Crypto exchange Gemini dismisses the SEC's lawsuit against its Earn program, claiming that the regulatory agency is floundering and contradicting itself in its classification of the program as a security.
The US Department of Justice (DOJ) is reportedly investigating whether cryptocurrency exchange Binance has violated US sanctions against Russia by facilitating ruble-to-crypto trades, adding to existing allegations of market manipulation and anti-money laundering violations, which could have significant implications for the broader cryptocurrency ecosystem.
The US SEC has filed lawsuits against Binance and Coinbase, accusing them of various regulatory violations, leading to intense discussions about cryptocurrency classification as securities and causing a negative impact on the prices of many altcoins mentioned in the lawsuits.
Binance faces scrutiny over SEPA concerns, market manipulation allegations, and sanction violations, while regulators crack down on crypto-related crimes; meanwhile, scams and allegations of insider trading plague the crypto industry.
Court rulings in the United States are beginning to challenge the Securities and Exchange Commission's stance on digital assets, leading to hopes of a resurgence in the crypto industry in the country.
Hackers have targeted decentralized finance (DeFi) protocols almost 500 times since 2019, stealing a total of $6 billion, highlighting the vulnerabilities of the smart contracts that underpin DeFi platforms. The recent surge in hacks, along with declining market share and increasing interest rates, has led to the closure of several platforms and calls for regulations to prevent money laundering and enhance security measures.
The U.S. Securities and Exchange Commission (SEC) has filed a secret motion in its case against Binance, leaving the bitcoin and crypto market on high alert for potential volatility in September.
The Securities and Exchange Commission (SEC) may have suffered setbacks in its regulation-by-enforcement approach to the cryptocurrency industry, with the latest ruling in favor of Grayscale Investments potentially paving the way for the emergence of a bitcoin spot exchange-traded fund (ETF); however, the SEC could appeal the decision or find new ways to deny similar applications, and the lack of a regulated exchange for the bitcoin spot market remains a challenge. Despite court challenges, SEC Chair Gary Gensler is expected to continue pursuing his regulation tactics, while Congress and a potential Republican president in 2024 may play a role in shaping the regulatory environment for digital assets.
Binance CEO predicts that DeFi will surpass centralized finance in the next bull run, while the US CFTC takes regulatory action against three DeFi protocols for alleged registration failures; a report from the Bank for International Settlements argues that pure DeFi has little use case in the real world due to the need for oracles; Binance is refunding $1 million to users over a token incident, and the Shiba Inu ecosystem's layer-2 network, Shibarium, has reached over one million wallets but has yet to impact the price of SHIB token.
U.S. Securities and Exchange Commission Chair Gary Gensler continues to emphasize the importance of crypto companies complying with securities laws, despite recent setbacks in court cases against the industry. Gensler will discuss recent enforcement actions and proposals related to cryptocurrency firms but will avoid discussing ongoing litigation, including high-profile cases against Coinbase and Binance.
Binance.US rejects claims made by the SEC, calling them unsubstantiated and maintaining that it has custody and control over its digital assets, in response to the SEC's request for depositions and further discovery.
Binance.US CEO Brian Shroder leaves as the crypto exchange downsizes its workforce due to regulatory pressures, including a lawsuit from the SEC.
Coinbase CEO Brian Armstrong advocates for decentralized finance (DeFi) protocols and suggests legal action to establish a legal precedent, while MakerDAO's founder believes decentralized stablecoins could dominate the crypto market, and Polygon CEO acknowledges the success of their $1 billion investment in zero-knowledge proof rollups. Additionally, market surveillance firm Solidus Labs reveals that decentralized exchanges have become a hotspot for wash trading, and a DeFi advocacy group petitions to stop a patent troll from targeting DeFi protocols. Despite a mixed week for the top 100 DeFi tokens, the total value locked into DeFi protocols remains above $49 billion.
Summary: The United States SEC's Crypto Enforcement Chief, David Hirsch, has warned that more punishment and charges will be brought against crypto exchanges and De-Fi projects that do not comply with the law, targeting not just the top players but the entire industry. The SEC will continue conducting investigations and taking action in the space.
Binance and Changpeng Zhao are seeking to dismiss the SEC lawsuit against them, stating that the regulator has not proven securities-related violations and is overreaching its authority in the crypto industry.
The IRS's proposed rule requiring newly designated brokers to report sales and exchanges of digital assets could have catastrophic consequences, killing crypto and decentralized finance (DeFi) in the United States by creating unworkable reporting requirements and hindering innovation in the blockchain technology industry.
The United States Securities and Exchange Commission (SEC) is opposing Coinbase's motion to dismiss a lawsuit, arguing that the exchange knew the cryptocurrencies it sold were securities under the Howey test, while Coinbase maintains that the assets are not securities and are not within the SEC's jurisdiction.
Coinbase is pressing the U.S. Securities and Exchange Commission (SEC) to respond to its rulemaking petition on clarifying the application of securities laws to digital assets within 30 days.
Coinbase is demanding immediate action from the Securities and Exchange Commission (SEC) or for the courts to intervene on its request for formal rules on digital assets as securities. Despite a previous delay, Coinbase accuses the SEC of refusing to act on its petition, leaving digital assets in a difficult situation with no clear guidelines.
