The U.S. economy does not need any more digital currencies, according to Gary Gensler, the Securities and Exchange Commission (SEC) chief. Appearing on CNBC’s “Squawk on the Street” on June 6, Gensler asserted that cryptocurrency and virtual tokens are unnecessary in today’s economic landscape. “Look, we don’t need more digital currency,” he told the business…
US Doesn’t ‘Need More Digital Currency,’ SEC Chief Says as Agency Cracks Down on Crypto
SEC Lawsuit Against Coinbase and Binance Sparks Controversy and Political Maneuvering
Commentary Yesterday, the Securities and Exchange Commission (SEC) fired a bombshell at the cryptocurrency industry. It is suing Coinbase, a publicly traded company which the SEC approved after going through its business plan to publicly list for trading two years ago. It is also suing Binance, a crypto currency exchange that is domiciled in Hong…
Economy Is in ‘Precarious State’ as New Hazards Loom, Warns World Bank
The World Bank has slashed its 2024 economic growth forecast for the United States by half, predicting that the resilient U.S. consumer is about to weaken “substantially” while warning of “new hazards” that threaten to “make matters worse” for the world. The group’s latest Global Economic Prospects report paints a gloomy picture of economic growth…
S&P 500, Nasdaq Inch Higher at Open With Fed Policy Outlook in Focus
The S&P 500 and Nasdaq opened marginally higher on Wednesday as investors refrained from making big bets ahead of inflation data and the Federal Reserve’s policy meeting next week. The Dow Jones Industrial Average fell 10.81 points, or 0.03 percent, at the open to 33,562.47. The S&P 500 opened higher by 1.62 points, or 0.04…
The SEC Chooses the Nuclear Option
Commentary The U.S. Securities and Exchange Commission (SEC) has just filed complaints in a federal court against two of world’s largest cryptocurrency exchanges, Binance and Coinbase. Binance, the largest exchange globally with several billion dollars of daily transaction volume, is registered offshore and technically off limits to U.S. investors. Coinbase, on the other hand, is…
Dollar Eases as Chances for a US Rate Rise Ebb
LONDON—The dollar dipped on Wednesday as chances faded for a rate hike next week by the Federal Reserve, while the Canadian dollar touched one-month highs as traders amped up bets for the country to raise rates and the Turkish lira hit record lows. The Australian dollar traded at three-week highs above $0.67 after the Reserve…
Oil Prices Edge Higher as Saudi Cut Outweighs Bearish Backdrop
LONDON—Oil prices edged higher on Wednesday as Saudi Arabia’s surprise weekend pledge to deepen output cuts outweighed weak Chinese export data. Brent crude futures were up 36 cents, or 0.5 percent, at $76.65 a barrel by 0949 GMT while U.S. West Texas Intermediate crude futures gained 37 cents, or 0.5 percent, to $72.11. Both benchmarks…
European Shares Dip as Chinese Trade Data Disappoints, Lira Plunges to Record Low
June 7, 2023
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LONDON—European stock markets dipped on Wednesday and the U.S. dollar nudged higher as weak Chinese trade data had investors fretting about softening global demand, with attention turning towards next week’s pivotal inflation data and Federal Reserve meeting. Meanwhile, Turkey’s lira plunged to a record low against the greenback as authorities appeared to loosen stabilising measures…
Binance Lawsuit Triggers $700M in Withdrawals
June 7, 2023
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The Securities and Exchange Commission (SEC) lawsuit against crypto platform, Binance, triggered over $700 million in withdrawals as crypto traders continued to face losses. The SEC filed 13 charges against Binance and its CEO, Changpeng “CZ” Zhao, for allegedly participating in an “extensive web of deception” to mislead customers and evade federal regulatory laws. The case against…
Binance Lawsuit Triggers $700 Million in Withdrawals
June 7, 2023
admin
binanceBusiness & MarketsCompaniesCrime & Public Safetycrypto currencycryptocurrencyeconomyExecutive BranchInvestmentMarketsMedia & Big TechPolicies & ImpactsPoliticsSecurities and Exchange CommissionstocksTechTech NewsUS
0 Comment
The Securities and Exchange Commission (SEC) lawsuit against crypto platform, Binance, triggered over $700 million in withdrawals as crypto traders continued to face losses. The SEC filed 13 charges against Binance and its CEO, Changpeng “CZ” Zhao, for allegedly participating in an “extensive web of deception” to mislead customers and evade federal regulatory laws. The case against…
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