SEC Strikes Deal with Binance While Bakkt Announces Delisting of SOL, ADA, and MATIC

Binance, the world’s largest cryptocurrency exchange, has reached an agreement with the U.S. Securities and Exchange Commission (SEC) to move all U.S. customer funds and wallet keys back onshore. This move comes in response to a restraining order issued by the SEC over allegations of misuse of funds.

The court did not grant the SEC’s request for a temporary restraining order and freeze of assets on Binance’s platform, which the exchange deemed unjustified by both the facts and the law.

In another surprising turn of events, Cardano founder Charles Hoskinson has embarked on an ocean expedition to search for alien technology. Hoskinson has funded Harvard astronomer Avi Loeb’s expedition to recover possible alien technology from the Pacific Ocean. The expedition was sparked by the identification of a watermelon-sized object that fell from space in 2014, believed to be an interstellar meteor originating from outside our solar system.

Meanwhile, Bitcoin continues to make strides as a global remittance tool. Jack Mallers, founder of the Bitcoin payment gateway Strike, highlighted the potential of Bitcoin as a digital public infrastructure for payments, comparing it to the internet’s role as a global open public infrastructure for communication.

Bakkt’s Delisting Decision

However, not all news in the crypto world is positive. The publicly listed company Bakkt is set to delist Solana, Cardano, and Polygon following SEC lawsuits. This move is expected to create sell pressure for these coins. Additionally, Celsius, a leading cryptocurrency earning and borrowing platform, announced it will be selling all altcoins from all their customers except for custody and withhold accounts starting July 1st. This decision comes in the wake of the Celsius bankruptcy.

In a bold message to XRP holders, Ripple CEO Brad Garlinghouse criticized the SEC for its relentless pursuit of enforcement actions against crypto players. He accused the SEC of weaponizing the lack of regulatory clarity to exert jurisdiction over the entire crypto space. Despite the ongoing lawsuit, Garlinghouse expressed gratitude for the support Ripple has received over the past two and a half years.

These developments underscore the dynamic and rapidly evolving nature of the cryptocurrency industry. As the sector continues to mature, it is expected to face further regulatory scrutiny and challenges. However, the resilience and innovative spirit of the crypto community remain undeterred, paving the way for future growth and breakthroughs.