Breaking News US Judge Upholds Majority of Allegations Against Binance Bidens Chances of Winning Estimated at 16

Headline
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US Federal Judge Upholds “Most” of SEC’s Allegations Against Binance
According to reports, a US federal judge has upheld “most” of the Securities and Exchange Commission’s (SEC) allegations against Binance, stating that the company may have offered unregistered investment products in violation of anti-fraud regulations. The judge found most of the agency’s arguments to be reasonable and rejected certain arguments raised by Binance, which had also been dismissed by other judges, such as the Major Questions Doctrine, which implies that the SEC has no authority to fully regulate the cryptocurrency industry. Additionally, the court ruled that Binance’s founder and former CEO, CZ, is currently serving prison time in a separate case brought against Binance by the Department of Justice, and due to his control over Binance, he may be held personally responsible for the company’s misconduct. However, the judge also dismissed certain appeals related to some of the allegations against Binance. Judge Amy Berman Jackson’s ruling stated that these allegations do not meet the Howey test. Jackson also dismissed the allegations related to BNB secondary sales and Binance’s Simple Earn project, but the allegations against Binance’s Earn Vault will proceed. Out of the 13 charges, only one charge (related to BUSD sales) was completely dismissed.
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Probability of Biden’s Election Hits New Historic Low at 16%
According to reports, the prediction market Polymarket on the X platform stated that the probability of Biden’s election has hit a new historic low at 16%. In comparison, the probability of Trump’s election is 63%.
Market
As of the time of writing, according to Coingecko data:
BTC recent trading price is $62,756.61, with a 24-hour change of +3.1%;
ETH recent trading price is $3,435.23, with a 24-hour change of +1.9%;
BNB recent trading price is $581.80, with a 24-hour change of +2.2%;
SOL recent trading price is $146.32, with a 24-hour change of +4.6%;
DOGE recent trading price is $0.1243, with a 24-hour change of +2.2%;
XPR recent trading price is $0.4752, with a 24-hour change of +0.8%.
Policy
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Coinbase Software Engineer: Democratic Party Must Quickly Change Attitude Towards Cryptocurrency to Secure Sufficient Votes
Yuga.eth, a senior software engineer at Coinbase, stated on social media that with the Democratic Party in disarray, we are approaching the moment of greatest political influence for cryptocurrencies in the United States. The Democrats have been misled by figures like Elizabeth Warren and have waged an unpopular and ineffective war against cryptocurrencies, causing them to lose thousands of votes in key swing states. If the Democrats truly want to secure enough votes and avoid a devastating defeat in November, they must quickly and completely change their attitude towards cryptocurrencies. They should immediately halt their enforcement and regulatory strategies and work to improve and pass FIT 21 in a bipartisan manner, while revoking SAB 121. On the other hand, cryptocurrency-supporting PACs should capitalize on this opportunity to pressure Democratic political leaders and policymakers into promoting financial innovation in the United States.
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Dragonfly Capital Partner: SEC Has Clearly Stated that SOL is a Security and Won’t Back Down from This Decision
Hasseb Qureshi, a partner at Dragonfly Capital, stated that it is unlikely that a SOL ETF will be approved. He believes that VanEck’s submission of a SOL ETF application may just be “buying goodwill” to lay the foundation for the development of similar products, as the US Securities and Exchange Commission has clearly stated that SOL is a security and regulatory agencies won’t back down from this decision.
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Paul Chan: Hong Kong Must Accelerate Cultivating New Industries and Promote Artificial Intelligence Development
According to reports, Paul Chan, the Financial Secretary of Hong Kong, stated that Hong Kong must accelerate cultivating new industries and promote the development of artificial intelligence.
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Hong Kong’s Cryptocurrency and STO Trading Allowed by Financial Services License
According to reports, Antony Liu, co-founder and chief strategic officer of HKbitEX, believes that Hong Kong’s cryptocurrency licensing system is more convenient than those in Singapore, the United States, and other places. Liu explained that Hong Kong’s cryptocurrency asset licenses allow holders to provide trading services for cryptocurrencies and security tokens (STOs). Meanwhile, he stressed that regulatory authorities in other countries only provide licenses for one asset category, rather than for both. For example, he cited Coinbase, which is listed in the United States, whose license only allows for the trading of cryptocurrencies.
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Paradigm Urges European Regulators to Handle MEV Issue with Care
Paradigm has submitted opinions to the European Securities and Markets Authority (ESMA) regarding the prevention of market abuse in the cryptocurrency asset market. They pointed out that ESMA should avoid misapplying concepts from traditional financial markets to the underlying blockchain layer when dealing with Maximum Extractable Value (MEV) to prevent inconsistencies and unintended consequences. Paradigm called on ESMA to gain a deeper understanding of MEV and support innovative tools to address potential abuse risks.
Blockchain Applications
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UNIBOT Has Been Integrated on the Binance Smart Chain
According to reports, the official UNIBOT social media account announced that UNIBOT has been integrated on the Binance Smart Chain.
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Hong Kong Securities Industry Hopes to Issue Derivative Instruments for Cryptocurrency Spot ETFs and Launch Related Leveraged Options
According to reports, the Hong Kong securities industry hopes to issue derivative instruments for cryptocurrency spot ETFs. Since cryptocurrency spot ETFs have been officially listed, securities firms can apply to regulatory authorities for the issuance of derivative instruments, such as options with higher leverage, which will greatly enhance the attractiveness of Hong Kong’s virtual asset market. The launch of cryptocurrency spot ETFs not only attracts investors who prefer to invest in physical cryptocurrencies but also opens up more development opportunities for securities firms. Senior securities industry figure Xie Mingguang pointed out that cryptocurrency spot ETFs provide greater confidence in Hong Kong’s development prospects.
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S&P Global Ratings Joins Singapore’s “Project Ubin” to Drive Digitization of Financial Markets
S&P Global Ratings announced its participation in Singapore’s “Project Ubin,” which aims to explore tokenization on public blockchains. Led by the Monetary Authority of Singapore (MAS), the project brings together 18 financial institutions and regulatory authorities. S&P will focus on developing a digital asset analysis framework and evaluation in the fixed income area. Multiple financial institutions are conducting experiments related to fixed income, highlighting the push for the digital transformation of financial markets.
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Wuxi’s “Taihu Chain” Blockchain Technology Platform Achieves Functions such as “One License for All”
According to reports, Wuxi held an exhibition showcasing the innovative applications of blockchain in the “Chain On Wuxi” blockchain innovation application achievements. The achievements of promoting blockchain development around the “Taihu Chain” are clearly visible. The exhibition covers key content such as popular science knowledge, infrastructure, industrial development, social governance, public services, innovative ecology, and future prospects. It also showcases representative application scenarios in more than 20 industries. The “Taihu Chain” management service platform is a core project in the national blockchain innovation application pilot work. Its greatest highlight is the establishment of a city-level blockchain technology public service infrastructure platform, effectively achieving functions such as “one license for all” for electronic licenses, “one network for comprehensive management,” data lineage management, seamless supervision of state-owned assets, and full-process traceability of benefiting people’s funds.
Cryptocurrency
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9,708 ETH Transferred from Unknown Wallet to Coinbase
According to Whale Alert, around 6:03 AM (Beijing time), 9,708 ETH ($33,177,383) was transferred from an unknown wallet to Coinbase.
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Seven Employees of Paraguay’s National Electricity Administration Accused of Direct Involvement in Establishing Illegal Bitcoin Mining Operation
According to reports, seven employees of Paraguay’s National Electricity Administration (ANDE) have been accused of direct involvement in establishing an illegal Bitcoin mining operation in Paraguay. The engineers employed by ANDE were involved in organizing illegal connections to provide electricity for Bitcoin operations in Paraguay. ANDE’s Director, Felix Sosa, clarified that the internal audit department of the organization is conducting an investigation and organizational review. All relevant information will be submitted to the National Prosecutor’s Office for further investigation. However, Sosa stated that ANDE’s employees have not been responsible for the execution of electrical connections for some time, as this function has been outsourced to third-party contractors. Since December, ANDE has been fighting against illegal Bitcoin mining connections and has already disconnected over 70 farms that were directly extracting unmeasured electricity from the grid.
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4,336,609.06 ETH Burned on Ethereum Network
According to Ultrasound data, the Ethereum network has burned a total of 4,336,609.06 ETH. Note: Since the Ethereum London upgrade introduced EIP-1559, the Ethereum network dynamically adjusts the BaseFee for each transaction based on demand and block size, and this portion of the fee is burned directly.
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BNB Surpasses $580
According to market data, BNB has surpassed $580 and is currently trading at $580.1, with a 24-hour gain of 1.36%. Please exercise caution due to the high market volatility.
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Saudi Salafi Cleric Believes Islam Can Accept Bitcoin
According to BITCOINLFG, a 90-year-old Saudi Arabian Salafi cleric has written a fatwa stating that Islam can accept Bitcoin.
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AVAX Surpasses $29
According to market data, AVAX has surpassed $29 and is currently trading at $29.03, with a 24-hour gain of 4.01%. Please exercise caution due to the high market volatility.
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BODEN, a Biden-themed MEME Coin on Solana, Plummets Over 95% from All-Time High
According to Dexscreener data, BODEN, a Biden-themed MEME coin on Solana, has plummeted over 95% from its all-time high. This decline is attributed to the uncertainty surrounding President Joe Biden’s reelection campaign.
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15,000 ETH Transferred from Bitfinex to Unknown Wallet
According to Whale Alert, around 9:07 PM (Beijing time), 15,000 ETH ($50,758,460) was transferred from Bitfinex to an unknown wallet.
Important Economic Developments
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Strategist: Inflation and Employment Pave the Way for Fed’s September Rate Cut
Seema Shah, Chief Global Strategist at Principal Global Investors, stated that Friday’s PCE data met expectations, which is a relief for both investors and the Federal Reserve. However, the policy path remains uncertain. Further deceleration in inflation, combined with more evidence of weakness in the labor market, will pave the way for the first rate cut in September.
Encyclopedia
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What Is an Infinite Mint Attack?
An infinite mint attack refers to when an attacker manipulates the contract code to continuously mint new tokens beyond the authorized supply limit. Malicious actors may profit from such attacks by selling illegally created tokens or disrupting the normal operation of affected blockchain networks. The prevalence of infinite mint attacks emphasizes the importance of thorough code audits and incorporating security measures into smart contract development to prevent such vulnerabilities.