Month: June 2023

Bitcoin rebounds, briefly surges above $27k

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Despite regulatory uncertainty with news of the SEC lawsuit against Binance and Coinbase, bitcoin saw a strong rebound over the last 24 hours. The coin saw prices as high as $27,243.60, according to a Tweet by CoinGecko on June 6. Steps towards a recovery At the time of writing, bitcoin has since retracted back to $26,508.01, where it currently sits at a 2.03% gain, which still positions the coin in the top 10 gainers for June…

Kim Kardashian EMAX Case Proceeds as California Judge Rejects Motion to Dismiss

Judge Fitzgerald reject arguments from Kim Kardashian and Paul Pierce’s lawyers to dismiss the EMAX class-action lawsuit. A California judge has ruled that Reality TV star and businesswoman Kim Kardashian posted false information on social media while promoting EthereumMax (EMAX). The ruling allows the plaintiffs to proceed with the case against the media personality, retired boxer Floyd Mayweather Jr., and NBA Hall of Famer Paul Pierce. Kardashian’s attorneys had moved to dismiss the suit, claiming there was no evidence investors bought EMAX tokens based on her posts on Instagram. Los Angeles District…

Robinhood Scrutinizing Tokens Designated as Securities by SEC

Crypto market prices have tumbled significantly since the news began to make rounds. Altcoins like Solana (SOL), Cardano (ADA), Polygon (MATIC) and many other tokens face the possibility of being delisted from Robinhood Markets Inc (NASDAQ: HOOD), after the United States Securities and Exchange Commission (SEC) charged Binance and Coinbase Global inc (NASDAQ: COIN) for trading unregistered securities.  At present, Robinhood is taking another look at the digital assets offerings on its platform to “determine what, if any, actions to take,” according to Dan Gallagher, a one-time SEC Commissioner and…

Binance and CZ sued by the SEC

In the latest episode of The Market Report, analyst and writer Marcel Pechman discusses the impact of the United States Securities and Exchange Commission lawsuit against the Binance exchange. Most likely, the U.S. population will be barred from using the international version of Binance, and those who opt for VPN services will be at risk of being prosecuted. Pechman believes Changpeng “CZ” Zhao and Binance will lose or strike a deal pleading guilty, pay a fine, and be forced to halt services for North American entities — including Paxos and…

Money 20/20 looks at the frontiers of crypto policy and evolution of CBDCs

At Money20/20 in Amsterdam, a panel titled “CBDC’s: The Next Steps” discussed the potential of central bank digital currencies (CBDCs), decentralized finance (defi), and decentralized autonomous organizations (DAOs). These concepts carry significant implications for the global financial infrastructure and the future of money. The panel participants were Claire Conby, operations and governance lead at Digital Pound Foundation, Susan Friedman, senior director of global policy at Ripple, and Teana Baker Taylor, vice president policy and regulatory strategy at Circle Internet Financial. One of the primary highlights of the discussion revolved around…

What asset freeze? Binance BTC outflows muted as users shun panic selling

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Bitcoin (BTC) hitting three-month lows did not spur hodlers to panic sell, on-chain data shows. According to analytics firm Glassnode, BTC investors have largely ignored the latest crypto exchange legal battles. On-chain losses “remain quiet” BTC/USD dipped to just $25,350 on June 6, its lowest since mid-March — but it seems existing holders simply do not care. The latest data covering on-chain transactions shows that in the midst of reactions to the Binance and Coinbase lawsuits, few were in “panic sell” mode. A chart uploaded to Twitter by Glassnode showed…

ARK Invest buys Coinbase shares the same day SEC serves lawsuit

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The same day cryptocurrency exchange Coinbase was served with a lawsuit from the United States Securities and Exchange Commission (SEC), ARK Invest added more stock to its Coinbase holdings.  According to investor notification from ARK Invest on June 6, the firm added approximately 419,324 shares of Coinbase Global Inc., which totals to a worth of nearly $21.6 million at the time of closing on the same day. This came as Coinbase stock plummeted more than 20% on June 6, following the ongoing action involving the SEC and the recent lawsuit…

Binance says it’s ‘different’ from other exchanges amid SEC lawsuit

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On June 7, cryptocurrency exchange Binance published a statement on its Chinese social channels with the hashtag #StrongTogether. Amid ongoing litigation with the United States Securities and Exchange Commission (SEC), Binance said its wallet addresses are transparent and that the exchange never “siphoned consumers’ funds” nor has “any collateralized borrowings.” Additionally, Binance said it never gave “large donations” to political candidates nor made “large sponsorships” to entertainment and media entities. A translated version of the exchange’s message said: “Our community comes from many different races, ethnicities, and beliefs; we will…