Coinbry

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Hodler's Digest, June 4-10: Binance and Coinbase Face Legal Action as SEC Identifies 67 Crypto-Securities

Hodler’s Digest, June 4-10: Binance and Coinbase Face Legal Action as SEC Identifies 67 Crypto-Securities

– The US SEC has filed lawsuits against Binance and Coinbase, alleging that the exchanges have violated securities laws. The lawsuits have resulted in a 444% jump in trading volume across major decentralized exchanges. The SEC has now labeled an estimated 67 cryptocurrencies as securities, which account for over $100 billion worth of the market.

– Binance.US has suspended USD deposits and warned of a fiat withdrawal pause due to aggressive tactics from American regulators. Crypto.com will no longer serve institutional clients in the US due to limited demand from institutional customers and testing prevailing market conditions.

– Bitcoin may experience a 60% upside if a long-term chart feature stays intact, according to popular pseudonymous trader Mikybull Crypto. Meanwhile, US Bitcoin supply has fallen over 10% in the past year, with a global migration away from the US and toward Asia. SEC chair Gary Gensler compared the current crypto market to the 1920s stock market, calling it full of “hucksters,” “fraudsters,” and “Ponzi schemes.”

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