Bitcoin Brushes $28K as XRP Skyrockets

Bitcoin experienced marginal gains amidst a booming altcoin market, briefly touching the $28,000 mark before nosediving below $27,000. Meanwhile, Ethereum, the second-largest cryptocurrency by market capitalization, soared past $1,900 during the week but is currently trading around $1,844.
Ripple’s XRP stole the show in the cryptocurrency market last week with a stellar 11 percent surge. The rally came on the heels of encouraging updates concerning its ongoing legal tussle with the Securities and Exchange Commission (SEC) and a notable spike in its active user base.
On the other hand, Solana (SOL) started the year with a bang but lost momentum in recent times. However, the last seven days have been positive for SOL with a 4 percent uptick as market participants speculate on its ability to break the $24 barrier. Currently floating just under $20, SOL requires a 12 percent jump to shatter this resistance. Signalling robust growth, Solana’s 24-hour trading volume shot up by 59 percent, reaching $303 million, a significant leap from its earlier averages.
In the equity realm, Coinbase, the prominent cryptocurrency exchange, saw its shares rebound by 3.1 percent, closing at $54.90 on Thursday. This came amidst a turbulent week for the exchange, characterized by the lawsuit slapped on it by the US SEC. Although the stock tumbled to $52.14 around 10 a.m. ET, it embarked on a steady climb for the remainder of the day, as per data from TradingView.

Circle gains regulatory titan: Heath Tarbert joins as Chief Legal Officer amid crypto turbulence

Circle, the titan in the stablecoin domain, recently announced the induction of Heath Tarbert into its ranks as Chief Legal Officer and Head of Corporate Affairs.
Tarbert, an accomplished former regulator, has an impressive resume that includes pivotal roles at Citadel Securities and the World Bank. This strategic hiring occurs as Circle, a co-steward of the USDC stablecoin with nearly $30 billion under its purview alongside Coinbase, sails through turbulent US regulatory seas increasingly adverse to the cryptocurrency realm.
Having served as the Chairman of the Commodity Futures Trading Commission (CFTC), he is well-versed in the dynamics that govern the crypto market. His proficiency and extensive network in Washington, DC, are anticipated to be invaluable assets for Circle. Read details here

European consumer watchdog flags crypto advertising on social media

The European Consumer Organisation (BEUC), a prominent consumer protection coalition representing 46 consumer groups from 32 European countries, recently issued a report expressing concern over the rampant crypto advertising on various social media platforms. The report, entitled “Hype or Harm? The Great Social Media Crypto Con,” asserts that consumers are largely uninformed of the risks entailed in cryptocurrency dealings and criticises social media platforms for their role in disseminating potentially deceptive crypto advertisements.
BEUC’s report specifically names Instagram, YouTube, Twitter, and TikTok as major conduits for crypto advertising. The report points out that in Facebook’s instance, cryptocurrency promotions often circumvent its regulations against advertising unlicensed financial services. Take a look

US Senators urge probe into Binance amid allegations of deception

Two US Senators, Elizabeth Warren from Massachusetts and Chris Van Hollen of Maryland, both Democrats, have urged the Department of Justice to look into allegations that Binance Holdings may have been dishonest about its operations and structure in communications with lawmakers. In a letter addressed to US Attorney General Merrick Garland, the Senators raised concerns about the veracity of statements made by Binance regarding the independence of its US-based affiliate, Binance.US.
These concerns were accentuated by a recent 136-page complaint lodged by the US SEC in a federal court. The SEC alleged that Binance’s global operations and Binance.US were not as autonomous as the company had previously claimed. Read more here

Combatting crypto FUD amid SEC charges

In the wake of recent actions taken by the US SEC against renowned cryptocurrency exchanges Binance and Coinbase, Ryan Selkis, the founder of Messari, has established a new advocacy group dubbed @DFA2024. The organisation aspires to challenge the ongoing scepticism and apprehension surrounding the cryptocurrency sector, often referred to as "fear, uncertainty, and doubt (FUD)."
Selkis took to his Twitter account to officially unveil the launch of the advocacy group. From his messages, it is evident that the principal aim of @DFA2024 will be to spearhead campaigns endorsing positive narratives about cryptocurrencies in opposition to what it views as undue negativity. Read full

US Subcommittee explores blockchain's potential in boosting economy

On June 7, the US House of Representatives Subcommittee on Innovation, Data, and Commerce, which falls under the Energy and Commerce Committee, convened to deliberate on blockchain technology and its role in the future of the internet, referred to as Web3. Among the attendees were key figures in the crypto industry, such as Ryan Wyatt, the President of Polygon Labs, and several legal authorities.
This assembly was marked by productive conversations. The timing of this gathering was noteworthy, occurring immediately after the SEC’s consecutive lawsuits against cryptocurrency giants Binance and Coinbase. During the hearing, Wyatt articulated the potentials of blockchain technology, emphasising its indispensable value for users and the merits of cultivating a robust and judiciously governed blockchain landscape within the US. Read more here

Commonwealth Bank sets payment limits to combat scams

In a recent move aimed at safeguarding customers from fraudulent activities associated with cryptocurrency trading, the Commonwealth Bank of Australia (CBA) has announced that it will impose a cap of A$10,000 (equivalent to $6,663) per month on payments made to digital currency exchanges. According to a statement released by the bank, certain transactions may also be subjected to a 24-hour holding period or outright rejection.
James Roberts, who serves as the General Manager of Group Fraud Management Services at CBA, highlighted the global increase in scammers who create the façade of genuine investment opportunities or deceitfully funnel funds into cryptocurrency exchanges. This development follows on the heels of similar protective measures instituted by other financial institutions in Australia. Read more here

SEC Chair debunks utility token claims and defends regulatory actions

In an appearance at the Piper Sandler Global Exchange & Fintech Conference, Gary Gensler, Chairman of the US SEC, delivered a firm message to the crypto community. Gensler emphasised that utility claims cannot be used as a shield for crypto assets or exchanges to escape the purview of securities regulations.
This address comes in the wake of significant enforcement actions taken by the SEC against two of the largest cryptocurrency exchanges, Coinbase and Binance. The SEC alleges that these exchanges have been involved in the trading of unregistered securities.
Gensler articulated that mere claims by promoters about crypto assets having functionalities beyond investments do not exclude them from being classified as securities. Read more here