Top stories of the week
US SEC Sues Binance, Coinbase Amid Crypto Crackdown
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Binance and Coinbase are the subject of a new lawsuit against the cryptocurrency business by the U.S. Securities and Exchange Commission (SEC). Regulators filed 13 indictments against Binance on June 5. These include offerings and sales of unregistered tokens, and failure to register as an exchange or broker-dealer. The commission pursued Coinbase for similar reasons, arguing that the popular cryptocurrencies offered by the exchange are securities. Trading volumes on major decentralized exchanges surged 444% in the hours following the legal action. In his six months after FTX’s bankruptcy, SEC crypto-related enforcement actions increased by 183%.
SEC Lawsuit: 67 Cryptocurrencies Deemed Securities By SEC
The total number of cryptocurrencies designated as “securities” by US securities regulators has reached an estimated 67, with the US securities regulator adding several more to its list of lawsuits against crypto exchanges Binance and Coinbase. The SEC introduced 10 cryptocurrencies into its securities classification in its lawsuit against Binance, but listed 13 in its Coinbase lawsuit. The “security” label currently applies to a market worth $100 billion, or about 10% of the $1.09 trillion cryptocurrency market cap.
Coinbase CEO Stock Sale Probably Wasn’t Scheduled To Happen A Day Before SEC Lawsuit
Coinbase CEO Brian Armstrong sold his shares in the company the day before the SEC lawsuit against the exchange. The deal caused a minor stir in Twitter’s crypto world, as Armstrong avoided a large loss by doing so. Armstrong sold 29,730 shares of the company on June 5, the day before the SEC lawsuit, according to SEC records. Armstrong has been selling Coinbase shares regularly since November under the 10b5-1 plan adopted in August, predetermining the timing and size of the deal. Armstrong and Binance CEO Zhao Changpeng’s net worth have been hit hard by the lawsuit. Within 30 hours, Armstrong’s net worth plummeted by $289 million and Chao’s by $1.33 billion.
Binance.US Suspends USD Deposits, Warns of Suspension of Fiat Withdrawals
Binance.US has announced that it will suspend US dollar deposits and suspend fiat currency withdrawals as early as June 13th. The exchange said it was forced to act amid “extremely aggressive and coercive tactics” by U.S. regulators. Cryptocurrency trading, staking, deposits and withdrawals will continue to work perfectly. Binance.US has also delisted eight Bitcoin pairs and two BUSD pairs, noting that its OTC trading portal service has been suspended.
June 2023 turned out to be a tumultuous month for American cryptocurrency exchanges. Crypto.com will be discontinuing service to US institutional customers after announcing a service shutdown starting June 21st. The Singapore-based cryptocurrency exchange cited limited demand from institutional clients as the main reason for the move, but the tests exacerbated the situation. general market conditions. US retail users will still have access to crypto derivatives trading and his UpDown Options service.
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winner and loser
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Bitcoin over the weekend (BTC) is in $26,449,ether (ethereum) and $1,837 and XRP and $0.53.The total market capitalization is $1.1 trillion, according to Go to Coin Market Cap.
Terra Classic is the top 3 altcoin gains this week, out of the maximum 100 cryptocurrencies (lunch) 17.73%, XRP (XRP) 2.40% and stack (STX) It was 2.39%.
This week’s top 3 altcoin losses are Sui (sui) -22.08%, Conflux (CFX) -20.97%, flare (FLR) It was 20.57%.
For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
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most memorable quotes
“The SEC does not make laws. Certainly such a regulatory approach is unacceptable, but this is what we expect from the SEC and its anti-crypto stance.”
Christine SmithBlockchain Association CEO
“We are proud to be able to finally clarify the cryptocurrency rules in court on behalf of the industry.”
Brian ArmstrongCoinbase CEO
“We believe blockchain and Web3 technology have tremendous potential to transform and prepare a wide range of industries for the future.”
Lars RensingCEO of Protocol
“[Gary Gensler] All these enforcement measures will start this year, 2023. I feel like CYA [cover your ass] to me. “
French Hillrepresentative of the United States
“If regulations are not compatible with the current state of new technology, the United States will lose its competitiveness against other countries.”
Ryan WyattPresident of Polygon Labs
“We believe capital market information will be completely different in a few years. It is our job to lead the revolution.”
the one ben jeeveCEO of the Tel Aviv Stock Exchange
Forecast for the week
Bitcoin Price Could Rise 60% If ‘Textbook’ Chart Pattern Confirms — Trader
Bitcoin could go up 60% unless its long-term chart characteristics are compromised. Popular pseudonymous trader Mickey Bull Crypto has shown a bright spot on the BTC/USD weekly chart, suggesting the pair has completed and is now retesting the inverted head and shoulders pattern. claimed.
“Bitcoin has been the polar opposite of the textbook topic on Weekly TF. Price is currently retesting necklines after its breakout,” explained Mickyble Crypto, adding, “Headlines and If the range between the necklines is usually a sprint, we expect BTC to rise another 60%.”
That 60% “sprint” brings BTC/USD to around $40,000.
FUD of the week
![Binance, Coinbase Head To Court; The Sec Labels 67 Crypto-Securities 10 Kristin Smith](https://cointelegraph.com/magazine/wp-content/uploads/2023/06/Kristin-Smith-1024x682.png)
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US Bitcoin Supply Drops More Than 10% Over The Past Year — Glassnode
Gary Gensler: The Crypto Market Is Like The Stock Market In The 1920s, Full Of ‘Scammers’
In a speech this week, U.S. SEC Chairman Gary Gensler likened the current cryptocurrency market to the stock market of the 1920s, teeming with “cheaters,” “crooks,” and “pyramid schemes.” rice field. He argued that just as Congress enacted securities laws to cleanse the stock market in the past, the current SEC can cleanse the cryptocurrency market by applying these laws. Gensler has been heavily criticized within the crypto industry, especially since the SEC filed a lawsuit against crypto exchanges Binance and Coinbase. Critics say he takes an overly expansive view of SEC regulators and drives innovation out of the United States.
GameStop Fires CEO Matt Furlong Months After Quitting Crypto Promotion
GameStop has fired CEO Matt Furlong, the man responsible for starting the company’s NFT efforts. The news coincided with GameStop’s first-quarter earnings release, which saw earnings per share fall more than 133% below market expectations. The company did not disclose why Furlong was fired. He will be replaced by billionaire investor Ryan Cohen. GameStop launched its NFT marketplace in June 2022 and generated nearly $2 million in sales in its first 24 hours of operation. However, August 1st sales fell to less than $4,000, down 99.8% from the first day.
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