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Top news stories of this week
US SEC Sues Binance and Coinbase Amid Crypto Crackdown
Binance and Coinbase have been targeted in a new round of lawsuits by the US Securities and Exchange Commission (SEC) against crypto businesses. The regulator brought 13 charges against Binance on June 5, including unregistered offering and sale of tokens, and failure to register as an exchange or broker-dealer. The commission went after Coinbase on similar grounds, alleging that popular cryptocurrencies offered by the exchange are securities. Trading volumes on major decentralized exchanges jumped 444% in the hours following the legal actions. In the six months following the FTX bankruptcy, SEC crypto-related enforcement actions increased by 183%.
SEC Lawsuit: 67 Cryptocurrencies Now Seen as Securities by the SEC
The total number of cryptocurrencies the United States securities regulator has labeled as a “security” has now reached an estimated 67, after adding a few more to the list in its lawsuit against crypto exchanges Binance and Coinbase. In its case against Binance, the SEC introduced 10 cryptocurrencies in the securities classification, while it named 13 cryptocurrencies in its Coinbase suit. The “security” label now applies to over $100 billion worth of market capitalization, or about 10% of the total crypto market capitalization of $1.09 trillion.
Coinbase CEO had no plans for stock sale a day before SEC suit
Coinbase CEO Brian Armstrong sold shares of the company a day ahead of the SEC’s lawsuit against the exchange. The transaction caused a minor stir in the Twitter cryptoverse, as Armstrong avoided a sharp loss by doing so. SEC records show that Armstrong sold 29,730 shares of the company on June 5, the day before the SEC suit. Armstrong has been regularly selling Coinbase stock since November under a 10b5-1 plan adopted in August, which stipulates the timing and size of transactions in advance. The net worth of Armstrong and Binance CEO Changpeng Zhao has suffered huge losses due to the suit. Within 30 hours, Armstrong’s net worth dropped by $289 million and Zhao’s by $1.33 billion.
Binance.US Suspends USD Deposits, Warns of Fiat Withdrawal Pause
Binance.US has suspended USD deposits and announced an upcoming halt for fiat withdrawals as early as June 13. According to the exchange, it was forced to act amid “extremely aggressive and scare tactics” from US regulators. Trading, staking, deposits and withdrawals are fully functional in crypto. Binance.US also delisted eight bitcoin pairs and two BUSD pairs, while noting that the OTC trading portal services had been halted.
June 2023 has proved to be a turbulent month for cryptocurrency exchanges in the US. Crypto.com will no longer serve institutional clients in the United States, following the announcement of the suspension of service starting June 21. Prevailing market conditions. US retail users still have access to cryptocurrency derivatives trading and upside options offerings.
winners and losers
bitcoin at the end of the week ,B T c, is on $26,449ether ,ETH, But $1,837 And XRP But $0.53, stands at total market cap $1.1 trillion, According For Coinmarketcap.
Among the 100 biggest cryptocurrencies, Terra Classic is the top three altcoin gainers of the week (lunk) XRP, at 17.73% (XRP) 2.40% and on stack (STX) at 2.39%.
The top three altcoin losers of the week are the Needles (SUI) At -22.08%, Conflux (cfx) at -20.97%, and flare (FLR) at 20.57%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
read this also
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Saving the planet could be blockchain’s killer app
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Investing in blockchain gaming: why VCs are betting big
most memorable quotes
“The SEC does not make laws. Indeed, this approach to regulation is unacceptable, but it is what we have come to expect from the SEC and its anti-crypto stance.
Kristin SmithCEO of the Blockchain Association
“We are proud to represent the industry in court to gain some clarity regarding crypto regulations.”
Brian ArmstrongCoinbase CEO
“We believe that blockchain and Web 3 technology have immense potential to transform a wide range of industries and prepare them for the future.”
lars rensingCEO of Protocol
“(Gary Gensler) This year, 2023, started with all these enforcement actions; I guess it looks like CYA (cover your ass) to me.
french hillUnited States Representative
“When regulation doesn’t meet novel technology where it belongs, America loses its competitive edge over other countries.”
Ryan WyattPresident of Polygon Labs
“We believe that information in capital markets will be completely different in a few years, and it is our job to lead the revolution.”
ittai ben zeevCEO of Tel Aviv Stock Exchange
week forecast
Bitcoin Price Could Surge 60% If ‘Textbook’ Chart Pattern Confirms – Traders
Bitcoin could see 60% upside if long-term chart characteristic holds. Popular pseudonymous trader Mikibull Crypto has flagged encouraging signs on the BTC/USD weekly chart, arguing that it shows the pair completing and now revisiting an inverted head and shoulders pattern.
“Bitcoin is flashing a text book inverse head and shoulders on the weekly TF. Price is currently retesting the neckline after the breakout,” explained Mikeybull Crypto, “if the range between the head and the neckline usually sprints. , then we are expecting another 60% rally on BTC.”
That 60% “sprint” would put BTC/USD at around $40,000.
FUD of the week
US bitcoin supply fell by more than 10% in the past year – Glassnode
Gary Gensler: Crypto market is like 1920’s stock market, full of ‘fraud’
During a speech this week, US SEC Chairman Gary Gensler compared the current crypto market to the stock market of the 1920s, saying it is full of “hucksters,” “fraudsters” and “Ponzi schemes.” Just as Congress cleaned up the stock market by enacting securities laws in the past, the current SEC can clean up the crypto market by enacting these laws, he argued. Gensler has been heavily criticized in the crypto industry, especially since the SEC filed lawsuits against crypto exchanges Binance and Coinbase. Critics say he has an overly expansive view of the SEC’s regulatory authority and is driving innovation out of the US
GameStop fires CEO Matt Furlong, months after ending crypto push
GameStop has fired its CEO Matt Furlong, the executive responsible for the company’s push into NFTs. The news coincided with GameStop’s first-quarter earnings call, which saw earnings per share that fell more than 133% below market expectations. The company did not give a reason for the termination of Furlong. He will be replaced by billionaire investor Ryan Cohen. GameStop launched its NFT marketplace in June 2022, selling nearly $2 million in its first 24 hours of operation. In August, however, the daily sales volume dropped below $4,000, down 99.8% from the day before.
Best Cointelegraph Features
Tornado Cash 2.0: The Race to Build a Safe and Legal Coin Mixer
Projects are afoot to create legal coin mixers that preserve privacy while disclosing enough data to stay on the right side of the law.
6 questions for Transferro’s Thiago Cesar
Transferro’s Thiago Cesar says when he started buying bitcoin in 2012 he knew it had amazing potential to “internationalize money”.
Layah Heilpern worked as a reporter for a Chinese state-run TV network before falling “down the rabbit hole” of cryptocurrency.
subscribe
The hottest reads in blockchain. Offered once a week.
Top news stories of this week
US SEC Sues Binance and Coinbase Amid Crypto Crackdown
Binance and Coinbase have been targeted in a new round of lawsuits by the US Securities and Exchange Commission (SEC) against crypto businesses. The regulator brought 13 charges against Binance on June 5, including unregistered offering and sale of tokens, and failure to register as an exchange or broker-dealer. The commission went after Coinbase on similar grounds, alleging that popular cryptocurrencies offered by the exchange are securities. Trading volumes on major decentralized exchanges jumped 444% in the hours following the legal actions. In the six months following the FTX bankruptcy, SEC crypto-related enforcement actions increased by 183%.
SEC Lawsuit: 67 Cryptocurrencies Now Seen as Securities by the SEC
The total number of cryptocurrencies the United States securities regulator has labeled as a “security” has now reached an estimated 67, after adding a few more to the list in its lawsuit against crypto exchanges Binance and Coinbase. In its case against Binance, the SEC introduced 10 cryptocurrencies in the securities classification, while it named 13 cryptocurrencies in its Coinbase suit. The “security” label now applies to over $100 billion worth of market capitalization, or about 10% of the total crypto market capitalization of $1.09 trillion.
Coinbase CEO had no plans for stock sale a day before SEC suit
Coinbase CEO Brian Armstrong sold shares of the company a day ahead of the SEC’s lawsuit against the exchange. The transaction caused a minor stir in the Twitter cryptoverse, as Armstrong avoided a sharp loss by doing so. SEC records show that Armstrong sold 29,730 shares of the company on June 5, the day before the SEC suit. Armstrong has been regularly selling Coinbase stock since November under a 10b5-1 plan adopted in August, which stipulates the timing and size of transactions in advance. The net worth of Armstrong and Binance CEO Changpeng Zhao has suffered huge losses due to the suit. Within 30 hours, Armstrong’s net worth dropped by $289 million and Zhao’s by $1.33 billion.
Binance.US Suspends USD Deposits, Warns of Fiat Withdrawal Pause
Binance.US has suspended USD deposits and announced an upcoming halt for fiat withdrawals as early as June 13. According to the exchange, it was forced to act amid “extremely aggressive and scare tactics” from US regulators. Trading, staking, deposits and withdrawals are fully functional in crypto. Binance.US also delisted eight bitcoin pairs and two BUSD pairs, while noting that the OTC trading portal services had been halted.
June 2023 has proved to be a turbulent month for cryptocurrency exchanges in the US. Crypto.com will no longer serve institutional clients in the United States, following the announcement of the suspension of service starting June 21. Prevailing market conditions. US retail users still have access to cryptocurrency derivatives trading and upside options offerings.
winners and losers
bitcoin at the end of the week ,B T c, is on $26,449ether ,ETH, But $1,837 And XRP But $0.53, stands at total market cap $1.1 trillion, According For Coinmarketcap.
Among the 100 biggest cryptocurrencies, Terra Classic is the top three altcoin gainers of the week (lunk) XRP, at 17.73% (XRP) 2.40% and on stack (STX) at 2.39%.
The top three altcoin losers of the week are the Needles (SUI) At -22.08%, Conflux (cfx) at -20.97%, and flare (FLR) at 20.57%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
read this also
features
Saving the planet could be blockchain’s killer app
features
Investing in blockchain gaming: why VCs are betting big
most memorable quotes
“The SEC does not make laws. Indeed, this approach to regulation is unacceptable, but it is what we have come to expect from the SEC and its anti-crypto stance.
Kristin SmithCEO of the Blockchain Association
“We are proud to represent the industry in court to gain some clarity regarding crypto regulations.”
Brian ArmstrongCoinbase CEO
“We believe that blockchain and Web 3 technology have immense potential to transform a wide range of industries and prepare them for the future.”
lars rensingCEO of Protocol
“(Gary Gensler) This year, 2023, started with all these enforcement actions; I guess it looks like CYA (cover your ass) to me.
french hillUnited States Representative
“When regulation doesn’t meet novel technology where it belongs, America loses its competitive edge over other countries.”
Ryan WyattPresident of Polygon Labs
“We believe that information in capital markets will be completely different in a few years, and it is our job to lead the revolution.”
ittai ben zeevCEO of Tel Aviv Stock Exchange
week forecast
Bitcoin Price Could Surge 60% If ‘Textbook’ Chart Pattern Confirms – Traders
Bitcoin could see 60% upside if long-term chart characteristic holds. Popular pseudonymous trader Mikibull Crypto has flagged encouraging signs on the BTC/USD weekly chart, arguing that it shows the pair completing and now revisiting an inverted head and shoulders pattern.
“Bitcoin is flashing a text book inverse head and shoulders on the weekly TF. Price is currently retesting the neckline after the breakout,” explained Mikeybull Crypto, “if the range between the head and the neckline usually sprints. , then we are expecting another 60% rally on BTC.”
That 60% “sprint” would put BTC/USD at around $40,000.
FUD of the week
US bitcoin supply fell by more than 10% in the past year – Glassnode
Gary Gensler: Crypto market is like 1920’s stock market, full of ‘fraud’
During a speech this week, US SEC Chairman Gary Gensler compared the current crypto market to the stock market of the 1920s, saying it is full of “hucksters,” “fraudsters” and “Ponzi schemes.” Just as Congress cleaned up the stock market by enacting securities laws in the past, the current SEC can clean up the crypto market by enacting these laws, he argued. Gensler has been heavily criticized in the crypto industry, especially since the SEC filed lawsuits against crypto exchanges Binance and Coinbase. Critics say he has an overly expansive view of the SEC’s regulatory authority and is driving innovation out of the US
GameStop fires CEO Matt Furlong, months after ending crypto push
GameStop has fired its CEO Matt Furlong, the executive responsible for the company’s push into NFTs. The news coincided with GameStop’s first-quarter earnings call, which saw earnings per share that fell more than 133% below market expectations. The company did not give a reason for the termination of Furlong. He will be replaced by billionaire investor Ryan Cohen. GameStop launched its NFT marketplace in June 2022, selling nearly $2 million in its first 24 hours of operation. In August, however, the daily sales volume dropped below $4,000, down 99.8% from the day before.
Best Cointelegraph Features
Tornado Cash 2.0: The Race to Build a Safe and Legal Coin Mixer
Projects are afoot to create legal coin mixers that preserve privacy while disclosing enough data to stay on the right side of the law.
6 questions for Transferro’s Thiago Cesar
Transferro’s Thiago Cesar says when he started buying bitcoin in 2012 he knew it had amazing potential to “internationalize money”.
Layah Heilpern worked as a reporter for a Chinese state-run TV network before falling “down the rabbit hole” of cryptocurrency.
subscribe
The hottest reads in blockchain. Offered once a week.
