SEC sues Binance and Coinbase, is it positive for Bitcoin[Weekly Review: 6/3-6/9]| CoinDesk JAPAN

This week, the SEC sued Binance and Coinbase, the world’s largest and America’s largest cryptocurrency exchanges, respectively. Will it be remembered as “the week that changed the cryptocurrency industry” a few years later? This time, of course, the SEC lawsuit was the center of the news.

SEC Sues Binance and Coinbase: Is It the Beginning of the End or the Beginning of a New Phase?

The SEC sued Binance on June 5th and Coinbase on June 6th for violating federal securities laws. Do the U.S. government and regulators want full control over the cryptocurrency and industry, or is it the SEC’s grand play to regain ground?

SEC sues Binance and CEO Zhao

On June 5, the U.S. Securities and Exchange Commission (SEC) accused Changpeng Zhao, founder and CEO of cryptocurrency exchange Binance, the operator of Binance US, for violating federal securities laws. sued on suspicion.

The offering of Binance Coin (BNB) and stablecoin Binance USD (BUSD) constitutes offering unregistered securities, and the staking service violates securities laws.

Binance Lawsuit Hits Altcoins ── Bitcoin Drops Below $26,000

Altcoins have been hit hard by the U.S. Securities and Exchange Commission (SEC) suing Binance, CEO Zhao and others.

The complaint alleges that Binance provided a number of unregistered securities, including Binance Coin (BNB) and stablecoin Binance USD (BUSD), as well as Solana (SOL), Cardano (ADA) and Polygon (MATIC). , COTI, Algorand (ALGO), Axy Infinity (AXS), Filecoin (FIL), Cosmos (ATOM), Sandbox (SAND), Decentraland (MANA) were also mentioned.

SEC sues Binance, potential for Coinbase, German investment bank analyst points out

Marc Palmer, an analyst at German investment bank Berenberg, said the SEC had some similarities to previous charges against Bittrex and Kraken. He said Coinbase could be sued on similar charges in the future.

Approximately 45 billion yen liquidated due to market plunge due to SEC lawsuit against Binance

Crypto traders have lost about $320 million in the last 24 hours, according to CoinGlass data. The U.S. Securities and Exchange Commission (SEC) sued cryptocurrency exchange Binance on the 5th for violating federal securities laws, causing cryptocurrency prices to plummet.

$700 Million Outflow from Binance – Metaverse Token Drops Big

Crypto markets after the U.S. Securities and Exchange Commission (SEC) sued cryptocurrency exchange Binance and its founder Changpeng Zhao, AKA CZ, for allegedly violating federal securities laws. There is no sign that the turmoil will subside even on June 6th.

According to data from Nansen.ai, all protocol outflows from Binance reached $719 million in 24 hours.

SEC sues Coinbase, following yesterday’s Binance lawsuit

The U.S. Securities and Exchange Commission (SEC) has sued major U.S. cryptocurrency exchange Coinbase for violating federal securities laws. The day before, it filed a similar lawsuit against Binance.

According to the SEC, Coinbase operated an unregistered broker, exchange, and clearinghouse to solicit customers, process orders, authorize bids, and act as an intermediary.

SEC calls for freeze of Binance US assets

The U.S. Securities and Exchange Commission (SEC) on June 6 asked a court for a temporary injunction to freeze assets related to Binance.US. Specifically, it seeks to freeze assets associated with Binance US’s holding and operating companies, BAM Management US Holdings and BAM Trading Services.

America doesn’t need a digital currency, it already has a dollar – hints at similarities between FTX and Binance: SEC Chairman Gensler

Gensler also dismissed criticism that his approach was confusing the legal position around crypto assets, and filed a lawsuit against Binance CEO Changpong Zhao and FTX founder Sam Bankman. It also suggested that there are similarities between the criminal cases against Freed.

SEC Filing Raises Net Outflow From Coinbase To $600 Million

Net withdrawals from Coinbase reached $600 million in the last 24 hours, according to data from blockchain analytics firm Nansen. With a total withdrawal of $1.38 billion and a total deposit of $771 million, there was a large surplus of withdrawals.The data does not include Bitcoin (BTC) remittance amounts.

At the heart of the lawsuit is ‘is a token a security or a commodity?’: Bernstein

Whether cryptocurrency tokens are securities or commodities is at the core of the US Securities and Exchange Commission’s (SEC) lawsuit against cryptocurrency exchanges Binance and Coinbase, investment firm Byrne said. Stein said in a June 6 investigative report.

SEC Investigating Binance US From 2020

The U.S. Securities and Exchange Commission (SEC) has been investigating Binance.US since at least 2020, according to court filings released on June 7.

Binance Transfers $12 Billion to Zhao CEO’s Holding Company: SEC

Crypto exchange Binance CEO Changpeng Zhao and executive Guangying Chen have received billions of dollars in client money through their holding company, the U.S. Securities and Exchange Commission (SEC) said. He argued in new court documents.

Bitcoin Trends: SEC Lawsuit Positive?

The SEC lawsuit against the two major exchanges didn’t seem to have much of an impact on Bitcoin. Rather, there are those who see it as a plus for bitcoin because multiple altcoins have been pointed out as “securities.”

Bitcoin likely to stay strong in next year: JP Morgan

Demand for Bitcoin (BTC) is likely to remain strong over the next year ahead of the next halving of the world’s largest cryptocurrency, according to JPMorgan. said in a June 1 investigation report.

Bitcoin Recovers $27,000 – SEC Lawsuits Against Binance, Coinbase Will Benefit Bitcoin?

Crypto asset (virtual currency) prices fell sharply on the 6th after the US Securities and Exchange Commission (SEC) sued Binance the day before, and Binance followed Coinbase. Despite filing a lawsuit, Bitcoin (BTC) recovered.

Bitcoin holders profited in May: Goldman Sachs

Goldman Sachs said May’s on-chain statistics show a mixed picture for Bitcoin (BTC) and Ethereum (ETH) in a June 5 report.

While the cohort group’s Ethereum balances remained largely unchanged, bitcoin addresses with balances of 100,000 BTC or more saw a 31% monthly decline, the report said.

Bitcoin Traders Are Not Panic Over Two Lawsuits, Volatility Indicator Shows

The US Securities and Exchange Commission’s (SEC) lawsuit against major cryptocurrency exchanges Binance and Coinbase has sparked an air of unease among Bitcoin (BTC)-savvy traders. No, an option-based implied volatility indicator found. This indicates that the lawsuit was expected and had already been factored in.

Industry Trends: Keep Going!

The industry has been rocked this week, but it hasn’t stopped. There are also movements that see it as an opportunity.

SWIFT and Chainlink Test Multiple Blockchain Connections with Dozens of Leading Financial Institutions

SWIFT, which supports international payments between banks, and Chainlink, which provides real-world data to blockchain, said in a press release issued on June 6, It will cooperate with dozens of financial institutions and test how to connect with multiple blockchains.

Life insurance startup raises $19 million in premiums and claims in Bitcoin

Bermuda-based life insurance company Meanwhile Insurance Bitcoin has launched a $19 million (approx. 160 million yen (converted to 140 yen per dollar) was announced on June 6th.

US Ark buys a lot of declining Coinbase stocks

Ark Investment of Cathie Wood, the second largest shareholder of crypto asset (virtual currency) exchange Coinbase Global, is a subsidiary of the U.S. Securities and Exchange Commission (SEC). ) filed a lawsuit that caused its stock price to plummet, significantly increasing its investment in Coinbase.

Pepecoin was a dangerous game of musical chairs: investigative report

The majority of Pepecoin (PEPE) investors are now playing a game of musical chairs as early participants earned the majority of the profits, according to a new research report from SingularityDAO.

The token lost a lot of liquidity after early participants took profits, the report said, and the majority of investors were unable to make meaningful profits.

Ethereum Scopes Next Upgrade ‘Denkun’

Ethereum developers agreed June 8 on the scope of the next upgrade called “Dencun”.

An upgrade (also known as a hard fork) planned for later this year will include five Ethereum Improvement Proposals (EIPs) aimed at adding storage for data and reducing fees.

One More Thing

Lastly, one more article that didn’t get much attention, but I want you to keep in mind. In Japan, the revised Payment Services Act came into effect on June 1. The stablecoin is expected to be issued by the end of the year. I wonder if it’s related to the movement…

Stablecoin Circle Gets Approval in Singapore

Circle Singapore announced on June 6 that it has obtained a Major Payment Institution (MPI) license for digital payment token services in Singapore.

With the approval of the Monetary Authority of Singapore (MAS), Circle Singapore is now able to offer digital payment token services, cross-border remittance services and domestic remittance services in Singapore.

This week’s theme is big,

• SEC sues Binance and Coinbase
• bitcoin trends
• industry trends

One of. Last week was “stablecoin”, “NFT”, “security token/RWA”, and “altcoin”, so it changed completely. Since last time, I’ve decided to organize by theme, but I was actually worried that “Is there any change from week to week that would interest everyone?”

By the way, the first photo I’ve been using since last week is an image photo of “theme park” by “theme”.

｜Text and editing: Takayuki Masuda
｜Image: Shutterstock