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July 14 (Reuters) - Cryptocurrency companies that have resisted U.S. regulatory oversight, arguing digital assets are not securities, won a court victory this week. The SEC sued Ripple for conducting an unregistered offering of $1.3 billion in XRP between 2013 and 2020. The regulator has brought more than 100 enforcement actions against crypto companies, claiming digital assets are securities. Securities, unlike assets such as commodities, are strictly regulated and require detailed disclosures to inform investors of potential risks. Before the Ripple decision, judges in the few cases decided in court agreed with the SEC that specific crypto assets were securities.

Persons: Analisa Torres, Ripple, Torres, Coinbase, Howey, Carol Goforth, Goforth, Jody Godoy, Tom Hals, David Gregorio Our Organizations: Labs, U.S, District, U.S . Securities, Exchange Commission, The SEC, SEC, Industry, Supreme, Securities, University of Arkansas, Thomson Locations: New York, XRP, U.S, Solana, Cardano, Florida, Wilmington , Delaware

In this photo illustration, a visual representation of the digital Cryptocurrency Ripple is displayed on January 30, 2018 in Paris, France. Ripple's XRP token went up 68% in the last 24 hours, leading a wider rally of major-cap altcoins, as crypto traders digest a key ruling that could stifle U.S. regulator efforts to stamp out digital asset trading. All four tokens were recently singled out as securities in the U.S. Securities and Exchange Commission's formal suits against popular crypto retail trading exchanges, including Binance and Coinbase . But the Thursday summary judgement from U.S. District Judge Analisa Torres calls that classification into question. Ripple maintained that its token is not a security — triggering ongoing confusion over which digital coins fall into which regulatory bucket.

Persons: Ripple's, Algorand's, Analisa Torres, Brad Garlinghouse, Renato Mariotti, Bryan Cave Leighton Organizations: U.S . Securities, Exchange, District, SEC, Labs, San, U.S . Southern, of New, U.S . Justice Department's Securities, Commodities Locations: Paris, France, San Francisco, U.S, of New York, Chicago

☆ XRP coin surges after judge delivers a huge win to Ripple in its case against the SEC
▼ + stars: | 2023-07-13 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Ripple's XRP token surged more than 30% at one point on Thursday after a judge in the Southern District of New York ruled that it's "not necessarily a security on its face." The price of XRP was last higher by 28.90% at about 60 cents a coin, according to Coin Metrics. The news gave hope to crypto investors, who breathed a sigh of relief that other altcoins may not be considered securities either. Polygon's matic token gained 11%, while litecoin and the token tied to Solana jumped 8%, and Cardano's token advanced 7%. "Also, it will likely have an important impact on the Binance and Coinbase lawsuits."

Persons: Ripple's, XRP, Cantor Fitzgerald's Elliot Han Organizations: of, Metrics, Solana, CNBC Locations: Southern, of New York, U.S

Coinbase (COIN.O) and Binance.US, two of the largest crypto exchanges by market share among those operating in America, have lost ground this year. Bitstamp's global market share among exchanges operating in the U.S. has risen to about 9%. Coinbase and LMAX declined to comment on the data, while Binance.US - the American affiliate of the world's largest crypto exchange - didn't respond to a request for comment. It may not be that simple for hungry challengers to grab market share, according to market players. In years gone by, crypto exchanges could swiftly gobble up business by offering access to a swathe of coins.

Persons: Sam Bankman, FTX, Ravi Doshi, Guy Hirsch, Bobby Zagotta, Wade Guenther, Doshi, Hannah Lang, Michelle Price Organizations: U.S . Securities, Exchange Commission, SEC, LMAX, Genesis, Bitstamp, Reuters Graphics, Wilshire, Thomson, Reuters Locations: United States, America, Binance.US, U.S, Bitstamp USA, solana, Washington

"The SEC can pursue its claims only if the tokens and staking services it has identified are 'securities,'" Coinbase said. The SEC sued Coinbase on June 6, saying it made billions of dollars acting as a middleman including by trading at least 13 crypto assets, or tokens, such as Solana, Cardano and Polygon that should have been registered as securities. The lawsuit was filed one day after the SEC sued Binance, the world's largest cryptocurrency exchange, accusing it of inflating trading volumes, mishandling customer funds and lying about its operations. In a separate 177-page filing denying the SEC's substantive claims, Coinbase said it "welcomes regulation," but that the regulator was arbitrarily and without Congress' permission trying to fill the "regulatory gap" over crypto assets. The case is SEC v Coinbase Inc et al, U.S. District Court, Southern District of New York, No.

Persons: Coinbase, Binance, Gary Gensler, Jonathan Stempel, Richard Chang Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Agency, Nasdaq, Coinbase, Court, Southern District of, Thomson Locations: U.S, Manhattan, Solana, Cardano, Southern District, Southern District of New York, New York

☆ Bitcoin rallies 17% this week as institutional interest in the asset picks up
▼ + stars: | 2023-06-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

For many crypto investors, this week felt like the beginning of a new era – and ironically, it was driven by the old guard of financial institutions. Bitcoin ended the week up 17.1% at $30,864.67, according to Coin Metrics, for its best week since March 17. At one point on Friday, bitcoin rose to as much as $31,412.72 , its highest level since June 8, 2022. BlackRock filed an application for its spot bitcoin ETF June 15, spurring a flurry of fund filings from other asset managers. In the past two weeks, bitcoin's trading volume has increased 0.5% on a week-over-week basis, according to JPMorgan.

Persons: Bitcoin, bitcoin, Polygon, Yuya Hasegawa, Invesco, Charles Schwab, CNBC's, it's, Owen Lau, Oppenheimer, Lau, Hasegawa Organizations: Solana, Securities and Exchange Commission, Nasdaq, SEC, BlackRock, Fidelity Digital Assets, Citadel Securities, JPMorgan Locations: Cardano

In each case, Coinbase filed briefs as an "amicus," or friend of the court. A ruling favoring another crypto defendant at the trial court level would not be binding on Coinbase's own case, but the company could potentially point to it in its defense, legal experts said. Coinbase argued the digital assets on its platform do not pass that test, in part because they lack contractual agreements. In its other amicus brief, Coinbase urged a federal judge in Manhattan to allow the fair notice defense in the SEC case against Ripple Labs, which was the industry's highest-profile battle with the regulator prior to the Coinbase case. Coinbase argued to U.S. District Judge Analisa Torres that denying the Ripple defendants the fair notice defense "would jeopardize the validity of the defense in future cases."

Persons: Coinbase, Gibson Dunn, Crutcher, Akiva Shapiro, Gary Gensler, Paul Grewal, Coinbase's, Cahill Gordon, Reindel, Tana Lin, Ishan Wahi, Wahi, Lin, Gensler, Analisa Torres, Torres, XRP, Jody Godoy, Tom Hals, Deepa Babington Organizations: U.S . Securities, Exchange Commission, U.S, Supreme, SEC, Reuters, FAIR, U.S . Constitution, Ripple Labs, San, District, Thomson Locations: U.S, Coinbase, Manhattan, Solana, Cardano, Seattle, U.S ., San Francisco, New York, Wilmington , Delaware

☆ Blockchains are ‘basic utilities’ for the digital economy, says Franklin Templeton crypto head
▼ + stars: | 2023-06-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Think of investing in crypto as investing in technology for the data economy. Crypto is unchartered territory for most, but the 76-year-old asset manager has dived deep into research in recent years believing digital assets will transform asset management, capital markets and the increasingly digital, data-driven world at large. "You don't expect it to end just at just Bitcoin and Ethereum , and we expect over the next several years, several things that continue to unfold and find application," Roger Bayston, Franklin Templeton's head of digital assets, told CNBC Pro at the Digital Assets Council of Financial Professionals' VISION conference in Austin, Texas. Since 2019, the firm has operated node validators on various blockchains – including Ethereum, Solana , Cardano and Polkadot . Bayston said investors who have the stomach for high volatility and uncertainty could be rewarded in the future.

Persons: Franklin Templeton, Crypto, Roger Bayston, Franklin Templeton's, Bayston, It's Organizations: CNBC Pro, Digital Assets, Financial Professionals, Government Money Market Locations: Austin , Texas, Ethereum, Solana, Cardano, U.S

☆ Cryptocurrencies climb to end the week as investors digest BlackRock's bitcoin ETF plans
▼ + stars: | 2023-06-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

For the week, bitcoin is on track to end just below the flatline, while ether is heading for a 6% loss. Bitcoin was last higher by 4% at $26,419.53, according to CoinMetrics, while ether advanced 3% to $1,718.06. After the bell Thursday, BlackRock — the largest asset manager in the world — filed for spot bitcoin ETF, with Coinbase as its crypto custodian. It's been about 10 years since the first filing for a potential spot bitcoin ETF. The filing comes about a week after the SEC sued its crypto custody partner, Coinbase, for violating securities laws, leaving many questioning the timing of BlackRock's application.

Persons: bitcoin, litecoin, Bitcoin, Gustavo Schwenkler, It's, Mark Connors Organizations: Solana, U.S . Investors, U.S . Securities, Exchange Commission, BlackRock, Coinbase, Leavey School of Business, Santa Clara University, SEC Locations: U.S

☆ Bitcoin drops below $25,000, Tether's stablecoin falls under its dollar peg
▼ + stars: | 2023-06-15 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Standard Chartered predicts that bitcoin could fall to $5,000 in 2023 as part of their research on potential market surprises next year. Cryptocurrency prices fell after the Federal Reserve's June meeting, with bitcoin falling below $25,000 for the first time since March. On Thursday, bitcoin was lower by around 4% at $24,866.92, according to Coin Metrics, while ether fell more than 5% to $1,632.47. And selling pressure weighed on Tether (USDT), which lost its peg to the U.S. dollar on most exchanges Thursday, falling to 99 cents in its biggest drop since November. "Given how thin trading volumes are at the moment, a sizable (but not massive) sell order is enough to set off liquidations."

Persons: bitcoin, Altcoins, Polygon's, Cardano's, Stocks, Michael Safai Organizations: Chartered, Federal, Metrics, U.S, Federal Reserve

Over 50 cryptocurrencies worth over $100 billion in total and making up about 10% of the overall market, are now viewed by the SEC watchdog as securities, according to CCData. Among major players, for example, solana , polygon and cardano have sunk between 23% and 32%. Bitcoin and ether weren't named in the SEC's lawsuit, nor were stablecoins such as tether and USC Coin. By contrast, bitcoin investors who have held their coins for more than five months appeared relatively calm and accounted for just 1.9% of deposit volume. Investment products tracking altcoins have seen positive - albeit small - net inflows this year, in contrast to bitcoin and ether, Coinshares data showed on Monday.

Persons: Vetle Lunde, Ryan Rasmussen, solana, Lucas Kiely, Alex Thorn, Noelle Acheson, James Butterfield, Lisa Mattackal, Medha Singh, Pravin Organizations: U.S, SEC, K33 Research, solana, Securities, Bitwise Asset Management, Reuters Global Markets, Cardano Foundation, Solana Foundation, Reuters, Polygon Labs, Reuters Graphics Reuters, USC, BTC, ETH, Firmwide Research, Galaxy Digital, Pravin Char, Thomson Locations: cardano, altcoins, Bengaluru

☆ Crypto prices stabilize after plunging on SEC crackdown jitters
▼ + stars: | 2023-06-12 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

The Binance website on a laptop arranged in the Brooklyn borough of New York, US, on Wednesday, June 7, 2023. The list of digital tokens deemed as unregistered securities by the Securities and Exchange Commission now spans over $120 billion of crypto after the US agencys lawsuits against Binance Holdings Ltd. and Coinbase Global Inc. The SEC sued Coinbase and Binance last week, accusing both of selling unregistered securities, among other charges. On Tuesday, the U.S. regulator alleged that Coinbase was operating as an unregistered exchange and broker, and that 13 assets listed on its platform were considered crypto asset securities. On Monday, it also accused Binance of inflating trading volumes, diverting customer funds and misleading customers about its controls, among others.

Persons: Gabby Jones, Coinbase, Ripple's XRP, Binance's, Binance Organizations: Securities and Exchange Commission, Binance Holdings, Coinbase Global Inc, Bloomberg, Getty, U.S . Securities, Exchange Commission, SEC, Polygon's Locations: Brooklyn, New York, U.S

☆ Coinbase is the latest target of the SEC’s crypto crackdown—how U.S. investors may be affected
▼ + stars: | 2023-06-12 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +6 min

On June 13, the U.S. Securities and Exchange Commission sued Coinbase, the second-largest crypto exchange by volume, according to CoinMarketCap.com. The federal regulator alleges Coinbase operated its crypto asset trading platform as an unregistered national securities exchange and broker, per the June 13 press release. The SEC also alleges at least 13 crypto assets that Coinbase made available to customers, including Solana and Cardano's tokens, qualify as "crypto asset securities," according to the complaint. This comes just one day after the SEC sued Binance, the world's largest crypto exchange, and its billionaire founder, Changpeng Zhao. Trading crypto on an exchange versus peer-to-peer

Persons: Coinbase, Coinbase's, Brian Armstrong, Paul Grewal, we'll, Binance, Changpeng Zhao, Zhao, Gary Gensler, Chen Arad, they've, Arad, Omid, Malekan, wasn't, Bitcoin, There's, bitcoin Organizations: The U.S, U.S . Securities, Exchange Commission, SEC, CNBC, Twitter, Solidus Labs, NBC, Columbia Business School, Architecting, Money, U.S, Commodity, Futures, Metrics Locations: Paris, France, The, Solana, U.S, Arad

☆ Bitcoin and ether stand ground this week while altcoins tumble on the SEC's Coinbase crackdown
▼ + stars: | 2023-06-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Coinbase shares fell more than 17% over the course of the week. The market cap of crypto 'securities' fell CryptoQuant's "SECurities" index fell about 14% following the lawsuit, while the market cap of bitcoin and ether has basically remained flat. JMP noted that in the "securities" the SEC named, bitcoin and ether, which represented 55% of Coinbase's trading volume in the first quarter, were excluded. Coinbase saw outflows of about 20 million of Polygon's matic token Tuesday afternoon, trading at about 73 cents by the end of the week. The popular gaming token Axie Infinity, trading at about $6, saw outflows of about 32,000 coins Monday afternoon.

Persons: Coinbase, Bitcoin, Jefferies, They're, Binance Organizations: SEC, Securities and Exchange Commission, Metrics, U.S, Sports Locations: U.S, Solana, Cardano, Coinbase

☆ Robinhood Markets removes three crypto tokens
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: 1 min

June 9 (Reuters) - Robinhood Markets (HOOD.O) said on Friday it is removing three cryptocurrency tokens from its platform, days after the U.S. securities regulator's crackdown against the industry's biggest exchanges. Customers will not be able to trade Solana, Cardano or Polygon using Robinhood effective June 27, the online brokerage said. Reporting by Manya Saini in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Manya Saini, Shounak Dasgupta Organizations: Thomson Locations: Solana, Cardano, Bengaluru

☆ Crypto tokens plunged this week after Gensler stepped up SEC's industrywide crackdown
▼ + stars: | 2023-06-09 | by ( Ari Levy | ) www.cnbc.com time to read: +2 min

SEC Chair Gary Gensler stepped up his attack on the crypto industry this week, suing Coinbase and Binance for securities violations and casting doubt on the future of token trading. They include Solana's SOL token, Cardano's ADA token, Polygon's MATIC coin and Protocol Labs' Filecoin token (FIL). "No other coins are affected and your crypto is still safe on Robinhood," the company said in a post. Binance's BNB token, ranked fourth, fell 16%. "The investing public has the benefit of U.S. securities laws," Gensler said in an interview with CNBC's "Squawk on the Street" on Tuesday.

Persons: Gary Gensler, Coinbase, Crypto.com, Binance's, Biden, Sam Bankman, Gensler, CNBC's Organizations: U.S . Securities, Exchange Commission, Banking, Housing, Urban Affairs, SEC, CNBC, ADA, Labs, Polygon, Solana Locations: Cardano, Solana

☆ Crypto tokens plunged this week after Gensler stepped up SEC crackdown
▼ + stars: | 2023-06-09 | by ( Ari Levy | ) www.cnbc.com time to read: +2 min

SEC Chair Gary Gensler stepped up his attack on the crypto industry this week, suing Coinbase and Binance for securities violations and casting doubt on the future of token trading. In alleging that Coinbase was acting as an unregistered broker and exchange, the Securities and Exchange Commission said at least 13 crypto assets available to the company's customers were considered "crypto asset securities." They include Solana's SOL token, Cardano's ADA token, Polygon's MATIC coin and Protocol Labs' Filecoin token (FIL). Binance's BNB token, ranked fourth, fell 16%. "The investing public has the benefit of U.S. securities laws," Gensler said in an interview with CNBC's "Squawk on the Street" on Tuesday.

Persons: Gary Gensler, Coinbase, Crypto.com, Binance's, Joe Biden, Sam Bankman, Gensler, CNBC's Organizations: U.S . Securities, Exchange Commission, Banking, Housing, Urban Affairs, SEC, CNBC, Securities and Exchange Commission, ADA, Labs, Polygon, Solana Locations: Cardano, Solana

☆ What Do Binance.US’s New Rules on Trading Dollars Mean for Customers?
▼ + stars: | 2023-06-09 | by ( David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

Just days after the Securities and Exchange Commission sued it, the American arm of Binance, the giant cryptocurrency exchange, announced some painful news: It will no longer allow customers to trade on its platform using U.S. dollars. filed back-to-back lawsuits against Binance and the U.S. exchange Coinbase, two of the largest crypto companies in the world. said Binance had lied to regulators and improperly handled customer funds; Coinbase was accused of operating as an unlicensed securities exchange. Starting on June 27, the trading app Robinhood said, it will no longer support transactions in three popular cryptocurrencies — Solana, Cardano and Polygon — that the S.E.C. categorized as unregistered securities in its court filings.

Persons: Binance, Coinbase, Robinhood, — Solana Organizations: Securities and Exchange Commission, Binance Locations: U.S, Cardano

WASHINGTON, June 8 (Reuters) - Other U.S. crypto exchanges are likely to be in the firing line after the Securities and Exchange Commission (SEC) this week sued Coinbase and Binance, two of the world's largest crypto exchanges, for allegedly breaching its rules. Both Coinbase and Binance deny the SEC's allegations and have pledged to vigorously defend themselves in court. The Coinbase and Binance suits this week expand that list to include some commonly traded tokens, such as Solana, Cardano and Polygon. While big crypto companies can afford to fight the SEC, smaller companies have filed for bankruptcy following SEC enforcement actions, including crypto exchange Beaxy. "I think if there's a real value in these crypto tokens, then compliance will build trust and the business model might change," he said.

Persons: Coinbase, Binance, Jason Allegrante, Gary Gensler, “, Scott Freeman, Crypto, Kraken, OKCoin, Ripple's, Stuart Alderoty, Piper Sandler, Gensler, Bernstein, Katharine Wooller, Hannah Lang, John McCrank, Susan Heavey, Michelle Price, Stephen Coates Organizations: Securities and Exchange Commission, SEC, Cornerstone Research, Department of Justice, JST, Justice Department, Piper Sandler Global, Fintech Conference, CNBC, U.S, Executives, Thomson Locations: Solana, Cardano, U.S, United States, New York, Washington

But the Coinbase case will be the biggest test yet of the regulator's jurisdiction over the industry. To argue that crypto assets are securities, the SEC has relied on a U.S. Supreme Court case from 1946. WHAT MAKES A CRYPTO ASSET A SECURITY? In the few cases that have been decided in court, judges have agreed with the SEC that specific crypto assets are securities. The SEC has alleged in the Coinbase case that 13 different digital assets sold on the platform are securities.

Persons: Binance, Coinbase, Howey, XRP, Carol Goforth, Goforth, Brian Armstrong, Jody Godoy, Tom Hals, Nick Zieminski, Lisa Shumaker Organizations: SEC, Securities, Exchange Commission, European Union, Supreme, Ripple Labs, University of Arkansas, Twitter, Thomson Locations: U.S, Manhattan, Solana, Cardano, Florida, XRP, New York

REUTERS/David SwansonJune 7 (Reuters) - Coinbase (COIN.O) Chief Executive Brian Armstrong on Wednesday hit back at the U.S Securities and Exchange Commission (SEC) Chair over the agency's lawsuit against the crypto exchange, calling him an "outlier," while also reassuring customers that their funds were safe. Crypto companies, including Coinbase, dispute that crypto tokens are securities and have repeatedly called for the SEC to create clear rules. SETTLEMENT BREAKDOWNLast July, Coinbase disclosed an SEC probe into its asset listing processes, staking programs and yield-generating products. Grewal said despite the lawsuit, Coinbase would still be interested in a dialogue with the SEC about how to bring cryptocurrency into the regulatory perimeter. "If there were an opportunity for a real conversation, of course we would take it up, but I want to be very clear: Coinbase is absolutely committed to defending itself in court," he said.

Persons: Brian Armstrong, David Swanson, Coinbase, Armstrong, Gary Gensler, Gensler, ” Armstrong, Binance, hasn’t, haven’t, Paul Grewal, Grewal, Hannah Lang, Manya Saini, Niket, Chris Prentice, Shounak Dasgupta, Michelle Price Organizations: Milken, Global Conference, REUTERS, U.S Securities and Exchange Commission, SEC, Bloomberg, Monday, CNBC, Reuters, U.S ., Appeals, Circuit, Thomson Locations: Beverly Hills , California, U.S, Solana, Cardano, Washington, Bengaluru

[1/2] Brian Armstrong, CEO and Co-Founder of Coinbase, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2022. REUTERS/David SwansonJune 7 (Reuters) - Coinbase (COIN.O) executives on Wednesday defended the company against a lawsuit brought by the U.S. securities regulator, saying the cryptocurrency sector lacks a clear set of guidelines. The agency also said Coinbase was operating as an unregistered exchange, broker and clearinghouse. Coinbase also sought to distance itself from rival exchange Binance, which was also served with an SEC lawsuit on Monday. The SEC alleged Binance, the world's largest cryptocurrency exchange and its founder Changpeng Zhao, also sold cryptocurrency products without registering them as securities.

Persons: Brian Armstrong, David Swanson, Coinbase, Binance, Changpeng Zhao, Zhao, Paul Grewal, Grewal, Hannah Lang, Manya, Shounak Dasgupta Organizations: Milken, Global Conference, REUTERS, Wednesday, U.S, Securities, Exchange Commission, SEC, CNBC, U.S ., Appeals, Circuit, Reuters, Manya Saini, Thomson Locations: Beverly Hills , California, U.S, Solana, Cardano, Cayman Islands, Washington, Bengaluru

☆ World shares muted, lira plunges to record low
▼ + stars: | 2023-06-07 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

Meanwhile, Turkey's lira plunged to a record low against the greenback as authorities appeared to loosen stabilising measures after the government signalled a pivot to more orthodox policies. Spanish stocks (.IBEX) outperformed after shares in the world's biggest fast fashion company Inditex (ITX.MC) jumped almost 7% following first quarter results. That left the MSCI's broadest index of world shares (.MIWD00000PUS) up just under 0.1% but close to its highest level in 13 months reached on Monday. The dollar fell 0.1% against a basket of currencies, while the Turkish lira weakened over 7% to a record low of 23.17 per dollar, its biggest one-day sell-off since the 2021 crash. Bitcoin was trading at about $26,900, consolidating after a sharp rebound on Tuesday from as low as $25,350.

Persons: Ben Laidler, Ipek Ozkardeskaya, eToro's Laidler, Laidler, Solana, Samuel Indyk, Kevin Buckland, Xie Yu, Robert Birsel, Louise Heavens Organizations: REUTERS, Staff LONDON, U.S, Federal Reserve, greenback, Nikkei, Fed, Wall, ICE, Treasury, Swissquote Bank, Data, Saudi, Brent, Texas, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Frankfurt, Germany, Asia, Pacific, Japan, Hong Kong, Taiwan, U.S, London, Turkish, China, Cardano, Polygon

☆ Asia stocks gain on hopes for China stimulus, Fed pause
▼ + stars: | 2023-06-07 | by ( Xie Yu | ) www.reuters.com time to read: +2 min

HONG KONG, June 7 (Reuters) - Most Asia-Pacific stocks markets strengthened on Wednesday, as expectations for stimulus from China and overnight gains on Wall Street boosted the mood. On Tuesday, China reportedly asked the biggest banks to cut deposit rates to boost the economy. "Overall, across the board, assets are doing pretty well," said Yuting Shao, macro strategist at State Street Global Markets. The U.S. dollar index slipped by 0.04% to 104.03. Leading cryptocurrency bitcoin was trading at about $27,000, consolidating following a sharp overnight rebound from as low as $25,350.

Persons: Hong, Yuting Shao, Saudi Arabia's, Brent, bitcoin, Solana, Ed Moya, Xie Yu, Kevin Buckland, Robert Birsel Organizations: Nikkei, State Street Global, Federal Reserve, Treasury, U.S, Australian, Saudi, U.S . Securities, Exchange Commission, SEC, Thomson Locations: HONG KONG, Asia, Pacific, China, Japan, Tokyo, Tuesday's, Cardano, Polygon, Bitcoin

The U.S. Securities and Exchange Commission (SEC) on Monday took aim at Binance, the world's largest cryptocurrency exchange. The SEC accuses Binance and its CEO Changpeng Zhao of operating a "web of deception". The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon. Reuters GraphicsFounded in 2012, Coinbase recently served more than 108 million customers and ended March with $130 billion of customer crypto assets and funds on its balance sheet. Tuesday's SEC lawsuit seeks civil fines, the recouping of ill-gotten gains and injunctive relief.

Persons: Binance, Changpeng Zhao, Kevin O'Brien, Ford O'Brien Landy, Coinbase, Nansen, Paul Grewal, Coinbase's, Ed Moya, bitcoin, Oanda's Moya, Dado Ruvic, Gary Gensler, Gensler, Kristin Smith, Jonathan Stempel, Hannah Lang, Michelle Price, Kevin Buckland, Leslie Adler, Christopher Cushing Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Global Inc, Exchange, REUTERS, Securities, Supreme, Beaxy Digital, Bittrex Global, CNBC, Blockchain Association, Reuters Graphics, U.S, Binance's U.S, Thomson Locations: Manhattan, Solana, Cardano, bitcoin, Binance, Binance.US, Binance's, Cayman Islands, New York, Washington, Tokyo

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