[content][quote]Big Story[/quote]Binance.US Files Motion to Halt SEC’s Asset Freeze, Hinman’s Planned Chat with Ethereum’s Co-Founder and More[/title][body]
Binance.US has taken legal action to prevent the Securities and Exchange Commission (SEC) from seizing billions in assets during a legal battle. In a motion filed by the exchange’s lawyers on Monday, they argued that such a step would paralyze the company and adversely affect its customers.
The lawyers put forward that “operations would quickly grind to a halt” without the capacity to compensate employees, service providers, suppliers, and professionals, or to sustain the trading platform. Furthermore, they stated that “with a freeze of all corporate assets, banking partners would most likely cease to honor requests to transfer funds for any purpose, including customer redemptions.”[/body][/content]
[content][quote]Sturdy Finance Takes Action[/quote]Binance.US Files Motion to Halt SEC’s Asset Freeze, Hinman’s Planned Chat with Ethereum’s Co-Founder and MoreOffering $100K Bounty to Recover Stolen Ether[/title][body]
Sturdy Finance, a decentralized lending platform, has put out a $100,000 reward for whoever can return the 442 ether (equivalent to $800,000) that was unlawfully removed from the platform this Monday. The founder of Sturdy Finance, Sam Forman, confirmed the offer through a tweet in which he reported that his team had sent an on-chain message to the unidentified attacker’s cryptocurrency address.
The message proposed a reward of $100,000 in exchange for the return of the stolen assets to a particular address held by Sturdy Finance. It additionally expressed that the team would “advocate for no criminal charges” if the funds were recovered. [/body][/content]
[content][quote]Bitcoin[/quote]Binance.US Files Motion to Halt SEC’s Asset Freeze, Hinman’s Planned Chat with Ethereum’s Co-Founder and MoreBitcoin’s Correlation with Equities Dwindles as COVID-19’s Financial Impact Recedes[/title][body]
According to a research report by NYDIG, a Bitcoin services company, Bitcoin’s correlation with equities has been significantly decreasing as the world moves further from the height of the COVID-19 pandemic. The report argues for Bitcoin’s value in portfolio construction due to its historically high risk-adjusted returns and low correlation with other asset classes.
Prior to the COVID-19 pandemic, Bitcoin had nearly no correlation with equities or other major asset classes, making it an attractive option for investors looking to diversify their portfolios. This period was termed the BC era (Before COVID). But during the pandemic, as central banks and governments responded with monetary and fiscal stimuli, the correlations soared. [/body][/content]
[content][quote]Crypto Kingpin’s Trial Takes Twist[/quote]Binance.US Files Motion to Halt SEC’s Asset Freeze, Hinman’s Planned Chat with Ethereum’s Co-Founder and MoreWill Justice Ever Be Served?[/title][body]
The trial against Sam Bankman-Fried, the founder of FTX, might be delayed if additional charges are brought against him, according to statements from his legal representatives. The extra charges could potentially postpone the proceedings, initially scheduled for October, by a substantial amount of time, possibly even years.
Bankman-Fried was apprehended in December and later extradited from the Bahamas following the collapse of his cryptocurrency business. His company had declared bankruptcy in the month prior to his arrest. The defense team has raised concerns regarding the legitimacy of the additional charges imposed by the U.S. Department of Justice after his extradition. Bankman-Fried has maintained his innocence and refuted the accusations of wire fraud and money laundering. [/body][/content]
[content][quote]eToro[/quote]Binance.US Files Motion to Halt SEC’s Asset Freeze, Hinman’s Planned Chat with Ethereum’s Co-Founder and MoreeToro to Delist Selected Crypto Tokens for U.S. Customers Amid SEC Crackdown[/title][body]
In an effort to adjust to the rapidly changing regulatory landscape, social investing platform eToro has declared that it will delist a selection of cryptocurrency tokens for its U.S. customers starting at 6:00 AM ET on Wednesday, July 12. The announcement, revealed through a series of tweets, comes in the aftermath of recent legal action by the U.S. Securities and Exchange Commission (SEC) and demonstrates the escalating scrutiny faced by cryptocurrency exchanges operating within the United States.
eToro will no longer allow U.S. customers to open new positions in Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC). However, customers who already hold positions in these tokens will still be able to sell them. [/body][/content]
[content][quote]Ethereum & Hinman[/quote]Binance.US Files Motion to Halt SEC’s Asset Freeze, Hinman’s Planned Chat with Ethereum’s Co-Founder and MoreUnraveling the SEC’s Crypto Approach Through William Hinman’s Lens[/title][body]
Documents related to a legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs have shown that William Hinman, who formerly served as the director of the SEC’s Division of Corporation Finance, had planned to have a conversation with Vitalik Buterin, co-founder of Ethereum, in 2018. The documents, which include an email sent by Hinman in 2018, suggest that the discussion was meant to “confirm our understanding of how the Ethereum Foundation operates.”
Notably, in 2018, Hinman stated that Ethereum’s native currency Ether did not warrant being regulated as a security. Ripple Labs has repeatedly cited this position in defense against the SEC’s claims. [/body][/content]
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