SEC Sues Cryptocurrency Exchange Binance Alleging Violations Of U.S. Securities Laws
By BtcCasey          

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against cryptocurrency exchange Binance, alleging that the company violated U.S. securities laws.

The complaint accuses Binance of unlawfully soliciting U.S. investors to trade crypto asset securities on its platforms and engaging in unregistered offers and sales of securities. The SEC also claims that Binance made false representations to investors regarding surveillance and manipulative trading controls. The lawsuit focuses on various Binance programs and cryptocurrencies, including BNB, BUSD, BNB Vault, Simple Earn and a staking investment scheme.

Binance is accused of evading U.S. laws and regulations by implementing tactics to avoid registration requirements. In response, Binance expressed disappointment with the SEC's actions, stating its cooperation with investigations and intending to vigorously defend its platform. The SEC seeks remedies such as a permanent injunction, disgorgement of gains, civil money penalties and equitable relief.

2️⃣ Coinbase Sued By SEC

Coinbase, America’s Largest Cryptocurrency Exchange, Sued By The SEC For Securities Violations
By BtcCasey

Coinbase, the largest cryptocurrency exchange in the United States, is being sued by the Securities and Exchange Commission (SEC) for alleged securities violations. The SEC accuses Coinbase of operating as an unregistered national securities exchange, broker and clearing agency. The complaint also claims that Coinbase failed to register its crypto asset staking-as-a-service program. According to the SEC, Coinbase facilitated the trading of billions of dollars' worth of crypto asset securities without proper registration, combining multiple functions without necessary oversight.

The charges extend to Coinbase's holding company, Coinbase Global Inc. The SEC alleges that Coinbase conducted an unregistered securities offering through its staking-as-a-service program, where customers earned profits through blockchain transaction validation. The SEC seeks injunctive relief, disgorgement of gains, penalties and other equitable relief. These legal actions against both Coinbase and Binance within two days indicate a significant regulatory effort to apply securities laws to digital assets.

The outcomes of these cases will have major implications for cryptocurrency exchanges in the United States and the industry's growth in the country.

📰 The Daily Bits

⚡️ Amboss New Index

Amboss Unveils LINER Index, Bolstering Enterprise Adoption Of Lightning Network
By BtcCasey

Amboss, a data analytics provider for the Bitcoin Lightning Network (LN), has unveiled LINER (Lightning Network Rate), an index designed to measure bitcoin yield and cost on the Lightning Network. LINER serves as a benchmark interest rate for bitcoin without credit risk, offering an alternative to enterprises seeking exposure to bitcoin while avoiding the risks associated with centralized finance (CeFi) yield platforms.

The index aims to bolster enterprise adoption of the Lightning Network by showcasing its low-risk yield potential. LINER comprises two metrics: LINER Cost and LINER Yield, providing valuable insights for large bitcoin holders and enabling informed decision-making.

The introduction of LINER opens up possibilities for Bitcoin-based investment decisions and the establishment of unmanipulated money markets. 

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