Good Morning Crypto

In the crypto headlines today, we see a significant market downturn with losses reaching 25% across the board. Nigeria's regulatory body has reportedly put a halt to Binance's operations within its jurisdiction. In response to the lawsuits against Coinbase and Binance, a crypto attorney is calling for public participation to form an 'amicus curiae'. In an act of philanthropy, Ethereum co-founder Vitalik Buterin has donated another 100 million dollars ito fund Covid relief projects worldwide. Lastly, we have the introduction of a new worldwide tax standard, which, importantly, includes cryptocurrencies and CBDCs.

On our agenda today, we see Hong Kong Monetary Authority setting its sights on preparing for a retail Central Bank Digital Currency (CBDC). On the other side of the Pacific, Google is extending a helping hand to victims of crypto mining scams by rolling out a million dollars protection plan. Binance US has found itself in the regulatory crosshairs, stopping all USD transfers as the SEC tightens its grip. Meanwhile, Kraken is making a strategic move by launching its own NFT marketplace. Finally, in a cautious response to recent SEC actions, Robinhood is discontinuing support for certain tokens.

In our circuit of crypto news, we're discussing significant developments from different corners of the world. The EU is considering leveraging blockchain for the verification of educational and professional credentials. Ankr and Microsoft are continuing their partnership with the debut of a new blockchain creator tool. In Australia, a leading bank is making headlines by deciding to decline specific payments to crypto exchanges. Binance CEO CZ is in the limelight again as a US district court issues a summons concerning SEC action. Lastly, Terra's Do Kwon is facing legal challenges as a prosecutor suggests he might face prison time in both the US and South Korea.

We have some interesting news today. The US SEC is seeking to freeze Binance's assets in an emergency motion. The US Financial Services Committee has slated a date for a key discussion on the future of cryptocurrencies. In the realm of celebrity and crypto, a court has agreed to consider an updated complaint against Kim Kardashian regarding her promotion of EMAX. On a national level, the Philippines has delayed publishing its crypto framework, while in South Korea, a regulator has postponed the acquisition of Gopax due to the ongoing Binance-SEC lawsuit.

In our crypto circuit today, we have key developments from regulatory bodies, tech giants, and luxury brands. The U.S. SEC is at loggerheads with Coinbase on allegations related to unregistered securities exchanges. Meanwhile, Apple is redirecting its gaze from the metaverse to the promising world of spatial computing, revealing the Vision Pro headset. Swift and Chainlink are set to embark on a groundbreaking test to link more than a dozen financial institutions to blockchain networks. Luxury fashion powerhouse Louis Vuitton is making its Web3 debut with the introduction of a digital collectible 'Treasure Trunk'. Finally, Luxembourg's antitrust authority is taking a keen interest in the growing influence of Blockchain and Web3, commencing a probe into competition in this sector.

First up, Binance and its CEO, Changpeng Zhao, are facing a lawsuit from the SEC over alleged rule violations. Meanwhile, six banks in India have decided to leverage JPMorgan’s Onyx blockchain to streamline dollar trade settlements. In Russia, a top official is in a tough spot for purportedly accepting a Bitcoin bribe worth $28 million. Meanwhile, Terraform Labs' CEO, Do Kwon, is free again after the court rejected the appeal against his bail. And despite regulatory pushbacks, Binance has acquired ISO certifications, showcasing its commitment to industry standards.

Elon Musk is once again in hot water, facing accusations of cryptocurrency price manipulation. Ripple's XRP has shown impressive resilience, rallying by 11% over the week, while bitcoin miners enjoyed robust earnings in May, generating $916.6 million. Meanwhile, projections suggest Bitcoin and XRP might exceed expectations and provide substantial returns in 2023. Finally, Ethereum is making strides towards its 2.0 upgrade, as evidenced by the lengthy queue of validators awaiting entry.

Today's highlights involve Evertas expanding their crypto insurance offerings and raising limits. Coinbase embracing AI as an essential opportunity for crypto.
MUFG enabling Japanese bank-backed stablecoins via the Progmat Coin platform.
Do Kwon getting released from jail again with the Montenegro Court accepting over $400,000 bail. FDIC reporting a record withdrawal of $472 billion by US depositors which is being viewed as positive for crypto, and the Cuban President suggesting that ditching the US dollar could liberate countries from sanctions and aggression.

Our stories today cover a range of happenings: China is putting forth a national blockchain standard, while Elon Musk finds himself under fire in a Dogecoin-related lawsuit. Alchemy Pay is making strides in partnership with Mastercard, aimed at facilitating 'NFT Checkout'. In an unfortunate turn of events, OpenAI’s CTO had their Twitter account compromised, promoting a 'scam' crypto airdrop. In the DeFi realm, Uniswap's proposal for protocol fees for liquidity providers did not find favor with its community. Lastly, we've got Voltage partnering with Google Cloud to accelerate global Bitcoin Lightning adoption.

In the headlines today, we have the Georgian central bank stepping up their efforts to regulate local crypto firms through an Anti-Money Laundering (AML) probe. Crypto.com has also made strides by securing a license as a payment institution in Singapore. Another key development is Deutsche Telekom, the German telecommunication giant, plugging into the blockchain as a validator for Polygon. The European Union might soon classify all cryptocurrencies as securities. This significant shift in regulation could redefine cryptocurrency operations within the EU. We've also seen PayPal showing its growing interest in the crypto world by investing in a new wallet service. Finally, in Canada, Kraken has reported a 25% rise in customer deposits following Binance's departure.