SEC Sues Binance and Coinbase | What’s Next?!

So in the world of crypto it's often Seen to be known as the Wild Wild West New Frontiers thrilling opportunities Meme coins exploding but often we get The lawmen laying down the law well just A few days ago we saw the SCC the Sheriff of Wall Street draw its guns Against two behemoths of the crypto Landscape binance and coinbase investors Are now shaking in their boots and Exchanges are on the defense and worse Your money could also be in the Crosshairs even most recently Robin Hood Just announced that they were going to De-list cardano polygon and Solana and Binance also announced that they will be Pausing Fiat channels as soon as June 13th 2023. on the other side of that We've had a completely different Landscape of stocks actually doing Fairly well with multiple headlines Coming from Yahoo finance to even CNN Claiming that we're officially in this New bull market so ladies and gents in Today's video we're going to be diving Deep not only into the SEC lawsuit Against binance and coinbase and go over How it affects you and whether these Exchanges are safe well we're also going To be bringing light to the burning Question what's next for crypto and Stocks before we begin let's start with Talking about Bitcoin currently Bitcoins Right around the 26 400 price level and

It's down about 1.6 to 1.8 for the week Now this week has been pretty volatile With heavy price action going in both Directions where on Monday Bitcoin was Down even further at five percent on Tuesday Bitcoin was up 5.8 percent Wednesday was back down Thursday was up And now today to end this week Bitcoin Right now is all over the place but it Seems like it's solidifying right around That 26 000 level now the reason for Bitcoin's volatility has to do with all The new updates being released regarding The lawsuits to binance and coinbase and A lot of people pulling their funds out Of crypto just because we're going Through another one of those instances Where it feels like nothing's safe now Bitcoin is just barely above the weekly 200 moving average after dropping below It for most of this week and while Crypto has been rather stagnant the Stock market has had a pretty solid week So it seems like right now ai stocks are Continuing to leave the rally pushing The S P 500 even higher and we're also Seeing the stock market actually enter The extreme greed today now look guys We're just halfway into the summer still At the start of June and I think there's A lot that can happen till the end of The year and I personally think it's a Little bit too early to call this a Full-blown official start to a bull

Market but it is definitely nice to see Some green within the space as most of You guys should already know crypto Oftentimes follows alongside what the S P 500 does and in this instance with the S P 500 doing fairly well we haven't Been seeing crypto doing the same and That's frankly because of all of the fun And all the recent news we have from Binance and the SEC lawsuits that are Coming about I'll talk a bit more into What I think is going to happen within Stocks and how I'm playing into the Market but before we do that let's talk About the broader global economy because Right now Europe has officially entered A recession according to data from Statistics agency eurostat so the Recession was officially declared after Eurostat revised down its economic Growth forecast for both the first Quarter of this year and the fourth and Final quarter of 2022. without going too Much further into it just know that Right now their largest economic Weakness is coming from Germany which is Europe's largest economy now moving it Back into the states next week is going To be huge because we have a ton of Significant data for economic influences That is going to change the scope of What I believe is going to happen within The crypto space and we could see either Crypto and stocks moving up a bit more

Or it could actually come tumbling down So next Tuesday we have two big Different hearings so first of all we're Going to get the release of maze Inflation report and the second thing It's going to be hearing on the future Of digital assets providing Clarity for The digital asset ecosystem following That on Wednesday we're gonna have Pal's Fomc meeting and another interest rate Decision as of now there's a 70 chance Of no interest rate hike and a 27.5 Chance of a 25 Point rate height now These figures are changing all the time Based on new economic data so we may see Very different numbers as we approach That fomc meeting date closing in on Some of the biggest headlines guys There's a lot we need to cover first of All the SEC it finally he decided to sue Binance now this came out at a lot of People surprised it actually surprised Me and they're coming out with 13 Different charges and a few of those Include unregistered offers and sales of Securities including BNB B usdc the Simple earn and binance Vault products And its staking program now I don't Think it's too important to go over Every single one of these charges but The ones that do stand out to me are Even little things such as a failure to Register a binance and also binance.us As platforms for an exchange working in

The US also on top of that they have a Ton of Charges going towards the CEO of Binance Shang pang's also known as CZ Now this lawsuit also includes a High-level breakdown of binance's Ownership structure alleging that cze Actually controls 100 of binance and Binance that U.S various entities and it Remains to be seen whether the ownership Structure here laid out by the SC is Accurate but it would be surprising to Hear if this is actually how it's Structured because this is a lot of Power to just one person so day after The binance lawsuit was announced the SEC also decided to sue a coinbase which Is an exchange that has been gone public On the U.S stock market exchange and the SEC is claiming that the exchange has Operated as an unregistered security Broker since 2019. between both the Binance and coinbase lawsuit the SEC Mentioned some new all coins asked Securities for the first time and this Is leading to some of the other Exchanges like Robin Hood going ahead And unlisting some of these other Different cryptocurrencies so as you can See on your screen we went ahead and Just listed out in a little Venn diagram The coinbase and the binance Securities That the SEC is trying to fight against In between them you'll notice that we Have Matic Ada which is cardano we have

Axis Mana file algo soul and sand it's Pretty impressive the amount of Cryptocurrency that they listed amongst All of this and the timing of this is Really suspicious too because coinbase Was scheduled to testify before Congress Alongside Robin Hood and representatives Of the U.S Commodities regulator to Discuss a newly proposed crypto bill This is also happening just a short your Time after coinbase decides to go ahead And Sue the SEC it could also be an ego Thing I feel like if maybe coinbase Didn't sue the SEC they might not have Been snapping back but it seems like at This point right now within the space The SEC does whatever they want they can Sue anyone they want and they can just Try and take down a lot of these Exchanges pushing out the growth of Cryptocurrency first of all it's not Happening within the us moving towards Other type of Nations and countries but Most of all it's not helping the space And it's bringing a lot of confusion to The space and the SEC keep in mind was Always created initially to help govern And regulate the space for the benefit Of the people but I just don't know if That's still the case now Brian Armstrong the CEO of coinbase went ahead And quickly replied to the lawsuit on Twitter stating that the SEC claims that Coinbase has been operating as an

Unregistered security broker since 2019 But he raises a really good point here That the SEC reviewed the business Inside and out in 2021 and allowed them To even go public in an IPO now Gary Gensler keeps saying that all coinbase Needs to do is come in and register with Us DC but apparently there is still no Clear path for them to just come in and Register despite repeatedly trying to do So now the cftc and SEC both have Conflicting views on what's considered a Security versus commodity thus just Making this entire situation even more Confusing for a lot of these larger Established and what I would say to be Trusted companies now guys I got a funny Little Meme here this is grabbed over From Twitter I feel like it's worth Mentioning but yeah nobody is safe from Gary this is Bart saying Hey Dad I'm not A security and uh he's saying you're not A security so far did y'all ever see the Simpson movie this came out when I was Like uh I think in like Elementary Middle School this was an OG move this Was a legendary now the next major Announcement was released showing that The SEC filed a motion for a restraining Order and from that they requested eight Actions including freezing the assets of Binance at us ordering Finance to return Fiat and cryptocurrency to us customers And they're also prohibiting the

Defendants from destroying altering or Concealing records and a few more Alongside that list now binance.us was Quick to respond to their restraining Order and they assured that customer Funds were actually safe and secure they Also added that this lawsuit is the Latest example of Regulation by Enforcement and that this lawsuit is Baseless and that binance intends to Defend themselves vigorously now it Seems like binance had to go ahead and Address the flood because there were a Lot of people trying to withdraw their Money I actually went ahead and decided To withdraw about nine thousand dollars Of my own funds from binance that was Pretty much all the money I had within Their exchange and I made a post about That within our patreon by the way guys Our patreon it's the cost of a Netflix Membership but he gets so much including Discord Community Access Monday Wednesday Friday posts and even on top Of that you have a chance of me Answering some of your questions in There as well as getting buy and sell Alerts for the crypto markets so if you Guys have not yet joined the patreon I Don't know what you're waiting for it's A great deal it's like 70 off what it Used to be with even more value than Before so be sure to check that out link Down Below in the description if it's

Sold out which it probably will be be Sure to join our wait list and I'll send You an email the next time it opens up Also we're doing a thousand dollar Giveaway within the patreon right now so If you guys want to go ahead and join And see what we got going there you have A pretty good chance of winning as well Now guys out of this entire situation we Really don't know what's going on Because we're getting even more word That you know Gary genzer had actually Offered to serve as an advisor to Finance back in 2019 but then there are Some other articles coming up saying That it was actually binance who reached Out to Gary gunsler first in 2018 for The advisory role which he declined now The allegations of gensler's past Involvement with binance raised Questions about potential conflicts of Interest and right now we just don't Know what is really going on is Gary Gensler working for the Democratic party Which is an office right now or is he Pushing an agenda where maybe banks are Funding him and he's trying to push down Crypto as much as he can it's really Hard to say because we get a lot of Videos of Gary guns are involved into Crypto space endorsing some of these Projects and then now he's trying to go Ahead and start all these lawsuits with Other companies which seems like they

Were in the clear before right now just Things are going full circle so the big Question is whether or not these laws Suits have any Merit and the reality of The situation is that they're still in Their infancy so nothing is certain yet But I will say the general consensus Among the crypto Community is that the SEC has zero Merit at least within the Coinbase lawsuit and right now they're Accusing of binance to do all these you Know tons of different crimes without Providing any actual proof in my opinion This seems to be more of a desperate Attempt of the SEC to try and control And regulate the crypto industry before We get additional enforcement coming From U.S Congress and Senate removing Their Authority and actually giving it To the cftc there's also two additional Theories that you guys should know about And that is the whole SEC lawsuit going On with xrp and right now there's a Thought that the xrp lawsuit is coming To an end and if that is so and they're Actually coming to an end where xrp Might win the SEC wants to do everything They can to keep their legal momentum up Ensuing some of these other exchanges And other projects now if you guys are Just wondering the simple question is Coinbase and binance still safe enough To keep your crypto the true answer is No one can actually know for certain no

One is a fortune teller but for me my Money is out of binance I'm going to be Staying away for the time being I'm Gonna play it much safer especially what We've seen with some of these other Exchanges but I'm more on the bullish Side with coinbase I don't know if Bullish is the right word but I feel More safe okay I feel more safe and Secure with coinbase knowing that they Are backed one to one they are publicly Registered within the stock market Meaning they have to show a lot of their Records their funds their balances and Brian Armstrong has been he's actually Been doing a great job within the space I believe he's one of the few Individuals that are just clear-headed You know not because of this whole thing But I feel like he is very aware of the Situation at hand now if you want to Reduce your risk as much as possible the Best course of action is to use a cold Sorge wallet I partnered up with trezor Ladies and gents so be sure to check out Some of their products linked Down Below In the description it's not sponsored by Them but they do have a list of great Different items that you guys can also Check out on top of that you know stocks Are still doing well I do think there's Some chance to make money like I said We're only in the beginning of June but The market is an extreme greed and it

Seems like if a lot of people run out of Crypto they're going to look towards Stocks I'm not selling my crypto I am Still very bullish within the entire Space but I do like playing Opportunities where there is liquidity And we are seeing some decent price Actions if you guys do want to get Started within the stock market I have a Way for you guys to get up to 20 to 30 Free stocks check out Weeble check out MooMoo link Down Below in the Description they have some great Promotional offers and by using those Links you also support this channel as Well it's a win-win you all know I love Those win-win situations you all get Some free stuff it also supports the Channel if you guys did enjoy today's Video be sure to drop a like down below Subscribe to the channel if you haven't Done so already and I'll talk to y'all Soon peace

Coinbase
OUR TAKE

Coinbase is a popular cryptocurrency exchange. It makes it easy to buy, sell, and exchange cryptocurrencies like Bitcoin. Coinbase also has a brokerage service that makes it easy to buy Bitcoin as easily as buying stocks through an online broker. However, Coinbase can be expensive due to the fees it charges and its poor customer service.

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