Coinbase Stock Rises Nearly 6% as Analysts Increase Average Price Target
June 19 (Cointime) - According to data from The Block Research, Coinbase's stock price rose by almost 6% last week, ending at $55.59 despite the ongoing lawsuit with the SEC. Additionally, the average price target for COIN by analysts slightly increased from $69.17 per share to $69.70, largely due to one broker removing its sell rating coverage.
Binance CEO CZ ：Court Scrutiny Validation shows Funds are Safety in Binance
June 19 (Cointime) -Court: "... Similarly, you all repeat in the memo that there's no evidence, absolutely no evidence of any dissipation of assets whatsoever. And the government at this point has said they haven't seen the evidence of offshore transfers from BAM Trading itself... "
Binance-Branded BUSD Stablecoin Loses $1 Billion in Market Cap, Drops to Fourth Position Among Stablecoins
June 18 (Cointime) - Binance's BUSD stablecoin has experienced a $1 billion drop in market cap, putting it in fourth place among stablecoins. Its current market cap is around $4.3 billion, down from $5.5 billion a month ago. The decline follows the New York Department of Financial Services ordering Paxos, the crypto firm that issues the stablecoin, to stop minting BUSD tokens due to unresolved issues related to Paxos' relationship with Binance. The SEC has also launched lawsuits against Binance and CEO Changpeng Zhao, accusing the firm of illegally operating a securities exchange.
Crypto Regulation Could Take a Decade to Pass, Warns Federal Policy Expert
June 18 (Cointime) - Federal policy expert Dorothy DeWitt warned crypto companies that even if a bill for crypto regulation is passed, it can take a decade or more for the rules to be implemented. DeWitt, who served as former chief finance counsel to the Senate and former director of the CFTC’s division of oversight, pointed to the Dodd Frank Act as an example of how long rulemaking can take.
Indonesia Approves List of 501 Legal Cryptocurrencies, Brazil Develops Regulatory Framework for Crypto Securities
June 18 (Cointime) - While the SEC's lawsuits against Binance and Coinbase have created uncertainty in the US crypto sector, other countries are clarifying the regulatory status of various crypto assets. The SEC's actions have caused major exchanges to halt USD deposits and remove tokens mentioned in the lawsuits.
Ripple CEO Brad Garlinghouse expresses concern over SEC lawsuit and its impact on the crypto industry
June 18 (Cointime) - Ripple CEO Brad Garlinghouse has expressed concerns that the company's legal battle with the SEC could have wider implications for the cryptocurrency industry. Garlinghouse has called for clear regulatory guidelines, stating that the need for them is critical. He has also accused the SEC of purposely generating confusion around regulations and using it to enforce their authority. Garlinghouse believes that the SEC's actions could stifle innovation and the growth of the cryptocurrency industry in the US.
Bloomberg Analyst Outlines Theories on BlackRock's Move to File Bitcoin ETF - Here's His Outlook
June 18 (Cointime) - BlackRock, the world's largest investment management company, has filed for a Bitcoin exchange-traded fund (ETF) called the iShares Bitcoin Trust.
Binance CEO expresses relief as SEC dispute is resolved
June 18 (Cointime) - Binance CEO Changpeng Zhao expressed relief as the company's dispute with the SEC has been resolved, allowing him to focus on the future.
Ripple CEO warns crypto industry fight for clarity "has to continue" as Ripple vs SEC case nears end
June 18 (Cointime) - Brad Garlinghouse, CEO of Ripple, has stated that the conclusion of Ripple's case against the SEC is just the beginning of the fight for clarity in the crypto industry. He believes that the unsealing of the Hinman documents, which pertain to a 2018 speech about Ethereum not being a security, shows that the SEC knowingly created confusion about the rules and used that confusion through enforcement. Garlinghouse argues that the SEC acted in bad faith and that the timing of the lawsuit being filed just days before Christmas was a "grinch-like touch." He further explains that the documents show that senior officials at the SEC couldn't agree on the law and that only Congress has the power to create new laws.
Mark Cuban's Experience Reveals Difficulties Faced by Crypto Firms in Registering with SEC
June 18 (Cointime) - Investor and television personality Marc Cuban shared his experience trying to register a crypto token with the U.S. Securities and Exchange Commission (SEC), highlighting the difficulties faced by crypto firms in registering with the agency. Cuban believes that SEC Chair Gary Gensler does not understand the challenges faced by small businesses and start-ups in terms of approval delays, legal fees, and complex rules. He emphasized the need for easy-to-follow guidelines and relatively inexpensive registration processes for small crypto start-ups. Cuban's experience could make an interesting case for discussions with lawmakers on crypto as we head towards the election year.
