Top Crypto News Stories for Tuesday, June 6, 2023
SEC sues Coinbase for offering unregistered digital tokens. The Securities and Exchange Commission (SEC) sued Coinbase Global Inc. on Tuesday, alleging that the cryptocurrency exchange violated securities laws by offering and selling digital tokens that are not registered with the agency. The lawsuit comes just hours after the SEC sued Binance, the world’s largest cryptocurrency exchange, for similar violations.
SEC’s Binance lawsuit triggers record $1.2 billion in crypto liquidations; Binance responds. The value of crypto assets liquidated on Tuesday reached a record high of $1.2 billion, according to data from Bybt.com. The liquidations were likely triggered by the SEC’s lawsuit against Binance, which sent shockwaves through the crypto markets. The lawsuit is the latest in a series of regulatory actions against the crypto industry, and it has raised concerns about the future of the industry. A spokesperson for Binance said: “We want to be clear that while we take the allegations in the SEC’s complaint seriously, they should not be the subject of an SEC enforcement action, let alone on an expedited basis. They are unjustified.” Binance issued a response to the SEC’s lawsuit saying that it had been complying with regulators’ “questions” and was looking to negotiate a settlement with the agency.
CFTC approves Cboe margin crypto futures contracts, allowing investors to trade Bitcoin and Ethereum more efficiently. The Commodity Futures Trading Commission (CFTC) on Tuesday approved Cboe Global Markets Inc.’s application to offer margined futures contracts on Bitcoin and Ethereum. The approval is a major step forward for the cryptocurrency industry, as it gives investors access to more efficient and cost-effective ways to trade cryptocurrencies.
Kava price surges despite broader market slump, as investors seek out unregulated assets. The price of Kava (KAVA), a decentralized lending protocol, has surged by over 50% in the past 24 hours. The move comes as the broader cryptocurrency market has been hit by a sell-off, following the SEC’s lawsuits against Coinbase and Binance. The surge in KAVA’s price is likely due to the fact that the protocol is not regulated by the SEC, and therefore is not subject to the same scrutiny as exchanges like Coinbase and Binance.
InQubeta and solana are two cryptocurrencies expected to grow in 2023. Two cryptocurrencies, InQubeta (INQ) and solana (SOL), are poised for growth in 2023, according to a report by Finder.com. INQ is a privacy-focused cryptocurrency that is designed to protect users’ data. SOL is a high-performance blockchain that is designed to support decentralized finance (DeFi) applications. Both INQ and SOL have seen significant growth in recent months, and they are expected to continue to grow in 2023.
Former NFL co-owner William Clay Ford Jr. sentenced to six years in prison for running $1.2 billion cryptocurrency shadow bank. Former NFL co-owner William Clay Ford Jr. was sentenced to six years in prison on Tuesday for running a $1.2 billion cryptocurrency shadow bank. Ford pleaded guilty to one count of conspiracy to commit bank fraud and one count of conspiracy to commit money laundering. Ford’s company, First Midwest Bank, used cryptocurrency to launder money for drug cartels and other criminal organizations.