Binance CEO Expresses Relief as SEC Dispute Resolved and Agreement Reached
June 17 (Cointime) - Binance CEO Changpeng Zhao expressed relief that the dispute with the SEC has been resolved, allowing the company to focus on the future. The US District Court has approved the "Proposed Stipulation and Consent Order" agreed upon by Binance, Binance.US, and the SEC. The agreement requires Binance to repatriate all fiat currency and crypto assets related to Binance.US and limits access for Binance Global officials to ensure customer funds are independently managed and safeguarded. Despite regulatory obstacles, Binance remains committed to continuing operations and prioritizing the safety and security of user funds.
'Unelected bureaucrat', Ripple CEO blasts SEC's Gensler on weaponizing regulatory uncertainty
June 17 (Cointime) - Brad Garlinghouse, CEO of Ripple, has criticized the US Securities and Exchange Commission (SEC) and its current chair, Gary Gensler, for their handling of cryptocurrency regulation.
New Bitcoin Whale Emerges with $261 Million in Crypto, Bitcoin Price Rebounds
June 17 (Cointime) - A new Bitcoin whale has emerged, transferring 10,000 BTC worth $261 million to a brand new wallet with no registered owner. This could indicate a purchase or a whale redistributing their crypto holdings.
Coinbase Urges US Court to Compel SEC Response to Rulemaking Petition
June 17 (Cointime) - Coinbase has urged the US Court of Appeals for the Third Circuit to compel the SEC to respond quickly to its rulemaking petition. The SEC had requested an additional 120 days to respond to the petition, but Coinbase's chief legal officer argues that the government's disregard of a direct inquiry in federal court is unusual.
Proof-of-Work Coins with Fair Launches Less Likely to be Labeled Securities by SEC, Says Bitcoin OG Dan Held
June 16 (Cointime) - According to Bitcoin OG and educator Dan Held, proof-of-work coins that had a fair distribution at their launch are less likely to be considered securities by the U.S. SEC. The recent SEC lawsuit against Binance and Coinbase accused them of offering unregistered securities, causing many tokens to be delisted and their prices to drop. Held believes that tokens with fair or transparent launches, such as Litecoin, Dogecoin, and Monero, do not fit the SEC's definition of a security and are therefore less likely to be targeted. Held also notes that the current SEC crackdown is mainly focused on proof-of-stake coins with centralized ownership and that only decentralized cryptocurrencies like Bitcoin will survive in the long run.
SEC official defends cryptocurrency crackdown, accuses sector of violating securities laws
June 16 (Cointime) - The U.S. Securities and Exchange Commission (SEC) has faced criticism for its crackdown on the cryptocurrency industry, but enforcement director Gurbir Grewal defended the regulator's actions, citing the industry's failure to comply with regulations. The SEC has been targeting initial coin sales as unregistered securities offerings, as well as crypto firms acting as unregistered exchanges and broker-dealers. Binance and Coinbase, two of the world's largest crypto exchanges, were sued by the SEC last week for allegedly breaking its rules. The crypto sector has called for new rules, but Grewal questioned whether they would be effective in an industry built around noncompliance.
Baakt Delists Solana, Polygon, and Cardano Due to Regulatory Uncertainty
June 16 (Cointime) - Baakt, a digital assets platform based in New York, has decided to delist Solana, Polygon, and Cardano due to regulatory uncertainty. The company's general counsel and secretary, Marc D'Annunzio, stated that they will wait for further clarity before offering a more extensive list of coins. This decision comes after the U.S. Securities and Exchange Commission (SEC) filed lawsuits against Binance and Coinbase, alleging that both platforms were offering unregistered securities to their customers, including Solana, Polygon, and Cardano. Other crypto platforms, such as Robinhood and eToro, have also announced delistings of certain tokens due to the SEC's actions.
JPMorgan Strategists Suggest New "Other Category" for Ethereum to Avoid Securities Designation by Congress
June 16 (Cointime) - JPMorgan strategists have suggested that the US Congress could either classify Ethereum (ETH) in the same commodity category as Bitcoin (BTC) or create a new "other category" with less burdensome regulations than securities. This comes after some US Securities and Exchange Commission (SEC) officials questioned the details of a 2018 speech that stated ETH is not a security. The release of the "Hinman documents" may explain why the SEC has been avoiding taking action against ETH while targeting almost all major competitor tokens this year. Overall, the release of the documents is likely to benefit Ethereum and influence the direction of the current US congressional effort to regulate the crypto industry.
SEC Lawyers Contend Additional Documents Submitted by Dentons Lack Adequate Support for Dismissing Lawsuit
June 16 (Cointime) - Lawyers representing the SEC have argued that the additional documents submitted by Dentons in support of their motion to dismiss the lawsuit lack sufficient evidence to dismiss the case. The SEC's counsel has stated that the Binance.US transcript and internal SEC emails presented by the defense have no relevance to the current case. Dentons submitted supplementary documents to bolster their motion to dismiss the lawsuit, arguing that the algorithmic stablecoin UST is not classified as a security. Judge Jed Rakoff will render a decision on the motion to dismiss the case by July 14th.
Bittrex Granted Permission to Resume Crypto Withdrawals After Bankruptcy Filing
June 16 (Cointime) - Seattle-based cryptocurrency exchange Bittrex has been granted permission by a US Delaware federal court to allow its customers who meet regulatory requirements to access their accounts and withdraw their remaining digital assets. Eligible customers can process withdrawals from June 15 to August 31, with a minimum withdrawable amount of $25. Bittrex was charged by the US Securities and Exchange Commission (SEC) in April for operating an unregistered national securities exchange, broker, and clearing agency, but the company insists it operated within the law and looks forward to vindicating its position in court.
