Show Must Go On

GM Readers!📪 This is your BitDegree Insider update, bringing you what's new and noteworthy today.

⭐️Today's selection:

• ⚖️Legal Limelight
• 🧋Wednesday Bubbles
• 👌Selected Meme of The Day
• 📰Bite-Sized News

NO ASSET FREEZE TODAY!

Binance continues operating, US assets are safe.

The judge presiding over the case of the U.S. Securities and Exchange Commission against Binance and Binance.US has refused to issue a temporary injunction to freeze assets, suggesting the parties discuss the details and present updated information by Thursday. (we're waiting)

Prior to this, the SEC and BAM Trading (a Binance division in the US) submitted a consent request, which would ease some of the restrictions imposed by the previous SEC request to freeze assets.

The proposed new consent order will provide more assurances for the SEC and will allow BAM Trading to pay wages and meet other financial obligations.

And what about Coinbase?

Last week, the court again obliged the SEC to respond to Coinbase's rulemaking request. The exchange submitted a petition to the regulator last year, demanding clarification of the agency's powers. And only now has the Commission designed to respond…

The SEC stated that they have not yet made a decision on whether to consider the petition at all. At the same time, they emphasized that the lawsuit against the platform does not contradict any rulemaking decisions.

If the Commission provides a recommendation on the exchange's petition, it will only be within 120 days (4 months). The regulator did not explain why this specific period...

Until the SEC decides to propose a new regulatory base, Coinbase must comply with the existing one. Obviously, this is an opaque hint that the exchange will not be able to avoid possible consequences.

And finally, in this series:

Rumors have started on Twitter that the Binance exchange is allegedly selling Bitcoin, and with the proceeds buying BNB to support the price.

CZ in his usual manner denied everything, adding that Binance still holds FTT.

But why do they hold FTT? Are they waiting for the FTX relaunch? 😁

To sum up,

The Commission is understaffed to handle all the fronts of the legal war they themselves initiated. The SEC cannot provide a clear set of norms and rules by which they intend to regulate the crypto sphere, hence, the largest crypto exchanges have a good chance of winning in court.

TL;DR: Binance operations continue unhindered as U.S. court rejects SEC's asset freeze request; Coinbase awaits SEC response on rulemaking, amidst rumors of Binance buying BNB with Bitcoin sale proceeds.

WEDNESDAY BUBBLES

The entire market, which is experiencing recent updates and news, hasn't fully recovered yet.

There are some cool things to mention, though.

Something similar to ordinals can be on Solana.

What? Why? There are already NFTs, however, they still rely on external resources: since the picture of the NFT is not directly inside the blockchain as it is with ordinals.

The past glory may not be restored, and it's not certain that there is a demand for Solana's "Ordinals", but at the moment it could significantly boost activity on Solana.

Moreover, here's another fact for your information:

Today, about 196 million BLUR tokens will be unlocked, which corresponds to approximately 6.5% of the total supply and about a 40% increase in the circulating supply.

That is precisely why BLUR has incurred the most significant loss.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Crypto Exchange Bittrex US is Set to Resume Customer Withdrawals on June 15th. About time!
• Ethereum Unaffected as Amazon Web Services (AWS) Faces Brief Outage. Not a scratch!
• Uniswap Labs Unveils Draft for Uniswap V4, Allowing Custom Liquidity Pools. Raising the bar.

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