Evening Must-Read | SEC Launches Final Battle Against Cryptocurrency

1. a16z Founder’s 10,000-Word Essay: Why AI Will Save the World

The era of artificial intelligence has arrived, and people are panicked. Fortunately, I bring good news: AI will not destroy the world and may, in fact, save it. First, let me briefly explain what AI means: applying math and software code to teach computers how to understand, synthesize, and generate knowledge, like humans. AI is a type of program like any other computer program—it runs, receives input, processes it, and generates output. AI’s output is extremely useful in various fields, from programming to medicine, law, and creative arts. It’s owned and controlled by people, just like any other technology. Click to read more.

2. SEC Strikes Again: Industry Insiders’ Views on the Coinbase Lawsuit

After the Binance lawsuit, the SEC has gone after Coinbase. Coinbase is the largest cryptocurrency asset trading platform in the US, serving over 108 million customers. The SEC alleges that Coinbase engaged in unregistered securities issuance and sales activities related to its staking program, depriving investors of important information about Coinbase and its staking program products, including how Coinbase uses the proceeds from the offering and the risks and trends affecting the enterprise and the securities being offered. Coinbase has responded, and industry insiders have also voiced their opinions. Click to read more.

3. When Will Stablecoins Become Securities? A Peculiar Case with Binance and BUSD

For years, the SEC has hinted that stablecoins may be securities. I’ve always thought the idea of regulating stablecoins as securities is a bit strange. People who buy stablecoins don’t expect to make a profit because no major stablecoin (Tether, BUSD, or USD Coin) pays interest. Without profit expectations, stablecoins are not like bonds, stocks, or other investment contracts, so they should not fall within the SEC’s purview.

4. Bankless: SEC Launches Final Battle to Wipe Out Crypto

The SEC is showing all its cards. Gary Gensler doesn’t want the crypto industry to exist at all. After suing Binance yesterday, the US SEC has also filed a lawsuit against Coinbase. It’s not about individual actors squabbling anymore; it’s about fighting for our industry’s right to exist in the US. Click to read more.

5. Binance.US Exodus: “7 Sins” of Binance and CZ According to the US SEC

On June 6th, the US Securities and Exchange Commission (SEC) filed a temporary restraining order against Binance, its subsidiaries BAM Management and BAM Trading, and Binance founder Zhao Changpeng to freeze assets related to Binance.US. This is to ensure the safety and availability of assets of US investors and to prevent the defendants from transferring assets. Click to read.

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