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A Miami cryptocurrency called miamicoin (MIA) collapsed more than 90% in value despite the mayor’s support
Miami’s mayor-backed cryptocurrency miamicoin (MIA) collapsed in value, losing more than 90% of its all-time high. At the time of writing, the altcoin is quoted at $0.004839 in the MIA/USDT trading pair, according to CoinMarketCap.
According to Quartz, Miami Mayor Francis Suarez, as well as the cryptocurrency’s developers, CityCoins, remain wary of attracting scrutiny from the U.S. Securities and Exchange Commission (SEC).
The publication published correspondence between CityCoins and the mayor’s administration. The letter alleges that Suarez, in his public statements to the media, exposed “legal subtleties” that could hit the project. MIA representatives actively pushed for a meeting with the mayor, but whether it actually took place remains unclear.
CityCoins officials told Quartz that the letter was sent to Suarez’s team “for the sake of caution, but in fact he [Суарес] did not violate any [нормативных] subtleties.”
John Reed Stark, former head of the SEC’s Internet Rights Enforcement, believes that the e-mail itself is a red flag for regulators:
“The SEC could very easily notice such an email, get worried, launch a formal investigation, and serve everyone with subpoenas.”
As a reminder, in November 2021, the editorial board wrote that Miami officials plan to pay residents a dividend in bitcoins for steaming the city’s MIA currency. According to Suarez, residents who download the MiamiCoin wallet, go through verification procedures, and register for the steaking program will have access to the dividends. However, it is still unclear how profitable this initiative remains given the decline of the entire cryptocurrency market.
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