What’s Poppin’?
by Kari McMahon
The SEC took action against Binance and its CEO Changpeng Zhao, which comes just months after the CFTC’s enforcement action.
Popular alt-coins plummet as SEC calls them securities in lawsuit against Binance.
The CFTC approved Cboe’s clearing services for margin trading on crypto futures under the Commodity Act.
Former Minnesota Vikings owner Reggie Fowler will forfeit $740 million as part of a 75-month sentence for operating a crypto shadow bank.
New Pod Today!
Wallet security was in the spotlight after the announcement of Ledger Recover, but the crypto community doesn’t need to “freak out,” according to Itai Turbahn, cofounder and CEO of Dynamic Labs, and Ouriel Ohayon, CEO of ZenGo.
The two CEOs join the show to talk about the challenges of bringing self-custody to the masses. For many, “not your keys, not your coins” is actually “your keys, your problem.”
The Chopping Block: Don’t Miss the Livestream
The SEC sued Binance and there’s a lot to discuss.
Haseeb, Tom, Tarun, and Robert will be joined by Jake Chervinsky, chief policy officer at the Blockchain Association, to go over all the details.
Daily Bits…✍️✍️✍️
💰 Following the SEC's lawsuit against Binance for alleged securities law violations, crypto traders endured $320 million in losses due to market declines and the liquidation of positions.
⏳ The mediation period between insolvent crypto lender Genesis and its creditors was extended to June 16 by U.S. Bankruptcy Court Judge Sean Lane.
🔮 Berenberg analyst Mark Palmer suggested that the recent SEC lawsuit against Binance may foreshadow similar legal challenges for rival crypto exchange Coinbase.
📉 Citing prolonged crypto winter and regulatory ambiguity, Arca let go of 30% of its workforce to preserve capital and resources.
🥽 As traders anticipate Apple's VR headset launch, the virtual reality crypto sector experienced an 8% rise, boosting trading volume for related tokens to $905 million.
💱 Jeffrey Wilcke, cofounder of Ethereum, moved $41 million worth of ether to a Kraken address, his first such transfer in over two years.
Today in Crypto Adoption...
🔐 Zodia Custody, in partnership with Blockdaemon, plans to provide institutional clients with cryptocurrency staking services, capitalizing on the heightened interest since Ethereum's shift to a proof-of-stake system.
The $$$ Corner…
🌋 Tether invested in startup Volcano Energy's initial $250 million funding round, supporting its ambition to establish a Bitcoin mining farm in El Salvador.
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Apple just announced very exciting news for the metaverse.
While it’s still early days, there are already numerous things you can do in today’s iteration of the metaverse.
📈 Your Market Update 📉
BTC is down 4.1%, trading at $25,687
ETH is down 2.9%, trading at $1,814
BTC dominance: 43.9%
Crypto market cap: $1.14 trillion
*All data as of today, 7:40 am ET
Recommended Reads
Collins Belton gives the TL;DR on SEC’s lawsuit against Binance
Gabriel Shapiro on the proposed crypto market structure bill
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