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Also Read: Cathie Wood’s Ark Invest Predicts Bitcoin (BTC) Price Amid Key Macro Events advertisement “SEC Deviated From Prior Interpretation Of Law” Attorneys representing the Crypto exchange filed a memorandum of law in support of Coinbase ’s motion for judgment on the pleadings before the United States District Court for the Southern District of New York. They argued that the SEC violated due process, and abandoned its own earlier interpretations of the securities laws. “By ignoring that precedent, the SEC has trampled the strict boundaries on its basic authority set by Congress,” said Paul Grewal, the chief legal officer at the exchange. Similar To XRP Lawsuit The attorneys also explained that the agency’s effort to portray a simple asset sale as a security is an unprecedented stretch.” Interestingly, the attorneys referred to the XRP lawsuit ruling, saying: “The Ripple court found no investment...

Also Read: MakerDAO’s Bold Move Into Traditional Assets Fuels MKR Token Surge advertisement Binance’s CZ Criticizes USDT Transparency Speaking in a community session on Monday, the CEO said that USDT stablecoin, despite having a large market cap, did not provide an audit report yet. It is kind of like a black box due to the risk and uncertainty around it and yet, it is by far the largest stablecoin. He explained that the Paxos partnership was aimed at resolving the same issue. In February 2023, the New York Department of Financial Services had ordered Paxos to stop creating more of the dollar-pegged stablecoin BUSD. “We are supporting multiple stablecoins given that the BUSD minting has been stopped in relation to the Paxos partnership. We are working with multiple other partners in different regions now to support the idea of further decentralization.” Binance’s Own Algorithmic Stablecoin Project CZ revealed that the cryp...

Also Read: Bitcoin Holdings Shift: Institutions Accumulate BTC as Exchange Balances Plummet advertisement Among those leaving the company are Han Ng, the General Counsel; Patrick Hillmann, the Chief Strategy Officer; and Steven Christie, the senior vice president for Compliance. While Hillmann said he was leaving on good terms, Christie explained he wants to take a break and spend time with family. Meanwhile, it is being speculated that Binance has found a replacement for Hillmann. Binance New Chief Strategy Officer According to Fox Business journalist Eleanor Terrett, the Crypto exchange might have zeroed in on a candidate as replacement for former Chief Strategy Officer Patrick Hillmann. Brad Jaffe, currently the company’s vice president of Communications, is likely going to be the replacement for Hillmann. Meanwhile, it appears that the Crypto exchange is still in the look out for compliance senior vice president Steve Christie. Earlier, CoinGap...

Also Read: LUNC News: Terra Classic Community Votes On Proposal “Vision Plan for LUNC to $1” advertisement In this context, it is likely that the level of uncertainty around interest rate hike or pause in the upcoming Federal Open Market Committee (FOMC) meeting only increased with the jobs data. Hence, the Crypto Market could see significant volatility in the days to come. In the last few days, several experts and Fed officials signaled the lack of need to raise interest rates in the June meeting. Bitcoin Price May See A Jump In the lead up to the FOMC meeting, chances are that there will be a mixed expectation on whether the U.S. Central bank will choose to pause rate hikes or not. Currently, only 25% of respondents in the CME FedWatch Tool feel the likelihood of a rate hike in the June meeting. However, the spillover effects of the jobs data and the aftermath of the debt ceiling deal leaves chance for a momentum shift in investor sentim...

Also Read: European Central Bank (ECB) Raises Rate By 25 Bps, Bitcoin , ETH Rally advertisement Western Alliance Not Exploring Sale Stating that it was not exploring sale, the bank disputed the reports that said Western Alliance was exploring sale options. The statement said reports stating that the bank was exploring sale option was ‘absolutely false’. However, the bank now stands among the biggest losers among US regional banks, as the stock price dropped in reaction to a Financial Times report that said Western Alliance was looking for potential sale. Since March 2023, U.S. regional banks like Silvergate, Silicon Valley Bank and First Republic Bank collapsed, leading to a domino effect in the US banking sector. Also Read: Bitget Floats $10M Web3.0-Based Youth Oriented Innovation Trending Stories MATIC Price Prediction: Polygon Price at Monthly Support Plots a Quick 12% Jump 24/7 Cryptocurrency N...