Browsing:Market News

Paul Grewal of Coinbase
11 months ago 1 min read

Coinbase Legal Chief Exposes Weaknesses in SEC’s Crypto Securities Claims

The Chief Legal Officer (CLO) of Coinbase, Paul Grewal, has raised significant concerns about the U.S. Securities and Exchange Commission’s (SEC) claims regarding crypto securities. In a blog post published on June 8, 2023, Grewal argued that the SEC’s definition of a security is “too broad” and that it could apply to many types of products, including cryptocurrencies. Grewal also argued that the SEC’s enforcement actions against cryptocurrency companies have been “arbitrary and inconsistent.” He pointed out that the SEC has taken different approaches to different companies, even when they are offering similar products. Grewal’s blog post has been met

A recent ruling by a US federal judge has resulted in the dismissal of a lawsuit against the DeFi platform PoolTogether.
11 months ago 1 min read

Federal Court Throws Out Lawsuit Against DeFi Platform PoolTogether

A recent ruling by a United States federal judge has resulted in the dismissal of a lawsuit against the decentralized finance (DeFi) platform PoolTogether. The judge determined that a federal court was not the appropriate venue for addressing concerns related to the DeFi startup. The lawsuit, filed by plaintiff Joseph Kent, alleged violations of gambling laws and consumer scams by PoolTogether in New York state. However, the judge found that Kent lacked standing to pursue the case as he had not suffered concrete harm at the hands of the defendants. While the lawsuit was dismissed, the judge mentioned that Kent

Binance exchange has removed ten advanced trading pairs
11 months ago 2 mins read

Binance US Delists Trading Pairs in Response to SEC Allegations

In response to recent allegations by the United States Securities and Exchange Commission (SEC), Binance US, the American arm of the popular cryptocurrency exchange Binance, has made changes to its platform. The exchange has removed ten advanced trading pairs, comprising BTC and BUSD pairs, and also announced the pause of its OTC Trading Portal services in the US. Specific Trading Pairs Being Removed Among the BTC trading pairs that have been removed are ATOM/BTC, BCH/BTC, DOT/BTC, LRC/BTC, MANA/BTC, UNI/BTC, VET/BTC, and XTZ/BTC. Additionally, Binance US is halting the BUSD Advanced Trading pairs HBAR/BUSD and ONE/BUSD. Streamlining of Buy, Sell &

A California judge has ruled that EthereumMax (EMAX) class-action lawsuit against Kim Kardashian
11 months ago 1 min read

California Judge Denies Motion to Dismiss Kim Kardashian EMAX Crypto Scam Case, Allowing Proceedings to Move Forward

A California judge has ruled that a class-action lawsuit against Kim Kardashian, Floyd Mayweather Jr., and Paul Pierce can proceed. The lawsuit alleges that the celebrities promoted the EthereumMax (EMAX) cryptocurrency without disclosing that they were being paid to do so. In his ruling, Judge Michael Fitzgerald said that the plaintiffs had sufficiently alleged that Kardashian, Mayweather, and Pierce made false or misleading statements about EMAX. He also said that the plaintiffs had sufficiently alleged that the celebrities’ actions caused them to lose money. The lawsuit was filed in January 2022 by investors who lost money when the price of

Crypto Market Defies Expectations, Recovers $30 Billion
11 months ago 1 min read

Crypto Market Cap Bounces Back, Surges by $30 Billion Amid SEC Drama

The global crypto market recovered $30 billion in the past 24 hours, according to data by CoinGecko. This comes after the Securities and Exchange Commission (SEC) filed lawsuits against two major crypto exchanges, Binance and Coinbase, on June 5. The SEC’s lawsuits allege that both exchanges violated securities laws by offering and selling unregistered securities. The lawsuits caused a sell-off in the cryptocurrency market, with Bitcoin falling as low as $25,000. However, the market has since rebounded, with Bitcoin rising above $26,700 and the total cryptocurrency market capitalization rising above $1.164 trillion. The rebound in the cryptocurrency market is a

Popular brokerage firm Robinhood is reassessing its crypto offerings in response to recent regulatory actions taken by the SEC recently
11 months ago 2 mins read

SEC Legal Actions Drive Robinhood to Reevaluate Crypto Operations

Popular brokerage firm Robinhood is reassessing its cryptocurrency offerings in response to recent regulatory actions taken by the Securities and Exchange Commission (SEC) against prominent digital asset trading platforms. The firm’s legal chief, Dan Gallagher, revealed during a congressional meeting that Robinhood is reviewing the SEC’s analysis to determine any necessary actions. This development comes as the SEC filed lawsuits against both Binance and Coinbase, targeting their alleged violations of securities regulations. Limited Crypto Offerings and SEC Classification: Robinhood currently provides access to a curated selection of 18 cryptocurrencies, a smaller offering compared to competitors like Coinbase. However, some of

The US SEC has taken further action in its ongoing lawsuit against Binance.US
11 months ago 1 min read

SEC Lawsuit Alleges Binance.US and Changpeng Zhao Endangered Customer Funds

The United States Securities and Exchange Commission (SEC) has taken further action in its ongoing lawsuit against Binance.US, raising concerns about the safety of investors’ funds. In a filing submitted on June 5, the SEC alleges that the defendants, including Binance CEO Changpeng Zhao and Binance Holdings Ltd., have “enriched themselves by billions of U.S. dollars while placing investors’ assets at significant risk.” The SEC claims that the defendants deliberately sought to circumvent U.S. regulatory oversight while providing securities-related services to U.S. users, thereby jeopardizing billions of dollars of U.S. investor capital. CNBC reports that the SEC’s estimation of the

The median trading volume across the top three decentralized exchanges (DEX) jumped 444% in the past 48 hours
11 months ago 1 min read

Regulatory Pressure on Binance and Coinbase Fuels 444% Surge in DeFi Trading Volumes

The recent legal actions taken by the United States Securities and Exchange Commission (SEC) against leading cryptocurrency exchanges Coinbase and Binance have sparked a remarkable surge in trading volumes on decentralized exchanges (DEX). Over the past 48 hours, the median trading volume across the top three DEX platforms has witnessed a staggering 444% increase, reflecting the growing interest of crypto investors in alternative trading options. CoinGecko’s data reveals that Uniswap v3 (Ethereum), Uniswap v3 (Arbitrum), and PancakeSwap v3 (BSC), which collectively account for 53% of the total DEX trading volume in the last 24 hours, experienced a significant spike of

The SEC filed a lawsuit against Coinbase on Tuesday
11 months ago 1 min read

Coinbase Sued By SEC, Shares Plunge

The Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase on Tuesday, accusing the cryptocurrency exchange of operating as an unregistered broker. The lawsuit sent shockwaves through the crypto market, sending Coinbase’s stock price down 13% in a single day. The SEC alleges that Coinbase has been facilitating cryptocurrency trades since at least 2019 without registering as a broker with the agency. The agency also claims that Coinbase has failed to provide investors with important disclosures about the risks of trading cryptocurrencies. Coinbase has denied the SEC’s allegations and said it will vigorously defend itself against the lawsuit. The

DeFi lending platform Defactor Labs announced that it has achieved a milestone by tokenizing $100 million worth of Alpha Bonds.
11 months ago 1 min read

Defactor Lending Protocol Raises $100M in Bond Tokenization for Small Businesses

Decentralized finance (DeFi) lending platform Defactor Labs announced on June 6 that it has achieved a significant milestone by tokenizing $100 million worth of Alpha Bonds. These bonds, which have been tokenized using the ERC-3643 token standard, will be utilized to provide loans to small- and medium-sized enterprises (SMEs), backed by real-world assets like receivables. To ensure compliance and legal guidance, Defactor Labs collaborated with law firm CMS, with Luxembourg being chosen as the governing jurisdiction for the instrument. Black Manta Capital Partners played a crucial role by providing a broker-dealer license and a marketplace powered by Tokeny’s ERC-3643 tokenization

Luxembourg has taken a significant step by initiating a market study focused on blockchain technology and the emerging Web3 sector.
11 months ago 1 min read

Luxembourg to Investigate Blockchain and Web3 Competition

The competition authority in Luxembourg has taken a significant step by initiating a market study focused on blockchain technology and the emerging Web3 sector. This study, which is believed to be the first of its kind, aims to examine the competition dynamics within these industries and identify potential anti-competitive practices. With Luxembourg recognizing the importance of blockchain and Web3 for the digital and environmental transition, ensuring an effective and competitive market for Web3 actors is a key priority. Key Points:

Crypto exchange Kraken experienced operational delays due to issues with several crypto funding gateways on June 6.
11 months ago 1 min read

Kraken Exchange Resolves Gateway Issues and Restores Withdrawals Following Temporary Delay

Cryptocurrency exchange Kraken has had a busy week. On June 6, the exchange experienced operational delays due to issues with several crypto funding gateways. The delays affected deposits and withdrawals for Bitcoin (BTC), Ether (ETH), and ERC-20 tokens. Kraken said it has since fixed the issue and that all services are now operating normally. In addition to the operational delays, Kraken is also facing demands from the Internal Revenue Service (IRS) in the United States to submit customer information. The exchange has called the IRS’s demands an “unjustified treasure hunt” and has filed a lawsuit in San Francisco to block

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