Posts in category: Market News

The U.S. Securities and Exchange Commission withdrew various proposed rules under the former SEC Chair Gary Gensler. This marks a major win for the crypto industry, as many crypto executives and legislators criticized Gensler’s regulatory overreach for hindering crypto innovations.

According to the official announcement, the SEC has officially withdrawn 14 notices of proposed rulemaking issued between March 2022 and November 2023. These include Exchange Act Rule 3b-16, by Gensler to define DeFi platforms as exchanges, and the crypto custody rule, which forced investment under regulated custodians. The rules faced intense disapproval from industry executives when many crypto businesses were debanked.

Coinbase CLO Paul Grewal took to X on June 13 to praise the SEC’s decision to officially withdraw many proposed rules that imposed strict regulations, especially DeFi and crypto custody rules.

“Down goes 3b16, qualified custodian, and all the other unfinished Gensler rule proposals, said Grewal as the SEC issued final notices.

Bill Hughes, director of global regulatory matters of ConsenSys, also commented on the SEC’s rollback of Gensler-era rules, saying it “feels good.” Joe Lubin, founder of Consensys, earlier argued that digital assets differ from traditional securities and require new regulations.

Other crypto executives including Solana Labs co-founder Anatoly Yakovenko reacted, remarking victory for crypto innovation and easing crypto regulations in the United States.

As reported earlier, Acting SEC Mark T. Uyeda highlighted friction between the SEC under the Biden regime and the crypto industry over the issue of cryptocurrencies being treated as “securities.” He made his point to build new crypto rules and regulations to guide the whole crypto community instead of punishing them.

Since then, the SEC Crypto Task Force has worked towards bringing clarity to the crypto industry, with a framework and regulatory guidelines. The securities agency has also dropped enforcement actions, including lawsuits against Binance, Ripple and other crypto firms.

Two of the world’s biggest retailers, Walmart and Amazon, are exploring the idea of launching their own USD-pegged stablecoins, a move that could reshape how payments work in the U.S. retail space.

According to sources quoted by the Wall Street Journal, both companies have held internal discussions in recent months about how a Walmart stablecoin or an Amazon stablecoin could help them save money on transaction fees and speed up settlement times.

Right now, companies like these pay billions every year to banks and credit card networks. A shift to blockchain-based crypto payment solutions could reduce or even eliminate many of those costs.

But they aren’t moving just yet. The plans are tied closely to progress on the GENIUS Act, a bill that aims to give regulatory clarity for stablecoins in the U.S. If the law passes, it would open the door for big companies to issue digital dollars under clear rules.

There’s also talk of a broader merchant stablecoin consortium, where large retailers would either team up to launch a joint token or agree to use the same blockchain infrastructure.

The idea is pretty straightforward: by creating their own payment system, Walmart and Amazon could stop relying so much on banks and credit card networks — and do things their own way.

They’re also looking at whether to use existing stablecoins like USDC or PayPal USD. Having their own stablecoin would give Walmart and Amazon more control, not just over payments, but also how they handle things like refunds and loyalty points.

If they move forward, it could change how big retailers think about digital money. And if these two jump in, it’s likely others like Target or Costco will want in too. But for now, it all comes down to whether U.S. lawmakers can finally set some clear ground rules.

A court in Massachusetts has ordered the people behind My Big Coin to pay almost $25.8 million as a punishment to the Commodity Futures Trading Commission (CFTC). This decision was made on Wednesday, and the court has ordered My Big Coin Pay, Inc., and My Big Coin, Inc.

The court has also targeted its leaders, Mark Gillespie and John Roche, who are involved in tricking the investors. The court has declared that the fraudsters have to pay $19.32 million as a fine and an extra $6.44 million to give back money to 28 investors they have cheated.

As per the reports, the scam happened between January 2014 and June 2017. Gillespie, Roche, and another person named Randall Crater lied to people by saying My Big Coin (MBC) was supported by gold and was worth a lot, with good trading opportunities. With their lies, they stole more than $6 million from victims.

As part of the court’s decision, Mark Gillespie, John Roche, and their companies can no longer take part in any market activities overseen by the Commodity Futures Trading Commission (CFTC). The case that was filed against a fourth person, Michael Kruger, was stopped because he passed away.

The CFTC said that these individuals and companies had tricked people with fake promises about a cryptocurrency, and now they have to pay a big amount to make up for it. Randall Crater was also found guilty in July 2022 of crimes like wire fraud and running an illegal money business. Earlier this year, he was told to pay back $7.6 million to the investors he had cheated.

In January 2023, he was sent to prison for more than eight years. Even though his lawyers tried to appeal in February 2024, saying his rights were violated, a higher court said no to a new trial. The CFTC has warned that the people who were cheated might not get all their money back because the people who did the scam might not have enough money or property to pay back the debts.

The cryptocurrency market experienced a sharp decline today, driven by heightened geopolitical tensions following Israeli airstrikes on Iran. Bitcoin price tumbled below $103,000, marking a 5% drop within 24 hours, while Ethereum suffered an even steeper 11% decline, dipping to as low as $2,450 earlier today.

With the drastic drop, the broader market sentiment shifted to “neutral” on the Fear & Greed Index, reflecting balance between inflows and profit taking. However, the overall state remained bearish, with Binance reporting a net taker volume of -$197 million, signaling aggressive selling.

Bitcoin, which had briefly touched a daily high of $108,369, fell to a low of $102,822 on leading crypto exchanges before stabilizing around $105K, where it is currently trading. Analysts warn that Bitcoin could retest the $100,000 level if tensions escalate further, though some see the dip as a buying opportunity, citing historical recoveries after geopolitical shocks.

Analysts attribute the drop to a combination of geopolitical uncertainty and the expiration of nearly $3 billion in Bitcoin options contracts on June 13, which amplified market volatility.

Ethereum, despite recent strength from $240 million in ETF inflows, erased much of its weekly gains. It dropped over 11% from the daily high, with a 36% boost to its 24-hour trading volume.

From major altcoins, Solana (SOL) digested the largest dip as it fell to $140—currently down 8.43% in the past 24 hours. It is followed by Ethereum’s 7%, Dogecoin’s 6%, and XRP’s 4% decline. Meanwhile, SUI, ADA, and LINK have also declined notably in the turmoil.

Trending Crypto Today

• USDF (Aster USDF)
• BTC (Bitcoin)
• ETH (Ethereum)
• SOL (Solana)
• PI (Pi Coin)

Top Gainers and Losers Today

While most crypto assets have declined drastically, AB token is leading with it spiking over 5%, followed by LEO’s 3% surge. Among losers, SPX is atop as it declines by 20%, followed by FARTCOIN and TIA’s 16% and 13% decline respectively.

Crypto Market Cap Overview

As per CoinMarketCap data, the global crypto market cap today sits at $3.27 trillion in valuation, down 2.71% in the past 24 hours. The trading volume for crypto markets today sits at $173.14 billion.