1,064 Crypto Jobs. Zero Excuses!

Coinbase CEO Brian Armstrong confirmed that the exchange will continue its staking service despite lawsuits from state and federal regulators, while the Chief Legal Officer Paul Grewal stated that tokens named in the SEC's lawsuit would not be delisted. Brian Armstrong also defended Coinbase's position and the broader cryptocurrency sector in a recent Bloomberg Live interview.

Crypto traders withdrew $78.48 million from Binance US on June 7 despite reassurances, with negative net outflows across all protocols totaling $597.2 million in the last 24 hours, as the US SEC's recent lawsuit against Coinbase and Binance saw hundreds of millions of dollars in negative net outflows recorded by blockchain intelligence startup Nansen, leading to suggestions that retreat from the American market could be easier than trying to stay.

Bitcoin's short-term performance has created a five-swing bearish sequence, potentially leading to a downward trend for the crypto king, according to recent market analysis. Meanwhile, a crypto analyst is predicting a major correction for Bitcoin based on a flashing bear signal, but another analyst is suggesting that Bitcoin could potentially break out and exceed a price of $28,800.

The UK's Financial Conduct Authority (FCA) is introducing stricter rules for crypto marketing due to a "growing mismatch" between consumers' investment decisions and their risk tolerance. The new rules will include a 24-hour "cooling-off" period, risk warnings in ads, and will prevent crypto firms from offering "refer a friend" schemes. The FCA will treat crypto like a high-risk investment. However, the dates for the implementation of these rules have not been announced.

The SEC's recent legal actions against Binance have prompted regulatory concerns and compliance issues for several prominent cryptocurrencies, including Cardano (ADA), Solana (SOL), and Polygon (MATIC). ADA has seen a dip in performance, and the CEO of Cardano Foundation has expressed disagreement with its classification as a security, emphasizing the need for regulatory clarity. Robinhood has also hinted at potential delistings for ADA, SOL, and MATIC.

According to documents filed by the SEC on June 9th, lawyers representing Binance's parent company, Changpeng Zhao, claim SEC Chair Gary Gensler had previously offered to serve as an advisor to Binance in March 2019 before he held his current position. The lawyers asked for Gensler's recusal from the case against Binance on the grounds of a potential conflict of interest.

Former Twitter CEO and Bitcoin advocate Jack Dorsey has sparked controversy by stating that Ethereum (ETH) may be considered a security, causing disagreement among the crypto community. A conclusive decision has not yet been reached on whether Ethereum should classify as a security, and the debate on the topic continues.

Accusations that leading tokens (ADA, MATIC, BNB, & SOL) are securities caused $320 million losses in liquidation.

The SEC sued Binance and Coinbase this week but with different allegations. Binance was accused of selling unregistered securities while the allegations against Coinbase are vastly different. Binance CEO and Coinbase Chief Executive both lost money since the lawsuits were filed. The crypto community is waiting for Binance charges to be justified.

The US District Court has issued a 21-day summons for Binance CEO Changpeng Zhao to respond to a lawsuit by SEC, which he has clarified as standard procedure and nothing out of the ordinary. CZ's current location is in Malta.

Aave has proposed two key features for the decentralized stablecoin and submitted a proposal for GHO stablecoin launch on Ethereum. It aims to be the native token and will initially arrive on Aave V3 Ethereum Facilitator and FlashMinter Facilitator, with the ultimate goal of landing on the Ethereum mainnet. A breakthrough proposal has been unveiled on Aave's governance forum, introducing GHO, a native stablecoin set to launch on the Ethereum mainnet. These developments aim to enhance user benefits while maintaining stability.

SEC's aggressive actions against crypto are destroying wealth, as seen in the decline of Binance CEO Zhao and Coinbase CEO Armstrong's personal wealth, following accusations of violating securities regulations, according to Bloomberg's Billionaires' Index. The lawsuits filed have led to negative net outflows for both exchanges and increased scrutiny on the crypto market.

US Congressmen Brad Sherman and Stephen Lynch are urging the IRS to develop and release proposed regulations on crypto tax rules as soon as possible, calling the industry "a major source of tax evasion". They argue that swift rules would foster complete compliance from the fast-growing industry.

US Treasury Secretary, Janet Yellen, stated in a recent interview with CNBC that she supports regulatory oversight and enhanced regulation in the cryptocurrency industry to protect consumers and investors, especially in light of recent SEC lawsuits against Coinbase and Binance.

Binance.US is making significant changes to its trading structure on June 8, 2023 at 9 a.m., including removing hundreds of thousands of trading pairs. Deposits and withdrawals function as normal, but its over-the-counter trading portal is paused.