Featured Weekly Special 丨 The US Securities Regulatory Commission is fully fired, and the encryption industry is facing a crisis?

PANews Editor’s Note: Late this Monday night, the SEC’s supervision struck Binance and CZ first. The news of the prosecution began to spread, and the market fell into panic. The next day, the SEC, with its full firepower, took the second punch on Coinbase, the most compliant exchange in the United States. It all happened so suddenly that it was unbelievable. This article briefly reviews the SEC's "Operation Thunder" according to the timeline, and summarizes the opinions of various KOLs and predicts the future direction of the event.

SEC's first punch, swinging towards Binance

June 5 at 23:00, Bloomberg released news that: SEC sued Binance and CZ for violating US securities rules

The indictment is released: 13 key points to understand the US Securities and Exchange Commission's indictment against Binance and Changpeng Zhao

direct impact:

After Bloomberg released the news, BNB fell short-term, with a drop of 5.06% in 1 hour

After the prosecution incident fermented for a period of time, the prices of BNB and CAKE plummeted, with a 24-hour drop of more than 10%

Data at 15:00 on June 6: Binance’s capital outflow in the past 24 hours has reached 719 million US dollars, and the current stablecoin balance is about 8 billion US dollars

Data at 20:00 p.m. on June 6: About $1.5 billion outflow from Binance in the past 24 hours

Extended reading:

PA Picture Description | A quick look at the timeline of Binance’s encounter with the US regulatory crisis in recent years

**Internal and external troubles, analyze whether Binance's "flow effect" has the ability to resist risks from multiple data points? **

**Related topics: Binance was sued by the US regulators, does CZ's "4" response still work? **

SEC's second punch, to Coinbase

June 6th at 20:00 pm, the SEC sued the cryptocurrency exchange Coinbase

**A quick look at the "only" 7 charges against Coinbase by the US SEC, and their children were beaten lightly? **

direct impact:

After the announcement of the lawsuit, data: Coinbase US stocks fell before the market, down 5.84%

After a period of fermentation, data: Coinbase US stocks opened sharply, down 20.52%

Extended reading:

In the regulatory battle with the SEC, Coinbase is the first to move

Starting from the grievances between the SEC and Coinbase, where will the U.S. encryption supervision go?

Related topics: "Encryption hawks" SEC fires everywhere, Coinbase faces regulatory crisis

Prosecution incident follow-up

The US SEC has recognized over $120 billion worth of cryptocurrencies as securities

Further reading: PA Tutorial | A picture to understand the tokens that have been recognized as securities by the US SEC

Foreign media: U.S. court approves SEC's request to freeze assets of Binance US

Bloomberg: Nasdaq is working with FINRA and SEC to assist its enforcement efforts

June 8, The latest development of SEC’s “Operation Thunder”: Coinbase insists on not delisting tokens and services, and Binance responds to Gensler’s initiative to apply to serve as a consultant

June 9th, The latest developments in regulatory events: CZ released an internal letter, Gensler attacked the two exchanges again

Insider Statement

Binance

Binance responded to the full text of the US SEC: filing a lawsuit has exceeded its authority and will fight against it to the fullest extent permitted by law

Lawyer for Binance: Before taking office, the chairman of the US SEC has "closed" with Binance many times and should avoid it in law enforcement actions

BINANCE.US: Has had extensive good faith discussions with the US SEC to reach an agreement and resolve their investigation

SEC

**Successively suing crypto exchanges, what did US SEC chairman Gensler say to the media for the first time in response to the lawsuit? **

SEC Chairman Gary Gensler’s latest speech, why he hit the encryption market hard

SEC: Changpeng Zhao is the actual owner of the Binance market maker Sigma Chain, and several Binance employees participate in the operation

SEC: Binance and its related entities moved nearly $70 billion through two U.S. banks

Chairman of the US SEC: Encryption companies don't know how to abide by the rules, but they don't want to

Coinbase

Coinbase responds to SEC: the solution is legislation, not litigation, and will operate as usual

Coinbase: Willing to Take the Legal Fight With the US SEC to the Supreme Court if Needed

Insider's opinion

Chief Investment Officer of Arca: SEC's lawsuit against Binance may affect trading platforms in the United States, but it will not affect related currency prices in the long run

a16z policy director: US SEC should work with encryption companies to provide clarity, not deepen confusion

**What do overseas public opinion think of the SEC's supervision hammer on Binance? **

Talk about the SEC’s lawsuit against Binance: the regulatory balance has been broken for many years, and we are optimistic about the final outcome

Realio founder: Three years of hard work for compliance to no avail, now I am forced to leave the United States?

Protect investors? A detailed explanation of the SEC v. Binance case from a legal perspective

The impact of SEC regulatory events

BTC may be the only safe cryptocurrency after SEC sues Binance/Coinbase

**What impact will the SEC's continuous prosecution of Binance and Coinbase have on the encryption market? **

** 4D analysis of the "fuse" and 5 endings of the SEC's encryption war**

Other key information

Web3 game startup HyperPlay raises $12M led by Griffin Gaming Partners and Bitkraft Ventures

Web3 Social Graph Protocol Lens Protocol Completes $15 Million Financing Led by IDEO CoLab Ventures

Hong Kong Legislative Council Member Wu Jiezhuang: Hong Kong Web3 lacks 50,000 to 100,000 practitioners, and will not set a higher threshold for opening bank accounts for virtual asset platforms

Three VC firms including ParaFi sue Curve founder for fraud and misappropriation of trade secrets

Take a look at the OPNX co-sponsored by Su Zhu: the newly launched governance token OX attracts transactions, and the debt transaction has 0 transactions for many days

In addition to investing in AI star projects, interpret the encryption circle layout of Hollywood star Ashton Kutcher's Sound Ventures

**Data Analysis USDT: The market value has risen by more than 25% this year, but the number of active users has dropped significantly. Where is the main flow of funds? **

**Suspected to be Changpeng Zhao's successor, what is the origin of Richard Teng, who is in charge of all Binance markets outside the US? **