Bitcoin News and Finance: What You Need to Know

Former Securities and Exchange Commission (SEC) official John Reed Stark said on Sunday via Twitter that he believes the U.S. Department of Justice (DOJ) has filed or will file a criminal indictment related to Binance. Stark, who draws from his experience in the SEC Enforcement Division, pointed to various indicators suggesting potential criminal charges in his recent statement. DOJ Likely to Charge Binance Following SEC and CFTC Actions, Says Former SEC Official According to John Reed Stark, the former head of internet enforcement at the SEC, the DOJ has either already filed or will file a criminal indictment against Binance, the world’s largest crypto exchange. Stark’s opinion comes after the SEC sued Binance on June 5, 2023, for violating securities laws. The former SEC official emphasized that the Commodity Futures Trading Commission’s lawsuit against Binance, along with the SEC’s latest complaint, “read more like criminal indictments” than typical regulatory actions. Stark ...

People in Turkey have been seeking refuge in stablecoins as their national fiat continues to depreciate against the greenback. The Turkish lira saw a record drop in its exchange rate with the U.S. dollar when the country’s central bank halted intervention after the recent presidential vote. Turkish Investors Seek Safe Haven in Stablecoin Tether Despite Global Crackdown on Crypto Demand for tether (USDT) in Turkey has been high since early May despite an ongoing crackdown on crypto assets around the world, Bloomberg noted. While the prices of major cryptocurrencies are falling, the Turkish lira has fared even worse, the report points out. The national fiat dropped 11% against the dollar during the past week after the central bank pulled back from intervention following the reelection of Turkey’s long-time President Recep Tayyip Erdogan . Turkish state banks resumed support on Wednesday after the currency’s biggest slide in over a year. With the lira having lost 80% of its value si...

At 1:19 p.m. Eastern Time on Sunday, June 11, 2023, Microstrategy, a publicly-listed company, had 140,000 bitcoin ( BTC ) on its balance sheet. Despite this impressive figure, a data analyst at blockchaincenter.net compiled metrics that reveal the company’s investment has decreased in value by 14%. The data also indicates that if Microstrategy had invested in ethereum ( ETH ) instead of BTC , the company’s portfolio would have increased by 54%. Blockchaincenter.net’s ‘There Is No Second Best’ Data Set Microstrategy, a company that offers business intelligence, mobile software, and cloud-based services, currently holds the largest amount of bitcoin ( BTC ) among publicly listed firms. In April, the company acquired an additional 1,045 BTC , bringing its total stash to an even 140,000. However, recent statistics reveal that the value of Microstrategy’s bitcoin portfolio has decreased by 14% as of Sunday. This means that the company’s cache, which was purchased for $4.206 billion, i...

Jim Rickards, an economist and the author of “Currency Wars,” has predicted the unveiling of a new BRICS currency, stating that it “could weaken the role of the dollar in global payments and ultimately displace the U.S. dollar as the leading payment currency and reserve currency.” Emphasizing that “The process by which this will happen is unprecedented, and the world is unprepared for this geopolitical shock wave,” he noted that “The BRICS+ present a realistic effort to de-dollarize global payments and eventually global reserves.” Jim Rickards on BRICS Currency Challenging U.S. Dollar Dominance Economist and “Currency Wars” author Jim Rickards shared his predictions about a proposed BRICS currency in an opinion piece published by the Daily Reckoning earlier this week. The leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are expected to discuss the proposed common currency at their next leaders’ summit in August. “On Aug. 22, about 2½ months from today,...

Seismic shifts have been occurring in crypto this past week, with the United States Securities and Exchange Commission (SEC) leaning remarkably further into what some call its “regulation by enforcement” approach, as the entity is now suing both Binance and Coinbase for securities laws violations. In other news, crypto firm Robinhood has decided to delist multiple popular crypto assets in the wake of the SEC’s latest barrage of red tape. This and more just below, in the latest Bitcoin.com News Week in Review. Binance Faces Legal Action by SEC for Violating US Securities Laws The U.S. Securities and Exchange Commission (SEC) took legal action against Binance, the largest cryptocurrency exchange globally, for violating U.S. securities laws. Gary Gensler, the chairman of the SEC, revealed that Binance is facing thirteen charges related to these violations. Read More Coinbase CEO Responds to SEC Lawsuit Accusing Crypto Exchange of Securities Law Violations Coinbase CEO Brian Armstr...

Amid the recent crackdown on two of the world’s largest crypto exchanges, cryptocurrency enthusiasts have been buzzing with discussions on various theories and investment strategies. While some have opted to sell their holdings in the face of uncertainty, others have taken a different approach. Rather than focusing on short-term gains, some crypto proponents are playing the long game, undeterred by regulatory pressure and steadfast in their decision to hold onto their investments. Theories, Guidance, and Principles — Crypto Market Sentiment Grows Chaotic Across Reddit The United States is currently witnessing a major crackdown on crypto firms and digital assets, following the Securities and Exchange Commission’s (SEC) lawsuit against Binance and Coinbase . As a result, there are numerous theories circulating about the so-called ‘ Operation Chokepoint 2.0 ‘, with crypto advocates attempting to explain why the crypto market is experiencing a downturn. A recent post on the Reddit for...