Month: June 2023

Republican crypto bill a ‘10x improvement’ on all others: Messari CEO

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Messari CEO Ryan Selkis has praised a newly proposed Republican crypto bill, commenting it is a “10x improvement” on all other crypto bills introduced to the United States Congress so far. The “Digital Asset Market Structure” (DAMS) bill, introduced on June 1, proposes to establish a framework to fill the gaps in the regulatory process between the U.S. Commodity Futures Trading Commission (CFTC) and Securities Exchange Commission (SEC) on activities related to crypto-assets. Speaking at a Coinbase-hosted event on Twitter Spaces on June 7, Selkis explained that U.S. Representatives Patrick…

SEC’s Move To Sue Top Exchanges Decreases Trading Volumes – Blockchain News, Opinion, TV and Jobs

By Matteo Greco, Research Analyst at the publicly listed digital asset and fintech investment business Fineqia International  BTC closed last week at about $27,000, a 3.5% decrease from the $28,000 price at the end of last week. It dropped to about $25,500 on Monday, slightly moving upwards to $26.394 late Tuesday, after the SEC announced it is suing Binance and Coinbase, the world’s largest crypto exchanges by volume, for trading securities it deemed as being unlicensed in the US. Trading volumes remain at low levels, with BTC on-chain volume decreasing by 13% during May.…

U.S. Judge Dismisses Lawsuit Against DeFi Startup PoolTogether

The lawsuit, filed by former congressional staffer Joe Kent in the U.S. District Court for the Eastern District of New York in October 2021, alleged the DeFi platform violated New York state’s gambling laws by “allowing people to evade financial regulations and scam consumers,” according to the original complaint. Kent, who previously worked for crypto skeptic Sen Elizabeth Warren (D-Mass), filed the suit as an apparent test case as legislators explored avenues to pursue legal actions against DeFi actors. Source

Bitcoin BTC Price Falls Below $26.5K as Crypto Market Fades Amid Coinbase, Binance Angst

Still, SEC fallout was fierce on Wednesday. BNB, the Binance Smart Chain’s native token, recently dropped 7.6% from Tuesday, same time, and at one point earlier in the day sank to about $252, its lowest price since early January, according to CoinDesk data. Cardano’s ADA, Polygon’s MATIC and Solana’s SOL, all top 10 tokens by market capitalization noted in the SEC filing, recently nosedived between 6% and 9%. Source

SEC chair Gensler offered to serve as an advisor to Binance in 2019: Lawyers claim

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SEC Chair Gary Gensler once offered to serve as an advisor to Binance in 2019, according to lawyers representing Binance and founder Changpeng Zhao, CNBC reports.  In documents filed by the SEC on June 7, attorneys from Gibson & Dunn and Latham & Watkins allege that Gensler offered to serve as an advisor to the exchange in several conversations with Binance executives, including Zhao in March 2019. Gensler was nominated by U.S. president Joe Biden to serve as chair of the United States Securities and Exchange Commission in February 2021 and…

Binance Customers Appear Unfazed by SEC Lawsuit As Exchange Sees Only Modest Bitcoin Withdrawals: CryptoQuant

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Binance customers do not seem to be particularly affected by the Securities and Exchange Commission’s (SEC) lawsuit against the world’s largest crypto exchange by trading volume. According to data shared by Ki Young Ju, the CEO says that Binance did suffer outflows of 10,000 Bitcoin (BTC), the largest withdrawal total of 2023. But that outflow looks less statistically significant when looking at a zoomed-out time chart, according to Ki Young Ju. The impact of 10k $BTC outflows on Binance.https://t.co/1TXeqp1lnZ — Ki Young Ju (@ki_young_ju) June 5, 2023 Julio Moreno, head…

Brian Armstrong, CEO of Coinbase, talks about SEC compliance

In an interview with Bloomberg, Coinbase CEO Brian Armstrong candidly outlined the challenges and complexities his company has faced in its compliance with regulations in the U.S. According to industry insiders, in the world of cryptocurrency, it is a task to balance the entrepreneurial spirit with the governing authorities. In a recent interview with Bloomberg, Brian Armstrong, CEO of Coinbase, highlighted his journey navigating this complex terrain while striving to get Coinbase, one of the most popular cryptocurrency exchanges, to comply with the U.S. SEC. Armstrong’s pioneering role in the…

Cumberland Labs unveils SaaS API for public blockchains and DeFi protocols

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Cumberland Labs, the incubator arm of Chicago-based crypto trading company Cumberland has launched the beta version of a new API tool that could simplify the arduous task of connecting to blockchain and decentralized finance protocols. Cumberland Labs told Cointelegraph that the Cumberland, the trading unit of DRW Holdings LCC used to invest considerable time connecting to various protocols manually, and one at a time. The firm couldn’t find a tool to simplify these tasks and ultimately created its own API service, expand.network using its own developers and engineers from its…

Binance.US pauses OTC trading, removes numerous trading pairs

In a move to streamline its buy, sell & convert service, Binance.US has announced a reduction in the number of supported convert trading pairs, bringing the total to 226.  The announcement came amid the complaint filed by the U.S. Securities and Exchange Commission (SEC) on June 5. Responding to the complaint On June 7 Binance.US released a statement announcing the removal of several trading pairs, many of which are popular tokens. The new policyis set to go into effect on Thursday, June 8. However, users can still utilize buy, sell & convert…