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BinanceUS is getting serious and will stop US dollar fiat transactions on June 13, 2023. The reason is the lawsuit by the SEC (American Securities and Exchange Commission) against the company and the pressure from the authorities causing banks to stop working with crypto exchanges. Binance.US will only have one cryptos exchange in the future. The SEC has also sued Binance. The allegations are violating securities laws, misappropriating customer funds, illegally winning billions of dollars and ignoring criminal activities. Coinbase has also been sued in the meantime, but this has a certain “flavor”. Because the IPO of the Tier-1 crypto exchange was approved by the SEC at the time.
Why is the SEC hunting crypto exchanges?
The reason the SEC wants to hunt down crypto exchanges has a name: FTX. In November of last year, the world’s third largest crypto exchange went bankrupt – and this time, unlike the Terra/Luna bankruptcy, the American banking sector was affected. This has woken up the regulators – and they are now, to put it mildly, taking a closer look at crypto exchanges.
In addition, many cryptocurrencies are classified as so-called securities by the SEC. These include ADA (Cardano), SOL (Solana) and MATIC (Polygon). Their courses then dropped promptly this week. On a weekly basis at even 30%.
Neo-broker Robinhood, also known for his inglorious role in Gamestop stock, quickly removed the coins from the offer.
But what you should know about this is that the medals were only removed based on statements from the SEC. There are no court decisions so far.
Meanwhile, the US Chamber of Commerce (the largest corporate lobbying group in the US) has stepped in and filed a lawsuit against the SEC. The accusation is that the authority is acting illegally in the crypto industry. The US Treasury Committee was also critical of the SEC’s actions.
Ripple vs CSS game
The SEC vs Ripple dispute, which has been before the Supreme Court for two years, is almost a classic. Specifically, the authority accuses the company of issuing tokens without authorization because these are securities. Of course, Ripple sees things differently and last year the company was able to achieve an important partial success. A US judge has rejected the SEC’s request to seal the so-called “Hinman files”. The former director of the authority explained in 2018 that ether is not a security – ie the native token of the Ethereum blockchain. In mid-June, more internal documents from the SEC will then be included in the process – among other things, how the SEC internally assesses the status of individual cryptocurrencies could then be made public. A verdict is expected in the summer of this year. Incidentally, it is striking that XRP and Ripple are not mentioned in any of the new lawsuits. If Ripple were to win the lawsuit, it could point the way for the US crypto market.
Court victory for @Ripple as the judge denies the SEC’s motion to seal Hinman’s documents.
— JackTheRippler ©️ (@RippleXrpie) June 8, 2023
Incidentally, German investors need not worry. The frenzy of new SEC regulations only affects Binance US. Other crypto exchanges in Germany are also not affected.
Wall Street Memes – the winner of laughter?
Meme coins could become a laughing third party in the tussle between altcoins, crypto exchanges and the SEC. Because most joke currencies don’t have a real use case, making them difficult to consider as security. Community is the great strength of meme bases. Probably the most famous example here is the Dogecoin (DOGE) with its Dogarmy, led by the “Dogefather” Elon Musk. A new meme base, which was launched only recently and can currently be purchased in the PreSale, is also playing at the top here with about 1 million followers: the WSM, launched by the Wall Street Memes platform.
It all started with wall street bets
The roots of Wall Street Memes lie with Wallstreetbets, ie exactly the subreddit that brought a very large hedge fund to its knees with Melvin Capital in 2021, that is with Gamestopp share. In 2021, the company was struggling to survive and stay on Wall Street. Some hedge funds had bet on Gamestop’s reduced prices and the calculation had been made without the small investors, nerds and gamers. They agreed to buy the shares at Wall Street Bets and pushed the price up to 300 US dollars in some cases. This is where the new broker Robinhood comes into play, which severely restricted the day-to-day trading of the share, much to the displeasure of small investors, and a shitstorm broke over Robinhood. The rest is history, as the hedge funds lost billions in some cases and even Melvin Capital had to be bailed out – only to be liquidated in 2022.
Greed is good
Wall Street memes and the WSM have their roots in this movement. You can read “greed is good” on the home page. This is a quote from Gordon Gecko (Michael Douglas) from the cult movie Wall Street, who got rich by selling useless stocks. It’s just like meme coins. These are really useless because of the lack of use cases, and yet many small investors become millionaires overnight.
When you stay invested in crypto while the SEC sues Binance and Coinbase pic.twitter.com/csdsyovISm
— Wall Street Memes (@wallstmemes) June 7, 2023
By the way, the makers are completely open about the fact that the WSM has no utility and that seems to be well accepted. Within 10 days, the team was able to generate around four million US dollars to raise capital by selling the WSM tokens. It is now about $5.9 million. The WSM token currently costs $0.0283.
Incidentally, the creators of Wall Street memes are not unknown in the crypto world. In 2021, the team launched the Wall St. NFT collection. Bulls, limited to 10,000 pieces – sold out within 32 minutes.
Last updated on June 10, 2023
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