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Bankruptcy filing comes as TrueUSD stops redemptions and Haru Invest ceases operations citing problems with an unnamed partner.

Hong Kong’s rules for crypto would mean plenty of restrictions for Coinbase.

The U.S. Securities and Exchange Commission (SEC) hasn’t made a decision on whether it will respond to Coinbase’s petition for rulemaking and its enforcement action against the crypto trading platform isn’t inconsistent with any decision on rulemaking, the regulator said Tuesday.

The Securities and Exchange Commission (SEC) said it anticipates needing 120 days to respond to Coinbase’s request for rulemaking.

The agency claimed it has not decided what action to take on the request and downplayed Coinbase’s request for faster action, claiming it might be due to the “weakness” of its claim. In a document filed in the United States Court of Appeals for the Third Circuit, it maintained that the petition should be denied.

Coinbase’s Chief Legal Officer Paul Grewal criticized the response on Twitter, claiming it was fallacious and ignored statements made by SEC Chairman Gary Gensler.

The agency was ordered on June 6 to clarify its position on Coinbase’s petition within seven days. This was due to the SEC’s lawsuit against the exchange and whether this meant the petition had been denied.

In April, Coinbase sued the SEC to get a respond to its request for rulemaking that it made in 2022.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Binance CEO Changpeng ‘CZ’ Zhao pushed back against speculation on social media that the crypto exchange had been selling bitcoin.

“Binance have not sold BTC or BNB,” he said Tuesday on Twitter. “We even still have a bag of FTT. It is amazing they can know exactly who sold based on just a price chart involving millions of traders. FUD.”

The comments came as the exchange is embroiled in a legal dispute with the U.S. Securities and Exchange Commission over allegations of major malfeasance and legal violations at its Binance.US unit the regulator argues should result in prohibiting the company from doing further business in the country.

Earlier in the day, a judge asked the two sides in the dispute to work out a deal in an attempt to avoid a full asset freeze. 

Bitcoin was mostly flat in Tuesday trading, declining 0.1% to $25,874, according to TradingView. It’s down 3.5% over the past month.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

A federal judge heard arguments on the SEC’s motion for a temporary restraining order in court on Tuesday.

Binance.US, the U.S.-based entity of crypto exchange Binance, and the Securities and Exchange Commission agreed to work on a deal to avoid a complete asset freeze, Bloomberg News reported.

U.S. District Judge Amy Berman Jackson said the two sides seemed “not that far apart” on Tuesday and referred them to a magistrate judge to work out the compromise. The SEC had been seeking an asset freeze as part of a lawsuit it filed against the company last week.

“Shutting it down completely would create significant consequences not only for the company but for the digital asset markets in general,” Bloomberg cited Judge Jackson as saying at a Tuesday hearing in Washington, adding that she wouldn’t decide on the asset freeze until work with the magistrate is finished.  

In a June 5 lawsuit, the SEC alleged major malfeasance and legal violations at Binance.US that it argued should result in prohibiting the company from doing further business in the country.

 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The U.S. central bank now seems increasingly likely to suspend its more than year-long campaign of interest rate hikes. An analyst flags recessionary concerns in a note to CoinDesk

Blockstream expects to raise more capital to fund its mining business.