What Happened on June. 7th | Who will be the Next to be sued by SEC?

In the SEC's lawsuit filing, BUSD is classified as a security, while USDC and USDT are not recognized as securities. BUSD, USDC, and USDT are all centralized stablecoins with no apparent differences. In fact, Paxo, the issuer of BUSD, has always been regarded as compliant. USDT, on the other hand, has been the subject of regulatory scrutiny and has faced multiple lawsuits. It would not be surprising if Tether became the next target.

Another project that could potentially be targeted is Lido. There were market rumors in March of this year that Lido received a lawsuit warning notice from the SEC, which later turned out to be a fake rumor. Lido is currently one of the largest DeFi projects, providing liquid staking services for PoS blockchains (many of which the SEC recognizes as security tokens). The scale and nature of Lido's business make it a potential target.

In addition to potential lawsuits, another risk facing the market is the U.S. government's sale of $1.2 billion worth of Bitcoin it holds.

Biggest Gainers & Losers

Headlines

Coinbase Prepared to Fight SEC in Supreme Court, Says CLO

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Arbitrum On-Chain Vote Starts June 10: Locking 700M $ARB Tokens in Smart Contract

OP Mainnet Completes the Bedrock Upgrade

BitDAO Approved Proposal MIP-22, $BIT will be converted to $MNT at 1:1

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Fundraising

$BTC-denominated Insurance Provider Meanwhile Raised $19M from OpenAI CEO and Google

Web3 Gaming Studio Argus Labs Raises $10M in a Seed Round Led By Haun Ventures