A U.S. District Court judge has ruled that the Securities and Exchange Commission’s (SEC) lawsuit against cryptocurrency exchange Binance will largely proceed. The decision was issued by District of Columbia Judge Amy Berman Jackson on Friday, marking a significant development in the case.
The SEC lawsuit, which began in June 2023, alleges that Binance and its founder and former CEO Changpeng Zhao engaged in activities that violated securities laws. Among the charges, the SEC alleges that Binance manipulated trading volumes, misused customer funds, allowed U.S. customers to access its platform in violation of its policies, and misrepresented its market oversight powers.
Furthermore, the regulator claims that Binance has illegally allowed trading of several cryptocurrencies, which it considers unregistered securities. This aspect of the lawsuit will go forward, according to the judge’s ruling.
Despite the setback for Binance, the ruling offers a positive side to the crypto exchange and the industry as a whole. Judge Jackson agreed with the court’s previous ruling that the SEC had not sufficiently proven that secondary market sales of Binance tokens — those sold by parties other than Binance on different exchanges — constituted securities transactions.
The lawsuit adds to the challenges facing Binance after a settlement in November, where the exchange agreed to pay $4.3 billion to resolve issues with the Department of Justice and the Commodity Futures Trading Commission over illicit finance violations.
Small cryptocurrencies are rising strongly for this reason
In the niche world of political meme cryptocurrencies, Donald Trump has leapfrogged Joe Biden, with tokens associated with the former president seeing a surge in volume and value. As the U.S. presidential election approaches in November and the candidates prepare for their first general debate on Thursday, these cryptocurrencies, part of a sector called PolitiFi, have gained significant momentum.
The political meme coin market is relatively small, with a total value of around $1 billion, but Trump-related tokens dominate the space. CoinGecko data shows that seven of the top ten political meme coins are based on Trump, with names often referencing his Make America Great Again slogan, such as MAGA and MAGA Hat. In contrast, only one major coin, GeoBoden, is associated with President Biden.
MAGA token, which trades under the symbol TRUMP on various exchanges, saw its market cap skyrocket to $775 million in June, a significant increase from its low value at the start of the year. The token was launched in late August 2023. Jeo Boden, which debuted in March, peaked at $648 million shortly after its launch, but has since fallen to $87 million.
Forrest Przybysz, CEO of Sistine Research and a cryptocurrency trader, noted that meme coins are highly speculative and thrive on sustained public attention, suggesting that Trump’s ability to attract attention makes him an ideal figure for such tokens. He expects prices and speculation on Trump-based tokens to increase as the election approaches.
Political tokens represent just a small portion of the $46 billion meme coin market, part of the larger $2.3 trillion cryptocurrency market, according to CoinGecko estimates. They often appear around election time to capitalize on the increased focus on political figures.
Despite their growing popularity, the legitimacy of many political meme coins has been called into question, with some investors on social media expressing concerns about a potential rug pull. Additionally, these tokens are not commonly listed on major centralized exchanges like NASDAQ:COIN or Binance, and are primarily traded in pairs with Ether or Solana on smaller platforms.
National polls show a tight race between Biden and Trump, with the upcoming presidential debate a pivotal event five months before the election on November 5. On Polymarket, a betting site that uses stablecoins, users are betting on a 59% chance that Trump will defeat incumbent Biden.
Political tokens capitalize on the public profile of political figures, attracting retail investors with their brand of satire or humor. Delphi Digital’s Jan Lieberman notes that humor is a key driver of the success of these tokens. While Trump has not endorsed any tokens bearing his name, his criticism of Democratic-led regulatory efforts has boosted his standing among cryptocurrency supporters.
In the run-up to the election, the crypto industry has been actively supporting pro-crypto candidates, with notable contributions such as the $2 million in Bitcoin donated by Tyler and Cameron Winklevoss to the Trump campaign, though the amount was refunded for exceeding federal contribution limits.
Analysts at Bitfinex have noted that these tokens have become speculative assets in their own right, and are closely tied to election outcomes. As the political landscape heats up, the movement of these meme coins is likely to reflect the changing dynamics of the campaign trail.
US blow to cryptocurrency market
The U.S. Treasury Department has put in place a new rule requiring cryptocurrency brokers to report their users’ digital asset sales and exchanges to the Internal Revenue Service (IRS). The rule, announced on Friday, follows the bipartisan $1 trillion Infrastructure Investment and Jobs Act of 2021, which is expected to generate about $28 billion in new guidelines over the next 10 years.
Starting next year, these reporting requirements will be phased in, and will apply to the 2026 tax filing season. The Treasury Department’s move is intended to align cryptocurrency tax reporting with existing standards for other financial instruments, such as bonds and stocks. The final version of the rule was modified from its initial proposal to reduce the burden on intermediaries and introduce the changes gradually.
Additionally, the new rule sets a $10,000 threshold for reporting transactions involving stablecoins. The Treasury Department responded to concerns from the cryptocurrency industry about the original proposal’s broad definition of intermediary and privacy issues by reviewing more than 44,000 comments and amending the rule accordingly.
The Treasury Department also announced the introduction of Form 1099-DA, a new tax reporting form designed to simplify the process for cryptocurrency users to determine whether they owe taxes, thus avoiding complex profit calculations.
While the Treasury has finalized this rule, it has also indicated plans to issue additional regulations later this year. These regulations will establish tax reporting requirements for non-custodial intermediaries, including decentralized exchanges.
Currently, the IRS requires cryptocurrency users to report various digital asset transactions on their tax returns, whether or not they result in gains. With the new rule, brokers will be responsible for submitting the necessary forms to both the IRS and digital asset holders, which will help with tax preparation.
Meme Coins Lead Gains Amid Price Rebound, This New Dogecoin Rival Steals the Spotlight
As crypto markets recover from the Mt Gox-related slump, meme coins have been leading the charge as small investors look for meme gems, with GameFi, the hottest new meme coin, stealing the show. In this article, we delve into this week’s hottest meme coin trends and explain why PlayDoge, a play-to-earn (P2E) coin, is catching the eye of the industry.
But let’s first take a look at the current market landscape as a whole. Bitcoin (BTC) is currently under tremendous pressure from mining pools that are rapidly selling their BTC holdings to cover their expenses after the halving, along with the exaggerated fear and uncertainty (FUD) atmosphere due to the Mt Gox developments. Bitcoin blockchain developments are currently the main driver of the market until the upcoming Federal Open Market Committee (FOMC) meeting in September.
Despite maintaining gains of over 39% compared to its level at the beginning of the year, the price of BTC is currently losing 11% on a monthly basis. Currently, the Relative Strength Index (RSI) reading has declined to levels that indicate an imminent rise, as its current levels represent an attractive buying opportunity amid the increasing chances of an imminent rise.
Meme Coin Markets Are Leading the Sector’s Asset Rally, Here’s Why
Besides the calm volatility of Bitcoin price which is a major source of reassurance, the bigger picture reveals a noticeable trend of meme coins which are currently providing the highest gains amidst the recovery atmosphere.
The performance of meme coins came as no surprise to many; the category outperformed all other cryptocurrencies, recording an average return of over 1,834% in 2024. By comparison, its closest competitor, the digitally represented tangible assets (RWAs), saw an average growth of just over 213%.
So, it comes as no surprise that leading meme coins like POPCAT, MOGU, BENDOG, WIF, and PEPE are trending this week and topping the list of the most profitable coins in the sector.
However, with the developments of the meme coin markets, there has been a growing interest in the advanced technical systems of new meme coins, which has gained them great attention recently, especially the huge opportunities provided by meme coins based on
The BASE blockchain is currently a hive of developer activity following the Solana development season, with transaction volumes on the former increasing due to the incredible growth in the number of new users, facilitated by the Coinbase smart wallet, which has led to the growth of meme coins on BASE such as BRETT, which many expect to reach a market cap of $ 20 billion during the upcoming bull market peak.
Alongside BASE, the BLAST blockchain has also been making headlines this week, especially after its much-anticipated and exciting free drop, which left many traders frustrated due to the many annoying eligibility requirements for the free drop, including watching a long (and boring) video. As the meme coin market gains momentum, it’s easy to see why searches for new meme coins—most notably Playdoge—are on the rise.
What is Playdoge ? Why are investors rushing to buy the PLAY coin that has raised millions of dollars in funding?
With investors anticipating and ready to cash in on the massive Q3 rally, PlayDoge has quickly taken the spotlight as the go-to coin for market participants in the coming months, with some analysts predicting the new meme coin could surge 100x in price. Taking its cue from the success of the original Tamagotchi and its beloved pets, it is looking to capitalize on the nostalgia of the game and bring its pets to the Web3 ecosystem.
