Day: June 9, 2023

Ripple case more crucial than ever amid Coinbase, Binance SEC crackdown: Lawyers

boss

The judges presiding over Coinbase and Binance’s lawsuits will likely watch the results of the SEC v Ripple case closely, crypto lawyers told Cointelegraph. Ripple has been in a legal battle with the SEC since December 2020. The regulator alleges it was offering unregistered securities via XRP (XRP) since 2013. On June 6 the SEC filed a lawsuit against Coinbase also alleging that it has been offering unregistered securities. A day before it filed a lawsuit against Binance containing some similar allegations. Lawyer James Murphy, known as “MetaLawMan” on Twitter,…

Banks to cut off Binance access to U.S. banking system, exchange says

boss

SAN ANSELMO, CALIFORNIA – JUNE 06: In this photo illustration, the Binance logo is displayed on a screen on June 06, 2023 in San Anselmo, California. The Securities And Exchange Commission has filed lawsuits against cryptocurrency exchanges Coinbase and Binance for allegedly violating multiple securities laws. (Photo Illustration by Justin Sullivan/Getty Images) Justin Sullivan | Getty Images Binance.US customers will no longer be able to use U.S. dollars to buy crypto on the platform as early as June 13, hobbling the exchange’s ability to do business in the United States, after…

New U.S. Stablecoin Bill Drafted by House Republicans as Compromise With Democrats

The panel’s chairman, Rep. Patrick McHenry (R-N.C.), has considered stablecoin legislation a priority since last year, before he took over the committee. When he won the gavel, he continued the work, though Democrats had complained that Republicans were re-writing the bill without their input. They later released their own version. The narrow scope of the bill and its past bipartisan support had been the strengths of the effort to date, but it’s not yet clear what Democrats think of the latest version. Source

Binance.US Suspends Use of Fiat as Legal Troubles Mount

CryptoX – Cryptocurrency Analysis and News Portal The exchange says users should withdraw USD as soon as possible as the Securities and Exchange Commission engages in “extremely aggressive and intimidating tactics” against the company. Original Source The post Binance.US Suspends Use of Fiat as Legal Troubles Mount appeared first on CryptoX. CryptoX Portal

Moody’s downgrades Coinbase citing ‘uncertain magnitude’ of SEC charges

boss

Credit ratings agency Moody’s has downgraded its rating of Coinbase from “stable” to “negative” following the SEC’s legal action against the crypto exchange for allegedly operating as an unregistered securities broker. In a June 8 statement, Moody’s said the downgrade was due to concerns about the impact of the SEC action on Coinbase’s day-to-day operations. “The change in outlook to negative from stable reflects the uncertain magnitude of impact the SEC’s charges will have on Coinbase’s business model and cash flows.” Despite the downgrade, Moody’s noted that Coinbase maintains a…

Australian Bank Implements Measures Against Cryptocurrency Scams: Commonwealth Bank’s New Restrictions

boss

In an effort to safeguard its customers from potential scams and financial losses associated with cryptocurrency transactions, Commonwealth Bank (CBA) of Australia has announced the implementation of partial restrictions on payments to cryptocurrency exchanges. The bank revealed its decision on Thursday, stating that it would either decline specific payments to crypto exchanges or subject them to a 24-hour hold, although the hold duration could vary. Moreover, Commonwealth Bank intends to introduce a monthly payment limit of 10,000 Australian dollars ($6,700) for transactions to cryptocurrency exchanges in the coming months. These…

Grill.chat developing blockchain-based social media with EVM wallet integration

Grill.chat, the Subsocial network-based chat app, enhances its appeal by integrating ethereum virtual machine (EVM) wallet compatibility, bridging the gap between traditional wallet users and those ready to embrace blockchain-based social media platforms. Grill.chat, a chat application based on the Subsocial network, has recently implemented Ethereum Virtual Machine (EVM) wallet compatibility, permitting users to communicate using their Ethereum identities while simultaneously transferring cryptocurrency via Polygon. Subsocial is a Polkadot parachain specially designed to suit social media applications. This recent integration allows users to connect their Subsocial wallets to their EVM…

Binance.US suspends USD deposits, warns of fiat withdrawal pause

boss

Binance.US has announced the suspension of U.S. dollar deposits and has notified its customers of an incoming pause to fiat (USD) withdrawal channels as early as June 13. On June 9, Binance.US announced that it was forced to take action amid “extremely aggressive and intimidating tactics” from the United States Securities and Exchange Commission. The firm noted that, in an effort to protect its customers and platform, it is suspending USD deposits. Furthermore, Binance.US is “notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as…

Pro-Bitcoin DeSantis tagged over AI-faked photos in Trump smear campaign

boss

Pro-Bitcoin (BTC) presidential bidder Ron DeSantis has been tagged for apparently using artificial intelligence-generated images in an ad campaign smearing rival and former president Donald Trump. It comes amid a rise in AI-generated deep fakes being used in political ads and movements in recent months. On June 5, DeSantis’ campaign tweeted a video purporting to show Trump’s close support of Anthony Fauci, the chief medical advisor to Trump when he was president of the United States. Fauci is a contentious figure in GOP circles for, among other reasons, his handling…

Vitalik Buterin and Polygon co-founder to help send $100M toward COVID-19 research

boss

Ethereum co-founder Vitalik Buterin is working with India-based crypto fund Crypto Relief and Polygon co founder Sandeep Nailwal to send $100 million towards COVID-19 research and medical infrastructure development in India. Buterin and Nailwal will receive $90 million in USD Coin (USDC) from Crypto Relief, while Buterin will provide $10 million out of his own pocket to further the cause. The two will then help distribute the funds.  According to a January 2022 Twitter post from Nailwal, Crypto Relief will transfer the funds to Buterin in order for the India-based…