TOP CRYPTO NEWS RECAP: SEC Chair Faces Troubles, Uniswap v4 Unveiled, BlackRock’s BTC ETF, and USDT Depegs (Jun 11–17, 2023)

Welcome to the latest edition of MelegaSwap’s Weekly Crypto News Recap. Get ready to dive into the most fascinating topics from the cryptocurrency world since Sunday, June 11th, 2023.

This week, the crypto market witnessed yet another turbulent period as the price of Bitcoin (BTC) dropped below the $25,000 mark for the first time since March 17. This was largely attributed to a hawkish announcement by the Fed, which caused a stir among investors. However, it has rebounded slightly above $26,000.

The SEC has asked for more time to respond to Coinbase’s request for clarification on digital asset regulation. Recall that Coinbase filed a lawsuit in April, asking the court to require a response to its petition for rulemaking. On the other hand, Uniswap’s v4 upgrade has launched and offers enhanced decentralized scalability and efficiency. The Binance crypto exchange and the SEC are negotiating to prevent the exchange’s assets from being frozen, while crypto-critic SEC chairman Gary Gensler might soon be removed from his position.

Furthermore, $10 trillion asset management giant BlackRock filed an application to launch a spot Bitcoin ETF, which would make it easy for investors to access crypto. Tether, the world’s leading stablecoin, has been mired in controversy lately. Mounting doubts about its reserves and transparency have put Tether under the microscope, causing its dollar-pegged price to negatively shift.

TOP CRYPTO NEWS RECAP: (June 11–17, 2023)

• SEC requests an extension for Coinbase’s regulatory clarity call
• Uniswap v4 unveiled: The upgrade you can’t afford to miss
• SEC and Binance work to find common ground to avoid asset freeze
• US Rep. introduces bill to remove SEC Chair, supported by Tom Emmer
• BlackRock eyes spot Bitcoin (BTC) ETF and choose Coinbase as a crypto custodian
• USDT in Trouble: Largest stablecoin loses its peg as Whales dump

SEC requests an extension for Coinbase’s regulatory clarity call

The SEC has requested more time to respond to Coinbase’s request for clarification on digital asset regulation, alleging that the action is without merit. In April, the exchange filed a lawsuit, requesting that the court require the SEC to respond to its petition for rulemaking. The SEC has not yet determined how to proceed with the petition.

However, the regulator stated that the mandamus petition “should be denied,” but it expects to make a recommendation on Coinbase’s petition for rulemaking within the next 120 days.

Uniswap v4 unveiled: The upgrade you can’t afford to miss

Uniswap, the largest decentralized exchange, has officially released Uniswap v4, its newest version. This new release includes customizable features as well as a draft core code for community feedback. Developers can now implement on-chain limit orders, automate deposits into lending protocols, and auto-compound liquidity provider fees.

The new version also introduces “hooks,” which are contracts that run during a pool action’s lifecycle. Pools can make tradeoffs and add new functionality, such as dynamic fees, on-chain limit orders, or acting as a time-weighted average market maker (TWAMM) to spread out large orders over time.

SEC and Binance work to find common ground to avoid asset freeze

Binance and the SEC have negotiated to prevent all assets on the exchange platform from being frozen. Amy Berman Jackson, US District Court, did not rule on the SEC’s application for a temporary restraining order but referred the two parties to a magistrate court to work together and prevent shutting down the exchange or hurting consumer funds.

Under the approved agreement, only Binance.US employees can access client funds until the litigation is resolved.

In its recent court filings, Binance disputed claims of financial mismanagement and urged continuing to finance operational expenditures while assuring that no assets would be transferred without prior consent. However, the SEC is willing to grant a narrowly circumscribed exception to any freeze that would allow Binance to finance its operational costs.

US Rep. introduces bill to remove SEC Chair, supported by Tom Emmer

US Rep. Warren Davidson recently introduced the “SEC Stabilization Act” in the House of Representatives, with one of its main provisions being to remove SEC Chair Gary Gensler from his position. The bill has gained support from Tom Emmer, who believes that American investors and industry deserve clear and consistent oversight.

The “SEC Stabilization Act” aims to make common-sense changes to ensure that the SEC’s priorities align with the interests of investors and not the whims of its chair. Davidson argues that U.S. capital markets must be protected from a “tyrannical chairman” and that it’s time for real reform in the SEC.

BlackRock eyes spot Bitcoin (BTC) ETF and choose Coinbase as a crypto custodian

BlackRock, the asset management giant, has taken a step towards launching a spot Bitcoin exchange-traded fund by filing an application with the SEC to launch the iShares Bitcoin Trust. The ETF would make it easier for investors to access crypto through a product from one of Wall Street’s largest companies. This is good news for the Bitcoin market.

The SEC has so far resisted the launch of a spot Bitcoin ETF in the US, but if approved, it could lead to other firms flooding the market with similar products. The filing by BlackRock stated that the shares are intended to provide a simple means of investing in Bitcoin without acquiring, holding, and trading it directly.

USDT in Trouble: Largest stablecoin loses its peg as Whales dump

The price of Tether’s USDT stablecoin deviated from its USD peg on June 15 due to an imbalance in Curve’s 3pool, causing concerns about its stability and potential depegging. Traders are selling USDT for DAI or USDC as the USDT concentration in the pool exceeds 70%.

Despite currently trading at $0.99, USDT remains the largest and most widely used stablecoin in the crypto market, accounting for 73.17% of the total pool. Aave’s intention to freeze Curve’s collateral for loans is the primary reason for the depeg.

NEW LISTINGS ON MELEGASWAP

Here is our new crypto listing this week, which is part of our ongoing endeavor to provide our users with the widest range of cryptocurrencies as well as the most secure and transparent trading experience imaginable.

MrPRINGLES (POP)

MrPRINGLES aims to promote and celebrate the legendary Kellogg’s brand through the innovative MrPRINGLES meme project. As the native token of this ecosystem, POP represents a unique opportunity for Pringles’ enthusiasts to express their love for the irresistible crispy and crunchy snack.

Risk warning: Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.

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