Good afternoon. It’s Friday, June 9th, and this is your Web 3 Unpacked Weekly Crypto Review. Here are some highlights to bring you up to speed:

It’s been a wild week for crypto exchanges as the SEC continues to wage war on dominant exchanges and financial products…

• The SEC Files Emergency Action to Freeze Binance.US Assets. The SEC alleges Binance and its founder, Changpeng Zhao or CZ, have demonstrated a "disregard" for U.S. law. The SEC is accusing them of fraudulent activities, improper commingling of funds, and operating as an unregistered securities exchange.
• The SEC Charges Coinbase for Operating as an Unregistered Securities Exchange, Broker, and Clearing Agency, despite countless efforts by CEO Brian Armstrong and his team to work with the SEC to help define regulations and asset classes. If you dont already follow Coinbase on Twitter, I highly recommend it, the SEC, Crypto battle is well underway and things are just about to get interesting.
• Treasury Secretary Janet Yellen ‘very supportive’ of SEC using enforcement power against Binance and Coinbase. BIG SUPRISE!
• XRP’s ongoing legal battle with the United States Securities and Exchange Commission continues, with the regulator alleging that Ripple offered unregistered securities via XRP. Some say the SEC has less then three percent chance of winning, and I would have to agree with that.
• US senators propose A I bills for transparency and innovation. The bipartisan bills target government transparency when using A I and the formation of a new Office of Global Competition Analysis to stay on top of innovation.
• Custodia Bank won a step forward in its legal battle against the Federal Reserve, as a Wyoming federal judge denied dismissal motions from both the Fed and the Federal Reserve Bank of Kansas City.

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