Bitcoin Faces Regulatory Uncertainty and Price Drops, but On-Chain Metrics Offer Optimism
Bitcoin and other cryptocurrencies have faced regulatory uncertainties and price drops over the past week. The largest cryptocurrency lost slightly over 4% following an intense battle initiated by the U.S. Securities and Exchange Commission against the world’s two largest crypto exchanges.
Binance Lawsuit: Binance.US Refutes All SEC Allegations, Zhao Opposes Restraining Order
Binance.US has filed its defense against the SEC's allegations ahead of its hearing on June 14. BAM Trading Services, which operates Binance.US, submitted its opposition to the SEC's motion for a temporary restraining order and asset freeze. Binance.US appealed to the SEC to allow BAM trading to conduct daily business activities, such as paying salaries, but the request was rejected.
Billionaire Tim Draper Criticizes SEC Chair for Stifling Crypto Innovation with Damaging Policies
Billionaire Tim Draper has criticized the Chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for stifling crypto innovation with damaging policies. In an interview with Fox Business’s The Claman Countdown, Draper argued that the SEC should have no oversight on crypto technology and called for a new way of regulation.
Crypto Industry Forced Into Corner of Non-Compliance Amidst SEC Crackdown, Say Experts
Haseeb Qureshi, managing partner at Dragonfly, believes that the recent regulatory crackdown by the SEC on crypto exchanges was inevitable. He explains that after the Bittrex and Beaxy cases earlier this year, the SEC developed a clear legal theory that applies to all exchanges, including Coinbase and Binance.
Coinbase CEO Outlines Ideal Crypto Regulations for US
Coinbase CEO Brian Armstrong has shared his vision for US crypto regulations in an interview with the Wall Street Journal. Armstrong believes that a clear regulatory framework is needed to define the roles of the SEC and the CFTC, while also providing investor protection.
Bitcoin Dominance Rises to Nearly 50% After Altcoin Market Rout
Bitcoin's dominance in the cryptocurrency market has increased to almost 50% following a recent drop in the altcoin market. The Bitcoin Dominance Index (BTC.D) reached 49.29% on June 13, slightly down from its 14-month high of 49.66% two days earlier. The surge in Bitcoin dominance comes after the US Securities and Exchange Commission (SEC) accused many leading altcoins of being "unregistered securities."
SEC Lawsuits Against Binance and Coinbase Hammer Altcoin Prices
Last week, U.S. regulators filed lawsuits against exchanges Binance and Coinbase, causing a drop in the prices of altcoins, which are most cryptocurrencies except for bitcoin and ether. Over 50 cryptocurrencies worth over $100 billion in total and making up about 10% of the overall market are now viewed by the SEC watchdog as securities, which could lead to a forced closing of various altcoin pairs.
John Reed Stark, Former Director of the SEC Internet Enforcement Office: The US Department of Justice Will File or Has Filed Criminal Charges Related to Binance
John Reed Stark, former director of the U.S. Securities and Exchange Commission’s (SEC) Office of Internet Enforcement, tweeted that he believes the U.S. Department of Justice will or has filed a sealed criminal indictment related to Binance. The CFTC and SEC complaints, which are more like criminal indictments, include allegations of fraud, deception, obstruction of justice, and money laundering.
Binance Responds to SEC Lawsuit
Binance responded to the SEC’s appeal, with key arguments including:
SEC's Proposed Rules on Blockchain Protocols Criticized for Fatal Flaws and Need for New Legislation
The SEC has reopened the comment period for a proposed set of rules that would classify blockchain protocols as regulated securities exchanges. Critics argue that the proposal is flawed and incompatible with existing regulations and an accurate understanding of blockchain technology.
