Here is the outline for our newsletter today. The case with the SEC and big crypto exchanges heats up!🔥

• SEC refuses to respond to Coinbase👀

• Judge declines SEC request for Binance.US asset freeze🥳

• CBDC’s in the US? Maybe not so soon🏦

SEC refuses to respond to Coinbase 👀

The U.S. Court of Appeals for the Third Circuit has called upon the Securities and Exchange Commission (SEC) to provide clarification regarding a rulemaking petition submitted by Coinbase.

The SEC has not yet made a decision on whether it will address the request for new crypto rules put forth by Coinbase.

Coinbase's petition seeks clarification from the SEC on matters concerning securities regulations and the oversight of digitally native securities. This comes in the wake of the SEC's recent lawsuit against Coinbase, accusing the platform of operating as an unlicensed securities exchange.

Coinbase's Chief Legal Officer has expressed dissatisfaction with the SEC's lack of commitment to a deadline for responding to the court's order, highlighting the need for clear guidance and regulatory certainty.

Under the leadership of Chairman Gary Gensler, the SEC has taken a more stringent approach towards the crypto industry, viewing most digital coins and tokens (excluding Bitcoin) as securities.

Cathie Wood, CEO of Ark Invest, believes that Coinbase may benefit from the SEC's actions against Binance, as it could potentially strengthen Coinbase's position as a compliant and regulated platform.

Chairman Gensler has expressed scepticism regarding the cryptocurrency industry, stating that the United States does not necessarily require more digital currencies.

Despite the regulatory scrutiny and legal challenges, Coinbase's stock (COIN) has shown resilience, experiencing a 3.6% increase in price within a 24-hour period, with shares priced at $52.40

Judge declines SEC request for Binance.US asset freeze 🥳

A federal judge has declined to issue a temporary restraining order that would freeze Binance.US assets, allowing the company to continue its operations while engaging in negotiations with the Securities and Exchange Commission (SEC).

The judge has instructed both the SEC and Binance's legal team to continue their negotiations and provide an update by Thursday on the limits that should be imposed on the company.

During the proceedings, the judge expressed frustration with the responses provided by the SEC attorneys regarding whether customer funds held by Binance.US had been moved out of the United States.

The judge also delved into the issue of distinguishing between a "crypto asset" and a "crypto asset security," raising questions about the criteria that define a crypto asset as either a security or a commodity.

One of the key issues raised during the proceedings was the inconsistent information provided by Binance.US to the SEC regarding the storage of crypto assets and funds, as well as the company's intentions regarding its business activities in the United States.

As the lawsuit develops, we will start to uncover more clarity on the regulations that are being made up from the SEC.

Bare in mind that Gary Gensler has been suggested to be fired from Congress already.🤣🤣

CBDC’s in the US? Maybe not so soon🏦

The U.S. Treasury is taking the lead in a collaborative effort among multiple government agencies to explore the possibility of introducing a central bank digital currency (CBDC) in the United States.

However, it is important to note that a definitive decision on whether to pursue a CBDC has not yet been made by the country.

The research and exploration of CBDCs are not unique to the United States. Approximately 114 countries, collectively representing 90% of global GDP, are currently engaged in studying CBDCs.

This highlights the global interest and significance of digital currencies in the current financial landscape. So should the US step up their game?

As part of the research process, the U.S. Treasury will explore the use of Privacy Enhancing Technologies (PETs) to safeguard the privacy and anonymity of individuals engaging in digital financial transactions.

This will be done while also ensuring transparency and traceability, striking a balance between privacy and the necessary regulatory measures.

With the US having a CBDC, would it bring more clarification to crypto regulation in the US? Only time can tell.

✨Bonus News✨

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.