Weekly Top Crypto News (June 5 – June 11)

The crypto market received a lot of bad news this past week when the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance and Coinbase, alleging illegal trading of cryptocurrencies that were declared securities, along with many other mistakes. Here, let’s review this week’s top crypto news with Coincu!

SEC Sues Binance And CZ For Breaking US Securities Rules

The Securities and Exchange Commission (SEC) has filed a lawsuit against Binance. The SEC alleges that the exchange mishandled customer funds and lied to regulators and investors about its operations.

SEC Sues Coinbase Alleging Unregistered Securities Sales

The US Securities and Exchange Commission sues Coinbase for unregistered securities sales. The SEC alleges that Coinbase has been operating as an unregistered broker, exchange, and clearing agency since 2019.

Coinbase Gets Another Attack From The US States After SEC Lawsuits

As part of a multi-state task force of ten state securities authorities, the Alabama Securities Commission issued a show cause order to Coinbase. The exchange has 28 days to demonstrate why they should be permitted to conduct business in Alabama. The move comes at the same time as the Securities and Exchange Commission filed a federal lawsuit against Coinbase in New York.

Vitalik Buterin Highlights 3 Key Transitions For Ethereum’s Success

Ethereum co-founder Vitalik Buterin identifies three key transitions – layer 2 scaling, enhanced wallet security, and security measures – as crucial for Ethereum’s sustained success and decentralization. Buterin highlights concerns over rising transaction fees, potential security risks, and the need for privacy and data security on the Ethereum network to ensure user adoption and prevent reliance on centralized alternatives.

Binance Coin (BNB) Plummets: $200 Million Losses Imminent

Binance Coin (BNB) dropped over 7% in 24 hours and 14% in 7 days due to increased regulatory scrutiny by the SEC and broader market trends. There is a potential liquidation of $200M on Venus DAO if the BNB price drops by 14%. The exploit on the BNB bridge puts Binance Coin in a precarious position and highlights the vulnerabilities of the DeFi ecosystem.

Robinhood Halts Support For Cardano, Polygon, And Solana On June 27th

Robinhood to End Support for Cardano, Polygon, and Solana on June 27th, 2023. Users Can Continue Trading ADA, MATIC, and SOL until June 27th.

Solana Foundation Slams SEC’s “Security” Claim Amidst SOL Suffers 40% Loss

The Solana Foundation is disputing the SEC’s classification of its SOL token as an unregistered security, leading to a drop in SOL’s value and regulatory uncertainty for investors. Despite the SEC’s actions, the Solana builder community remains committed to building exceptional blockchain projects and products.

TrueUSD Now Stops Minting TUSD Through Prime Trust

TrueUSD has temporarily stopped minting TUSD through Prime Trust pending further notice. According to previous news, crypto custody company BitGo will acquire Prime Trust, and the two parties have signed an agreement of intent to invest.

Bedrock Upgrade Success As A Gas Fee Optimism Dropped Exceeds Expectations

After Optimism’s Bedrock major upgrade, gas charges for services have dropped significantly. DEX Trade gas saved 55% compared to before upgrade, NFT Mint saved 62%, NFT Trade saved 45%, perpetual contract saved 55%, ERC 20 transfer saved 62%, and ETH transfer saved 66%,… The Bedrock upgrade was completed on June 6, 2023, at 16:00 UTC.

Polygon Labs Denies SEC’s Security Allegation For MATIC Token

Polygon Labs responds to SEC’s claim that MATIC is a security.​ Polygon Labs defends that MATIC is not an unregistered security, stating that it was developed and deployed outside the US and focuses on the global community. MATIC’s price has declined over 33% in the past week, following its delisting from Robinhood and the SEC’s lawsuit against Binance.

Curve Finance CEO Accused Of Fraud By 3 Venture Capital Firms

Curve Finance founder Michael Egorov is accused of running a six-month-long sophisticated fraud scam, according to ParaFi Digital Opportunities, Framework Ventures, and 1kx. The case, filed in April, also claims that Egorov relocated to Switzerland to avoid the impending legal consequences. According to the VCs, they have not received the promised stock in Swiss Stake, and almost $1 million in financing has not been repaid.

Aave Proposes Launching GHO Stablecoin On V3

After a final round of community deliberation, the Aave protocol suggests deploying the GHO stablecoin to the mainnet. If approved, a native GHO stablecoin with a borrowing ceiling of $100 million will be established. When this proposal is approved, users of V3 on Ethereum can mint GHO against their collateral, ushering in a new age for the ecosystem.

Circle Officially Supports Native USDC On Layer 2 Arbitrum

Circle finally rolled out its native USDC on layer 2 Arbitrum. Arbitrum USDC may now be used by businesses to expand their consumer base and get access to crypto capital markets. The version bridged from Ethereum will have the new display token USDC.e, and the ticker of the native token version on Arbitrum will be USDC.

Lens Protocol Raises $15 Million To Promote Decentralized Social Web

Lens Protocol, the user-owned social layer of the Internet, has received $15 million in investment. The additional fund will be used to support the ongoing growth of the Lens ecosystem, which benefits web3 users, producers, and builders.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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