify data, and other services can opt to accept the licenses and use that as KYC/AML (anti-money laundering) proof.
This significantly reduces risk and privacy exposure. In a fully on-chain world, you can buy regulated assets simply by providing a license that you’re in compliance with the requirements of the trading platform.”
Dusk Network’s price surge this week is happening while the crypto world endures an uptick in regulatory scrutiny.
On Monday, New York-based crypto company Paxos announced that it received a “Wells Notice” from the U.S. Securities and Exchange Commission (SEC) on February 3rd.
The regulator reportedly stated that it is considering recommending an action alleging that Paxos’ stablecoin, Binance USD (BUSD), is a security and should have been registered under federal securities laws.
And last week, the SEC forced crypto exchange Kraken to eliminate its staking program and pay a $30 million fine.
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