ZachXBT estimates that the legal fees could “easily exceed” $1 million and alleged that MachiBigBrother is “using his money to try” and silence him.
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CZ, Powell and more rally to fund legal fees for on-chain sleuth ZachXBT, surpassing $1M
ZachXBT estimates that the legal fees could “easily exceed” $1 million and alleged that MachiBigBrother is “using his money to try” and silence him.
The fight for clarity 'has to continue' – Brad Garlinghouse
In a video posted to Twitter, Ripple CEO Brad Garlinghouse opined that the U.S. financial watchdog acted in "bad faith, plain and simple." He warned that it is only the beginning of the battle for "so many other" crypto firms.
Ripple case is concluding, but the fight for clarity must 'continue' – Brad Garlinghouse
In a video posted to Twitter, Ripple CEO Brad Garlinghouse opined that the U.S. financial watchdog acted in "bad faith, plain and simple." He warned that it is only the beginning of the battle for "so many other" crypto firms.
Gary Gensler’s job at risk, BlackRock’s first spot Bitcoin ETF and other news: Hodler’s Digest, June 11-17
Top Stories This Week
US lawmakers file ‘SEC Stabilization Act’ to fire Gary Gensler
United States Representative Warren Davidson has introduced the “SEC Stabilization Act” into the House of Representatives. One of the bill’s main provisions is to fire Securities and Exchange Commission (SEC) Chair Gary Gensler. The bill would remove Gensler from office and redistribute power between the SEC chair and commissioners. It would also add a sixth commissioner to the agency, disallow any party from holding a majority on the commission and create an executive director position. The SEC declined to comment on the matter.
BlackRock applies for spot Bitcoin ETF — a US first if approved
BlackRock, the world’s largest investment company, has filed an application for a Bitcoin spot exchange traded fund (ETF). It would be the first crypto spot ETF in the United States, if it receives approval. According to the filing, Coinbase Custody Trust Company would be the custodian of the fund and Bank of New York Mellon would custody its fiat. The SEC has not approved a spot Bitcoin ETF so far despite numerous applicants. The world’s first spot traded Bitcoin ETF was Canada’s Purpose Bitcoin ETF, set up in early 2021.
Binance CEO Changpeng Zhao denies rumors of selling Bitcoin to bolster BNB
Binance CEO Changpeng “CZ” Zhao has refuted accusations that Binance has been secretly selling Bitcoin (BTC) to artificially stabilize the price of its BNB token. The rumors have come from several market commentators in the past days, accusing the exchange of intentionally manipulating the market to artificially inflate the value of BNB. CZ said that Binance had not sold any of its BTC or BNB, adding that the crypto exchange still held “a bag” of FTX Token — the native token of the now-defunct crypto exchange FTX.
SEC’s Gensler says BTC, ETH ‘not securities’ in a newly surfaced video
A newly surfaced video from 2018 featuring Gary Gensler has made the rounds on social media, showing the now-chair of the U.S. securities regulator again stating that multiple cryptocurrencies are not securities. “Over 70% of the crypto market is Bitcoin, Ether, Litecoin, Bitcoin Cash. Why did I name those four? They’re not securities,” Gensler says in the video, which is understood to come from a 2018 event hosted by Bloomberg for institutional investors. At the time, Gensler was a professor at the Massachusetts Institute of Technology. The video contrasts with his more recent actions as the chair of the SEC.
Binance.US hires former SEC enforcement official amid lawsuit
Former SEC enforcement official George Canellos has reportedly been hired by Binance.US as part of the legal team defending the company against allegations of operating as an unregistered securities exchange. In response to the SEC’s action on June 5, Binance.US announced the suspension of U.S. dollar deposits and the potential pausing of fiat withdrawals, citing “extremely aggressive and intimidating tactics” from regulators. On Twitter, a former SEC chief said the exchange is “clearly preparing for a criminal prosecution and continuing to hire the best defense attorneys in the world.”
Gary Gensler’s job at risk, BlackRock’s first spot Bitcoin ETF and other news: Hodler’s Digest, June 11-17
Top Stories This Week
US lawmakers file ‘SEC Stabilization Act’ to fire Gary Gensler
United States Representative Warren Davidson has introduced the “SEC Stabilization Act” into the House of Representatives. One of the bill’s main provisions is to fire Securities and Exchange Commission (SEC) Chair Gary Gensler. The bill would remove Gensler from office and redistribute power between the SEC chair and commissioners. It would also add a sixth commissioner to the agency, disallow any party from holding a majority on the commission and create an executive director position. The SEC declined to comment on the matter.
BlackRock applies for spot Bitcoin ETF — a US first if approved
BlackRock, the world’s largest investment company, has filed an application for a Bitcoin spot exchange traded fund (ETF). It would be the first crypto spot ETF in the United States, if it receives approval. According to the filing, Coinbase Custody Trust Company would be the custodian of the fund and Bank of New York Mellon would custody its fiat. The SEC has not approved a spot Bitcoin ETF so far despite numerous applicants. The world’s first spot traded Bitcoin ETF was Canada’s Purpose Bitcoin ETF, set up in early 2021.
Binance CEO Changpeng Zhao denies rumors of selling Bitcoin to bolster BNB
Binance CEO Changpeng “CZ” Zhao has refuted accusations that Binance has been secretly selling Bitcoin (BTC) to artificially stabilize the price of its BNB token. The rumors have come from several market commentators in the past days, accusing the exchange of intentionally manipulating the market to artificially inflate the value of BNB. CZ said that Binance had not sold any of its BTC or BNB, adding that the crypto exchange still held “a bag” of FTX Token — the native token of the now-defunct crypto exchange FTX.
SEC’s Gensler says BTC, ETH ‘not securities’ in a newly surfaced video
A newly surfaced video from 2018 featuring Gary Gensler has made the rounds on social media, showing the now-chair of the U.S. securities regulator again stating that multiple cryptocurrencies are not securities. “Over 70% of the crypto market is Bitcoin, Ether, Litecoin, Bitcoin Cash. Why did I name those four? They’re not securities,” Gensler says in the video, which is understood to come from a 2018 event hosted by Bloomberg for institutional investors. At the time, Gensler was a professor at the Massachusetts Institute of Technology. The video contrasts with his more recent actions as the chair of the SEC.
Binance.US hires former SEC enforcement official amid lawsuit
Former SEC enforcement official George Canellos has reportedly been hired by Binance.US as part of the legal team defending the company against allegations of operating as an unregistered securities exchange. In response to the SEC’s action on June 5, Binance.US announced the suspension of U.S. dollar deposits and the potential pausing of fiat withdrawals, citing “extremely aggressive and intimidating tactics” from regulators. On Twitter, a former SEC chief said the exchange is “clearly preparing for a criminal prosecution and continuing to hire the best defense attorneys in the world.”
Gary Gensler’s job at risk, BlackRock’s first spot Bitcoin ETF and other news: Hodler’s Digest, June 11-17
U.S. representative introduces bill to fire SEC’s chief, BlackRock applies for a spot Bitcoin ETF and Binance.US hires top lawyer for upcoming court battles.
Gary Gensler’s job at risk, BlackRock’s first spot Bitcoin ETF and other news: Hodler’s Digest, June 11-17
Top Stories This Week
US lawmakers file ‘SEC Stabilization Act’ to fire Gary Gensler
United States Representative Warren Davidson has introduced the “SEC Stabilization Act” into the House of Representatives. One of the bill’s main provisions is to fire Securities and Exchange Commission (SEC) Chair Gary Gensler. The bill would remove Gensler from office and redistribute power between the SEC chair and commissioners. It would also add a sixth commissioner to the agency, disallow any party from holding a majority on the commission and create an executive director position. The SEC declined to comment on the matter.
BlackRock applies for spot Bitcoin ETF — a US first if approved
BlackRock, the world’s largest investment company, has filed an application for a Bitcoin spot exchange traded fund (ETF). It would be the first crypto spot ETF in the United States, if it receives approval. According to the filing, Coinbase Custody Trust Company would be the custodian of the fund and Bank of New York Mellon would custody its fiat. The SEC has not approved a spot Bitcoin ETF so far despite numerous applicants. The world’s first spot traded Bitcoin ETF was Canada’s Purpose Bitcoin ETF, set up in early 2021.
Binance CEO Changpeng Zhao denies rumors of selling Bitcoin to bolster BNB
Binance CEO Changpeng “CZ” Zhao has refuted accusations that Binance has been secretly selling Bitcoin (BTC) to artificially stabilize the price of its BNB token. The rumors have come from several market commentators in the past days, accusing the exchange of intentionally manipulating the market to artificially inflate the value of BNB. CZ said that Binance had not sold any of its BTC or BNB, adding that the crypto exchange still held “a bag” of FTX Token — the native token of the now-defunct crypto exchange FTX.
SEC’s Gensler says BTC, ETH ‘not securities’ in a newly surfaced video
A newly surfaced video from 2018 featuring Gary Gensler has made the rounds on social media, showing the now-chair of the U.S. securities regulator again stating that multiple cryptocurrencies are not securities. “Over 70% of the crypto market is Bitcoin, Ether, Litecoin, Bitcoin Cash. Why did I name those four? They’re not securities,” Gensler says in the video, which is understood to come from a 2018 event hosted by Bloomberg for institutional investors. At the time, Gensler was a professor at the Massachusetts Institute of Technology. The video contrasts with his more recent actions as the chair of the SEC.
Binance.US hires former SEC enforcement official amid lawsuit
Former SEC enforcement official George Canellos has reportedly been hired by Binance.US as part of the legal team defending the company against allegations of operating as an unregistered securities exchange. In response to the SEC’s action on June 5, Binance.US announced the suspension of U.S. dollar deposits and the potential pausing of fiat withdrawals, citing “extremely aggressive and intimidating tactics” from regulators. On Twitter, a former SEC chief said the exchange is “clearly preparing for a criminal prosecution and continuing to hire the best defense attorneys in the world.”
Gary Gensler’s job at risk, BlackRock’s first spot Bitcoin ETF and other news: Hodler’s Digest, June 11-17
U.S. representative introduces bill to fire SEC’s chief, BlackRock applies for a spot Bitcoin ETF and Binance.US hires top lawyer for upcoming court battles.
Gary Gensler’s job at risk, BlackRock’s first spot Bitcoin ETF and other news: Hodler’s Digest, June 11-17
U.S. representative introduces bill to fire SEC’s chief, BlackRock applies for a spot Bitcoin ETF and Binance.US hires top lawyer for upcoming court battles.
Gary Gensler’s job at risk, BlackRock’s first spot Bitcoin ETF and other news: Hodler’s Digest, June 11-17
U.S. representative introduces bill to fire SEC’s chief, BlackRock applies for a spot Bitcoin ETF and Binance.US hires top lawyer for upcoming court battles.
BUSD falls to fourth position among stablecoins
The dollar-pegged Binance USD (BUSD) stablecoin sits now at the fourth position in market capitalization among other stablecoins following a dip of over $1 billion in the past 30 days, data from CoinMarketCap shows.
As of writing, BUSD market cap stands at $4.30 billion, down 29% from $5.54 billion on May 18. The stablecoin has been in a downward trend since December last year, when its market cap topped $23 billion.
Top stablecoins by market capitalization on June 17. Source: CoinMarketCapThe decline in BUSD market cap parallels major developments surrounding Binance following FTX's dramatic collapse in November 2022. Last December, a report indicating Binance would be targeted by the U.S. Department of Justice led to net withdrawals of $3.6 billion within seven days. The exchange saw large BUSD redemptions from market makers, including more than $245 million from Jump Finance.
A partnership between Binance and Paxos Trust created the BUSD stablecoin in September 2019. Paxos issues and owns the product, while Binance licenses its brand. For Paxos, the partnership brought new challenges. In February, the company was reportedly served a Wells Notice from the U.S. Securities and Exchange Commission alleging that Binance USD was an unregistered security.
Related: Stablecoins 101 - What are crypto stablecoins, and how do they work?
US court approves SEC-Binance.US agreement
As per the approved agreement, only Binance.US employees will have access to client funds until the litigation is resolved.
SEC and Binance.US strike a temporary agreement on asset access
Proposed measures include restricting Binance Holdings officials' access to private keys and disclosing business expenses.
SEC and Binance.US strike a temporary agreement on asset access
Proposed measures include restricting Binance Holdings officials' access to private keys and disclosing business expenses.
Tether responds to account deactivation controversy, raises compliance checks
Tether Holdings Inc has responded to claims that it deactivated the accounts of major crypto firms including Moonpay.
On-chain sleuth ZachXBT sued for libel after claiming plaintiff drained funds from project
Plaintiff Jeffrey Huang claims his reputation was damaged when ZachXBT allegedly falsely accused him of embezzlement.
On-chain sleuth ZachXBT sued for libel after claiming plaintiff drained funds from project
Plaintiff Jeffrey Huang claims his reputation was damaged when ZachXBT allegedly falsely accused him of embezzlement.
On-chain sleuth ZachXBT sued for libel after claiming plaintiff drained funds from project
Plaintiff Jeffrey Huang claims his reputation was damaged when ZachXBT allegedly falsely accused him of embezzlement.
Ethereum network upgrade and uptick in Arbitrum active users could trigger an ARB price reversal
Positive Ethereum and Arbitrum network developments and the eventual improvement in crypto investor sentiment could lend a boost to ARB price.