Evening Read | Why is the US SEC Continuously Avoiding ETH?

1. The Dispute Between “Illegality” and “Jurisdiction” – Summary of Binance Lawsuit

On June 5, 2023, the U.S. Securities and Exchange Commission (SEC) filed 13 charges against Binance and its founder Changpeng Zhao, including operating an unregistered exchange, broker-dealer, and clearing agency; distorting trade controls and supervision on the Binance.US platform; and issuing and selling unregistered securities. Binance has responded to this, and there are also many voices in the industry expressing their views. Click to read.

2. Web3 IP: What’s Next?

Under the combined effects of unfavorable macro conditions and a lack of innovation catalysts, the NFT industry has rapidly developed and matured. Over the past two years, the focus of the industry has always been highly speculative projects driven by avatar IP, characterized by a high degree of founder-centricity, effectively creating community engagement, and gaining a lot of revenue from the initial mint. However, as the market becomes saturated and macro conditions continue to suppress value extraction from mint, this trend is weakening. Regardless of the current market sentiment, we see the infrastructure and use cases for empowering creators and brands with Web3-IP skyrocketing, such as Jack Butcher’s application of NFT metadata and CC0 (Creative Commons) principles, manifold.xyz’s tools empowering creators, Nike’s .Swoosh platform bringing NFTs to fans, and the controversial but necessary financialization of NFTs. Click to read.

3. Hong Kong’s New Cryptocurrency Regulations are Here: An Inventory of the “First Crab Eaters”

On June 1, Hong Kong’s cryptocurrency-related policies officially came into effect, opening the door to cryptocurrency asset trading and issuance. Although there are significant difficulties for regulatory agencies in Hong Kong and around the world in achieving effective regulation that supports the development of cryptocurrency assets without impeding their progress, bold attempts are always worthwhile. As a financial center in Asia, the orderly development of the Web3 industry under regulation helps attract funds, technology, and talent, and also helps Asian Web3 institutions and projects go global. This year, many institutions have already begun to accelerate their layout in the Hong Kong market. Click to read.

4. Despite Regulatory Impact, Binance Exchange’s Outflow of Funds Remains Low

Due to recent enforcement action taken by the U.S. Securities and Exchange Commission (SEC), the world’s largest cryptocurrency exchange has been in the spotlight, but there have been few outflows of funds from Binance so far. The cryptocurrency market has evaporated over $50 billion in the past twelve hours or so, following the latest enforcement action by the SEC. Binance became a target of the regulatory agency this week. However, there has been no major exodus of funds from the exchange. Click to read

5. Why does the SEC, which has clearly classified more than a dozen tokens as securities, continue to evade ETH?

The U.S. Securities and Exchange Commission (SEC)’s recent lawsuit against Binance has shocked the cryptocurrency industry. Binance faces 13 different charges, the most significant and potentially long-lasting of which include: commingling customer assets with its own, allowing U.S. customers to use Binance Globe, and intentionally manipulating the platform trading volume of Binance.US. Click to read

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