SEC is the Crypto Baba Yaga: A Gensler Tale of Disruption

Hello Coinigy Community,

Welcome to another weekly roundup of all things crypto.

Last week, the crypto industry experienced major regulatory action, courtesy of the SEC, under the steerage of Gary Gensler. Like the unpredictable Baba Yaga from folklore, Gensler has been zealous in his approach, taking steps that seem geared towards minimizing crypto’s footprint in the US market.

His recent statement in a CNBC interview—that the US doesn’t need more cryptocurrency—is a testament to his tough stance.

The Binance and Coinbase lawsuits didn’t come as a surprise, though. Given his views on crypto, it was bound to happen.

What we don’t know is how these lawsuits will affect the crypto industry.

Anyway, here are the latest:

• SEC sues Coinbase for breaking US securities rules
• CEX trading volumes fell to 4-year lows even before Binance, Coinbase suits
• Tel Aviv Stock Exchange completes proof-of-concept to tokenize fiat and bonds
• UK FCA proposes ban on crypto incentives in tough new marketing rules

SEC sues Coinbase for breaking US securities rules

Coinbase CEO Brian Armstrong is in a battle with Regulators. The SEC sued his company saying Coinbase broke the rules by listing tokens that the regulator alleges are subject to securities laws. He sat down with the journal to discuss the situation.

CEX trading volumes fell to 4-year lows even before Binance, Coinbase suits

According to a June 7 report from crypto analytics firm CCData, combined spot and derivatives trading volume in May fell 15.7% from the previous month, marking the second consecutive month of dwindling crypto trading activity. Here’s the full story.

Tel Aviv Stock Exchange completes proof-of-concept to tokenize fiat and bonds

A new phase in the Tel Aviv Stock Exchange’s integration of blockchain technology and traditional assets has been completed with the minting of the first dummy digital government bond as an ERC-1155 security token. Here’s the full story.

UK FCA proposes ban on crypto incentives in tough new marketing rules

The U.K.’s Financial Conduct Authority (FCA) is set to put in place tough new rules for crypto advertising as soon as planned laws for the industry are finalized, according to documents published Thursday. Under the new rules, crypto will be classified as “restricted mass market investments,” which will require any advertisements or promotions to contain “clear risk warnings,” and bans investment incentives such as “refer a friend” or “new joiner bonuses,” the regulator said. Here’s the complete news.

Other highlights worth mentioning

• SEC lawsuits: 68 cryptocurrencies are now seen as securities by the SEC – Cointelegraph
• Binance.US suspends USD deposits, warns of fiat withdrawal pause – Investopedia
• BitGo reaches preliminary agreement to buy Prime Trust – CoinDesk
• US Bitcoin supply fell over 10% in the past year — Glassnode

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• Source: https://insights.coinigy.com/sec-is-the-crypto-baba-yaga-a-gensler-tale-of-disruption/