Category: Cryptocurrency News

The US Securities and Exchange Commission (SEC) sued the world’s largest crypto exchange Binance and its founder for allegedly violating securities laws.  In light of this, Cardano founder Charles Hoskinson has expressed his concerns over the SEC’s complaints against Binance.  Cardano Founder Analyzes SEC’s Complaints Against Binance Charles Hoskinson to Twitter to disclose his belief regarding the recent SEC lawsuit against Binance and its CEO, Changpeng Zhao. The Cardano founder noted that such a situation depicts threats to financial freedom and the continuation of crypto in the United States. Related Reading: No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts In his lengthy post, Hoskinson thinks the SEC wants to implement ‘Chokepoint 2.0’ in the country based on the implications of its complaints.  He also pointed out the extensive nature of the complaint, which amounted to 136 pages stating that it could be an integral part of a plan to maintain strict control over the personal financial lives of people. Hoskinson further observed that the SEC’s lawsuit against Binance is not just centered on compliance issues with the exchange. He is concerned that the regulator may include the creation of a centrally-backed digital currency (CBDC) connected to a group of chosen and powerful banks.  Such a move could provide the government absolute control over every area of financial activities from the customers. And Hoskinson thinks that the SEC’s action displays a political and philosophical disagreement on the existence of crypto and its core principles. Additionally, he mentioned that a group of unappointed persons had streamlined some operations as inappropriate for the open market. These include wallet ownership, economic agency, and self-sovereign identity. So, the SEC intends to have just a few individuals enjoying these privileges. Hoskinson maintained that historically, the current play-out of events indicated the recurring battle between freedom and authoritarianism. According to him, it is not a completely new situation; rather, the clash is between different players and technology, with a change in wording. Related Reading: Tether: How Its $2 Billion USDT Minting Impacts Ethereum’s Success In The Bull Market As such, the Cardano founder noted that the situation demands that the crypto industry unite and create concrete rules to prevent the US from getting into an apocalyptic stage similar to George Orwell’s 1984. SEC’s Lawsuit Against Binance And Its CEO Zhao A June 5 report from Forbes revealed that the SEC had sued the largest global crypto exchange Binance and its CEO, Changpeng Zhao. In line with its operations, Binance functions internationally as Binance.com but runs a separate platform, Binance.US, for its US customers. The platform for US customers complies with the SEC’s regulatory demands. However, the SEC alleged US users have been trading on Binance.com, indicating that Binance and its CEO, Zhao violated securities laws. Also, the regulator accused the exchange of allowing the trading of crypto assets which are securities, amounting to $115 billion. Some of the assets include BNB, BUSD, Polygon (MATIC), Solana (SOL), and Cardano (ADA). Featured image from Pixabay and chart from TradingView.com

The bonds are tokenized on Polygon using the ERC-3643 token standard.

These videos have criminally low views. I don't use Coinbase (I'm a Kraken boy), but I appreciate what they do and how they're fighting this bullshit from the SEC. Bump up these views people. submitted by /u/Loose_Screw_ [link] [comments]

Coinbase, the leading cryptocurrency trading platform in the United States, has recently found itself embroiled in a legal battle with the US Securities and Exchange Commission (SEC). The SEC filed a lawsuit on Tuesday, accusing Coinbase of operating without proper registration, thereby violating regulations designed to safeguard investors. This lawsuit has sent shockwaves through the crypto market, impacting not only the global cryptocurrency market but also Coinbase’s stock value and triggering concerns about the broader implications for the industry. The SEC Lawsuit Against Coinbase In a complaint lodged with the Manhattan federal court, the SEC alleges that Coinbase has been functioning as an unregistered broker since about 2019, breaching disclosure requirements aimed at protecting investors. Related Reading: When Is A Token Coming For Coinbase’s Base L2? Here’s What The Roadmap Says The regulator also claims that Coinbase, through its various services such as Coinbase Prime and Coinbase Wallet, facilitated cryptocurrency transactions without obtaining the necessary authorization. SEC Chair Gary Gensler emphasized the gravity of Coinbase’s alleged failures, stating that they deprived investors of crucial protections against fraud, manipulation, conflicts of interest, and routine inspections. The SEC chairman noted:  Coinbase’s alleged failures deprive investors of critical protections, including rulebooks that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest, and routine inspection. During an interview with CNBC on Tuesday, Gensler remarks about crypto trading platforms and questioned their operational models. He highlighted the fact that these platforms, often referred to as exchanges, encompasses various functions that go beyond traditional exchange activities. Drawing a comparison, he said that the New York Stock Exchange does not engage in hedge fund operations. Market Impact And COIN Stock Decline News of the SEC lawsuit had an immediate impact on Coinbase’s stock value, which plunged significantly during premarket trading following the filing. The legal action against Coinbase comes on the heels of the SEC’s recent lawsuit against Binance, the world’s largest cryptocurrency exchange, and its founder Changpeng Zhao, further intensifying scrutiny on the industry. Related Reading: Bitcoin (BTC) Dominance Trend Shifts Alongside Stablecoin Flows: Glassnode In the wake of the SEC lawsuit, Coinbase’s stock (COIN) has experienced a significant downturn, recording a 13% loss in just one day. This downward trend has seen Coinbase shares tumble from a high of $64 last Tuesday to $50.15 within the past 24 hours. Coinbase stock (COIN)’s value moving sideways on the 1-day chart. Source: COIN on TradingView.com The outcome of the legal battle and its potential implications for Coinbase’s operations could have lasting effects on the company’s stock performance and the broader cryptocurrency market. Already, the fallout from these legal challenges has resulted in a 2.8% decline in the global crypto market, causing its overall value to dip below the $1.2 trillion mark, which had previously served as a plateau. Larger crypto market such as Bitcoin (BTC) and Ethereum (ETH) has also fallen dramatically with both recording 2.7% and 1.3% decline in the past 24 hours, respectively. Featured image from Shutterstock, Chart from TradingView

The full Agriculture Committee heard testimony from CFTC Chair Rostin Behnam, a full roster of former regulators and Coinbase’s chief legal officer.

I saw the price of eth (and other crypto) rapidly dropped on news of the SEC lawsuits. To my pleasant surprise, within less than half a day, everything suddenly rebounded? Does anyone know what is causing the rebound? Thanks submitted by /u/NoahsArkJP [link] [comments]