TL;DR Breakdown Recently released Hinman emails reveal internal discussions on the regulatory status of Ethereum (ETH) and the clarity of William Hinman’s 2018 speech. Ripple CEO Brad Garlinghouse criticizes the SEC’s conduct and lack of regulatory clarity, calling it “politically motivated overreach.” The impact of the emails on the Ripple-SEC lawsuit is still unclear, but the XRP price has already experienced a notable increase. In a recent development in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), previously undisclosed emails have been released, shedding light on internal deliberations within the SEC regarding the regulatory status of Ethereum (ETH). The emails, published by Ripple, are tied to the 2018 speech by former SEC Director of Corporation Finance, William Hinman, who stated that Ether did not appear to be a security. However, these emails have sparked discussions about the clarity of the speech and its implications for the regulatory treatment of digital assets. The released emails show SEC officials engaged in conversations about the language used in Hinman’s speech, with some expressing the need for clearer…

TL;DR Breakdown Sturdy Finance offers a $100,000 bounty to recover stolen DeFi funds. An exploit in Sturdy Finance’s price oracle leads to an $800,000 loss. Bounty offerings to hackers show promise in recovering compromised assets. Sturdy Finance, a decentralized finance (DeFi) platform, has taken an unconventional approach to recovering stolen funds. After suffering a loss of approximately $800,000 due to a recent exploit, the platform has offered a remarkable $100,000 bounty to the hacker responsible for the attack. This move, which aims to incentivize the return of the remaining funds, represents a growing trend in the DeFi space. The exploit occurred on June 12 and was attributed to vulnerabilities in Sturdy Finance’s price oracle and executed through a reentrance attack. The platform took Swift action, with all markets being temporarily paused to mitigate other risks. Assurances were given to the community that no additional funds were in jeopardy. In an unexpected turn of events, Sturdy Finance’s founder, Sam Forman, took to Twitter a mere day after the hack to announce the bounty offer. He believed in the evolving landscape of…

TL;DR Breakdown Binance.US has requested the U.S. District Court to reject the SEC’s proposed restraining order, warning that it would lead to the closure of its business. The crypto exchange argues that the SEC’s claims fail to identify any securities traded on its platform and questions the regulator’s assumption that all cryptocurrencies are securities. Binance.US has proposed an alternative solution to address the SEC’s concerns and suggests transferring assets to BAM’s control, ensuring customer funds remain secure while addressing registration irregularities. Binance.US has filed a request with the U.S. District Court to deny the proposed temporary restraining order by the Securities and Exchange Commission (SEC). Binance.US argues that implementing the order would effectively lead to the closure of BAM Trading Services Inc., the entity behind Binance. US. The SEC’s emergency motion for the restraining order is scheduled for a hearing on June 13. Binance.US strongly criticized the SEC’s approach to the legal action, calling it “draconian and unduly burdensome.” The crypto exchange pointed out that the SEC still needs to identify a single security trading on BAM’s platform, countering the…

TL;DR Breakdown Retail trading platform eToro has temporarily halted purchases of ALGO, MANA, MATIC, and DASH for its US customers in response to SEC lawsuits designating these cryptocurrencies as securities. The platform remains supportive of the crypto sector and is proactively addressing regulatory uncertainties, emphasizing collaboration with regulators to shape the future of the industry. Leading retail trading platform eToro has announced a temporary halt on the purchase of four cryptocurrencies, Algorand (ALGO), Decentraland (MANA), Polygon (MATIC), and Dash (DASH), for its customers in the United States. The decision comes in response to recent lawsuits by the United States Securities and Exchange Commission (SEC) that label these tokens as securities. eToro emphasizes that it remains a supporter of the crypto sector but is taking precautionary measures to ensure compliance with evolving regulatory requirements. Contents hide 1 eToro Reacts to Regulatory Uncertainty, Halts Support for ALGO, MANA, MATIC, and DASH 2 eToro’s Commitment to Diversified Asset Classes and Collaboration with Regulators 3 eToro’s Previous Actions in Response to Regulatory Challenges 4 Conclusion eToro Reacts to Regulatory Uncertainty, Halts Support for ALGO,…

TL;DR Breakdown Binance.US hires former SEC enforcement official George Canellos to strengthen its legal defense against allegations of operating as an unregistered securities exchange. The company vehemently denies the allegations, criticizes the SEC’s aggressive tactics, and suspends U.S. dollar deposits due to the regulatory actions’ potential impact on its business. Binance.US, a United States-based cryptocurrency exchange, has made a strategic move to bolster its legal defense amid ongoing allegations of operating as an unregistered securities exchange. The company has reportedly hired George Canellos, a former enforcement co-director of the U.S. Securities and Exchange Commission (SEC), to join its legal team. Canellos, currently affiliated with the international law firm Milbank LLP, brings extensive experience and expertise in securities enforcement. This development comes as Binance.US faces legal challenges and strives to protect its assets from potential freezing. Binance.US Responds to Allegations and SEC Lawsuit In a recent court filing responding to the lawsuit initiated by the SEC, Binance.US vehemently denied allegations of failing to register as an exchange, broker, and clearing agency. The SEC had raised similar claims against Binance’s global exchange…

TL;DR Breakdown UN report identifies AI-generated deep fakes as a significant threat to information integrity, particularly on social media. Urgent action is needed to address the rapid advancements in generative AI and develop voluntary guidelines to ensure responsible use and combat the spread of false information. In a recently published report, the United Nations (UN) has emphasized the urgent need to address the proliferation of artificial intelligence-generated deepfakes, which pose a significant threat to information integrity, particularly on social media platforms. The UN has called for stakeholders in the AI community to take immediate action and develop voluntary guidelines for responsible AI use.  Additionally, the report will serve as a foundation for the creation of a UN Code of Conduct for Information Integrity on Digital Platforms, to be discussed at the upcoming Summit of the Future in September 2024. As concerns grow over the impact of generative AI, global leaders such as former UK Prime Minister Tony Blair and Conservative Party politician William Hague are advocating for a new UN framework to address the challenges posed by AI technology. Contents…

TL;DR Breakdown Binance lawyers strongly oppose SEC’s restraining order, citing a lack of immediate risk to customer assets. Concerns raised by the SEC have already caused harm, argue Binance’s legal representatives. Strained banking relationships force Binance.US to shift to a cryptocurrency-only model. Lawyers representing Binance and its associated firms have vehemently opposed the restraining order sought by the U.S. Securities Exchange Commission (SEC) in a recent court filing on June 12. The SEC had charged Binance and related companies with various allegations on June 5 and subsequently requested a restraining order against Binance.US—the order aimed to freeze the company’s assets and enforce the return of user funds. In their response, Binance’s legal representatives questioned the necessity of the SEC’s requested relief, arguing that the SEC failed to demonstrate any immediate risk to customer assets. They further emphasized that the concerns raised by the SEC had already initiated the harm the regulatory body aims to safeguard against. Of particular concern was the reported threat by banking partners of Binance.US’s parent company, BAM Trading, to restrict access to corporate and customer assets….

TL;DR Breakdown TVL and transaction volume on Polygon’s zkEVM platform has increased significantly, demonstrating extraordinary growth.  Polygon zkEVM experienced the largest TVL growth in May across all platforms. A recent upgrade to Polygon zkEVM’s Mainnet Beta may cause the most recent surge in TVL. The Total Value Locked (TVL) and transaction volume on Polygon’s zkEVM platform has increased significantly, demonstrating extraordinary growth. This increase lays the door for decreased costs and increased use of DeFi technologies. In May 2023, the scalable and secure blockchain platform Polygon zkEVM reversed the general trend of declining Total Value Locked (TVL). While most blockchains dropped, Polygon zkEVM had incredible growth, showing its distinct characteristics and compatibility with Ethereum.  Distinctive features fueling the growth of Polygon zkEVM Data gathered by Crypto Platform shows that in May 2023, the total TVL of all blockchains decreased. This pattern shows a slower-than-usual rate of capital input into DeFi initiatives. General market conditions and legislative changes can explain such variations in TVL. They might also result from introducing fresh blockchain systems or DeFi initiatives. According to todays report, the…

TL;DR Breakdown Binance announces the removal of multiple spot trading pairs and isolated margin pairs from its platform. Spot trading pairs, including BIFI/BUSD, DASH/BNB, and LIT/ETH will be delisted, but users can still trade these assets on other available pairs. Isolated margin pairs like BNT/BUSD and CVX/BTC will also be delisted, and users are advised to close positions and transfer assets before the cessation of margin trading to avoid potential losses. Binance, one of the world’s leading cryptocurrency exchanges, has announced the removal of several spot trading pairs. The affected trading pairs, including BIFI/BUSD, DASH/BNB, FIO/BUSD, DASH/BNB, FIO/BUSD, GAL/BNB, ILV/BNB, KLAY/BNB, LIT/ETH, MC/BNB, MINA/BNB, MLN/BUSD, ONE/ETH, OXT/BUSD, PEOPLE/BNB, PEOPLE/ETH, QNT/BNB, WAXP/BNB, XTZ/ETH, ZEC/BNB, and ZRX/ETH will cease trading on June 14 at specific times. Users are advised that they can still trade these assets on other available trading pairs on Binance. Delisting on Binance margin In addition to the removal of spot trading pairs, Binance Margin will delist the BNT/BUSD, CVX/BTC, POLS/BUSD, POWR/BUSD, STPT/BUSD, and STRAX/BUSD isolated margin pairs. The delisting process will commence on June 19 at 06:00 UTC….

TL;DR Breakdown Monero price analysis suggests sideways movement below $143.00 The closest support level lies at $136.00 XMR faces resistance at the $143.00 mark The Monero price analysis shows that the XMR price action has found support at the $135.00 mark. Currently, the price action has risen to the $140.00 level and seems to be recovering further.  The broader cryptocurrency market observed a negative market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include BNB and ETH recording a 2.39 and a 1.09 percent decline respectively.  Monero price analysis: XMR returns to $140 4-hour price chart by Tradingview The MACD is currently bullish as expressed in the green colour of the histogram. Moreover, the indicator shows a steady bullish momentum as observed in the tall height of the histogram. Furthermore, the darker shade suggests a positive outlook as the price approaches the $140 mark. The EMAs are trading below the mean position as net price movement over the last ten days remains strongly negative. Currently, the EMAs are trading far from each other…