Top Stories
▌Binance US: SEC's Asset Freeze Request Threatens Business Survival
Binance US has urged a federal judge to reject the U.S. Securities and Exchange Commission's (SEC) request to freeze billions in assets, arguing that such a move would cripple operations and harm customers. In a June 12 court filing, Binance US lawyers warned that frozen assets would prevent the company from paying employees, vendors, and maintaining its trading platform—leading to an operational shutdown. Additionally, banking partners might halt all fund transfers, including customer redemptions.
▌U.S. Lawmakers Introduce Bill to Fire SEC Chair Gensler
Congressman Warren Davidson introduced the "SEC Stabilization Act" on June 12, calling for the removal of SEC Chair Gary Gensler. Davidson cited "tyrannical leadership" undermining U.S. capital markets and emphasized the need for reform to protect investor interests.
Market Update
Latest data from CoinMarketCap:
- BTC: $25,899.90 (+0.27%)
- ETH: $1,741.62 (+0.55%)
- BNB: $230.97 (-0.05%)
- FIL: $3.52 (+3.19%)
- DOGE: $0.0614 (+0.84%)
- ADA: $0.2751 (-0.77%)
- MATIC: $0.6427 (+0.05%)
Regulatory Developments
▌Thailand Tests Retail CBDC (Digital Baht)
Thailand’s central bank is piloting a retail central bank digital currency (CBDC) with three domestic payment providers. The sandbox test, running through August, involves 10,000 participants and aims to enhance payment efficiency.
▌U.S. & U.K. Hold Crypto Regulation Hearings
Lawmakers in both countries will debate crypto regulations on June 13:
- U.K.: APPG discussion on crypto oversight (11:00 BST).
- U.S.: House Financial Services Committee hearing titled "The Future of Digital Assets" (14:00 ET).
👉 Key Takeaways from Global Crypto Regulation Debates
Blockchain Innovations
▌Polygon NFTs Now Live on Kraken
Kraken NFT marketplace now supports Polygon-based NFTs, including Reddit Collectible Avatars.
▌Polygon 2.0 Blueprint Coming Soon
The Ethereum scaling solution will unveil its 2.0 vision, focusing on decentralized finance (DeFi) and digital ownership.
▌0N1 Force Launches Web3 Ally Program
This initiative supports media, gaming, and NFT projects through collaborations and resource-sharing.
▌GeoJam Partners with Hollywood’s WME
The crypto social app, backed by Mariah Carey, signed with WME to explore brand deals and fan engagement tools.
Crypto Sector Updates
▌Zhao’s Limited Access to Binance US Accounts
Defense lawyers confirmed Zhao Changpeng owns Binance US’s bank accounts but lacks signing authority.
▌Binance US Hires Ex-SEC Enforcement Co-Director
George Canellos, former SEC enforcement lead, joins the legal team to defend against regulatory charges.
▌Coinbase Expands Globally Amid U.S. Uncertainty
The exchange is pursuing registrations in Abu Dhabi, Canada, and Singapore while continuing U.S. advocacy.
▌BlockFi Plans Summer Withdrawals
Customers may resume withdrawals by summer 2023, pending batch processing and third-party wallet setups.
▌Former SEC Chair: Crypto Integration Is Inevitable
Jay Clayton endorsed tokenization and stablecoins, calling blockchain adoption "uncontroversial."
Economic Outlook
▌Fed Rate Pause Likely (79.1% Probability)
CME data suggests the Fed will hold rates in June, with potential cuts in 2024.
▌Bank of America CEO Predicts Prolonged Pause
Moynihan expects rates to stabilize before 2024 reductions but warns against declaring the hike cycle over.
FAQ
Q: Why does Binance US oppose an asset freeze?
A: It would halt payroll, vendor payments, and platform maintenance, effectively shutting down operations.
Q: What’s the goal of Thailand’s CBDC pilot?
A: To improve payment systems and drive digital transformation.
Q: How is Coinbase responding to U.S. regulatory pressure?
A: By expanding in Canada, Abu Dhabi, and Singapore while lobbying for clearer U.S. rules.
👉 Explore Secure Crypto Trading Strategies
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Always conduct independent research and exercise caution when investing.
Source: Adapted from Golden Finance