TL;DR Breakdown Since the break of Covid-19, the United States SEC under Gary Gensler has made it a mission to crack decentralized finance. So far, the regulator has gone after major crypto entities with operational jurisdictions such as Kraken, Coinbase, and Binance.US. What guidelines has the US regulator given to crypto entities to register securities? The US Securities and Exchange Commission (SEC) has filed lawsuits against major crypto exchanges Coinbase and Binance, alleging that they have used deceptive business practices and broken securities laws. The US authorities are intensifying their efforts to regulate the crypto sector, which will have an impact on key actors and raise concerns about investor protection and regulatory oversight. Contents hide 1 SEC’s regulatory crackdown on the crypto industry 2 What constitutes a security in the US? 3 Why is crypto asset deemed secure? 4 Why is Binance facing charges? SEC’s regulatory crackdown on the crypto industry The United States economic regulatory arm filed a lawsuit against Coinbase on June 6 in federal court in Manhattan. The regulatory entity alleged that the crypto exchange in the…

TL;DR Breakdown Binance.US is removing specific BTC and BUSD trading pairs from its Advanced Trading section to streamline the platform and enhance user experience. The Buy, Sell & Convert feature will be optimized with a reduced number of supported trading pairs and an increased maximum order amount. The addition of USD as a conversion option is also introduced. Binance.US, the United States-based cryptocurrency exchange, has recently announced a series of updates aimed at improving the trading experience for its users. These changes include the removal of select trading pairs from the Advanced Trading section, streamlining of the Buy, Sell & Convert offering, and a temporary pause of the OTC Trading Portal. By implementing these updates, Binance.US aims to provide a more efficient and user-friendly platform while ensuring the safety and security of user assets. Traders are encouraged to review their open orders and familiarize themselves with the upcoming changes to optimize their trading activities. Contents hide 1 Changes to Advanced Trading Pairs on Binance.US 2 Streamlining Buy, Sell & Convert Offering 3 Temporary Pause of OTC Trading Portal 4 Conclusion…

TL;DR Breakdown . Polkadot price declined 4 percent today . Price dropped as low as $4.90 . DOT set to continue to test support at $5 Polkadot price analysis shows a continuation of the downtrend in place, as price dipped another 3 percent to fall as low as $4.90 over the past 24 hours. Having recovered back up to $4.99 at the time of writing, DOT has declined more than 10 percent since the start of June. Polkadot price is set to continue to test support at the $5 mark, whereas the immediate resistance point is set at $5.5 which was the high on May 28. Over the past 24 hours, DOT trading volume dropped slightly, indicating a bearish trend, whereas the token’s market capitalisation dropped 4 percent to $6,624,378,804. The larger cryptocurrency market also continued to trend downwards, as Bitcoin dropped to $26,200 with a 3 percent decrement, and Ethereum declined in a similar way to move down to $1,800. Among leading Altcoins, Ripple lost 2 percent to move down to $0.51, while Cardano dropped a massive 9 percent…

TL;DR Breakdown U.S. Treasury plans a $1 trillion borrowing spree, causing banking sector anxiety. The massive issuance could inflate government debt yields, draining bank deposits. Rising yields may force banks to increase interest rates on savings accounts. As the U.S. Treasury prepares to launch a colossal $1 trillion borrowing initiative, anxiety levels are rising among banking institutions. The flurry of borrowing activity, scheduled in the aftermath of the recently concluded debt ceiling standoff, is predicted to heap more pressure on an already strained banking system, according to traders and market analysts. Enormous Issuance Forecasted to Elevate Yields The Treasury department’s primary objective with the forthcoming borrowing spree is to restore its cash balance, which recently plunged to a low unseen since 2017. Projections by JPMorgan suggest that the U.S. will need to borrow approximately $1.1 trillion in short-term Treasury bills by the close of 2023. In fact, the next four months alone are expected to see a staggering $850 billion in net bill issuance. Anxiety within financial circles stems from fears that the enormous scale of the upcoming issuance could…

TL;DR Breakdown Government debt contributes to household sector growth. Rising debt, public and private, has correlated with growth since the 1980s. Debt-stimulated growth increases wealth inequality and economic drag. Debt—public and private alike—has always played a central role in economic growth, but when it reaches overwhelming levels, it can hamper the economy, dilute real incomes, and lead to a chasm in wealth distribution. Capital owners usually fare better as debt often inflates asset values, albeit temporarily until the bubble pops. The U.S. Debt Ceiling Discourse: Beyond the Rhetoric The recent U.S. debt ceiling saga was marked by Republicans’ fixation on the nation’s deficit, with their negotiation efforts often diverted towards highly political matters like cutting off funds for the Internal Revenue Service. The fact remains that the portion of the federal budget that was up for negotiation only comprised 15% of total spending. Thus, instead of the federal debt rising to 119% of GDP in a decade, it will now rise to 115%. This might seem like a minute adjustment, but the debate overshadowed a significant aspect of the discussion—the…

TL;DR Breakdown America redefines its international economic role, focusing on strategic competition with China. New industrial policy aims to revitalize the middle class and fortify democracy domestically while combating climate change and securing a technological edge. Allies express concerns about potential negative impacts on their producers and workers. America has quietly redefined its role in the international economic sphere, a change that carries profound implications not only for the world economy but also for the intricate web of global alliances. As America formulates its new blueprint for international economic engagement, the primary concern appears to be strategic competition with China. America’s Dual-Purpose Industrial Policy The underpinning ideology of this shift was laid bare by Jake Sullivan, President Joe Biden’s national security adviser, during his address on April 27. It’s evident that the new philosophy is designed to not only address the competitive landscape with China but to also weave domestic and international policy goals into a cohesive and holistic narrative. America’s revitalization plan is heavily centered on the development of a strategic industrial policy, which, if executed as envisioned, promises…

TL;DR Breakdown Ex-NFL owner Reginald Fowler sentenced to 75 months in prison. Fowler processed over $700M in unregulated crypto transactions. Committed fraud while acquiring a stake in the Alliance of American Football. The past few days have been somber in the world of the NFL, not for losses on the gridiron, but in the courtroom. In a recent turn of events that has left the sports community in shock, former NFL owner, Reginald Fowler, was met with a hefty 75-month prison sentence. The charges? Orchestrating unregulated transactions, in breach of federal anti-money laundering laws, and defrauding a professional football league while acquiring an ownership stake, resulting in losses amounting to over $700 million. From the Glare of the Stadium to the Gloom of the Courtroom Reginald Fowler, whose past with the NFL once placed him in the public eye, now finds himself at the center of a major financial scandal. The Southern District of New York, under the vigilant eye of U.S. Attorney Damian Williams, issued the sentence. Fowler’s alleged crimes involve not only a stark violation of federal law…

TL;DR Breakdown The United States District Court for Washington, D.C., has issued a summons for Binance CEO Changpeng Zhao in response to the SEC’s lawsuit against the exchange. The summons grants Zhao 21 days to respond to the legal action filed by the SEC. Binance has yet to respond to the summons formally but intends to contest the SEC’s complaint. In the latest twist of events surrounding Binance, the United States District Court for Washington, D.C. has issued a summons for Binance CEO Changpeng Zhao. This development follows the recent lawsuit the US Securities and Exchange Commission (SEC) filed against the exchange, alleging violations of US securities laws. 🚨NEW: @binance CEO @cz_binance has been ordered to respond/answer the summons of a U.S. District Court along with the other entities named in the lawsuit. He does not have to appear in person but respond within the time frame below 👇🏼 https://t.co/UipLm9TRye — Eleanor Terrett (@EleanorTerrett) June 7, 2023 The summons, issued on June 7th, grants Zhao 21 days to respond to the legal action. Also, it explicitly states that a lawsuit…

TL;DR Breakdown Ark under Cathie Wood remains bullish on Coinbase despite the crypto exchange being sued by the SEC. The SEC filed a lawsuit against Coinbase on June 6, alleging that 13 different cryptocurrencies sold by the crypto exchange qualify as securities.  ARK acquired 419,324 Coinbase shares, which, based on Tuesday’s closing price of $51.61, were worth approximately $21.6 million. Brian Amstrong, Coinbase’s CEO, remains positive that his company is on the right and that SEC is on the wrong. Cathie Wood’s Ark Investment Management, the second-largest holder of Coinbase Global (COIN) stock, boosted its investment in the crypto exchange after the U.S. Securities and Exchange Commission sued the only publicly traded crypto exchange, causing a sharp fall in share prices. The SEC filed a lawsuit against the crypto exchange Coinbase on June 6, alleging that the company operated an unregistered securities exchange, broker-dealer, and clearing house. In its filing, it argued that 13 different cryptocurrencies sold by Coinbase qualify as securities.  ARK defies the market environment and adds COIN Shares According to reports, ARK acquired 419,324 Coinbase shares, which,…

TL;DR Breakdown Binance.US reassures users of the safety of its funds following SEC’s assets freeze claims. The firm is focusing on challenging the SEC in court. Cryptocurrency exchange Binance.US has moved to reassure its users after the U.S. Securities and Exchange Commission (SEC) filed an emergency motion seeking to freeze its assets. In a recent tweet, Binance.US emphasized that user assets remain secure and the platform continues to operate normally with deposits and withdrawals functioning without disruption. Binance.US allays fears about safety of funds The SEC filed an emergency motion on June 6 in the U.S. District Court for the District of Columbia, requesting a temporary restraining order against Binance, Binance.US, and Binance CEO Changpeng Zhao (CZ). The motion outlined eight actions, including freezing Binance.US assets and repatriating funds held by U.S. customers. Additionally, it prohibits the defendants from altering or hiding records and imposes certain conditions on discovery. Concerns emerged within the crypto community that the restraining order might trigger a “bank run” on the exchange. However, it is important to note that the motion filed by the SEC…