Binance.US Fights Back: The Battle to Prevent SEC's Asset Freeze Amid Legal Challenges

In an attempt to halt the Securities and Exchange Commission's (SEC) plea to seize billions in assets from the cryptocurrency exchange Binance.US during a legal battle, lawyers for the exchange petitioned a federal judge on Monday.

Offering $100K Bounty to Recover Stolen Ether

Sturdy Finance, a decentralized lending platform, has put forth a $100,000 reward in an effort to retrieve the 442 ether (equivalent to $800,000) that was illicitly drained from the platform this Monday.

> The founder of Sturdy Finance, Sam Forman, validated the offer through a tweet in which he disclosed that his team communicated an on-chain message to the unidentified assailant’s cryptocurrency address.

Bitcoin’s Correlation with Equities Dwindles as COVID-19’s Financial Impact Recedes

A new research report by NYDIG, a Bitcoin services company, reveals that Bitcoin’s correlation with equities has been significantly declining as the world moves further from the height of the COVID-19 pandemic.

> The report makes a case for Bitcoin's value in portfolio construction due to its historically high risk-adjusted returns and low correlation with other asset classes.

> According to the report, prior to the COVID-19 pandemic, Bitcoin had almost no correlation with equities or other major asset classes, making it an attractive option for investors looking to diversify their portfolios.

> This era was termed the BC era (Before COVID).

> However, during the pandemic, as central banks and governments responded with monetary and fiscal stimuli, the correlations soared. More here.

Will Justice Ever Be Served?

The trial against Sam Bankman-Fried, the founder of FTX, might face considerable delays if additional charges are brought against him, according to statements from his legal representatives.

> The additional charges could postpone the proceedings which were initially scheduled for October, by a substantial amount of time, possibly even years.

> Sam Bankman-Fried had been apprehended in December and later extradited from the Bahamas following the downfall of his cryptocurrency business.

> His company had declared bankruptcy in the month prior to his arrest. Bankman-Fried has maintained his innocence and refuted the allegations of wire fraud and money laundering.

> The defense team has raised concerns regarding the legitimacy of the additional charges imposed by the U.S. Department of Justice after his extradition. Full report here.

eToro to Delist Selected Crypto Tokens for U.S. Customers Amid SEC Crackdown

In an effort to adapt to the rapidly changing regulatory landscape, social investing platform eToro has announced that it will delist a selection of cryptocurrency tokens for its U.S. customers starting at 6:00 AM ET on Wednesday, July 12.

> The decision, disclosed through a series of tweets, comes in the wake of recent legal action by the U.S. Securities and Exchange Commission (SEC) and illustrates the escalating scrutiny faced by cryptocurrency exchanges operating within the United States.

> eToro will no longer allow U.S. customers to open new positions in Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC).

> However, customers who already hold positions in these tokens will still be able to sell them. Details here.

Unraveling the SEC’s Crypto Approach Through William Hinman's Lens

Records pertaining to a legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs have revealed that William Hinman, who formerly served as the director of the SEC's Division of Corporation Finance, had an agenda to engage in discussions with Vitalik Buterin, co-founder of Ethereum, back in 2018.

> The documents, which include an email sent by Hinman in 2018, indicate that the conversation was meant to “confirm our understanding of how the Ethereum Foundation operates.”

> Notably, in 2018, Hinman stated that Ethereum's native currency Ether didn't warrant being regulated as a security.

> Ripple Labs has repeatedly cited this position in defense against the SEC’s claims. Full report here.

Snoop Dogg’s Groundbreaking NFT Passport Series: Access Exclusive Tour Content with Crypto

Acclaimed rapper and entrepreneur Snoop Dogg has initiated an innovative non-fungible token (NFT) collection termed the Snoop Dogg Passport Series.

> The series offers a dynamic component, akin to an evolving tour poster, that develops as Snoop Dogg makes his way across various locations during his summer tour starting July 7 in Vancouver.

> The Snoop Dogg Passport Series aims to provide its holders with an immersive experience by offering behind-the-scenes footage, limited-edition merchandise, and exclusive artwork from the rap legend himself.

> Moreover, Snoop Dogg, born as Calvin Broadus Jr., is introducing Snoop Selects as part of the Passport Series.

> Snoop Selects will encompass a personally-curated selection of NFT artworks that will be automatically delivered to the virtual wallets of the Passport holders. Continue reading.

Uniswap Labs Breaks New Ground with V4 Code Release: A Peek into the Future of Decentralized Exchanges

Uniswap Labs has unveiled a sneak peek into the draft code of Uniswap V4, as reported in a blog post dated June 13 by the founder of Uniswap, Hayden Adams.

> Uniswap V4 brings to the table an innovative feature called “hooks” or plugins, which empower developers with the ability to design tailor-made liquidity pools.

> Renowned as the globe’s biggest decentralized cryptocurrency exchange in terms of volume, Uniswap's current version, V3, was launched on May 4, 2021.

> In the words of Adams, the trailblazing “hooks” attribute of V4 enables developers “to create a way for pool deployers to introduce code that performs a designated action at key points throughout the pool’s lifecycle – like before or after a swap, or before or after an LP position is changed.” Details here.

Bitcoin and Ether Soar as Altcoins Tumble Amid Regulatory Crackdown

The crypto market has seen a shift towards Bitcoin (BTC), Ether (ETH), and stablecoins, as these assets now account for a whopping 80.5% of the market's total valuation, which is approximately $1 trillion.

> This is the highest market concentration for these assets since February 2021, as stated by K33 Research in their report on Tuesday.

> This significant change in market dynamics can be attributed to the sharp decrease in investments in altcoins, following the recent actions taken by the U.S. Securities and Exchange Commission (SEC).

> The SEC has taken a tough stance on several tokens, categorizing them as securities in their legal actions against cryptocurrency exchanges like Binance, Binance.US, and Coinbase.

> Investors, evidently concerned about the regulatory crackdown, have moved away from altcoins. Notably, the top 10 crypto assets, which include Binance's BNB, Cardano's ADA, and Solana's SOL, experienced significant losses.

> These tokens, labeled as securities in the legal disputes, saw their value plummet by as much as 30% over a single week.

> The shift in investment preferences highlights the investors' inclination to seek refuge in what they perceive to be more stable and less risky assets amid regulatory uncertainties.