Macroeconomics and financial markets
In the US NY stock market on the 27th, the Dow closed at $194 (0.60%) higher than the previous day and the Nasdaq at $55 (0.47%) lower.
With the decision to underwrite the failed Silicon Valley Bank (SVB) and the receding of the credit instability and financial crisis-related risks that had spread mainly in Europe and the United States, regional bank stocks, which had fallen sharply, rose overall.
The crypto asset (virtual currency) sector continued to fall as the US SEC (Securities and Exchange Commission) strengthened its tightening.
Coinbase fell 7.79% and MicroStrategy fell 6.89% from the previous day, while mining companies Marathon Digital fell 8.96% and Riot Platform fell 6.83%.
connection:Buy back to bank stocks due to financial unrest, Nasdaq declines | 28th Financial Tankan
connection:Stock investment recommended for cryptocurrency investors, representative cryptocurrency stocks of Japan and the United States “10 selections”
Virtual currency market
In the crypto asset (virtual currency) market, Bitcoin fell 3.14% from the previous day to $27,026.
Among major alts, BNB fell by 5.1% from the previous day. The US Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Binance.
This time, the head family Binance, not the US corporation, is in the throes, and the founder and CEO Changpong Zhao (CZ) and former Chief Compliance Officer Samuel Lim are being held legally responsible. rice field.
The CFTC “intentionally failed to register as a business with U.S. regulators and provided derivatives (financial derivatives) trading services to U.S. customers,” it said. It also argued that its anti-terrorist financing (CFT) and anti-money laundering (AML) measures were inadequate.
It seeks the return of illegal gains, payment of fines, and a permanent ban on business registration.
connection:CFTC sues Binance and CZ for violating U.S. law
In response, Mr. CZ said on the official website, “We have been working with the CFTC for more than two years, but the civil lawsuit is unexpected and disappointing.” He reiterated Binance’s stance on compliance and cooperation with regulators and law enforcement.
Among the compliance regulations, there are strict policies such as prohibiting futures trading by employees, restricting sales lock-up for “90 days” when trading crypto assets (virtual currency), and prohibiting trading by those involved in the Launchpad (new stock listing) department. included.
Among individual stocks in the alt market, XRP, the 7th largest crypto asset in terms of market capitalization, rose 7.5% from the previous day (26.9% from the previous month), a reversal high.
It stands out even when compared to Bitcoin’s 2.80% drop from the previous day (15.0% from the previous month) and ETH’s 2.64% drop from the previous day (4.8% from the previous month).
On the 22nd, CNBC reported on the expectations of investors in the trial.
In December 2020, Ripple Inc., which develops XRP, was sued by the US SEC (Securities and Exchange Commission) for selling unregistered securities, causing the price of XRP to plummet.
The impact of the lawsuit is enormous, including the withdrawal of major market makers such as B2C2, suspension of XRP trading on exchanges, and delisting.
connection:List of domestic and foreign virtual currency exchanges and funds supporting XRP regarding Ripple litigation
“The SEC’s arguments in the trial run counter to investor protection,” said John E. Deaton, an attorney representing XRP investors, who said, “Summary judgment could be handed down in the next few weeks. In addition to the mention that Ripple’s new CEO Monica Long is confident about the trial, it was also well received.
connection:Ripple trial progresses, motion for summary judgment filed, both sides agree on future schedule
On the other hand, there is a strong sense of uncertainty about the outcome of the trial, and some are cautious about not being optimistic.
If XRP is considered a “securities,” all similar tokens will be sorted out as securities, including Ethereum (ETH), a PoS-based crypto asset that the SEC claims is an unregistered security, and staking services. , is likely to spread to a wide range of categories.
If Ripple loses the lawsuit and the SEC wins, it is expected to file an immediate appeal.
The U.S. SEC (Securities and Exchange Commission) has strengthened its pressure and hard-line stance on the crypto-asset industry under the pretext of protecting investors, following the collapse of the major crypto-asset exchange FTX.
On the 22nd of this month, a Wells Notice was issued to Coinbase, the largest exchange in the United States, on suspicion of violating securities laws. The survey includes cryptocurrencies and staking services listed on Coinbase.
connection:SEC Investigates Coinbase for Securities Law Violations, Sends Wells Notice
In February, it sued Kraken, a major U.S. exchange, for violating the securities law, and was forced to pay about 3.9 billion yen ($30 million) in fraudulent gains and fines, and to suspend services for U.S. customers. was done.
Click here for a list of market reports published in the past
[Recruitment]Recruitment of new personnel due to Web3 business expansion
Japan’s largest cryptocurrency media CoinPost is looking for full-time employees and interns as it expands its Web3 business.
1. Media Business (Editorial Department)
2. Marketing operations
3. Conference management and launch work
4. Open Position (students welcome)
Details https://t.co/UsJp3v8mSH pic.twitter.com/B98JZmoQbW
— CoinPost-virtual currency information site-[app delivery](@coin_post) February 14, 2023