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Discover effective strategies and best practices to use credit cards wisely and avoid debt. Credit cards may be excellent financial instruments if used responsibly. However, many individuals fall into the trap of collecting excessive debt due to careless credit card usage. This article will cover numerous tactics and best practices to help you use credit cards sensibly, avoid debt and maintain a healthy financial lifestyle.Understanding credit cards Credit cards operate as a revolving line of credit, allowing users to make purchases up to a predetermined credit limit. However, failure to comprehend the foundations of credit cards can lead to financial issues. It’s crucial to grasp basic concepts such as credit limits, interest rates and minimum payments to prevent potential traps.A credit limit is the maximum amount of money that a credit card company permits you to borrow on your card. It indicates the line of credit given to you. It is crucial to understand your credit limit and keep track of your expenditures to avoid exceeding it. Going above your credit limit can result in additional fees and penalties.Interest rates are the fees that credit card companies charge on any outstanding balance that you carry from month to month. It is crucial to pay attention to the interest rates linked to your credit card, as they can drastically affect the amount you owe.Here's how you can protect yourself:1) Avoid high interest debt: When you take on credit card debt, you use your scarce resources (time and energy) to work and pay interest at 20%+.2) Holding cash for the short term (3-12 months) is smart because your expenses will likely be…— Rajat Soni, CFA (@rajatsonifnance) June 2, 2023 High interest rates can lead to higher debt over time, while lower interest rates can save you money. To prevent incurring excessive interest charges, attempt to pay off your credit card debt in full each month.The minimum payment is the minimum amount you are required to pay each month to keep your credit card account in good standing. It is often a percentage of your entire outstanding balance. While making the minimum payment is necessary to avoid late fines and keep a solid credit history, it is important to know that paying only the minimal amount prolongs the time it takes to pay off your debt and can result in hefty interest costs. Strive to pay more than the minimum payment whenever possible to lower your debt faster and save on interest fees.Creating a solid financial foundationOne of the first stages of appropriate credit card utilization is creating a sound financial foundation. This starts with developing a budget to track your income and expenses effectively. Ah, the classic dilemma: swipe now and suffer later or save now and splurge later. It's all about finding the balance that works best for you and your financial goals. Perhaps a budgeting plan can help you allocate funds towards both debt and savings!— PsychMate (@PsychMateAI) June 6, 2023 A budget enables you to allocate finances for necessary expenses,…

Rachel Conlan, the new VP of Marketing at Binance, says that “critical” times in the industry call for major companies to emphasize community, clarity and simplicity. The crypto industry faced more scrutiny from regulators in the United States this past week, as the U.S. Securities and Exchange Commission (SEC) served both Coinbase and Binance.US with lawsuits regarding their operations. Amid the accusations from regulatory officials, the members of the crypto community have spoken out against the behavior of the SEC while still agreeing certain regulations are necessary. Rachel Conlan, joined Binance as the new VP of Marketing this week and spoke with Cointelegraph about the importance of fostering community in what she calls a “critical juncture for crypto.”“Let’s be clear, regulation is needed,” she said. “But as any industry that has tried to be disruptive and has challenged the status quo we are facing some headwinds. ”She continued to stress that while “simplicity and clarity” of the message is important when regulators have a tight grip on the industry, so is an emphasis on community. “My strategy really is how we double down and support our existing community and really celebrate them.”According to the exchange’s official website, Binance currently has 120 million registered users which is over 25% of the estimated 420 million global crypto users as of 2023. Related: Evidence in SEC suit includes 2022 testimony of Binance.US’ long silent ex-CEOConlan believes her role is to showcase and educate that audience going forward through times of industry uncertainty. She said she especially wants to “lean in” to showcase how the community interacts with the product. “We need to be able to use them to tell stories and show integrations that really open up this world to people so that maybe they can have a different perspective of crypto.”Additionally, she pointed out that for platforms in the Web3 space like Binance that offer more services than just trading, balance is key. “It’s about balance – showing the broad spectrum of utility and making sure that you are identifying the right moments for that.”Conlan said that not everyone in the crypto ecosystem wants to trade, and new users are entering the space for new reasons, be it remittance payments or following a favorite artist or sports star. “ We are a financial business, but it’s also about entertainment,” she said. “While at the same time educating people. What better way to do that than in moments where they’re open to hearing.”

The growth of DeFi has happened in spite of the CEXs’ stranglehold, with users relying on non-custodial wallets to access even the most basic of DeFi products. Centralized exchanges have been the dominant force on the cryptocurrency landscape for over a decade, acting as the primary method of transferring value between blockchains and serving as a gateway into crypto for the masses. They have been instrumental in the early development of the nascent crypto sector, with many reaping substantial profits. Binance’s revenue, for example, hit $12 billion in 2022, a ten-fold increase in just two years. However, the success of centralized exchanges has come at a cost. Not only has their dominance placed an unnecessary financial burden on users, but I would argue that the custodial nature of CEXs has hindered the development of the Web3 ecosystem. The growth of DeFi has happened in spite of the CEXs’ stranglehold, with users relying on non-custodial wallets to access even the most basic of DeFi products. Fortunately, the shift from centralized exchanges to DEXs is gaining momentum. In the immediate aftermath of the SEC’s crackdowns on Binance and Coinbase, DEX trading volumes surged 444%. Even without such seismic events, users are increasingly seeing the value of DEXs. Uniswap trading volume has consistently outpaced that of Coinbase so far in 2023 before the SEC formally announced proceedings against the centralized exchange. As crises continue to engulf centralized exchanges, the pendulum is increasingly swinging towards its decentralized counterparts. While CEXs remain dominant in terms of market share — for now — the growing interest in DEXs has, in my opinion, the great potential to upend the status quo and open up the full potential of the Web3 economy. The DEX Opportunity The collapse of FTX may have represented a low point for centralized exchanges, the culmination of years of questionable practices and declining trust. Ongoing criminal investigations, as well as the SEC’s continued probing into the likes of Binance and Coinbase, are only exacerbating the situation.  Against this backdrop, users are increasingly drawn to the transparent, trustless approach of DEXs. Even before the FTX saga, Uniswap had been diverting daily volume away from centralized exchanges, starting with ERC-20 token swaps.  The groundwork has clearly been laid for significant upticks in the use of DEXs. Despite this, on-chain trading beyond Uniswap and ERC-20 tokens has, so far, struggled to gain traction. Join the community where you can transform the future. Cointelegraph Innovation Circle brings blockchain technology leaders together to connect, collaborate and publish. Apply today Cross-chain experiences are still in their infancy and have been hampered by issues such as low liquidity, poor user experience and market fragmentation. Addressing these challenges — which cross-chain aggregators are working on currently — will be key to accelerating the shift to DeFi. Effective on-chain BTC markets are sure to bring billions in monthly volume to the sector when done well. As cross-chain technology matures, users will recognize that a DEX world may offer exactly what they’re looking for: secure,…

The draft bill is set to go before the House committee for discussion on June 13 and, if approved, could become the first example of crypto legislation in the United States. The United States House Financial Services Committee has released the third draft of the stablecoin bill presented by its chair, Representative Patrick McHenry. The latest draft of the bill is bipartisan and includes specific proposals from Republican and Democratic committee members. The draft bill titled, The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem, was first proposed on June 8 and is expected to be discussed during the upcoming committee hearing on June 13. The bill’s latest version proposes the U.S. Federal Reserve as the key regulator tasked with formulating requirements for issuing stablecoins. However, at the same time, the bill aims to offer state regulators powers to oversee the companies issuing the tokens.The bill further discusses legislation regarding who can issue stablecoins and the requirements of a payment stablecoin. If approved, the bill will be the first comprehensive guidance on the supervision and enforcement of stablecoin markets in the United States. The bill also proposes a two-year moratorium for collateralized stablecoins from the date of enactment.If approved by the committee and passed by the U.S. House of Representatives and the Senate, the bill would become the first example of crypto legislation in the United States.Related: Stablecoins are the solution to crypto’s banking problem, exec saysThe latest version also grants some additional authority to the federal regulator compared to the previous version. These powers include the power to intervene against state-regulated issuers in cases of emergency. States would also be entitled to pass their supervision duties to the federal watchdog if necessary.The previous version of the draft bill, issued on April 24, focused on stablecoin payments rather than overseeing other aspects of digital asset markets, such as custodial service providers and algorithmic stablecoins. The bill’s latest version is more concise and grants specific powers to state legislatures as well. Magazine: Unstablecoins: Depegging, bank runs and other risks loom

A Bitcoin inscription service aims to compete with Ordinals by offering smart contracts and larger file sizes. Kraken NFT marketplace exits its beta phaseCrypto exchange Kraken has announced that its nonfungible token (NFT) marketplace has exited its beta phase. Along with the launch, the NFT platform highlighted it had expanded its number of NFT collections from 70 to over 250. According to Kraken, it will continue adding more collections to its marketplace. We are launching out of BETA! #KrakenNFT is your gateway to buying, selling & learning about NFTs! Browse 250+ collections⛓️ Polygon blockchain Integration Reddit Collectible Avatars @0xPolygonLabs @RedditRead our latest announcement: https://t.co/3Xnn2tMyST pic.twitter.com/l1LTizqwT1— Kraken NFT (@KrakenNFT) June 8, 2023 Aside from the collection expansion, the firm also announced it had added support for the Polygon Network, highlighting that the popular Reddit Collectible Avatars will now also be supported by the marketplace. In the announcement, it said it would not be charging gas fees to its users when buying or selling NFTs on the platform. However, in a disclaimer at the bottom of the post, the marketplace noted that gas fees will still be incurred when transferring assets on and off its platform. Coinbase’s ‘Stand with Crypto’ NFT campaign gains community supportAs the United States Securities and Exchange Commission (SEC) targeted crypto exchange Coinbase in a lawsuit, community members have started to show support for the trading platform by minting its Stand with Crypto NFTs and putting the shield badge on their Twitter profiles. Time to #StandWithCrypto. ️ Join the movement for sensible crypto policy. Mint the latest NFT. Existing holders = new metadata ready for you. https://t.co/yCGNEt8Zcn pic.twitter.com/f2JBxzkw7c— Coinbase ️ (@coinbase) June 6, 2023 In April, when the collection was launched, the NFTs only had 15,000 mints and 7,000 owners, according to NFT marketplace OpenSea. Now, the collection has over 142,000 mints and more than 52,000 owners, with more users minting the NFTs as the exchange’s legal battle with the SEC intensifies. Many also expressed support for the move by tweeting the shield badges on Twitter, with some even sharing artworks with Coinbase shields. Coinbase has been a public company since 2021 and has looked for regulatory guidance at every turnI support @brian_armstrong for standing up to the SEC and hope this brings more clarity to the space Today we #StandWithCrypto ️ pic.twitter.com/daKDHiMvDu— Elena (@ElenaaETH) June 7, 2023 Related: SEC lawsuits against Binance and Coinbase unify the crypto industryBitcoin NFT inscription project allows larger file sizesBitcoin ecosystem project New Bitcoin City aims to compete with Bitcoin Ordinals by offering smart contracts and larger file sizes. According to the project, files inscribed through its “Inscription Village” can exceed 4 megabytes (MB), the limit for Ordinals inscriptions. Gm New Bitcoiners,Welcome to The Inscription Village — a place where files can be inscribed with smart BRC-721 using smart contracts and stored eternally on the Bitcoin blockchain. Take the lead in inscribing smarter and larger inscriptions.https://t.co/YDQXl82I86 pic.twitter.com/48qLV2gizV— New Bitcoin City (@NewBitcoinCity) June 7, 2023 The platform highlighted that an Azuki Spirit DAO wallpaper with a file size…

MiCA, which comes fully into force by the end of 2024, aims to create a consistent regulatory framework for crypto assets among European Union member states. On June 9, the European Union’s Markets in Crypto-Assets (MiCA) legislation was published in the Official Journal of the European Union (OJEU). This triggers the countdown for the law to come into effect from Dec. 30, 2024.The regulations, signed into law on May 31 after first being introduced in 2020, aim to create a consistent regulatory framework for crypto assets among European Union member states.While the rules officially come into force within 20 days of publication, the rules will start to apply on Dec. 30, 2024, with some parts of the legislation coming into effect six months earlier, on June 30, 2024.Cryptocurrency service providers and proponents alike have hailed the legislation for creating a single market environment across Europe in terms of regulatory requirements and operating procedures.Key components of the MiCA legislation include registration and authorization requirements for issuers of cryptocurrencies, exchanges and wallet providers.Related: EU to use blockchain for educational and professional credential verificationAs per the rules, stablecoin issuers must meet certain security and risk mitigation requirements, while cryptocurrency custody services must ensure sufficient security and safety measures to address potential cybersecurity and operational failures.The legislation also provides a framework to prevent market abuse, insider trading and manipulative behavior in the cryptocurrency space.In the meantime, crypto markets and operators in the United States are coming under pressure after the Securities and Exchange Commission initiated regulatory action against crypto exchanges Binance and Coinbase. Both exchanges are being sued on multiple counts, including failure to register as licensed brokers and offering unregistered securities.Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

The bipartisan bills target government transparency when using AI and the formation of a new Office of Global Competition Analysis to stay on top of innovation. Lawmakers in the United States have proposed two new bipartisan bills targeting issues of transparency and innovation in artificial intelligence (AI). On June 8, Democratic Senator Gary Peters, and Republican Senators Mike Braun and James Lankford, introduced the first bill, which would require the government to be transparent with its AI usage. Under such a measure, U.S. government agencies would need to inform the public when it uses AI to interact with them, along with a system for citizens to appeal any decisions made by AI. Braun stated: “The federal government needs to be proactive and transparent with AI utilization and ensure that decisions aren’t being made without humans in the driver’s seat.”The second bill was brought to the table by Democratic Senators Michael Bennet and Mark Warner, along with Republican Senator Todd Young, to establish an official Office of Global Competition Analysis.This new division is aimed at helping the U.S. stay on top of AI development. Bennet commented that: “We cannot afford to lose our competitive edge in strategic technologies like semiconductors, quantum computing, and artificial intelligence to competitors like China.“The introduction of the bills follows an announcement from Senate Majority Leader Chuck Schumer, which called for three upcoming AI briefings to educate lawmakers on the technology. Related: Pro-Bitcoin DeSantis tagged over AI-faked photos in Trump smear campaignRegulations targeting AI are beginning to pop up in discussions among lawmakers across the globe. Earlier this week, officials in the United Kingdom stressed that AI models need regulation similar to those in the medicine and nuclear power industries. The same day, another U.K. official warned that if these models are not under control ​​within the next two years, they could threaten humanity. Meanwhile, in Europe, lawmakers are finalizing the European Union’s Artificial Intelligence Act, which is a comprehensive set of regulations for the development and deployment of generative AI. European regulators have taken a similarly urgent approach to AI regulation, most recently saying they are considering requiring all AI-generated content to be labeled as such. Magazine: BitCulture: Fine art on Solana, AI music, podcast + book reviews

Bitcoin is attempting to cement an inverse head-and-shoulders pattern, which could spark a “sprint” to $40,000. Bitcoin (BTC) may be in line for a 60% upside if a long-term chart feature stays intact.In part of his latest analysis on June 8, popular trader Mikybull Crypto flagged encouraging signs on the BTC/USD weekly chart.Weekly Bitcoin price chart keeps $40,000 on the tableWith Bitcoin still wedged in a narrow trading range it entered almost three months ago, market participants have little to go on when it comes to short-term price targets.Day-to-day performance has offered no decisive trend up or down, and $30,000 remains formidable resistance overhead.“The market is still in the same position it has been the past few days. Don’t get chopped up, place some bids at the extremes and wait,” trader Jelle suggested in advice now typical of the current market perspective. “Stay focussed on the higher timeframe direction.”For Mikybull Crypto, however, those higher timeframes point to some much more interesting price action around the corner.The weekly chart, he argued, shows BTC/USD completing and now retesting an inverse head-and-shoulders pattern.This is the bullish counterpart to the standard head-and-shoulders pattern, which shows resistance being cemented and is typically followed by downside. While daily timeframes have seen a bearish head-and-shoulders pattern materialize around April’s $31,000 local highs, the broader trend may yet play out in bulls’ favor.“Bitcoin is flashing a text book inverse head and shoulders on the weekly TF. Price is currently retesting the Neckline after the breakout,” Mikybull Crypto explained. “As taught, if the range between the head and neckline is usually the sprint, we are anticipating another 60% rally on BTC.”That 60% “sprint” would place BTC/USD at around $40,000.BTC/USD annotated chart. Source: Mikybull Crypto/TwitterCasting aside rangebound “expectations”The $40,000 mark and the nearby area are, in fact, already a popular target for various traders.Related: US Bitcoin supply fell over 10% in the past year — GlassnodeCrypto Kaleo has continued to describe $40,000 as a “magnet” for the market, while Bitcoin price has preserved key support trend lines throughout the three-month range.In a prediction this week, meanwhile, fellow trader and analyst Credible Crypto said that $40,000 would not form the ceiling for BTC in 2023.“Expectations: ‘The Bitcoin halving is in April 2024. Expect $BTC to go sideways between 20-40k for about 12 months which is when we accumulate as much Bitcoin as we can. Once the halving hits, we start our next bull run to 100k+ into 2025. WAGMI,‘” he told followers. “Reality: BTC makes a new ATH in 2023 leaving the majority sidelined. Not everyone makes it.“Magazine: Bitcoin is on a collision course with ‘Net Zero’ promisesThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Zuckerberg highlighted divergent philosophies, with Meta emphasizing a social metaverse, while Apple’s device seemed designed for solitary use. As Meta struggles to lead the way in virtual and augmented reality, Apple’s recent entry into the market has generated curiosity and apprehension. With the official announcement of its Vision Pro headset, speculations arose about Mark Zuckerberg’s viewpoint as Meta CEO on the competition posed by Apple’s mixed reality headset.During an all-hands meeting observed by The Verge, Zuckerberg discussed his response to the technical features of the Vision Pro. Expressing his curiosity about Apple’s offering, Zuckerberg acknowledged that he had yet to experience the Vision Pro firsthand. He revealed that Meta’s teams had “already explored” and contemplated the constraints of laws and physics, implying that Apple’s solutions were not entirely groundbreaking. He mentioned that the headset’s pricing resulted from a deliberate “design trade-off” aimed at emphasizing more expensive technology and demanding increased computational capabilities. Zuckerberg remarked that Apple opted for a higher resolution display, leading to a sevenfold increase in costs and energy consumption, ultimately necessitating a wired connection and battery. Expanding on his comments, the Meta CEO delved into the divergent philosophical outlooks embraced by Apple and Meta, emphasizing the differences in their values and overarching goals. During this discussion, Zuckerberg naturally explored the concept of the metaverse, which notably did not receive any mention during Apple’s recent Worldwide Developers Conference.Zuckerberg stated:“Our vision for the metaverse and presence is fundamentally social. Our device also encourages active engagement and participation. In contrast, every demo they showcased featured an individual sitting alone on a couch.“He highlighted that Meta Quest is designed to foster virtual communities and encourage interaction, emphasizing its role in promoting engagement. In contrast, Apple’s Vision Pro was characterized as a device primarily intended for solitary use.Related: Meta’s Zuckerberg grilled by senators over ‘leak’ of LLaMA AI modelUnlike the Meta Quest and Meta Quest Pro, Apple’s Vision Pro introduces control through eye movements and hand gestures, eliminating the requirement for controllers. It also features a translucent display and a lighter design. However, these advanced technologies contribute to a higher price point, with the Vision Pro starting at $3,500. Meta’s most expensive headset, the Meta Quest Pro, starts at $1,000.Magazine: Is the Metaverse really turning out like ‘Snow Crash’?

Stablecoin issuer Tether is making a strategic investment in energy production and Bitcoin mining to support El Salvador’s adoption of BTC. Stablecoin issuer Tether has dipped into its war chest to invest in El Salvador’s $1 billion renewable energy project to help drive Bitcoin (BTC) adoption in the Central American nation.The Tether (USDT) issuer is one of a handful of companies investing in El Salvador’s renewable power generation project. Volcano Energy is set to generate electricity from solar and wind energy in El Salvador to power future Bitcoin mining operations in the country.The planned 241-megawatt (MW) renewable energy park is the latest move in El Salvador’s Bitcoin adoption drive after the country made BTC legal tender back in 2021.Cointelegraph caught up with Tether’s chief technology officer Paolo Ardoino during Money 20/20 in Amsterdam. Ardoino — who is attending the renowned finance and payments convention promoting Bitfinex Pay and the Lightning Network — delved into several topics concerning Tether, Bitfinex and the wider cryptocurrency space.Tether chief technology officer Paolo Ardoino and Cointelegraph journalist Gareth Jenkinson at Money 20/20 in Amsterdam. Source: CointelegraphJust two days before the interview, Tether announced it would be investing in Volcano Energy to gain exposure to energy production and leverage the facility to power Bitcoin mining farms in the future. There is also an ideological element to the move, with Ardoino stressing his belief that El Salvador is blazing a trail for sovereign Bitcoin adoption despite the relatively slow uptake of BTC as a payment option in the country.Ardoino drew parallels to the European Union adopting the euro as a continental currency in the early 2000s, which required significant resources to change existing financial infrastructure, as well as buy-in from citizens of its 27 member states.“Given all the powers that they had, it still took five, six years, and yet people were super confused.”The proliferation of Bitcoin as a payment method in El Salvador has had some teething problems, as explored by Cointelegraph journalist Joe Hall in a recent visit to the country using BTC as a primary means of payment. Ardoino contends that the path to widespread BTC use and adoption in El Salvador will take time, considering that citizens are not being forced to use the alternative currency in their everyday lives:“It’s extremely unfair to expect that the whole population will use Bitcoin because, first of all, it’s not forced. Adoption is through private companies and public investments, rather than being taxpayer money.”Tether’s investment in the country’s energy production program is part of a two-fold strategy. Firstly, investing in energy-producing infrastructure holds its own value, which can then be utilized to power Bitcoin mining operations.Related: USDT issuer Tether has up to $1.7B in excess reserves, CTO saysArdoino also argued against the prevailing narratives around the environmental impact of Bitcoin mining and critiques of the industry for putting a strain on the global energy grid:“Firstly, the majority of Bitcoin mining is already happening with renewable energy. Secondly, Bitcoin mining is mainly using excess energy anyway, but even more so…

Just days after buying $21 million of Coinbase shares, ARK Invest CEO Cathie Wood has added another $19.9 million in Block Inc. shares across its ETFs. ARK Invest CEO Cathie Wood doesn’t appear to have been swayed by recent crypto regulatory action, buying another $19.9 million shares of Block Inc. right after buying $21 million in Coinbase stock.Wood’s latest buying spree comes despite the United States Securities and Exchange Commission this week suing two of the industry’s exchange heavyweights, Binance and Coinbase, for offering what the regulator considers to be unregistered securities, among other things. Coinbase’s share price has been depressed in the days following the SEC lawsuit, however, Block Inc.’s shares saw a sharp rise in that same time period.ARK Invest’s 305,573 new shares of Block came across six buys between June 7-8, which now represents ARK’s fourth largest holding at 4.81%, according to ARK Invest Daily Trades.Of the new shares, 240,174 were added to its ARK Innovation (ARKK) ETF, 39,099 shares to ARK Next Generation Internet (ARKW) and the remaining 26,300 shares to ARK Fintech Innovation (ARKF).As for Coinbase, ARK Invest bought 419,324 shares — worth about $21.6 million — across three buys on June 6, which came in the midst of COIN plummeting nearly 20% overnight on June 5.While many consider the lawsuits to have harmed the crypto firms, Wood recently told Bloomberg that the tougher charges laid against Binance may eventually work in Coinbase’s favor: “We have Binance under increasing regulatory scrutiny for more criminal activities, fraud being one of them, therefore we have the competition for Coinbase disappearing, so that’s a good thing longer term for Coinbase.”Coinbase is now ARK Invest’s seventh largest holding at 4.39%, with its total of 11,440 COIN shares spread across its ARKF, ARKK and ARKW ETFs, according to Cathie’s ARK, a website devoted to tracking her portfolio.Since Q1, ARK Invest has increased the number of COIN shares by 8.2% — which comes on the back of 20.2% and 25.2% increases in Q4 2022 and Q1 this year, according to the website.Because of regulatory uncertainty, innovation seems to be leaving the US for more friendly regimes. Unfortunate. I believe it will become an election-year issue. https://t.co/PvqK9W27Fd— Cathie Wood (@CathieDWood) June 4, 2023 While Wood is becoming increasingly bullish on Coinbase, she believes the SEC’s regulation by enforcement approach has taken a toll on cryptocurrency innovators in the U.S.Related: Bitcoin, Ether are ‘like gold’ says Cathie Wood, but Ray Dalio is skepticalThe tech-savvy CEO is ultra bullish on Bitcoin (BTC) over the long term too.In the Bloomberg interview, Wood explained that Bitcoin was built to thrive during times of market turbulence and regulatory uncertainty:“Why would Bitcoin do well in that circumstance? It will do well because it’s an antidote to counterparty risk in the traditional financial system.”In April 2022, Wood predicted that Bitcoin would reach $1 million by 2030.Magazine: Hall of Flame: William Clemente III tips Bitcoin will hit six figures toward end of 2024

Releasing the nine million-strong list of customers would “impair” the ability to maximize value for FTX creditors, a banker for the exchange said. The list of around nine million FTX customers is “extraordinarily valuable” and could harm the crypto exchange’s sale value if released, a member of the FTX restructuring team has argued.In a court hearing released June 8, Kevin Cofsky, a partner at the investment bank Parella Weinberg on retainer to FTX, said that if competitors were to gain knowledge of FTX’s customers it “would be detrimental” to the exchange’s restructuring efforts.Cofsky is part of the team aiming to squeeze the maximum amount of value from FTX which could involve a potential sale of the embattled exchange, he said:“We believe that the existing customer base is extraordinarily valuable and our understanding is based on our research and having looked at the costs incurred by other crypto companies specifically to solicit customers.”The list of customers is currently under seal, but an objection to the decision was filed by mainstream media outlets, including Bloomberg, the Financial Times, The New York Times, and The Wall Street Journal’s parent firm, Dow Jones & Company.The media organizations argued the press and public have “a presumptive right of access to bankruptcy filings.” Related: SEC’s crypto actions surged 183% in 6 months after FTX collapseAccording to Cofsky, FTX has begun a “significant” process of soliciting interest from buyers, investors or even a relaunch of the exchange, and the list of customers are “extremely valuable and valued” by those interested in the business.Based on Cofsky’s discussions with interested bidders: “Existing customers would be extremely valuable to […] third parties interested in investing in the business.”Also sees value in the list for reorganisation where customers get equity and interest to trade on the exchange.— FTX 2.0 Coalition (@AFTXcreditor) June 8, 2023 “I think that releasing that information would impair the debtor’s ability to maximize the value that it currently possesses,” he added.Cofsky believes that even if the exchange isn’t sold or finds investors, a relaunch of the exchange could see creditors collect a portion of the trading fees on what he dubbed a “first-class” and “regulatorily compliant” FTX.Magazine: Bitcoin is on a collision course with ‘Net Zero’ promises

DEXes are not securities exchanges, argues crypto venture firm Paradigm. Crypto venture capital firm Paradigm has slammed the United States Securities and Exchange Commission’s attempt to redefine the term “exchange” — which if accepted, would bring decentralized exchanges under its purview. On June 8, the firm sent a lengthy 14-page letter to the SEC secretary, Vanessa Countryman, regarding the regulator’s proposed redefinition of the term “exchange” in the 1934 Securities Exchange Act.The SEC plans to revise the 89-year-old legislation to encompass decentralized exchanges (DEXes) and decentralized finance (DeFi) into the definition of “exchange.” Because the term DEX contains the word “exchange,” the SEC wants to treat it the same as a securities or stock exchange.Today, @paradigm commented on the @SECGov’s proposed redefinition of “exchange” Through haphazard rulemaking, the SEC inappropriately attempts to bring crypto trading platforms, including DEXs, under its remit and regulate them as securities exchangeshttps://t.co/ibv2u1n9VU— Rodrigo (@RSSH273) June 8, 2023 Paradigm, however, argues that fundamental differences between DEXs and exchanges make treating them as “exchanges” under the Act both “invalid and incoherent.”“It thus appears that after suing Coinbase for failing to do the impossible — registering as a securities exchange when it was incapable of doing so — the Commission now intends to force DEXs into the same Hobson’s choice.”Paradigm’s legal counsel, Rodrigo Seira, commented that through this “haphazard rulemaking, the SEC inappropriately attempts to bring crypto trading platforms, including DEXs, under its remit and regulate them as securities exchanges.”In March 2022, the SEC proposed changes to the Act to include systems that “offer the use of non-firm trading interest and communication protocols to bring together buyers and sellers of securities.” In other words, any platforms that facilitate digital asset exchange or swaps.Paradigm argues that DEXs neither serve as intermediaries nor have an “organization, association, or group of persons” that maintains the exchange.Instead, they used market-making algorithms to balance pools of crypto assets that potential buyers or sellers can freely access. Additionally, DEXs run on self-executing code and smart contracts, not associations or groups of people, it argued.Related: SEC crackdown on Binance and Coinbase surge DeFi trading volumes 444%The SEC has pulled no punches this week with twin lawsuits against two of the world’s largest crypto exchanges, Binance and Coinbase.Furthermore, years of SEC action against crypto have seen the agency deem at least 67 digital assets as securities. However, Congress has yet to pass any official legislation for crypto markets classifying them as such.Meanwhile, Cointelegraph revealed that enforcement action by the federal regulator targeting crypto companies surged 183% in 6 months after the FTX collapse.Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

Whether XRP is ruled as a security or not in the Ripple case will certainly have an influence on the two latest crypto exchange lawsuits, crypto lawyers told Cointelegraph. The judges presiding over Coinbase and Binance’s lawsuits will likely watch the results of the SEC v Ripple case closely, crypto lawyers told Cointelegraph.Ripple has been in a legal battle with the United States Securities and Exchange Commission since December 2020, with the regulator alleging that Ripple offered unregistered securities via XRP (XRP) since 2013.On June 6 the SEC filed a lawsuit against Coinbase also alleging that it has been offering unregistered securities. A day before it filed a lawsuit against Binance containing some similar allegations. Lawyer James Murphy, known as “MetaLawMan” on Twitter, explained in a series of tweets on June 9 that a favorable outcome for Ripple could “undermine the entire basis for the SEC’s case” against both Coinbase and Binance.1/ The stakes just keep getting higher for the ruling in SEC v. @Ripple. Here’s why.If Judge Torres rules that $XRP tokens trading on secondary markets are Not Securities–it would undermine the entire basis for the SEC’s case against @Coinbase and much of the @Binance case.— MetaLawMan (@MetaLawMan) June 8, 2023 However, he also warned that “before anyone gets too excited,” a ruling by Judge Torres in the Ripple case would not be “binding precedent” for these recent filings.This means that the judges for the Coinbase and Binance lawsuit will “not be bound to rule the same way,” as only decisions of the Court of Appeals and the Supreme Court have that influence.Speaking to Cointelegraph, pro-XRP lawyer John Deaton believes the SEC is “well aware” that Judge Torres’ decision in the Ripple case will be published “in the very near future.”Deaton believes that the SEC purposefully filed these new cases ahead of that result, in case the regulator faces an unfavorable outcome in the Ripple case, stating:“I believe the SEC wanted to get those cases filed before that decision just in case it is a bad result for the SEC, possibly causing it to lose some political and legal momentum.”Murphy believes the judge assigned to the Coinbase case, Judge Reardon, “will pay very close attention” to the determination of whether XRP is a security or not, pointing out that they serve in the same court in lower Manhattan.He believes that Reardon would “follow the same reasoning” as to whether the 13 tokens cited in the Coinbase complaint are securities, adding that this can go “both ways,” if it’s a favorable outcome for the SEC.6/ This dynamic, of course, works both ways.If Judge Torres rules that $XRP tokens traded on secondary markets ARE securities, the SEC will jump for joy and argue that the judges presiding over the @Coinbase and @Binance cases should follow Judge Torres’ reasoning.— MetaLawMan (@MetaLawMan) June 8, 2023 XRP-friendly lawyer Bill Morgan, a consultant at Morgan Mac Lawyers, also opined that the Ripple case could have an influence over the Binance and Coinbase cases.Morgan explained that…

Meanwhile, financial services firm Berenberg Capital told Cointelegraph that it viewed Coinbase shares as “uninvestable” in the near term. Credit ratings agency Moody’s has downgraded its rating of Coinbase from “stable” to “negative” following the SEC’s legal action against the crypto exchange for allegedly operating as an unregistered securities broker.In a June 8 statement, Moody’s said the downgrade was due to concerns about the impact of the Securities and Exchange Commission action on Coinbase’s day-to-day operations. “The change in outlook to negative from stable reflects the uncertain magnitude of impact the SEC’s charges will have on Coinbase’s business model and cash flows.”Despite the downgrade, Moody’s noted that Coinbase maintains a “strong” liquidity position. The rating agency looked favorably on the company’s $5 billion in cash and equivalents compared to its $3.4 billion in long-term debt. MOODY’S: COINBASE OUTLOOK TO NEGATIVE FROM STABLE.— Breaking Market News (@financialjuice) June 8, 2023 The firm added that it expects Coinbase to maintain its “focus on expense management” that has successfully mitigated declines in transaction revenue in the past. Related: Coinbase CEO’s stock sale was probably not planned to occur a day ahead of SEC suitMoodys wasn’t alone in adjusting its outlook on Coinbase. While financial services firm Berenberg Capital reiterated its pre-existing “hold” rating to its clients, it slashed its price target for COIN shares from $55 to $39. In emailed comments to Cointelegraph, Berenberg research analyst Mark Palmer explained that the reduction in the price target reflects their view that Coinbase could see its already-weak Q2 trading volumes “persist and intensify” as a result of the SEC’s charges, explaining:”Given the potentially significant impact of the lawsuit’s outcome on COIN’s U.S. operations, we would expect some investors to reduce their exposure to its platform.”Additionally, Palmer noted the SEC’s “desired remedy” would require the complete wind-down of COIN’s core business practices, namely its staking services. As such, Palmer advised that investors should hold off on pursuing any investment in Coinbase shares in the short term.“We view COIN shares as uninvestable in the near term.”While Palmer says Coinbase is uninvestable, ARK Invest CEO Cathie Wood doesn’t seem too worried. In an interview with Bloomberg, Wood said the increasing regulatory scrutiny of competitor crypto exchange Binance was ultimately a good thing for Coinbase in the long run.“They’re very different.”Ark Invest CEO Cathie Wood says SEC seems to muddle the allegations against Coinbase and Binance https://t.co/nCvEp4jdfV pic.twitter.com/icbeIuLs1C— Bloomberg Markets (@markets) June 8, 2023 At the time of publication, Wood’s ARK Invest is the world’s fourth-largest holder of Coinbase shares and it shows no sign of giving up that title anytime soon. On June 7, the investment firm purchased an additional $21.6 million worth of COIN shares.Coinbase shares have plummeted 15.7% since the beginning of the week, and are currently changings hands for $54.90 apiece, according to data from Google Finance. Magazine: Bitcoin is on a collision course with ‘Net Zero’ promises

Binance.US said the moves are part of efforts to protect customers and the platform amid “extremely aggressive and intimidating tactics” by the SEC. Binance.US has announced the suspension of United States dollar deposits and has notified its customers of an incoming pause to fiat (USD) withdrawal channels as early as June 13.On June 9, Binance.US announced that it was forced to take action amid “extremely aggressive and intimidating tactics” from the United States Securities and Exchange Commission.The firm noted that, in an effort to protect its customers and platform, it is suspending USD deposits. Furthermore, Binance.US is “notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023.”The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY— Binance.US (@BinanceUS) June 9, 2023 The company added that it plans to transition to a crypto-only exchange but maintains a 1:1 ratio for customer assets.The notice also cautioned that any downtime in processing withdrawals going forward “may be the result of elevated volumes and weekend bank closures.”Trading, staking, deposits and withdrawals in crypto remain fully operational, it confirmed.As a result of the SEC’s “ideological campaign against the American digital asset industry,” Binance.US and its banking partners have faced increasing challenges, it said. Those banking partners have signaled their intent to sever fiat on-ramps to the exchange.U.S. dollar deposits will be suspended as of June 9, and USD trading pairs will be delisted next week, the firm stated; however, it will continue to support Tether (USDT) trading pairs. It stated that any USD left on the exchange might be converted into a stablecoin that can be withdrawn on-chain.Ten trading pairs delisted by Binance.US. Source: Binance.USBinance.US delisted eight Bitcoin (BTC) pairs and two BUSD (BUSD) pairs on June 8 while noting that OTC Trading Portal services were paused. BTC traded at a premium on the U.S. exchange in early May. Related: Buying a bank won’t solve crypto’s debanking issue — Binance CEOThe SEC issued an emergency order on June 6 to freeze the assets of Binance.US. The following day, the firm reassured customers that assets remained safe adding that the platform continues to be fully operational with deposits and withdrawals functioning as normal.Cointelegraph reported on the struggles Binance.US was having securing banking partners in April.Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

The images depicting Donald Trump cuddling up to and kissing Anthony Fauci were labeled as being AI-generated on Twitter’s disinformation alert feature. Pro-Bitcoin (BTC) presidential bidder Ron DeSantis has been tagged for apparently using artificial intelligence-generated images in an ad campaign smearing rival and former president Donald Trump.It comes amid a rise in AI-generated deep fakes being used in political ads and movements in recent months.On June 5, DeSantis’ campaign tweeted a video purporting to show Trump’s close support of Anthony Fauci, the chief medical advisor to Trump when he was president of the United States.Fauci is a contentious figure in GOP circles for, among other reasons, his handling of the federal response to the COVID-19 pandemic, which many deemed to be heavy-handed.Donald Trump became a household name by FIRING countless people *on television*But when it came to Fauci… pic.twitter.com/7Lxwf75NQm— DeSantis War Room (@DeSantisWarRoom) June 5, 2023 The video features a collage of real images depicting Trump and Fauci mixed in with what appears to be AI-generated images of the pair hugging with some depicting Trump appearing to kiss Fauci.Twitter’s Community Notes feature — the platform’s community-driven misinformation-dispelling project — added a disclaimer to the tweet, saying it contained “AI-generated images.”AFP Fact Check, a department within the news agency Agence France-Presse, said the images had “the hallmarks of AI-generated imagery.”A screenshot from the video, the top left, bottom middle and bottom right images are AI-generated. Source: TwitterDeSantis and Trump are facing off to take the Republican nominee for president. DeSantis kicked off his bid last month in a Twitter Space and promised to “protect” Bitcoin. Current polling has him trailing Trump.AI in the political sphereOthers in politics have used AI-generated media to attack rivals — and Trump’s campaign is even guilty of using AI to smear DeSantis.Shortly after DeSantis announced his presidential bid, Trump posted a video mocking DeSantis’ Twitter-based announcement, using deepfaked audio to create a fake Twitter Space featuring the likeness of DeSantis, Elon Musk, George Soros, Adolf Hitler, Satan, and Trump.A screenshot of the video posted by Trump depicting a Twitter Space. Source: InstagramIn April, the Republican party released an ad with its predictions on what a second term for President Joe Biden would look like, which was packed with AI-generated images that depicted a dystopian future.Related: Forget Cambridge Analytica — Here’s how AI could threaten electionsNew Zealand politics has also recently featured AI-made media with the country’s opposing National Party using generated images to attack the ruling Labour Party in multiple social posts in May.The National Party used AI to generate Polynesian hospital workers in a social media campaign. Source: InstagramOne image depicts Polynesian hospital staff, another shows multiple masked men robbing a jewelry store, and a third image depicts a woman in a house at night. All were generated using AI tools.AI Eye: 25K traders bet on ChatGPT’s stock picks, AI sucks at dice throws, and more

Research into “long COVID” and furthering medical infrastructure development will be the two main focus areas for the Ethereum co-founder. Ethereum co-founder Vitalik Buterin is working with India-based crypto fund Crypto Relief and Polygon co-founder Sandeep Nailwal to send $100 million toward COVID-19 research and medical infrastructure development in India. Buterin and Nailwal will receive $90 million in USD Coin (USDC) from Crypto Relief, while Buterin will provide $10 million out of his own pocket to further the cause. The two will then help distribute the funds. According to a January 2022 Twitter post from Nailwal, Crypto Relief will transfer the funds to Buterin in order for the India-based crypto fund to remain in full compliance with their local laws.The first installment went towards tackling the COVID-19 pandemic in India through “emergency humanitarian relief.”Crypto Relief describes itself as a community-run fund that has delivered financial relief to India during the COVID-19 pandemic.Buterin explained in a June 8 Twitter post that COVID-19 and “future pandemics” will continue to be a “large risk in the 21st century.” According to Buterin, we need a “global solution” that combines “frontier scientific innovation” and “on-the-ground implementation.”Last year @CryptoRelief_ led by @sandeepnailwal allocated $100m to Covid research projects I wanted to fundSandeep and I discussed and jointly concluded these and other projects are high-impact and need follow through grants. Hence we decided to put $100m more to these projects— vitalik.eth (@VitalikButerin) June 8, 2023 Buterin said much of the COVID-19 research will focus on COVID-19 airborne transmission by building better medical equipment.“This includes improving ventilation, HEPA filtering, and experimental tech like UVC irradiation,” he said. The other main research area will focus on “Long COVID,” Buterin added.“The most salient risks from Covid today are the very high number of people experiencing very-long-term symptoms (aka #LongCovid), and so Long Covid research continues to be a primary focus.”We look forward to ongoing collaboration between our teams and our networks. Covid won’t end on its own, and there continues to be ongoing risk that the pandemic/hyperendemic will return to a more acute state:https://t.co/vxyd5n27rt— vitalik.eth (@VitalikButerin) June 8, 2023 Additionally, Buterin explained that the $100 million would be disbursed to a Gnosis Safe wallet.Related: The virus killer: How blockchain contributes to the fight against COVID-19The first $100 million donation was deployed by Buterin in late January 2022 or soon after, which initially came in the form of Shiba Inu (SHIB).CryptoRelief sending $100m of the $SHIBA funds back to me. I plan to personally deploy these funds with the help of science advisors to complement CryptoRelief’s existing excellent work with some higher-risk higher-reward covid science and relief projects worldwide. https://t.co/xvHxzwwdn8— vitalik.eth (@VitalikButerin) January 28, 2022 It isn’t the first philanthropic effort of Buterin’s either.In April 2022, Buterin sent $5 million worth of Ether (ETH) donations to “Aid for Ukraine” to assist its defence against Russia’s invasion in February 2022.As of November 26, Crypto Relief has managed to raise $473 million in funds, according to the firm’s website.Cointelegraph reached out to Crypto Relief…

Should the deal go through, Prime Trust’s infrastructure will “map over 1:1” with BitGo’s services and add another trust company and crypto IRA fund. Wallet infrastructure provider and digital asset custodian BitGo have signed a non-binding letter of intent to acquire fintech infrastructure provider Prime Trust, according to an announcement on June 8. The terms of the agreement were not disclosed. If the deal goes through, BitGo will acquire Prime Trust’s payment rails and cryptocurrency IRA fund and increase its wealth management offerings. Prime Trust’s Nevada Trust Company will also join BitGo’s network of regulated trust companies in South Dakota, New York, Germany, and Switzerland. Prime Trust’s API infrastructure and exchange network will “map over 1:1” with BitGo services. According to the BitGo statement:“This acquisition makes BitGo the first global digital asset company to provide a full suite of solutions for institutions and fintech platforms.”The crypto custody market is evolving rapidly, with Ripple acquiring Swiss digital asset custody provider Metaco in May for $250 million. In addition, technological advances are impacting the market.BitGo signed a term sheet to acquire the equity of Prime Core Technologies, Inc., the parent company of Prime Trust, bringing business continuity, long-term stability and regulated, secure solutions to valued Prime Trust clients.This acquisition makes BitGo the first global… pic.twitter.com/CUcTUeCFKu— BitGo (@BitGo) June 8, 2023 The acquisition comes as the United States Securities and Exchange Commission has proposed rule changes that would make it harder for crypto companies to act as custodians of their customers’ funds. Related: Prometheum subsidiary receives FINRA approval for digital asset qualified custodyPrime Trust reportedly laid off a third of its staff in January. Later, it stepped in to hold Binance.US customer funds through a network of partner banks after the banking crisis in March. It was the center of a scandal in the U.S. state of Oregon last year when it was identified as the source of a $500,000 contribution to the state Democratic Party that later turned out to have come from FTX executive Nishad Singh.Bitgo itself was almost acquired by Galaxy Digital for $1.2 billion last year, and filed suit against Galaxy after the deal was cancelled. Magazine: ‘Account abstraction’ supercharges Ethereum wallets: Dummies guide

Hong Kong needs 100K crypto people STAT, AliExpress’ NFT drop censored, Binance humiliated on China TV, AI unicorn grows in 100 days. Alibaba NFTs censored?On June 8, AliExpress, the online retail subsidiary of Chinese tech conglomerate Alibaba, announced that it had joined forces with Web3 developer The Moment3! to create a series of NFTs based on shopping themes. The upcoming collection will feature 5,555 NFTs and is scheduled to debut on June 25, 2023. Less than one day after the announcement was made, AliExpress’ tweet was deleted. Nevertheless, AliExpress’ dev partner, posted a statement confirming the drop.While no reason has been provided for why AliExpress deleted its original announcement, Chinese authorities have been cracking down on anything crypto-related and forcing firms to remove keywords related to “nonfungible tokens” from their products. In April, Bitcoin price quotes were added to Douyin, which is the Chinese version of TikTok with over 1 billion users, for less than 48 hours before it was removed by authorities. Cryptocurrencies-fiat transactions, mining, and exchanges (but not outright ownership) are currently banned in China.The deleted AliExpress NFT announcement (PANewsLab)Binance humiliated on Chinese TVIf there is anything that the U.S. and China, the world’s two largest competing superpowers, have in common, it is their mutual hatred for cryptocurrency exchanges. On June 6, one day after the U.S. Securities and Exchange Commission sued Binance over allegations of operating an unlicensed exchange and selling unregistered securities in the U.S., Chinese Central Television (CCTV) reported on the lawsuit for its one billion viewers noting that Bitcoin and Binance’s BNB token had fallen sharply due to the regulatory action. CCTV rarely covers anything to do with cryptocurrency. Curiously, the broadcast also acknowledged for the first time that Binance is the world’s “largest cryptocurrency exchange.”The CCTV segment on the SEC lawsuit against Binance (Binance ZH)Previously, CCTV broadcast a program about new cryptocurrency exchange rules in China’s special administrative region of Hong Kong that took effect on June 1. The segment was notable for not having anything particularly negative to say about crypto in a country where it is currently banned, which is probably why it’s believed that authorities took down the segment just one day later. Given Chinese authorities’ contempt for crypto exchanges such as the likes of Binance, it is likely that this report will stay up for good.Hong Kong needs 50K-100K Web3 professionalsIn a June 7 fireside chat between local news outlet Chaincatcher and Johnny Ng Kit-Chong, a member of the Legislative Council of Hong Kong, Ng said that the SAR would need at least 50,000 to 100,000 Web3 positions to be filled in the next few years based on conservative estimates. During the interview, Ng revealed that Hong Kong’s plans to incubate 1,000 Web3 firms in three years have already exceeded expectations, with more than 400 firms registering at the time of publication, four months since its launch. Speaking with regard to Hong Kong’s new crypto rules, Ng said:“So, in fact, Hong Kong’s policies are relatively open. If you plan…

Gensler argued that securities laws helped prevent stock market scams once they were passed in the 1930s and can benefit the crypto market of today. In a June 8 speech at the Piper Sandler Global Exchange & Fintech Conference, United States Securities and Exchange Commission (SEC) Chair Gary Gensler compared the current crypto market to the 1920s U.S. stock market, saying that it is full of “hucksters,” “fraudsters” and “Ponzi schemes.” Just as Congress cleaned up the stock market by enacting securities laws, the current SEC can also clean up the crypto market by applying these laws, he argued.JUST IN: SEC Chair Gary Gensler says crypto is all “hucksters, fraudsters, scam artists.” pic.twitter.com/1xRWUMzbel— Milk Road (@MilkRoadDaily) June 8, 2023 In the talk, Gensler praised the Securities Act of 1933 and Securities Exchange Act of 1934, claiming that these laws allowed the U.S. securities markets to “thrive” over the next 88 years. He argued that the “crypto securities markets” of today should also benefit from these laws, as they are not “less deserving of the protections” the laws provide.Pointing to a court ruling against Telegram Open Network, Gensler argued that crypto asset securities are not exempt from securities laws even if they have utility.“Some promoters of crypto asset securities contend that their token has a function beyond simply being an investment vehicle,” Gensler stated. “As the courts in the Telegram case and others have said, however, some additional utility does not remove a crypto asset security from the definition of an investment contract.”Related: SEC’s crypto actions surged 183% in 6 months after FTX collapseThis means that crypto security exchanges must comply with securities laws, including the requirement to separate “the exchange, broker-dealer and clearing functions,” Gensler stated. In his view, this separation “helps mitigate the conflicts that can arise with the commingling of such services.”Gensler denied that this separation isn’t possible, saying that separating these three functions simply requires work.The SEC head argued that the current crypto market is rife with scams that have arisen because of the industry’s lack of compliance with securities laws, stating:“With wide-ranging noncompliance, frankly, it’s not surprising that we’ve seen many problems in these markets. We’ve seen this story before. It’s reminiscent of what we had in the 1920s before the federal securities laws were put in place. Hucksters. Fraudsters. Scam artists. Ponzi schemes.”The solution, in Gensler’s view, is to make sure that crypto securities issuers comply with the law. This is because these scams are “more likely to happen in markets whose issuers and intermediaries fail to comply with foundational laws.”As chair of the SEC, Gensler has been heavily criticized within the crypto industry, especially since the SEC filed lawsuits against crypto exchanges Binance and Coinbase. Critics say he has an overly expansive view of the SEC’s regulatory authority and is driving innovation out of the U.S.

BTC’s price recovered quickly from this week’s swing low, but derivatives data hints that a challenging road lies ahead. Bitcoin might have displayed strength by quickly recovering from the $25,500 support level on June 6, but that doesn’t mean that breaking above $27,500 will be an easy task. Investors still expect stricter regulatory scrutiny after FTX’s bankruptcy in November 2022, including the recent suits against Coinbase and Binance.A total of eight cryptocurrency-related enforcement actions have been undertaken by the United States Securities and Exchange Commission (SEC) over the past six months. Some analysts suggested the SEC is attempting to redeem itself for failing to police FTX by taking action against the two leading exchanges.Additionally, looking at a wider angle, investors fear that a global recession is imminent, which limits the upside of risk-on assets such as stocks, cryptocurrencies and emerging markets.The eurozone entered a recession in the first quarter of this year, according to revised estimates from the region’s statistics office, Eurostat, released June 8. Poor economic performance might limit the European Central Bank’s ability to further increase interest rates to tackle inflation.Billionaire Ray Dalio, founder of Bridgewater Associates, said the U.S. is seeing stubbornly high inflation along with elevated real interest rates. Dalio warned of an excess debt offer amid a shortage of buyers, which is especially concerning since the U.S. government is desperate to raise cash after the debt ceiling was hit.Recent macroeconomic data has been mostly negative, especially after China announced a 4.5% decline in imports year over year on June 6. Furthermore, Japan posted a 0.3% quarter-over-quarter contraction in gross domestic product on June 7.Let’s look at Bitcoin (BTC) derivatives metrics to better understand how professional traders are positioned amid the weaker global environment.Bitcoin margin and futures favor bullish momentumMargin markets provide insight into how professional traders are positioned because they allow investors to borrow cryptocurrency to leverage their positions.OKX, for instance, provides a margin-lending indicator based on the stablecoin/BTC ratio. Traders can increase their exposure by borrowing stablecoins to buy Bitcoin. On the other hand, Bitcoin borrowers can only bet on the decline of a cryptocurrency’s price.OKX stablecoin/BTC margin-lending ratio. Source: OKXThe above chart shows that OKX traders’ margin-lending ratio spiked on June 5 after Bitcoin crashed by 7% to $25,500. Those traders were likely caught by surprise, as the indicator reached an impressive 62 favoring longs, which is highly unusual and unsustainable.The OKX margin-lending ratio adjusted to 34 on June 6, as leveraged longs were forced to reduce their exposure and additional margin was likely deposited.Investors should also analyze the Bitcoin futures long-to-short metric, as it excludes externalities that might have solely impacted the margin markets.Exchanges’ top traders Bitcoin long-to-short ratio. Source: CoinGlassThere are occasional methodological discrepancies between exchanges, so readers should monitor changes instead of absolute figures.Both OKX’s and Binance’s top traders reduced their long-to-short ratios between June 7 and June 8, indicating a lack of confidence. More precisely, the ratio for OKX top traders declined to 0.78 on June 8 after peaking at 1.08 on June 7.…

Armstrong was selling shares under a plan set up in August that sometimes made him money and other times not; the June 5 sale was still good timing. Coinbase CEO and co-founder Brian Armstrong sold company shares the day before the United States Securities and Exchange Commission (SEC) filed a complaint against the exchange for securities law violations. The transaction caused a minor stir in the Twitter cryptoverse, as Armstrong avoided a sharp loss by doing so. SEC records show that Armstrong sold 29,730 shares of the company on June 5, the day before the SEC suit. Coinbase’s share price plummeted the day of the suit, with an initial dip of 20%.Armstrong has been selling Coinbase stock regularly since November. He has made the trades under a 10b5-1 plan adopted in August, which determines the timing and size of transactions in advance. CoinBase CEO Brian Armstrong dumped 29,730 shares on June 5th, just a day before the SEC lawsuit was made public, and shares tanked 20%.This should be illegal. ‍♂️— WhaleWire (@WhaleWire) June 8, 2023 A comparison of Coinbase’s stock price with Armstrong’s trade dates shows that his trades were not always profitable. Thus, the trade could have been set up before the news of the SEC action was known to Armstrong. The SEC, on the other hand, could have been aware of Armstrong’s trading algorithm. Coinbase’s share price over the past year. Source: GoogleArmstrong had reportedly lost 11.8% of his net worth the day after the SEC action against Coinbase, bringing his personal wealth down to $2.2 billion. Armstrong has been ranked by Forbes as the 1,409th richest person in the world.Related: ARK Invest buys Coinbase shares the same day SEC serves lawsuitDataroma statistics show that, among the company’s executives, only board members Tobias Lutke and Fred Ehrsam have purchased Coinbase stock in the last year. Armstrong and Ehrsam were defendants in a complaint filed by a Coinbase shareholder in May that alleged they and other Coinbase backers sold shares in a public offering in April 2021 before unfavorable financial information was disclosed and the share price fell by 37%.Magazine: Cryptocurrency trading addiction: What to look out for and how it is treated

University of Kent researchers compared three quantum systems to an ASIC miner, and the quantum machines were demonstrably more energy efficient. A pair of scientists from the University of Kent’s School of Computing in the United Kingdom recently conducted a study comparing energy consumption rates for current ASIC-based miners to proposed quantum-based solutions.According to the team’s preprint research paper, the systems utilizing quantum computing demonstrably outperformed standard mining rigs in energy efficiency:“We show that the transition to quantum-based mining could incur an energy saving — by relatively conservative estimates — of about roughly 126.7 TWH, or put differently the total energy consumption of Sweden in 2020.”Bitcoin mining operations alone consumed more than 150 terawatt hours annually (as of May 2022), per the paper, putting into perspective the potential impact the proposed quantum-based systems could have.The pair’s conclusions were based on experiments comparing three different quantum mining systems to an Antminer S19 XP ASIC miner. The quantum mining devices were split between a system featuring a single layer of fault tolerance, another one with two layers of fault tolerance and one without any dedicated error-correction features. As the researchers point out, blockchain mining is one of the few areas of quantum computing where error correction isn’t such a big deal. In most quantum functions, errors create noise that functionally limit a computing system’s ability to produce accurate computations. In blockchain mining, however, success rates with state-of-the-art classical systems are still relatively low. Per the research paper, “A classical Bitcoin miner is profitable with only a success-rate of about 0.000070%.” The researchers also note that, unlike classical systems, quantum-based systems can actually be fine-tuned over time for increased accuracy and efficiency. Related: How does quantum computing impact the finance industry?While quantum computing technology is still considered to be in its infancy, the very specific problem of blockchain mining doesn’t require a full-service quantum computing solution. As the researchers put it, “a quantum miner is not, and need not be, a scalable, universal quantum computer. A quantum miner need only perform a single task.”Ultimately, the researchers conclude that it should be possible to build miners using existing quantum technologies that demonstrate quantum advantage over classical computers.Despite the potential energy savings, it bears mention that the researchers focused on a type of quantum computing system called a “noisy intermediate-scale quantum” (NISQ) system. According to the preprint paper, quantum miners should demonstrate “massive” energy savings at a size of around 512 quantum bits, or “qubits” — a term somewhat analogous to classical computing bits. Typically, however, NISQ systems only operate with about 50-100 qubits, though there doesn’t appear to be an industry standard. While the energy savings might be feasible, the costs of building and maintaining a quantum computing system in the 512 qubit range have, traditionally, been prohibitive for most organizations. Only D-Wave and IBM offer client-facing systems in the same range (D-Wave’s D2 is a 512-qubit processor, and IBM’s Osprey weighs in at 433), but their architectures differ so greatly that comparisons between…

What’s the best way to find the next big altcoins before they pump? In this week’s episode of Market Talks, Cointelegraph welcomes Lark Davis, who has been actively involved in the world of cryptocurrency since 2017. He is a Bitcoin (BTC), crypto and stock investor and boasts over 1 million followers on Twitter and over 470,000 YouTube subscribers. In today’s discussion with Davis, we first get to know him a little better by finding out how he got into crypto in the first place and why he is still so deeply interested. The answer might not be as simple or orthodox as you think.With so many years of experience in the crypto space, Davis certainly has assessment criteria for determining what altcoins might be able to make it big and run with the kings in the space, such as Ether (ETH) and BTC. We get the details of what he looks for when analyzing altcoins and finding those hidden gems.BTC might not reach a new all-time high in 2023, at least it doesn’t seem likely, but some significant events or catalysts can propel it on an upward trajectory and lay the groundwork for new all-time highs. We get Davis’ opinion on what these events might be and what his price target is for 2023 and 2024.Lastly, we discuss the most important things happening in crypto right now, from regulation to lawsuits, or developments and experiments in the space; Davis gives us his honest opinion. We also asked him what every new and experienced crypto investor should be doing in this current market. You don’t want to miss it! We cover all of this and more, so make sure to stay tuned until the end. Market Talks airs every Thursday, featuring interviews with some of the most influential and inspiring people from the crypto and blockchain industry. So, head on over to Cointelegraph Markets & Research’s YouTube page and smash those “Like” and “Subscribe” buttons for all our future videos and updates.

Regulatory concerns continue to impact the entire crypto market, and this week’s BTC options expiry could play a decisive role in pushing the Bitcoin price under $26,000. Bitcoin’s price lost steam after a failed retest of the $27,400 resistance on June 6, signaling that investors became less confident after the recent regulatory actions by the United States Securities and Exchange Commission (SEC) against Binance and Coinbase. Both exchanges are being sued on multiple counts, including failure to register as licensed brokers and offering unregistered securities. The SEC might have a difficult case aheadAccording to Blockchain Association CEO Kristin Smith, the SEC is trying to circumvent formal rulemaking processes and deny public engagement. Meanwhile, Insider Intelligence crypto analyst Will Paige said the SEC’s intent is to police the space through enforcement in the absence of a regulatory framework.Those criticisms explain why investors may be clinging to their hopes in the U.S. Financial Services Committee hearing scheduled for June 13.The potential overreach of the SEC has caused ripples multiple times, including in the U.S. legislature. Sen. Bill Hagerty, for instance, stated that regulators at the SEC are “weaponizing their role” and publicly called out SEC Chairman Gary Gensler.The @SECGov is weaponizing their role to kill an industry. Allowing a company to list publicly and then stonewalling their attempts to register is indefensible. @GaryGensler, expect to hear from Congress.https://t.co/GdprSW1Yns— Senator Bill Hagerty (@SenatorHagerty) June 6, 2023 Further supporting the thesis that the cryptocurrency space can function without crypto-banks, as the centralized exchanges are commonly known, is the sudden increase in decentralized finance volumes.The median trading volume across the top three decentralized exchanges (DEXs) jumped 444% between June 5 and June 7. As DEX volumes surged, net outflows on Binance reached $778 million, the difference between the value of assets entering and exiting the exchange.Bitcoin (BTC) has been trying to reclaim the $27,000 support, but that might be harder than expected given the upcoming $670 million weekly options expiry on June 9.Bulls have been caught by surprise with the negative newsflowIt is worth noting that the actual open interest for the June 9 expiry will be lower since bulls concentrated their wagers above $27,000. These traders got excessively optimistic after Bitcoin’s price gained 9% between May 25 and May 29, testing the $28,000 resistance.Bitcoin options aggregate open interest for June 9. Source: CoinGlassThe 0.63 put-to-call ratio reflects the imbalance between the $410 million in call (buy) open interest and the $260 million in put (sell) options. However, if Bitcoin’s price remains near $26,500 at 8:00 am UTC on June 9, only $38 million worth of these call (buy) options will be available. This difference happens because the right to buy Bitcoin at $27,000 or $28,000 is useless if BTC trades below that level on expiry.Related: US District Court issues summons for Binance CEO Changpeng Zhao over SEC actionBitcoin bears aim for sub-$26,000 to increase their payoutBelow are the four most likely scenarios based on the current price action. The number of options contracts available on June 9 for call (bull) and put (bear)…

Heath Tarbert will serve as the company’s chief legal officer and head of corporate affairs, bringing experience with all three branches of government. Stablecoin issuer Circle has loaded its arsenal to fight the ongoing regulatory crackdown on crypto. By July 1, the role of chief legal officer and head of corporate affairs will be filled by Heath Tarbert, a top attorney with a background in all three branches of the United States government.According to a June 8 announcement, Tarbert has served in leadership positions in all three branches of the federal government and across key regulatory agencies, including the Commodity Futures Trading Commission, the International Organization of Securities Commissions, the U.S. Treasury, the Financial Stability Board and the World Bank Group. He also served as special counsel to the U.S. Senate Committee on Banking, Housing, and Urban Affairs. 1/ This morning, @circle announced that Heath Tarbert is joining us as Chief Legal Officer and Head of Corporate Affairs. Heath joins Circle from @citsecurities (Citadel Securities), was former @CFTC Chair, and worked in @USTreasury, the @WhiteHouse, the DOJ and @USSupremeCourt— Jeremy Allaire (@jerallaire) June 8, 2023 Tarbert joins Circle nearly two years after taking on the role of chief legal officer at Citadel Securities, overseeing global legal, compliance, surveillance and regulatory affairs. He will succeed Flavia Naves, general counsel at Circle, who reportedly announced a planned separation from the company earlier this year.“The opportunity to welcome Heath’s expertise and leadership to our executive team is an extraordinary step in Circle’s growth as a global company,” said Circle CEO Jeremy Allaire.Tarbert’s arrival comes amid renewed regulatory uncertainty around crypto in the United States. Earlier this week, the Securities and Exchange Commission sued cryptocurrency exchanges Coinbase and Binance on various charges. Since the FTX debacle last November, the crypto space has faced regulatory scrutiny, hurting businesses and driving capital abroad.In a recent interview with Bloomberg, Allaire blamed the crypto crackdown by U.S. regulators for the decline in market capitalization of its stablecoin, USD Coin (USDC). Over the past 12 months, USDC’s stablecoin market share has dropped from 34.88% to 23.05%. The current regulatory environment in the U.S. has favored Tether (USDT), whose market share has grown to 65.89% from 47.04% a year ago.Magazine: Best and worst countries for crypto taxes — Plus crypto tax tips

Bittrex owes $29 million in penalties for sanctions violations and may still face penalties in a case brought by the SEC. The United States Justice Department (DOJ) has filed an objection to a motion by bankrupt cryptocurrency trading platform Bittrex to allow customers to withdraw their crypto and fiat. The U.S. Treasury’s Office of Foreign Assets Control (OFAC) is Bittrex’s biggest creditor, but its claim would be subordinated under the Bittrex proposal.Bittrex was charged in October by both OFAC and the Treasury’s Financial Crimes Enforcement Network (FinCEN) with sanctions violations for allowing individuals based in Crimea, Cuba, Iran, Sudan and Syria to make transactions from 2014 to 2017. OFAC and FinCEN assessed penalties of $24 million and $29 million, respectively. A Bittrex spokesperson told Cointelegraph at the time that the exchange was “pleased” to resolve the charges. It agreed to pay $24 million of its penalty to FinCEN, receiving a $5 million credit from the agency, while OFAC credited Bittrex $24 million, which remains Bittrex’s largest debt.Related: On the shutdown of Bittrex in the US and SEC actions — Bittrex Global CEO at Consensus 2023The crypto platform’s problems did not stop there. The U.S. Securities and Exchange Commission sued Bittrex for unregistered securities operations in April, and that action could also result in monetary penalties. In May, Bittrex declared bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. Within days of its bankruptcy filing, Bittrex proposed a plan to make customers whole. Interesting. Number One creditor for #Bittrex is OFAC (Office of Foreign Assets Control) responsible for AML (Anti Money Laundering) admin & enforcer of economic & trade sanctions based on US foreign policy & national security goals. Now we know why they went into Chapter 11. pic.twitter.com/sAg96t3jv3— Simon Dixon (@SimonDixonTwitt) May 9, 2023 The DOJ argued in its June 7 filing that the Bittrex proposal improperly applies the standard that would allow it to pay some creditors ahead of others. The filing stated:“Fairness and equity demand that if the OFAC and FinCEN Debts cannot be paid in full by confirmation, the United States should have a chance to prove that the cryptocurrency assets belong to the Debtors and can be clawed back from the customers.” The DOJ also objected that the Bittrex motion is premature, as the Bittrex bankruptcy has yet to be confirmed by the court. The bankruptcy hearing will be held on June 14.Magazine: Rogue states dodge economic sanctions, but is crypto in the wrong?

U.S. senators asked the Justice Department to investigate whether the crypto exchange made a false statement to Congress in a letter earlier this year. Binance may have misled lawmakers in the United States about its business dealings and relationship with its local unit in a letter sent in March, Bloomberg reported on June 8. In a letter sent to United States Attorney General Merrick Garland, Senators Elizabeth Warren and Chris Van Hollen asked the Justice Department to investigate whether Binance made a false statement to Congress earlier this year. In a lawsuit filed on June 5, the Securities and Exchange Commission alleged that Binance’s global entity and American unit were commingled. Today we charged Binance Holdings Ltd. (Binance); U.S.-based affiliate, BAM Trading Services Inc., which, together with Binance, operates https://t.co/swcxioZKVP; and their founder, Changpeng Zhao, with a variety of securities law violations.https://t.co/H1wgGgR5ir pic.twitter.com/IWTb7Et86H— U.S. Securities and Exchange Commission (@SECGov) June 5, 2023 In March, three U.S. Senators led by Warren sent a letter to Binance CEO Changpeng “CZ” Zhao and Binance.US CEO Brian Shroder questioning the exchange’s operations and requesting balance sheets. At that time, the senators alleged that Binance and its American arm attempted to evade local regulators, avoid sanctions, and facilitate money laundering.Nearly three weeks later, Binance chief strategy officer Patrick Hillman sent the requested documents to Congress along with a 14-page letter diving into the exchange’s compliance history, recognizing previous mistakes and claiming the firm has built solid Know Your Customer and Anti-Money Laundering policies in the past years.Why does Binance.US independence matter?The independence of Binance.US from its global unity is critical for two reasons — regulatory jurisdiction and liability in the event of a failure — Syracuse University law professor Jack Graves told Cointelegraph.“If you don’t keep them independent, then the U.S. regulators will go after Binance International and say we have jurisdiction because you are acting through the U.S. entity. And in fact, I think the SEC is looking at that,” said Graves.The second relevant aspect lies in the possibility of Binance.US going bankrupt. Graves noted that there is a basic principle that a corporation, and not its owners, is responsible for its debts. “So, as long as Binance.US is fully independent, and it ends up in bankruptcy, Binance International is not obligated to pay the debts of Binance.US.”If the companies were commingling funds, the owners, which is Binance’s global unit, would be responsible in the event of bankruptcy. “That’s why the corporate veil, in effect, provides limited liability for the owners. And a parent corporation, like Binance International, it’s just like any other owner: It’s protected. It’s protected from liability as long as those companies are truly independent,” Graves continued, explaining that there may be exceptions.On June 5, the companies issued separate responses to the SEC lawsuit. Binance’s global unit claimed it had “actively cooperated with the SEC’s investigations and […] worked hard to answer their questions and address their concerns.” The exchange also said, “While we take the SEC’s allegations seriously, they should not be the subject of an SEC…

Bitcoin is increasingly active in Asia as U.S. supply share dwindles over the past two years. Bitcoin (BTC) abandoned the United States during the 2022 bear market, new research suggests.In a tweet on June 8, on-chain analytics firm Glassnode revealed some surprising conclusions about who is now using Bitcoin.BTC supply moves to AsiaThe past year has seen some seismic shifts in where Bitcoin is held and traded. In its latest analysis of the BTC supply, Glassnode measured its migration around the world — notably, away from the U.S. and toward Asia.Since mid-2022, the amount of the supply held and traded by U.S. entities has decreased by more than 10%.At the same time, Europe’s share has stayed roughly equal, translating to a redistribution from west to east.“A clear divergence is visible in the year-over-year BTC supply change based on geographical regions. The extreme dominance of US entities in 2020-21 has clearly reversed, with US supply dominance falling by 11% since mid-2022,” Glassnode researchers commented.“European markets have been fairly neutral over the last year, whilst a significant increase in supply dominance is visible across Asian trading hours.”Bitcoin regional Year-over-Year Supply Change annotated chart. Source: Glassnode/TwitterThe metric used to measure the phenomenon, Year-over-Year Supply Change, is a probabilistic tool that makes assumptions over BTC supply ownership based on the time at which it moves.“Geolocation of Bitcoin supply is performed probabilistically at the entity level. The timestamps of all transactions created by an entity are correlated with the working hours of different geographical regions to determine the probabilities for each entity being located in the US, Europe, or Asia,” Glassnode explains in its guidance notes.TheYear-over-year Supply Change shows the U.S. share beginning to decline in March 2021 but accelerating beginning in May this year.Bitcoin U.S. Year-over-Year Supply Change chart. Source: GlassnodeCoinbase CEO says U.S. must “seize” crypto opportunitiesThe findings come as the geopolitical landscape around crypto sees major upheaval of its own.Related: SEC is killing innovation in the United States — 1inch co-founderHong Kong began allowing exchanges to offer trading this month, while in the West, U.S. legal proceedings against major exchanges marked something of a watershed moment for the industry.The SEC suing an exchange is the new China bans #Bitcoin.— Samson Mow (@Excellion) June 5, 2023 In an opinion piece for MarketWatch, Brian Armstrong, CEO of Coinbase — one of the targets of the legal action — warned that poor regulation would disadvantage the United States.“Smart—and bespoke—regulation in the 1990s and early 2000s enabled the U.S. to define the Internet Age,” he wrote. “Just like then, now is the time for Congress to seize the historic opportunity presented by crypto, and pass comprehensive legislation that safeguards consumers and fosters innovation.”On the topic of Hong Kong, Armstrong added that China pushing the crypto narrative was “no surprise.”Magazine: Bitcoin is on a collision course with ‘Net Zero’ promisesThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Hong Kong-based blockchain giant, Animoca Brands, has announced its plans to shift its focus to markets outside the U.S. (Read More)

Singapore-based Enjin, a pioneer in the blockchain ecosystem for Non-Fungible Tokens (NFTs) and digital assets, has launched the Enjin Blockchain. (Read More)

In a strategic alliance aiming to revolutionize the digital payment landscape, Binance Pay, the digital payment platform of the world’s largest crypto exchange, Binance, has partnered with Latin American (LATAM) company Credencial Payments. (Read More)

Circle Internet Financial has appointed Heath Tarbert as its new chief legal officer and head of corporate affairs, effective from July 1, 2023. (Read More)

Binance CEO Changpeng Zhao has categorically denied the allegations recently published by CoinDesk stating that $12 billion were redirected to firms under his control. (Read More)

Bitget, an influential entity in the fields of crypto derivatives and copy trading, has introduced a novel tool called the Martingale AI trading bot. This AI-powered innovation is engineered to help its users trade cryptocurrencies with higher efficiency. (Read More)

Former MIT Sloan School of Management student and teaching assistant for Gary Gensler, known only as ‘Kenny’ on Twitter, has offered insights into the recently filed lawsuits against Binance and Coinbase by the Securities and Exchange Commission (SEC), as well as his personal journey into the world of blockchain and crypto. (Read More)

North Korean cybercriminals are the prime suspects in a recent cryptocurrency heist involving the theft of a substantial $35 million. Cybersecurity analysts shared this assessment with CNN on Tuesday, pointing to telltale signs in the tactics and techniques used in the attack. (Read More)

In light of the rising legal cases against major cryptocurrency platforms Coinbase and Binance, U.S. Treasury Secretary Janet Yellen called for enhanced regulation to protect cryptocurrency users and investors. (Read More)

Binance.US announced today that it will be making significant changes to its trading structure. The changes, set to take place on June 8, 2023 at 9 a.m. PDT / 12 p.m. EDT, will involve the removal of select Advanced Trading pairs and a pause on their Over-The-Counter (OTC) Trading Portal. (Read More)

The post Binance.US Suspends All USD Deposits Following SEC lawsuit appeared first on Coinpedia Fintech News In an unprecedented move, @BinanceUS, one of the leading cryptocurrency exchanges in America, has announced a suspension of USD deposits and potential fiat (USD) withdrawal pause, effective from June 13, 2023. The reason? The SEC’s “extremely aggressive and intimidating tactics” in what Binance.US calls an ideological campaign against the American digital asset industry. Suspension of …

The post Breaking: Binance CEO Issues Open Letter to Tackle SEC’s ‘Absurd’ Use of Leaked Chats as Evidence appeared first on Coinpedia Fintech News In the midst of a storm stirred by a lawsuit from the Securities and Exchange Commission (SEC), Binance CEO Changpeng Zhao (CZ) has penned an open letter to his employees. The letter, a beacon of transparency and resilience, addresses the allegations head-on, clarifies misconceptions led by recent leaked chats, and reaffirms Binance’s unwavering commitment to …

The post Ethereum is Poised to Hold $1800- Will ETH Price Break Above Resistance Line? appeared first on Coinpedia Fintech News The crypto market has recently met a sharp collapse, creating panic selling among investors. The Securities and Exchange Commission (SEC) has recently filed lawsuits against two major cryptocurrency exchanges, Binance and Coinbase, leading to a significant downturn in the market. This bearish momentum has created a bloodbath in the crypto arena, with Ethereum (ETH) gaining …

The post Kevin O’Leary Calls Cryptocurrencies ‘Radioactive Waste’ Due to Ongoing Uncertainties appeared first on Coinpedia Fintech News Entrepreneur and “Shark Tank” star Kevin O’Leary has said that cryptocurrencies are ‘radioactive waste’ until an agreement is reached between digital asset leaders and the Securities and Exchange Commission (SEC).  “I’ve talked to sovereign wealth, I’ve talked to institutions in the last 48 hours and they’ve said this makes this asset class radioactive waste. We …

The post Musk ‘Fact-Checks’ Gensler’s Tweet About Coinbase Lawsuit appeared first on Coinpedia Fintech News Elon Musk’s Twitter account has featured fact-checking notes on a tweet made by U.S. SEC Chair Gary Gensler regarding the lawsuit involving Coinbase. In his statement, Gensler highlighted Coinbase’s alleged shortcomings in safeguarding investors and the need for guidelines to prevent fraudulent activities and manipulations. A recent Twitter update was made concerning Coinbase’s lawsuit against …

The post Ripple News: Analyst Believes XRP is in Interesting State, Predicts Bullish Breakout  appeared first on Coinpedia Fintech News In the midst of the recent market downturn caused by the legal actions targeting leading cryptocurrency exchanges Binance and Coinbase, there is a glimmer of hope for XRP. A well-known technical analyst believes that XRP is exhibiting signs of a bullish pattern amidst the prevailing bearish sentiment. The upcoming release of certain emails could have …

The post Changpeng Zhao’s Secret Moves: How Binance’s USDT Crisis Unleashed a Regulatory Storm appeared first on Coinpedia Fintech News Just half a year ago, Binance US, the American subsidiary of the world’s largest cryptocurrency exchange by trading volume, found itself facing an unexpected predicament. The platform was running dangerously low on Tether (USDT), the most widely traded stablecoin on the crypto market. The shortage was so severe that withdrawals of USDT and USDC, another …

The post Will Shiba Inu and Dogecoin Attract Holders Over The Summer Bull Run? Or is HedgeUp A Better Buy? appeared first on Coinpedia Fintech News As the summer bull run looms, investors are speculating about which cryptocurrencies will offer the most compelling opportunities. The spotlight falls on the meme coin market leaders, Shiba Inu (SHIB) and Dogecoin (DOGE), and the rising star in the DeFi landscape, HedgeUp (HDUP). With an increasingly volatile market, which of these crypto-assets will pull ahead …

The post Crypto Vs SEC: What Is SEC’s Strategy Against Coinbase & Binance? appeared first on Coinpedia Fintech News In a high-stakes clash between Coinbase Global Inc and the United States Securities and Exchange Commission (SEC), an intriguing game of financial chess has unfolded, revealing the SEC’s calculated maneuvers aimed at gaining the upper hand over the prominent crypto exchange. What impact could this have on Coinbase’s operations and user experience? Dive in with …

The post Chainlink(LINK) And Uwerx(WERX) Will Lead Crypto Innovations In 2023 appeared first on Coinpedia Fintech News The crypto market is a haven of various innovations, and just recently, Uwerx made its entrance into the crypto market as a new project to redefine the future of freelancing. Uwerx is a crypto project aiming to lead crypto innovations, and it will do this by introducing blockchain solutions into all operations in the freelance …

Cuban President Miguel Diaz-Canel says the economic coalition known as BRICS could bring an end to the current world order dominated by the United States. In a new interview with RT, Diaz-Canel says that BRICS offers a way out for countries that are being pressured into accepting the United States’ hegemonistic policies. According to Cuba’s […] The post BRICS Will Snuff Out US, IMF and World Bank Hegemony, Says Cuban President Miguel Diaz-Canel appeared first on The Daily Hodl.

America’s “Fiscal Responsibility Act” will hasten a collapse of the US dollar and force Americans to take the brunt of its fallout, according to former Congressman Ron Paul. In a new statement, Paul says that the deal, which suspends the US government’s debt ceiling for two years, will be felt by regular citizens in the […] The post Collapse of US Dollar Dominance Will Be Accelerated by ‘Irresponsible’ Debt Ceiling Deal: Ron Paul appeared first on The Daily Hodl.

Popular dog-themed meme asset and Dogecoin (DOGE) rival Shiba Inu (SHIB) is releasing a trailer for its much anticipated Rocket Pond metaverse. In a new announcement, the development team behind the memecoin has released a one-minute trailer showcasing Rocket Pond, the ecosystem’s upcoming land-based metaverse. In an accompanying blog post, the SHIB developers also unveil […] The post Dogecoin Rival Shiba Inu Releases Trailer for Upcoming Rocket Pond Metaverse appeared first on The Daily Hodl.

A widely-followed analyst is giving a bullish outlook on the blockchain development of the Ethereum (ETH) competitor Solana (SOL). In a new interview with Paul Barron, the pseudonymous host of InvestAnswers says that the Solana ecosystem is undergoing impressive upgrades. “What amazed me about Solana early on – we’re talking 25, 26 months ago – […] The post Here’s the Bull Case for Ethereum Rival Solana (SOL), According to InvestAnswers appeared first on The Daily Hodl.

A widely followed crypto analyst is breaking down Bitcoin (BTC), Ethereum (ETH) and the rest of the crypto markets after a busy week. The crypto markets have been tumultuous this week, mostly in response to the U.S. Securities and Exchange Commission’s (SEC) two lawsuits against Coinbase and Binance. In its lawsuit against Binance, the SEC […] The post Bitcoin, Ethereum, and the Rest of Crypto – Analyst Updates Market Outlook After Eventful Week appeared first on The Daily Hodl.

Paul Grewal, Coinbase’s chief legal officer, was informed of the U.S. Securities and Exchange Commission’s (SEC) lawsuit against his company less than an hour before he was set to testify on crypto legislation before the House Committee on Agriculture. Grewal says in a new interview with Bankless that the timing of the SEC’s announcement this […] The post Coinbase Informed About SEC Charges Minutes Before Its Legal Officer Was To Present Draft Bill to Congress appeared first on The Daily Hodl.

Two US Senators are reportedly asking the Department of Justice (DOJ) to investigate crypto exchange Binance for allegedly lying to Congress. According to a new report by Reuters, Democratic Senators Elizabeth Warren of Massachusetts and Chris Van Hollen of Maryland recently penned a letter to the DOJ claiming that Binance, the largest crypto exchange platform […] The post Two Senators Allege Binance Crypto Exchange Lied to US Congress, Ask Justice Department To Investigate: Report appeared first on The Daily Hodl.

Rich Dad Poor Dad author Robert Kiyosaki is again predicting that the real estate sector will crash and cause a severe global financial crisis. The former best-selling author says that 2023 will see a worse economic downturn than the global financial crisis (GFC) of 2008, caused by an imploding commercial real estate market. Kiyosaki cites […] The post Rich Dad Poor Dad Author Says Biggest Ever Real Estate Crash Coming, Calls BTC and Precious Metals the Answer appeared first on The Daily Hodl.

Just a day after filing a 136-page complaint against Binance, the U.S. Securities and Exchange Commission (SEC) filed a motion for a temporary restraining order to freeze assets tied to the US arm of the world’s largest crypto exchange. On Monday, the SEC filed 13 charges against Binance and its CEO Changpeng Zhao over what […] The post SEC Seeks To Freeze Binance.US Assets Hours After Filing Lawsuit Against the Crypto Exchange appeared first on The Daily Hodl.

June 8, 2023 – Geneva, Switzerland It’s been five years since the day in late May 2018 when the TRON mainnet emerged. The layer-one blockchain can now authentically be labeled as the public chain of choice, with the most daily active users, the most daily transactions and the largest circulation of the stablecoin USDT. Impressing […] The post TRON Mainnet Celebrates Fifth Anniversary and Stands Now As the Preferred Global Blockchain appeared first on The Daily Hodl.

Noted venture capitalist Marc Andreessen says the market should decide which AI companies succeed or fail—not government restrictions.

The round was co-led by Griffin Gaming Partners and Bitkraft Ventures, and will fuel HyperPlay’s growth and expansion.

According to a translated copy of an internal memo, Binance’s CEO said the leaked chat logs “did a lot of damage.”

Her letter makes no mention of the DOJ investigation that’s reportedly been ongoing since 2018.

Cyan Worlds is seeing pushback from players after its new adventure game Firmament was developed using AI assistance.

Meanwhile: On-chain data shows that 15,000 wallets completely sold their USDC within a five-hour window on Thursday, according to Glassnode.

ChatGPT’s penchant for using the words “others” and “researchers” over words like “however,” “but,” and “although” proved to be a dead giveaway

ARK Invest’s CEO said that the SEC’s prompt action against Coinbase following the Binance lawsuit was “unfortunate.”

Developed with health experts, PairedWorld is designed to add value to existing NFT communities and encourage physical world interactions.

Some experts believe the Singularity could occur within the next decade, although the implications for this event are broadly unknown and speculative.

A “legislative stalemate” in the U.S. has the crypto investment firm accelerating its plans to move offshore.

Gala Games President of Blockchain shares his thoughts on the GALA token upgrade and the latest SEC turmoil with Decrypt’s Kate Irwin.

Getting non-crypto artists to make the leap into Web3 comes in ebbs and flows according to the market’s bear and bull waves, says co-founder of NFT Club Berlin and Superteam Germany Rebekka Revel. But she’s hoping to change that by changing the narrative around digital collectibles, regardless of the market, one word at a time.

Co-founder and co-CEO of Web3 media brand SuperDuper Dom Smith says big brands are eager to enter the space—they just don’t know how. Still, they all maintain a thesis of turning their communities into “super fans” that generate value for users as well as a firm’s bottom line.

The agency’s lawsuit against Binance and Coinbase has drawn the attention of other firms that offer stocks and crypto.

Built by the creators of Aave, Lens allows users to own their online presence as part of the decentralized protocol.

The Society of Authors warned writers to be careful as “money today could simply speed up the absence of any work at all in the future.”

The filing claims Binance entities commingled funds and funneled them to a Paxos affiliate through Merit Peak, which was controlled by Changpeng Zhao.

“Say goodbye to meaningless likes and embrace the opportunity to earn money for your online contributions,” said Zebedee co-founder Andre Neves.

The new advertising rules will force first-time investors to wait 24 hours between requesting to purchase crypto and being able to buy.

It’s the battle of Pro headsets from tech giants. How does Apple’s first effort compare to the market leader’s top-end device?

Documents filed as part of the ongoing court case between the SEC and Binance allege that Gary Gensler and Changpeng Zhao have history.

As his food mask creations went viral on the Internet during the COVID lockdowns, reposted on TikTok and Instagram without his consent, he soon asked: “How do I protect my digital files?” Performance artist Foodmasku describes at this year’s NFC Lisbon how that simple question spiraled into a minting collection after collection of his edible works.

CEO and co-founder of Arianee Pierre Nicolas Hurstel unpacks the wide spectrum of digital collectibles from 10,000 PFP collections to access passes for exclusive events. And with an unannounced big brand soon joining, Hurstel revealed at NFC Lisbon which kind of NFTs big brands are moving towards.

ARK Invest is the second largest COIN shareholder behind Vanguard Group.

The SEC has gone after the two major crypto brands this week—but with very different allegations.

Apple’s Vision Pro could inject much-needed life into the sagging metaverse industry, but can the tech giant complement Web3’s open ethos?

The Georgia-based broadcaster claims defamation after ChatGPT allegedly said he embezzled funds.

Hong Kong is trying to be a crypto hub again. This doesn’t mean China is following suit.

The agency has focused on Proof-of-Stake coins, leaving Bitcoin and other Proof-of-Work blockchains unfazed by the current regulatory push. 

Months after signaling a retreat from crypto efforts, GameStop axes CEO Matt Furlong and promotes Ryan Cohen to executive chairman.

The cryptocurrency exchange will drop over 40 trading pairs from their platform, the majority against USDT.

Words With Friends and Wildcard creator Paul Bettner tells Decrypt’s Kate Irwin about his perspective on what to do when NFTs become in-game characters and assets.

Sportswear brand Puma has partnered with NBA star LeMelo Ball to drop a limited edition pair of sneakers featuring Gutter Cat Gang branding.

After back-to-back SEC enforcement actions against centralized exchanges, Uniswap has seen a 41% increase in trading volume.

Fractal and Twitch co-founder Justin Kan gives Decrypt’s Kate Irwin an update on all things Fractal and his perspective on blockchain technology in gaming.

SAG-AFTRA members seek “informed consent and fair compensation” if AI is used to recreate an actor’s likeness.

“It does give us that legal certainty that we needed, but it’s just really a part of the story,” Kraken’s EU policy head said.

SAND was called out this week as the U.S. regulator targets Binance and Coinbase, but The Sandbox says it’s business as usual for now.

Jón Helgi Egilsson, a former chairman of the Icelandic central bank, urged his former counterparts to “embrace competition” on CBDCs.

Terra co-founder Do Kwon allegedly had financial relations with the leader of a political party in Montenegro.

It’s a fervent fight to top the album charts, and Noel Gallagher’s High Flying Birds is launching an NFT edition to try and eke out a win.

We’re heading towards a future where getting sofas up and down flights of stairs is no longer a Sisyphean chore.

The U.S. Court of Appeals for the Third Circuit has given the SEC seven days to clarify its position on a rulemaking petition from Coinbase.

“Treasure Trunks” is the first in a series of projects to entice the luxury brand’s elite clientele with exclusive perks.

The Emmy winning sci-fi creator found the AI tool only managed to write a subpar mashup of old episodes.

Lawmakers decry the release of Meta’s advanced and uncensored Large Language Model, and ask what the company is doing to minimize its damage.

Twitch and Fractal co-founder Justin Kan and Fractal co-founder Dan Borstelmann share their perspectives on Web3 gaming’s changing landscape with Decrypt’s Kate Irwin.

Everquest developer turned Avalon Chief Product Officer Jeffrey Butler tells Decrypt’s Jason Nelson about how he got into game development.

Decrypt contributor Ryan S. Gladwin shares an inside look at The Machines Arena, an upcoming top-down 4v4 shooter from Directive Games that will offer NFTs minted on Ethereum sidechain network Ronin.

Even amid a regulatory upheaval, Cathie Woods of Ark Invest is sticking to one of the loftiest forecasts yet: that the price of Bitcoin will exceed $1 million by the end of the decade.

The digital asset market has regained lost ground recovering from four-week lows with slight gains recorded in Bitcoin (BTC) amid thriving altcoins.

ARK Invest, Cathie Wood’s investment firm, acquired additional shares of the cryptocurrency exchange Coinbase, valued at over $21 million, despite ongoing accusations by the U.S. Securities and Exchange Commission (SEC). ARK Invest’s decision comes one day after the SEC sued Coinbase, accusing it of operating as a national securities exchange and an unregistered broker. ARK […]

Governments and regulatory bodies globally are grappling with how to navigate the rapidly evolving crypto landscape. In a noteworthy development, Coinbase and Gemini crypto exchanges are reportedly engaged in talks with the United Arab Emirates (UAE) authorities. The discussions center around potential collaborations and market entry opportunities for these exchanges in the UAE. Gemini Crypto […]

New DeFi projects don’t usually generate much of a stir in the world of cryptocurrency. Crypto is all about decentralized services, and thousands are out there. So, it’s nice to see a DeFi project come along that is doing something truly different and turning heads because of it. The project in question is HedgeUp (HDUP). […]

A long-dormant Bitcoin whale has resurfaced after 10 years, amassing an astounding profit of around $38 million.

Cardano blockchain builder Input Output Global (IOG) has rejected the U.S. Securities and Exchange Commission’s (SEC) claims that ADA is a security.

Bitcoin’s recent price movements have presented a mix of positive indications and challenges, resulting in a cautious sense of optimism among investors regarding its future.

Binance lawyers have revealed that prior to becoming the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler offered up his advisory services to the exchange.

The cryptocurrency arena is never short of surprises, as unexpected events and mysteries occasionally unfold. One such intriguing case captivating the attention of enthusiasts is the sudden disappearance of the CEO of Multichain, the largest blockchain bridge. As the industry grapples with the unanswered questions surrounding this vanishing act, the potential role of advanced technologies, […]

Gather ’round, ye internet dwellers and basement warriors! It’s time to strap in and take a wild plunge into the deliciously chaotic world of Degens & Dragons. The pre-Mint Sale to get into the tournament starts on June 8th. We’re talking about a Web3 project where decorum is left at the door, and survival is […]

According to blockchain data, centralized exchange volumes have fallen to an all-time low, with DEXs rising in popularity in the cryptocurrency market.

Bitcoin shook off the U.S. Securities and Exchange Commission’s (SEC) latest enforcement actions to climb back up to as high as $27,300.13 today, according to CoinGecko.

London, England – Qi Blockchain announces to become the most efficient payment rail in the world. Imagine if every payment in the world was as fast, cheap, and global as sending an email. Banking has driven the world for finance for long, but there was a longstanding demand for a complete revamp to better serve […]