Mark Cuban Calls Out SEC's Hypocrisy in Cryptocurrency Regulation
Mark Cuban, a prominent billionaire and tech mogul, has criticized the SEC's approach to regulating the cryptocurrency industry, pointing out their alleged hypocrisy in treating traditional stock loans differently from cryptocurrency assets. He called for a similar approach to be taken with crypto and suggested a thorough evaluation to determine which aspects should be classified as securities and how to regulate the industry to protect investors.
Robinhood to Delist Cardano, Polygon and Solana Following SEC Charges Against Crypto Exchanges
Robinhood, a brokerage firm, has announced that it will delist Cardano, Polygon, and Solana after the US Securities and Exchange Commission (SEC) classified them as securities in its charges against two major crypto exchanges. The firm will end support for the three cryptocurrencies on June 27, but investors can still buy, sell, and hold ADA, MATIC, and SOL until the deadline.
Bitcoin Rises and Ether Falls Amid SEC Lawsuits Against Binance and Coinbase
Bitcoin saw a slight increase while Ether experienced a small decrease during Friday afternoon trading in Hong Kong. However, most of the top 10 non-stablecoin cryptocurrencies saw a minor rally following the SEC's lawsuits against Binance and Coinbase. Despite this, investor sentiment remains cautious after the SEC's legal action against the two platforms.
Ethereum Holds Steady at $1,800 Support Level Despite SEC Legal Actions, Staking Withdrawals and Development May Boost Price
Despite facing legal actions by the SEC, Ethereum has maintained its support level at $1,800 and has seen a 53% increase since the beginning of the year. Its chart suggests a potential rise in the near future, and it is unlikely to face delisting like other layer-one utility tokens.
IOG Rejects SEC Claim that ADA is a Security, Calls for Responsible Legislation
IOG, the Cardano development company, has rejected claims from the US Securities and Exchange Commission (SEC) that ADA, the blockchain's native token, can be considered a security. IOG stated that SEC lawsuits filed earlier this week against crypto exchanges Binance and Coinbase, which included ADA in a list of crypto tokens that count as securities, contained "numerous factual inaccuracies."
Bitcoin Dominance Increases as Altcoins Retrace Amid SEC Actions
Bitcoin's dominance over altcoins has increased by approximately 1% in just a few days due to recent developments in the SEC-crypto industry front. Cardano has dropped by over 4% while other larger-cap altcoins are slightly in the red. Bitcoin's market capitalization remains just over $510 billion, but its dominance over altcoins has increased to 46.7%. The total crypto market cap has managed to defend the $1.1 trillion level in the past day after a dip on Monday and Tuesday.
Republican Lawmakers Unveil Visionary Crypto Market Structure Proposal
Republican representatives in the US House of Representatives have introduced a draft bill aimed at addressing regulatory challenges in the digital asset market. The proposed legislation suggests a new framework for the classification of digital assets as either securities or commodities, with the Securities and Exchange Commission (SEC) regulating investment contract tokens and the Commodity Futures Trading Commission (CFTC) regulating commodities.
Protocol Labs Defends Filecoin's Non-Security Status Amid SEC Labeling
Protocol Labs, the developer of Filecoin, has defended the FIL token against the SEC's claims that it is a security. In a lengthy Twitter thread, Protocol Labs offered several reasons why Filecoin is not a security.
Binance.us may Suspending USD Withdraw Channels as Early as June 13, 2023
Due to impact of SEC, Binance.us made announcement today gonna suspending USD deposits and notifying customers that banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. Binance.us encourage customers to take appropriate action with their USD.Binance.us claimed on Twitter: "We are taking these proactive steps as we–for a time–transition to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all customer assets. Any downtime in processing withdrawals may be the result of elevated volumes and weekend bank closures. Moreover, trading, staking, deposits and withdrawals in crypto remain fully operational."
Solana Foundation: SOL is 'Not a Security'
According to Coindesk, Solana Foundation has objected to the U.S. Securities and Exchange Commission's (SEC) classification of its SOL token as an unregistered security, stating in a statement that "Solana Foundation firmly believes that SOL is not a security. SOL is the native token of the Solana blockchain, which is a powerful, open-source, community-based software project that relies on decentralized participation from users and developers for expansion and development."
