🗿 SEC Sues Binance (Update)

The SEC charged Binance and CZ with securities law violations. Crypto prices tumbled Monday in response to the news

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GM. Apple threw its biggest demo day in a decade. The world’s biggest crypto exchange gets sued by the SEC. And it’s only Tuesday. Let’s dive in.

Today’s Specials:

No FOMO News 📰 : Ex-Minnesota Vikings co-owner sent to prison ⚖️

No FOMO 🗿 : SEC Sues Binance 👨‍⚖️ 

No FOMO 🗿 : Apple Launches First Spatial Computer 🥽

AI Intel 🤖 : AI Kills 4,000 Jobs in May 👷

Conference Corner 🏢 : NFC Lisbon Alpha 🇵🇹 

No FOMO News 📰

  • Ex-Minnesota Vikings co-owner sent to prison in $700M cyrptocurrency shadow bank scam (USA Today)

  • Venture capital funding for crypto firms has plummeted in 2023 (Quartz)

  • AI-related crypto returns rose up to 41% after ChatGPT launched: Study (Cointelegraph)

  • UK Crypto Think Tank Warns Government of CBDC Privacy, Security Risks (Decrypt)

  • Exclusive: Crypto giant Binance controlled ‘independent’ US affiliate’s bank accounts (Reuters)

  • Circle says it's launching USDC natively on Arbitrum (The Block)

  • Hong Kong’s regulatory lead sets it up to be major crypto hub (Cointelegraph)

  • Crypto Traders Suffer $320M Losses in Liquidations as SEC Lawsuit Against Binance Spurs Market Plunge (CoinDesk)

SEC Sues Binance 👨‍⚖️

The SEC threw the book at Binance and their founder Changpeng Zhao (better known as CZ) Monday morning.

You heard that right — the SEC charged Binance and CZ with securities law violations. Big yikes. Crypto prices tumbled Monday in response to the news.

Binance net outflows hit $778 million as of early Tuesday in response to the news. That’s a lot of pressure on the exchange.

The Allegations:

  • Binance and CZ allowed high-value U.S. customers to continue trading on Binance.com, despite publicly claiming restrictions and secretly controlling the operations of Binance.US.

  • Binance commingled customer assets and diverted them to an entity owned by CZ.

  • Binance engaged in manipulative trading and misleading investors about trading controls and volumes.

  • Charges include operating unregistered national securities exchanges, broker-dealers, and clearing agencies, unregistered offers and sales of crypto assets, and failure to restrict U.S. investors from accessing Binance.com.

Binance Denies Wrongdoing

  • Binance is disappointed, stating they should not be subject to enforcement action.

  • They criticized the SEC's approach to regulation in the digital asset industry, claiming a lack of clarity and guidance and reliance on enforcement rather than collaboration.

  • Binance highlighted concerns about the impact on America's position as a hub for financial innovation and leadership.

  • Binance ensured that user assets on Binance and its affiliate platforms, including Binance.US, are safe and secure.

  • They claimed the SEC's actions may be motivated by jurisdictional conflicts and headline-making rather than investor protection.

Silver lining: clearer rules around crypto are coming. This may just be FUD headlines that pass like the rain.

TLDR; Crypto prices took a tumble Monday as the SEC sued Binance for securities laws violations. Binance pushed back against the SEC and denied any wrongdoing.

A Metaverse Moment 🥽

Apple launches its own ultra-high-resolution VR headset, the “Vision Pro”. The first spatial computer.

It will start at $3,499 and launch early next year. Everyone on the internet is talking about this today, so we won’t bore you with what we think. Here’s Apple’s full presentation.

Poll

Will you be buying the Apple Vision Pro headset?

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AI Intel 🤖

  • AI should be licensed like medicines or nuclear power, Labour suggests (The Guardian)

  • Apple’s practical approach to A.I.: No bragging, just features (CNBC)

  • AI eliminated nearly 4,000 jobs in May, report says (CBS)

  • Elon Musk says China will initiate AI regulations (Reuters)

  • AI-generated content should be labeled, EU commissioner says (Aljazeera)

Conference Corner 🏢 : NFC Lisbon Alpha 🇵🇹 

Non-Fungible Conference in Lisbon is starting tomorrow. There’s still time to get tickets here and check out the side event list below:

Shameless Shill + Alpha

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