The cryptocurrency market had a volatile week, with a cautious Federal Reserve impacting buyer sentiment and news about Mt. Gox providing some relief to investors during the week.
SEC Chair Gary Gensler offered insights on cryptocurrencies, their classification as securities, and potential effects of a US government shutdown on market regulation.
Binance Holdings Limited and CEO Changpeng Zhao submitted a dismissal motion in the SEC v Binance lawsuit.
The CBDC Anti-Surveillance State Act advanced to the House of Representatives.
Binance Holdings Limited and CEO Changpeng Zhao have moved to have a lawsuit dismissed, challenging the SEC's 13 charges from June 5 alleging unregistered exchanges and other violations. The defense argues that the SEC failed to prove that any crypto assets under scrutiny are securities.
Binance coin (BNB) saw a 2.45% decline to $211.2, while the overall crypto market cap remained steady at $1,033 billion. Meanwhile, Mt. Gox Trustees announced a delay in repayment deadlines to October 31, 2024, affecting market sentiment due to the potential influx of crypto sales.
The House Financial Services Committee's passing of the CBDC Anti-Surveillance State Act to the Full House signals growing resistance to US government and Fed plans for a Central Bank Digital Currency (CBDC). Congressional authorization is now required for CBDC issuance.
SEC Chair Gary Gensler's continued assertion that cryptos are securities has drawn attention. He emphasized the need for crypto tokens to comply with US Securities Laws and discussed the potential impact of a US government shutdown on the SEC and market oversight.
JPEX, a crypto platform, suspended trading services amid fraud allegations and a police arrest, casting doubt on Hong Kong's ambitions to establish itself as a crypto hub.
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