Bitcoin News and Finance: What You Need to Know

The United States District Court in Washington, D.C., at the request of the Securities and Exchange Commission (SEC), summoned Binance CEO Changpeng Zhao (CZ) on Wednesday. Binance CEO CZ Challenged by SEC Summons as Legal Battles Escalate On Wednesday, several social media accounts shared a summons intended for the CEO of Binance, Changpeng Zhao, also known as CZ. The document states that CZ must respond upon being served, and at that time, he will have 21 days to address the court. “If you fail to respond, judgment by default will be entered against you for the relief demanded in the complaint,” the court filing details. I was told this is just part of the SEC compliant process. Nothing new. Also told I won't have to appear in person. No need to FUD. pic.twitter.com/NYUlBCIirG — CZ Binance (@cz_binance) June 7, 2023 The summons necessitates a response and bears the signature of the court clerk. CZ was served at his residence in Malta, and he shared a tweet about th...

Robinhood is reviewing its crypto offerings after the U.S. Securities and Exchange Commission (SEC) went after major digital assets exchanges. In lawsuits against Binance and Coinbase, the regulator claims that a number of tokens listed by the trading platforms are unregistered securities. Robinhood Reviews Cryptocurrency Offerings Amid U.S. Crackdown on Leading Exchanges U.S.-based online broker Robinhood Markets is taking a look at its digital coin offerings following the SEC’s decision to crack down on Binance, the world’s largest crypto exchange, and Coinbase, the leading digital asset exchange in the United States. The financial services company is “actively reviewing” the regulator’s analysis “to determine what, if any, actions to take,” the firm’s Chief Legal Compliance and Corporate Affairs Officer Dan Gallagher said, quoted by Bloomberg. Gallagher, who is a former SEC commissioner, announced the move when he testified in Congress before the House Agriculture Committee in ...

Bitcoin rebounded from a near three-month low on Wednesday, as traders moved to buy the latest price dip. Yesterday’s decline came as the U.S. Securities and Exchange Commission sued both Binance and Coinbase. Ethereum moved closer to $1,900 in today’s session. Bitcoin Bitcoin ( BTC ) bounced back above the $27,000 level on Wednesday, as traders moved to buy the recent dip in price. Following a low of $25,434.87 on Tuesday, BTC /USD raced to an intraday high of $27,332.18 in today’s session. This move saw bitcoin climb away from its weakest point since March 17, when it was at a low of $24,946. Bitcoin chart by TradingView Overall, price has also risen back above a key support point at $26,300, with the relative strength index (RSI) hovering near a similar area. At the time of writing, price strength is tracking at 45.67, which is below a resistance level of 47.00. The 10-day (red) moving average also remains above its 25-day (blue) counterpart, which could be a positive s...

My Applets Explore Developers Upgrade Create Bitcoin News-GA4 Activity Error Applet failed Jun 07 - 2:17 PM RSS Feed Bitcoin News-GA4 Action failure message: This Applet has reached its daily rate limit and was skipped. RSS Feed icon RSS Feed New feed item Trigger ran, 2:17 PM Blogger icon Blogger Create a post Action failed, 2:17 PM Error Applet failed Jun 07 - 1:17 PM RSS Feed Bitcoin News-GA4 Action failure message: This Applet has reached its daily rate limit and was skipped. RSS Feed icon RSS Feed New feed item Trigger ran, 1:17 PM Blogger icon Blogger Create a post Action failed, 1:17 PM Check Applet ran Jun 07 - 11:17 AM RSS Feed Bitcoin News-GA4 New entry from Bitcoin News: Russian Finance Minister Talks Dollar Attack on Russia, Importance of Developing Alternatives for Settlements RSS Feed icon RSS Feed New feed item Trigger ran, 11:17 AM Blogger icon Blogger Create a post Action ran, 11:17 AM Error Applet failed Jun 07 - 10:17 AM RSS Feed Bitcoin News-GA4 Action failure...

A senior economist at financial services firm TD says the Chinese yuan, the euro, and digital currencies could erode the U.S. dollar’s dominance. “Several countries have shown frustration with the dominance of the dollar and are pursuing alternatives for conducting international trade and cross-border banking,” he said. Long-Term Trend Is Away From US Dollar, Says Economist Vikram Rai, a senior economist at financial services firm TD, discussed the global de-dollarization trend and currencies that have the potential to diminish the dominance of the U.S. dollar in a note published last week. He specifically mentioned the Chinese yuan, the euro, and central bank digital currencies (CBDCs) as noteworthy challengers. While stating that the U.S. dollar “remains the dominant and most-used currency,” the economist stressed that “the long-term trend is away from it.” He described: Several countries have shown frustration with the dominance of the dollar and are pursuing alternatives for co...

Russian Finance Minister Anton Siluanov has given his opinion on the perceived attack the Russian economy has been receiving from the U.S. dollar, and how the country has moved to keep trade going. Siluanov also remarked on the importance of developing settlements in national currencies. Russian Finance Minister Anton Siluanov: ‘The Dollar Has Challenged Russia’ Anton Siluanov, the Russian finance minister, has referred to Russia’s situation after having most of its means for dollar-based exchange blocked. Siluanov noted that Russia was forced to find alternatives to the dollar due to the economic sanctions enacted by the U.S. government, due to the country’s involvement in the Russia-Ukraine conflict. In an interview with CGTV, Siluanov stated : We are not challenging the dollar, the dollar has challenged Russia, so we are looking for reliable alternative settlement mechanisms between our exporters and importers so that it is convenient, reliable and beneficial for participants ...

PRESS RELEASE. June 6th, 2023: Unigrid, a pioneering force in the development of a decentralized and anonymous Internet, is excited to announce a significant milestone, a new strategic partnership, and an ambitious market positioning. Unigrid has recently secured a $25 million investment commitment from GEM Digital Limited. Additionally, Unigrid has partnered with WeSendit, the world’s first file transfer service specializing in anonymous data transfer and decentralized storage solutions. Unigrid is poised to become a formidable European alternative to dominant providers such as Amazon AWS and Google Cloud. Unigrid’s CTO, Adam Waldenberg, emphasizes the transformative power of blockchain technology in guaranteeing the permanence of information, thereby fundamentally reshaping the cloud industry. Businesses will be able to leverage Unigrid to deliver and store data at significantly lower costs compared to traditional cloud providers like Amazon AWS, resulting in substantial savings. U...

In the aftermath of the U.S. Securities and Exchange Commission’s (SEC) enforcement actions against Coinbase and Binance, chairman Gary Gensler engaged in a conversation, maintaining that further digital currencies are unnecessary. “We already have digital currency. It’s called the U.S. dollar. It’s called the euro or it’s called the yen, they’re all digital right now,” Gensler emphasized during his guest spot on CNBC’s “Squawk on the Street” program. Gensler: ‘We Already Have Digital Currency, It’s Called the U.S. Dollar’ Following the legal filings involving Coinbase and Binance for failing to register as brokerages and selling unregistered securities, Gary Gensler, the current SEC chairman, shared his thoughts on CNBC’s Squawk Box on Tuesday. His sentiment indicated that numerous existing crypto assets are unwarranted. “Look, we don’t need more digital currency,” Gensler emphasized on CNBC’s “Squawk on the Street.” “We already have digital currency. It’s called the U.S. dollar...

Following the lawsuit filing by the U.S. Securities and Exchange Commission (SEC) against Binance, encompassing 13 allegations of “operating unregistered trading platforms” and “participating in multiple unregistered offers and sales of crypto asset securities,” Charles Hoskinson, co-founder of IOHK, provided his insight on the matter. Hoskinson commented that the complaint appears to be a component of a larger plan aiming to establish an “agenda based [central bank digital currency (CBDC)].” Binance Lawsuit Triggers Warning From IOHK’s Charles Hoskinson Charles Hoskinson , co-founder of IOHK (Input Output Hong Kong) and Ethereum, has weighed in on the recent lawsuit against Binance. IOHK is the development team that develops the Cardano ( ADA ) network, the world’s eighth-largest cryptocurrency project by market capitalization. On Monday, Hoskinson revealed that the complaint appears to be a component of a larger plan to establish increased control over the U.S. financial system. “...

Bitcoin plunged to its lowest point in over two months, as markets continue to react to the SEC versus Binance lawsuit. The Securities and Exchange Commission (SEC) is suing the crypto exchange for violation of U.S securities laws. Ethereum was also in the red, dropping below $1,800 in the process. Bitcoin Bitcoin ( BTC ) sank to a multi-month low on Tuesday, as markets reacted to the news that has been sued by the SEC . BTC /USD dropped to a bottom at $25,445.17 earlier in today’s session, a day after trading at a high of $26,810.22. This decline pushed bitcoin to its weakest point since March 17, when it was at a low of $24,946. Looking at the chart, the drop in price coincided with the 14-day relative strength index (RSI) falling below a floor at 38.00. At the time of writing, the index is tracking at 36.12, its weakest point since mid-March. Despite a recent upwards crossover of moving averages (MA), the 10-day trendline has now firmly shifted direction. Ethereum Additiona...

After the U.S. Securities and Exchange Commission (SEC) sued Binance, it has now filed a legal case against the San Francisco-based exchange, Coinbase. The SEC alleges that Coinbase breached multiple securities regulations and has been functioning as an unregistered broker since 2019. SEC Alleges Coinbase Operated an Unregistered Brokerage and Committed Multiple Securities Offenses The SEC is clamping down on another digital currency platform, this time targeting Coinbase for purportedly operating as an unregistered broker and infringing upon various securities laws. While Coinbase has examined specific crypto assets for compliance with the Howey test, the SEC claims that the company has listed several cryptocurrencies that fail the test or classify as investment contracts. Regarding the classification of individual assets as securities, the regulatory body contends that coins like ICP, AXS, CHZ, FLOW, DASH , VGX, FIL, NEXO, NEAR, ADA , SAND, SOL, and MATIC meet the criteria of bei...

According to Venket Naga, the CEO of Serenity Shield — a privacy-preserving decentralized application — many of today’s crypto holders understand the importance of not just protecting and preserving their assets but the ability “to pass them on in case of unexpected events.” In written answers to questions sent by Bitcoin.com News, Naga also argued that the much-desired mass adoption of cryptocurrencies cannot be achieved “without a robust estate planning solution.” ‘A Blockchain Problem Requires a Blockchain Solution’ Venket Naga, CEO of privacy-focused decentralized application Serenity Shield, believes that inheritance plans in crypto are important, but also acknowledges that having such a plan comes with risks which include the loss or theft of private keys. The CEO also agreed that in some cases, hardware devices used to store digital assets may become compromised and this could lead to permanent losses. However, Naga insisted that crypto holders can still overcome the risks a...

The Kenyan central bank has said implementing a central bank digital currency (CBDC) may not be a priority for Kenya in the short to medium term. According to the central bank, Kenya’s “pain points in payments can potentially be solved by strengthening innovations around the existing payment ecosystem.” Central Bank Will ‘Continue to Monitor’ Need for a CBDC According to the Central Bank of Kenya (CBK), the allure of central bank digital currencies (CBDC) is fading and the implementation of such “may not be a priority in Kenya in the short to medium term.” However, in its recently published discussion paper on CBDCs, the bank said it will “continue to monitor developments” globally and “periodically assess the need for CBDC in Kenya.” Press Release – Issuance of Discussion Paper on Central Bank Digital Currency: Comments from the Public pic.twitter.com/dMlrUj2eD6 — Central Bank of Kenya (@CBKKenya) June 2, 2023 As reported by Bitcoin.com News in Feb. 2022, the CBK initially ...

The U.S. Securities and Exchange Commission (SEC) has identified 12 crypto tokens as securities in a new lawsuit filed against Binance and its CEO, Changpeng Zhao (CZ). The securities regulator asserted that Binance platforms “have made available for trading on them crypto assets that are offered and sold as investment contracts, and thus as securities.” SEC Highlights 12 Crypto Tokens as Securities in New Lawsuit The U.S. Securities and Exchange Commission (SEC) has claimed that 12 crypto tokens are securities in its lawsuit filed Monday against crypto exchange and its CEO, Changpeng Zhao (CZ). The lawsuit also names Bam Trading Services, which operates crypto trading platform Binance.US, and its parent company Bam Management US Holdings as defendants. According to the lawsuit, Zhao owns 81% of Bam Management. The SEC alleged that the defendants have “unlawfully solicited U.S. investors to buy, sell, and trade crypto asset securities through unregistered trading platforms availabl...

Mitsubishi UFJ Financial Group (MUFG), the largest bank in Japan, announced its plans to deploy and distribute bank-backed stablecoins on different public blockchains. The Japanese bank has partnered with Datachain, a blockchain interoperability company, and Toki, a cross-chain bridge, to allow the interoperation of these licensed stablecoins along several blockchains using its Progmat Coin protocol. MUFG Presents Technical Partnership for the Issuance of Stablecoins MUFG has announced that it plans to deploy stablecoins on top of public blockchains. The bank, which held $776 billion in assets under management (AUM) by 2020, is partnering with Datachain, a blockchain interoperability company, and Toki, a cross-chain bridge. The announcement of MUFG comes after the revised funds’ settlement law passed in 2022 came to take effect on Thursday to allow financial institutions to issue stablecoins. MUFG will use its in-house developer “ Progmat Coin ” platform for this. Progmat Coin is a...

PRESS RELEASE. The Japanese Ministry of Economy, Trade and Industry (METI) has confirmed its support for Japan Blockchain Week 2023, establishing it as a significant platform for both the global and Japanese blockchain communities to convene, building upon the success of the previous year’s event in 2022. Official Website: https://japanblockchainweek.jp/ The Ministry of Economy, Trade and Industry (METI) has enthusiastically announced its decision to provide support for Japan Blockchain Week—an incredible, all-Japan global event that aims to showcase the Japanese blockchain industry to the world! Last year’s Japan Blockchain Week garnered immense global attention with over 30 captivating community events. And now, in the wake of the Covid-19 pandemic settling down, this year’s Japan Blockchain Week promises to be even more remarkable. Enthusiastic participants from both Japan and abroad are expected to flock to this eagerly anticipated event. It’s an extraordinary opportunity for al...