Headlines
▌SEC: Coinbase pledge programme violates Securities Act
In its lawsuit against Coinbase, the SEC alleges that Coinbase has and continues to violate Sections 5(a) and 5(c) of the Securities Act by engaging in unregistered offerings and sales of securities in connection with its staking programme. In the process, Coinbase deprived investors of important information about Coinbase and its staking program offerings, including how Coinbase used the offering proceeds and the risks and trends affecting the business and investing in these securities.
Additionally, Coinbase has and will continue to market the Coinbase Staking Programme to the public via its website, social media pages, blogs, Google and other advertising placements as an investment opportunity to earn as much as you want.
CGI has acknowledged the profitable and yield potential of Coinbase’s staking program, and has highlighted the programme’s growth and success in other public SEC filings, as well as quarterly earnings and analyst calls, records of which can be found on Coinbase’s website.
▌Coinbase Chief Legal Officer: We will continue to operate our business as usual
Paul Grewal, chief legal officer of Coinbase, said it was disappointing that the US Securities and Exchange Commission (SEC) decided to take legal action against Coinbase, hours after the SEC sued Coinbase for alleged violations of securities laws, saying that the solution is legislation, and to allow fair rules of the road to be made transparently and applied equally, not lawsuits. Despite complaints, we will continue to operate our business as usual.
▌Changpeng Zhao: The asset freeze order only affects Binance US, not Binance.com
Binance CEO Changpeng Zhao responded on Twitter to the SEC's application to freeze Binance US assets, saying that if the court approves the restraining order, it will only affect Binance US. Binance.com will be unaffected and funds are safe.
Policies
▌Ten US states have taken legal action against Coinbase for violating securities laws
So far, ten US states have taken legal action against Coinbase for violating securities laws, including Illinois, Vermont, Alabama, Kentucky, California, Maryland, Wisconsin, Washington, New Jersey, and South Carolina. In previous news, the New Jersey Securities Department decided to impose a fine of $5 million on Coinbase for selling unregistered securities to residents of the state without registering in the state.
Blockchain Application
▌Optimism has completed the mainnet upgrade of Bedrock, and the native token OP has risen by more than 10%
Optimism has completed the mainnet Bedrock upgrade at 2:50 am on June 7, Beijing time, and the Bedrock sequencer has been activated. Deposit and withdrawal services have resumed and critical external OP mainnet infrastructure is back up and running. This upgrade aims to improve blockchain performance, reduce deposit confirmation time from 10 minutes to 1 minute, and reduce gas fees by 40%. Data shows that Optimism’s native token OP is currently trading at $1.49, up 11.7% in 24 hours.
Cryptocurrency
▌Binance Pay has reached a cooperation with Lyzi, aiming to improve the level of encryption payment in Europe
Binance Pay will enter into a partnership with Lyzi, and Binance Pay users can now make crypto payments for their everyday purchases through the Lyzi App and its network of merchants. It is reported that more than 440 merchants in France are using the solution, and currently 330 merchants in Europe are using the solution, including bakeries, pharmacies, beauty centers, car dealers, fast food restaurants, etc.
▌Paypal: 80% of metaverse users currently use cryptocurrencies
According to a Paypal survey of the metaverse, 56% of respondents said their use of cryptocurrencies will increase in the next five years. 80% of metaverse users currently use cryptocurrencies, and 97% of metaverse users hold cryptocurrencies, among which BTC holds the largest amount, ETH and RBX rank second and third respectively.