Stark warns against unregulated, high-risk crypto trading platforms. Crypto exchanges’ disregard for standards exacerbates customer risks. Regulatory uncertainties drive investors towards decentralized options. In a bold warning, former Securities and Exchange Commission (SEC) chief, John Reed Stark, issued an urgent call to “get out of crypto platforms now.” In addition, he highlighted recent lawsuits against Binance Holdings Ltd. and Coinbase, citing these as critical reasons for his concern. Stark Backs SEC’s Crypto Pursuit Emphasizing the high-risk nature of crypto trading platforms, Stark asserted on Twitter that the SEC is spot-on with their crypto-related enforcement efforts. According to him, these platforms operate without proper registration with the SEC, leaving them devoid of operational supervision and customer protection. On the same note, Stark pointed out that the absence of regulatory oversight translates into significant gaps in customer protection and record-keeping. He further emphasized the platforms’ non-adherence to U.S. regulations on market manipulation, insider trading, and trading against customers. Consequently, he underscored the absence of pricing or order flow requirements on these platforms. Moreover, Stark argued that crypto exchanges have no obligation to adhere to cybersecurity or privacy protection standards, lack internal compliance requirements, and ignore the need to address customer complaints. Furthermore, he noted the absence of minimum financial standards for operation, painting a grim picture of the current state of these platforms. This warning comes when centralized exchanges are already experiencing declining trading volumes. Even before the recent legal actions, May witnessed a sharp decrease in trading volume on centralized exchanges, while decentralized exchange volume saw a modest increase. Stark’s advice aligns with a growing sentiment among investors becoming wary of the regulatory uncertainties surrounding crypto platforms. The combination of legal scrutiny, inadequate safeguards, and a lack of compliance measures has prompted many to seek alternative decentralized options.

The company expressed its disagreement with the market regulator in a recent post. The Solana Foundation’s attempt to reassure its members came somewhat late. After being silent for some time, the Solana Foundation has commented on the SEC’s recent decision to classify Solana (SOL) and other cryptocurrencies as securities. The company expressed its disagreement with the market regulator in a recent post it tweeted. The Solana Foundation issued a statement saying it appreciates lawmakers’ efforts to work together as “constructive partners.” On regulation to clarify the law for the thousands of American businesses working to develop the digital assets market. Moreover, the organization said that its developer’s community is the best in the digital currency sector, with a solid determination to create groundbreaking innovations. Calming Investors The Solana Foundation’s letter is meant to comfort its members. But it also emphasizes the organization’s commitment to helping “those building for the long-haul to continue to create the best blockchain for a decentralised future.” Furthermore, in its recent lawsuit against Binance and Coinbase, the SEC included SOL as a security. Along with Cardano (ADA), Polygon (MATIC), and Filecoin (FIL), among others. Although there seems to be no legal action taken against the Solana Foundation at this time. The accreditation may cause investors to lose faith in the SOL token. The Solana Foundation’s attempt to reassure its members came somewhat late, despite the message’s stated goal of calming tensions. The effects of the SEC’s crackdown are already being felt. Moreover, recently it was revealed that cryptocurrency exchange Robinhood Markets Inc. will stop supporting Solano, Cardano, and Polygon by the end of the month. This change has had a significant influence on SOL. And the bulk of other cryptocurrencies, contributing to the current negative trend.

Shiba Inu’s upcoming announcement promises a groundbreaking advancement. The ecosystem aims to combine governance, real-life applications, AI, and DAOs. The anticipation for the Shibarium update is growing within the community. Shytoshi Kusama, the enigmatic persona driving the Shiba Inu project, unveiled an exhilarating update on the progress of Shibarium. Consequently, the Shiba Inu community is eagerly bracing for new developments in the ecosystem. The upcoming “Something is Coming” trailer significantly highlights the ecosystem’s next breakthrough. Moreover, Kusama clarified that this revelation isn’t just an incremental step. Instead, it will represent a pioneering stride in decentralized technologies and protocols. However, he remained cryptic about the details, hinting at a rollout for early July. Hence, we expect a vibrant discussion around this exciting announcement in the coming weeks. Shiba Inu’s All-Encompassing Ecosystem: An Unrivalled Offering Envisioned by Kusama, the future Shiba Inu ecosystem aims to include elements like governance, real-life applications (IRL), and MV, Blockchain. Furthermore, the inclusion of Artificial Intelligence (AI) and Decentralized Autonomous Organizations (DAOs) will also be incorporated. Kusama further claims it’s a package unmatched by any other on the planet. This all-inclusive approach suggests the Shiba Inu project is creating a robust, multi-faceted platform. It would intertwine various aspects of the modern, decentralized world into a seamless experience. Besides, it reiterates the project’s commitment to developing a completely decentralized product. As the Shibarium update looms closer, the anticipation among the Shiba Inu community continues to grow. This announcement will undoubtedly drive new interest from the broader crypto sphere. To wrap it up, this intriguing reveal from Shytoshi Kusama reaffirms that Shiba Inu is not just a meme coin. Instead, it is a complex, developing ecosystem with an ambitious vision. Consequently, all eyes are now on early July when the “Something is Coming” trailer will blossom into reality.

Custodia Bank has gained ground in its legal struggle against the Fed. In October 2020, Custodia applied for a master account at the Federal Reserve. When a federal court in Wyoming rejected requests to dismiss filed by the Federal Reserve and the Federal Reserve Bank of Kansas City, Custodia Bank gained ground in its legal struggle against the Fed. In June of 2022, the digital asset bank filed a lawsuit against the Federal Reserve over what it called an “unlawful delay” in the approval of its master account. Caitlin Long, a former executive at Morgan Stanley and an early supporter of crypto, launched the bank in 2020 so that it could provide account services to cryptocurrency businesses and act as a conduit to the US dollar. Moreover, the court has again denied the Federal Reserve’s request to throw out Custodia Bank’s complaint. Nathan Miller, a spokesman for Custodia Bank, expressed his delight that the Fed’s effort to give itself a veto over state bank chartering decisions will finally be proven in federal court. Granting Itself Unique Jurisdiction In October 2020, Custodia applied for a master account at the Federal Reserve. If approved, the bank would have access to the Fedwire network, the Federal Reserve’s payment system that handled over 196 million transactions in 2022. The bank’s engagement in the cryptocurrency sector was cited as one of the reasons the Fed rejected the membership application in January 2023. Since firms that deal in crypto can’t get banking services backed by the Federal Deposit Insurance Corporation (FDIC), SPDIs were developed to fill that need. The state of Wyoming filed a request to intervene in the bank’s lawsuit with the Fed in April to defend its structure that permits certain cryptocurrency businesses to qualify as state-chartered banks. Miller claims that after decades of automatically issuing master accounts to licensed banks, the Fed is now reinterpreting federal statutes to give itself unique jurisdiction that it never got from Congress. Moreover, Miller proceeded by saying that the Wyoming Division of Banking turned down more than 150 other banks before awarding Custodia its bank charter.