EddieJayonCrypto
13 Jun 23
1. BinanceUS has brought in a big gun to fight against the SEC and its filing of a restraining order. The new attorney they brought in is no lightweight either. George Canellos formerly served as co-director of the SEC’s Division of Enforcement. If the courts grant the restraining order, it would ef...
1. BinanceUS has brought in a big gun to fight against the SEC and its filing of a restraining order. The new attorney they brought in is no lightweight either. George Canellos formerly served as co-director of the SEC’s Division of Enforcement. If the courts grant the restraining order, it would effectively put BinanceUS out of business and put customers at risk. The very reason why the SEC says they are taking action. Mind you, BinanceUS business has already dropped a whopping 78%. 2. Meanwhile eToro joins the coward bucket by halting customer access to Polygon, Algorand, Decentraland, and Dash. This is on the heels of Robinhood dropping support for a similar, but longer, list of cryptos. Robinhood's crypto trading volume dropped by 68% year-over-year to $2.1B in May. Being they only recently dropped the coins I would say there are going to be more headwinds for them. 3. Even with everything going on with the SEC, Polygon is moving onward and upward. Total Value Locked (TVL) transaction volume is on the rise having experienced the largest growth across all platforms in May. Some are pointing to zkEVms mainnet beta upgrade as a catalyst. The upgrades coming with the zkEVM implementation include easy porting of Ethereum-based dApps to the platform. Which would increase due to the scalability of what is known as Polygon 2.0. 4. In case you forgot, all eyes are on the Ripple case today. That's because the Hinman documents are to be released today. Ripple CEO Brad Garlinghouse says they are worth the wait, too. During the 18-month, $200M battle with the SEC Ripple has been fighting since almost from day 1 to have the documents released. If the documents are even half as good as what people are thinking, the case could move toward a momentous conclusion. The implications of which could even be felt in the most recent of actions taken by the SEC. I think the credibility of the federal institution could be at state and it would all lay at the feet of Chairman Gary Gensler. The papers are so important that when Galaxy Digital CEO Mike Novogratz was on Bloomberg yesterday he stated we may even find out if the SEC even has the right to regulate the digital assets. 5. The release of the CPI numbers today is a big deal. The numbers could show a continued drop in inflation. Many economists are thinking the Fed will have to get to 6% to truly halt the rise of inflation. If that is the case, a skip or a pause will not matter over the long-term because they would have to continue the increases at some point.