SEC RAMPAGES AS EXCHANGES FEEL THE HEAT OF REGULATION

1ATH.Studio
5 min readJun 8, 2023

In a week where the news of the Securities and Exchanges Commission’s attack on two of the largest Exchange market dominated the media, we take a look at the major happenings in the crypto world.

SEC Sues Binance and CZ for Breaking Securities Rules

The United States Securities and Exchange commission (SEC) has filed a lawsuit against Binance, the world’s largest cryptocurrency exchange, and Changpeng Zhao, the CEO of the company.

The Regulatory agency levelled 13 Charges against the exchange and its CEO, stating that both had engaged in an extensive web of deception, conflict of interest, lack of disclosure and calculated evasion of the law.

SEC Sues Coinbase for Operating an Unregistered Exchange

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Coinbase, alleging that the platform violated securities laws by operating an unregistered securities exchange.

The lawsuit specifically targets Coinbase’s lending program, which the SEC argues qualifies as a security and should be registered with the agency. The SEC also pointed to Coinbase’s Prime, Wallet and staking products, as well as the actual tokens it lists, as other areas where it violated federal securities laws.

Reacting to the news, Coinbase’s CEO, Brian Armstrong criticized the SEC for using outdated and unclear regulations to stifle innovation and competition in the crypto space.

US Senators Express Concerns over El Salvador’s Bitcoin Adoption

United States Senators, Jim Risch and Bob Menendez has expressed concern regarding the implications of El Salvador’s move to adopt Bitcoin as legal tender claiming that it could weaken economic and financial stability.

The American lawmakers are calling for a risk report on the potential impact of El Salvador’s adoption of Bitcoin on bilateral economic relations and law enforcement cooperation.

Cardano Chief Calls for Unity in Crypto Industry Amid SEC Lawsuits

In the wake of the recent SEC lawsuit against Binance and Coinbase, the CEO of Cardano, one of the leading blockchain platforms, has called for unity among crypto industry players. He refered to the situation as “Chokepoint 2.0” and emphasized the importance of collaboration to address the challenges faced by the industry.

According to Charles Hoskinson, by joining forces, crypto industry players can work towards establishing clearer regulations, enhancing compliance standards, and promoting transparency. This united front can help build trust among regulators and traditional financial institutions, leading to a more favorable regulatory environment for the entire crypto ecosystem.

Zoom Launches AI Meeting Summaries and Chat

Zoom, the leading videoconference app provider, is revolutionizing virtual collaboration with the introduction of Zoom IQ! This groundbreaking suite of features leverages the power of generative AI, making virtual meetings more efficient and productive.

With Zoom IQ, you can say goodbye to tedious meeting summaries and time- consuming content drafting. Incorporating cutting-edge technology from OpenAI and Anthropic, this suite offers remarkable capabilities like Meeting Summary and Team Chat Compose.

Limited Edition Luxury: Louis Vuitton Plans to Sell $41,000 NFTs to VIP Clients

Luxury fashion brand Louis Vuitton is making a foray into the world of non- fungible tokens (NFTs) by launching a collection of $41,712 unique digital artworks. These NFTs will be exclusively available to the brand’s top customers, offering them a novel way to engage with the brand and showcase their ownership of limited-edition digital assets.

Each NFT in the collection represents a one-of-a-kind piece of art inspired by Louis Vuitton’s iconic designs and heritage. The digital artworks will be created by renowned artists and will encompass a range of artistic styles and themes. The NFTs will be minted on a blockchain platform, ensuring their authenticity, traceability, and scarcity.

Binance US Delists Over 100 Trading Pairs

Binance.US, the US affiliate of the world’s largest crypto exchange Binance, has announced that it will remove over 100 trading pairs by June 8, including some of the most popular tokens like 1INCH, AAVE and AXS.

This comes days after the SEC added 10 more tokens to its list of securities, including some popular ones like BNB, SOL, ADA, and MATIC. SEC also filed an emergency motion to freeze the assets of Binance.US, claiming that it failed to provide sufficient assurances that investors’ assets are safe under the control of BAM Trading, the entity that runs Binance.US.

Anticipation Builds as Apple Teases XR Headset Announcement at WWDC

Anticipation is building as Apple’s annual Worldwide Developers Conference (WWDC) approaches, with rumors swirling about the possible debut of Apple’s extended reality (XR) headset. This highly anticipated device has the potential to revolutionize the consumer technology landscape and set a new standard for XR experiences.

The entrance of Apple, alongside tech giants like Meta and Google, into the XR realm could spark renewed interest in the metaverse, a convergence of physical and virtual reality. As the XR world evolves, the significance of metaverse tokens becomes increasingly apparent, as they power the virtual economies and offer unique experiences within this immersive digital space. With the spotlight on the metaverse, several metaverse tokens are already showing promise and attracting attention from investors

--

--

1ATH.Studio

A visionary web3 marketing agency that is shaping the future of digital innovation