Gensler Decides It’s Time To Go After Coinbase

“Binance Should Not Be In America”

“We are operating as a fking unlicensed securities exchange in the USA bro,” a former Binance executive told another in December 2018, according to the SEC’s complaint.

Among the other allegations leveled against Binance were that the exchange has been operating an unregistered national securities exchange, broker-dealer and clearing agency.

Congress Looks To Clarify Crypto Rules

Emmer and Soto Introduce Bipartisan Bill to Provide Regulatory Clarity for Digital Assets
emmer.house.gov

Twitter Spotlight

SEC: our mission is to protect investorsAlso SEC: reviews Coinbase's business model, approves Coinbase to go public, allows Coinbase to sell stock to retail investorsThen SEC: alleges Coinbase's business model is illegal and tanks stock by 20% causing losses to investors???— Jake Chervinsky (@jchervinsky) 1:52 PM • Jun 6, 2023

Coinbase’s alleged failures deprive investors of critical protections, including rulebooks that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest, and routine inspection by the SEC.— Gary Gensler (@GaryGensler) 12:28 PM • Jun 6, 2023

With respect to Binance, I'm reading through the SEC complaint. It's over 130 pages, but seems like the next in a series of steps to implement chokepoint 2.0 in the United States. The end goal is a agenda based CBDC partnered with a handful of massive banks and end-to-end control… twitter.com/i/web/status/1…— Charles Hoskinson (@IOHK_Charles) 6:00 PM • Jun 5, 2023

In The Know

Binance lawsuit: 61 cryptocurrencies are now seen as securities by the SEC
Around 61 cryptocurrencies have been deemed to be securities by the U.S. SEC with the addition of 10 cryptocurrencies from its latest suit against Binance.
cointelegraph.com

Why Elizabeth Warren Is Wrong About Crypto and the Fentanyl Epidemic
Chainalysis and Elliptic have found that crypto is useful for crime, but that’s hardly an argument for banning it.
coindesk.com

Coinbase Violated State Securities Laws With Staking Program, Alabama Regulator Alleges
The crypto exchange now is facing scrutiny from a task force of ten U.S. state securities regulators after getting sued by the SEC on the same day.
coindesk.com

Events

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Crypto News Heard Around the State

Tampa News

U.S. Is 'Losing' the Bitcoin Movement: Cathie Wood
Cathie Wood also referenced last year's dramatic collapse of crypto exchange FTX, saying it "proved the concept" of bitcoin
coindesk.com

Orlando News

Orlando Mayor Offers 2,500 Open Positions To Build Metaverse In The MetaCenter | ARPost
Mayor Buddy Dyer has announced that there are 2,500 open positions in Orlando, all of which are intended to bring the metaverse to life in the nation’s MetaCenter.
arpost.co

Miami News

Miami Developers Avoid Commenting About Mayor Francis Suarez Scandal
Do other Miami developers have Mayor Francis Suarez on their payroll? Among a dozen builders The Real Deal reached out to, three responded. Their answer? A hard no.
therealdeal.com

FTX’s celebrity, VC backers to face consolidated suits in Miami
FTX itself has been protected from litigation since it November Chapter 11 filing in Delaware, but that stay doesn’t apply to third parties that allegedly facilitated the exchange’s actions.
moneyweb.co.za

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