Daily Crypto News | June 14th, 2022
1. Binance US Sued for Misleading Information Promoting UST and LUNA
Binance US is currently accused of promoting Terra’s LUNA and UST through false information, including calling them “safe” and “fiat backed”. This action led to Binance being sued of bbreaking the federal law, as these coins were never registered with the SEC.
The suit points out that Binance chose not to inform the users of the risks that come with owning UST and LUNA in order not to sway users from them. “Binance U.S.’s business model is premised on illegally enabling the sales of unregistered securities to as many U.S. investors as possible, as often as possible,” reads the complaint.
2. Arizona State University Planning on Utitlizing Metaverse and NFTs
Accoriding to reports received by the United States Patent and Trademark Office, Arizona State University registered for seven variations of the school name, and its football team Sun Devils, to use a virtual environment. ASU seems to “have big plans for the metaverse and Web3”, which range from NFT artwork, NFT event tickets, to virtual classes.
This news also hints at Arizona State University’s interest in utilizing NFTs for official documents that might include lectures, diplomas, and such.
3. Lummis & Gillibrand Bill: Bitcoin and Ether to be Commodities
After some time, the long-awaited bill for crypto users is finally ready. United States Senators Kirsten Gillibrand of New York and Cynthia Lummis of Wyoming introduced a bill to the US Senate. This bill is 69 pages long, and it covers studies on the effect of the digital world to the enironment, as well as the use of digital assets and regulations that should come with it.
If this bill is passed, there will be notable changes. Gillibrand and Lummis already confirmed that Bitcoin and Ether will be subjected to the Commodity Futures Trading Commission (CFTC) regulations, and also suggested most altcoins securities to be regulated by US Security and Exchange Commission (SEC).
4. Lido’s Staked Ethereum’s Fate Amid Celcius Liquidity Issue
Celcius’s Earn strategy is heavily dependant on the Staked ETH’s price being pegged to that of Ether. However, that no longer holds true, which is chasing users away from Celcius. After the crash of Terra, Lido Finance is now facing a potential liquidity crisis. Its Staked ETH (stETH) is always supposed to be worth 1 ETH, but it hasn’t been for a while.
Crypto leding company Celcius is one of Lido’s main clients, with $475M worth of stETH in their public wallet. After the company’s decision to cease all transactions and withdrawals, ”to put Celsius in a better position to honor, over time, its withdrawal obligations,” said the company, users are only more w=aware of the risk related to stETH and Celcius’s reliance on this coin.
5. Ethereum Crashes on Uniswap, Price Went under $950
After yesterday, Ethereum lost yet another 20% in value, but that’s not all. On the decentralized exchange Uniswap, the price of ETH dropped under $950 due to a whale sale. On most exchanges, this price should be around $1300, but at one point on Uniswap, it was seen to be $945. This is the result of a whale dumping 65,000 ETH into the market. Reegardless of the reason, many crypto users are watching carefully as Ethereum might hit triple digits, which would be a historical downfall.
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