Binance, Coinbase… Who’s Next on Gary’s List? 🥵
In today's edition: 😮 Coinbase is sued by the SEC, 📈 Optimism's upgrade, 🥶 motion to freeze Binance.US assets, and more!
by Kari McMahon
The SEC’s crypto crackdown has extended to Coinbase, one day after it took action against Binance.
The SEC files for a temporary restraining order to ‘ensure the safety of customer assets.’
It could take years for new digital asset rules to be implemented without additional funding, says CFTC Chair Behnam.
Bellwether cryptos bitcoin and ether are in the green, while some altcoins recoup losses.
Optimism deployed the ‘Bedrock’ upgrade on Tuesday, introducing fundamental improvements that pave the way for the ‘Superchain’ future.
On the Pod…
Back in 2018…
Laura and Binance CEO CZ were already discussing the pressing issues of today:
🔒 The U.S. Securities and Exchange Commission (SEC) sought a federal judge's approval for a temporary asset freeze on Binance, Binance.US, and owner Changpeng 'CZ' Zhao, alleging misuse of customer funds.
⚖️📅 The U.S. Court of Appeals for the Third Circuit mandated that the SEC address Coinbase's petition for rulemaking in the digital assets sector within a week.
🔍 Robinhood is considering the delisting of certain tokens, including Solana, Polygon, and Cardano, named as unregistered securities in the SEC lawsuits against Binance and Coinbase, according to their chief legal compliance officer.
💬 SEC Chair Gary Gensler emphasized the unnecessary nature of additional digital currencies, citing the digital versions of existing currencies like the U.S. dollar, euro, and yen.
🔓🇰🇵 Elliptic, a blockchain intelligence firm, suspects that North Korean hacking group Lazarus breached Atomic Wallet, resulting in an estimated theft of $35 million in various cryptocurrencies.
📜 U.S. Representatives Brad Sherman and Stephen Lynch are urging the Treasury Department and IRS to expedite the issuance of planned crypto tax regulations to address tax evasion concerns in the industry.
⚖️ Amid lawsuits from the SEC, Coinbase saw a massive $600 million withdrawal by traders in a single day, significantly exceeding the number of deposits during the same period.
💱 Aave Companies is set to finalize the implementation of its decentralized GHO stablecoin on the Ethereum mainnet, subject to approval from the Aave DAO.
👜 Louis Vuitton is launching a unique $42,000 NFT collection, Via Treasure Trunks, each coming with a physical replica and unlocking access to exclusive products and events.
Today in Crypto Adoption...
🔗 Swift and Chainlink are undertaking trials with over 12 financial entities to examine their integration with diverse blockchain networks.
💳 Circle Singapore, an affiliate of Circle Internet Financial, secured a Major Payment Institution license from the Monetary Authority of Singapore, permitting it to provide digital payment token services.
🔍 The Luxembourg competition authority launched a study into blockchain technology and Web3, aiming to ensure a competitive and efficient market for Web3 entities.
The $$$ Corner…
📈 Meanwhile Insurance Bitcoin secured $19 million in funding to develop an AI-assisted bitcoin-denominated life insurance policy, targeting U.S. citizens with significant BTC assets.
🎮 Haun Ventures spearheaded a $10 million seed funding round for Web3 gaming studio Argus, which also introduced the World Engine, an SDK for blockchain-based game development.
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📈 Your Market Update 📉
BTC is up 2.6%, trading at $26,464
ETH is up 1.7%, trading at $1,849
BTC dominance: 44.68%
Crypto market cap: $1.15 trillion
*All data as of today, 6:10 am ET
Brian Quintenz, ex-CFTC Commissioner, on the SEC’s actions
Ram Ahluwalia on Gary Gensler as the ‘Anakin Skwalker’ of crypto
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