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The SEC sued Binance and Coinbase this week, presenting the industry with both further analysis on why it thinks certain cryptocurrencies are securities and its biggest test to how cryptos may be regulated in the U.S. going forward.

Consensus 2023 guests highlighted their concerns over ‘decentralization theater’ in DeFi projects, emphasizing the importance of genuine decentralization in the development of the Web3 ecosystem

Consensus 2023 attendees argued that improving crypto’s image requires a clearer explanation of digital assets and a focus on tangible, user-centric products and services

There has been a surge in users unstaking their staked ether on crypto exchange Coinbase following the SEC’s lawsuit against the exchange.

Since the lawsuit came to light on June 6, a total of 39,550 Coinbase Staked Ether (cbETH) worth $75 million have been burned for redemption, according to on-chain data aggregated by blockchain firm 21. Meanwhile, about 9,600 cbETH have been minted during this time, which means the liquid staking token has witnessed a net outflow of approximately 29,900 cbETH ($56.8 million).

On June 6 alone, 27,280 cbETH tokens were redeemed. According to on-chain data aggregated by 21 Shares and another crypto analyst Marcov on Dune Analytics platform, this marks one of largest single-day cbETH redemptions since the Shapella upgrade that enabled withdrawals.

Nevertheless, Coinbase remains the second-largest entity in terms of staked ether, having staked 2.3 million ether ($4.2 billion) on behalf of its customers. This ranks it second behind Lido Finance, which is responsible for 7 million ether ($12.9 billion).

Amid the unfolding legal battle, Coinbase’s chief, Brian Armstrong, reaffirmed the exchange’s commitment to continuing staking services, which include cbETH, while speaking at the Bloomberg Invest conference.

The regulatory landscape appears to be intensifying for centralized cryptocurrency exchanges. The SEC’s lawsuit against Coinbase marks the second litigation against a major crypto exchange within two days, following a similar action against Binance. The federal complaint claimed that Coinbase allowed trading of crypto assets, including assets like Solana, Cardano, and Polygon, that should have been registered as securities.

© 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.

Uniswap CEO Hayden Adams, OpenSea co-founder Alex Atallah, entrepreneur Balaji Srinivasan and Polygon co-founder Sandeep Nailwal joined the round as angel investors.

JPMorgan, HSBC and others have created metaverse-native banking experiences, hoping to entice a new generation of clients.

Zebedee users will be able to join a waitlist for alpha access to an updated version of the app which will feature integration with decentralized social media protocol Nostr (an acronym for “notes and other stuff transmitted by relays”).

This second phase will include a more thorough testing environment to encourage validator participation.

The integration is part of CoinRoutes’ bid to expand liquidity access for its clients.

The partnership, scheduled to go live June 12, will offer greater DeFi and Web3 Access to builder and institutional investors.