Former Student of SEC Chairman Weighs in on Binance and Coinbase Lawsuits

Former MIT Sloan School of Management student and teaching assistant for Gary Gensler, known only as ‘Kenny’ on Twitter, has offered insights into the recently filed lawsuits against Binance and Coinbase by the Securities and Exchange Commission (SEC), as well as his personal journey into the world of blockchain and crypto.

Kenny took to Twitter to share his experience of studying under the current SEC Chairman, Gensler, before his appointment to the role. Notably, Kenny wrote a report on Binance Coin (BNB) as a student, which he shared with both Gensler and Binance founder Changpeng Zhao, or CZ as he is commonly known.

Reflecting on this time, Kenny wrote, “It wasn’t the report but the interaction between Mr. Gensler & Mr. Zhao. I felt an opportunity for a future of blockchain that was open to innovation from both the side of the regulator and the innovator.”

Later, while interning in Shanghai in the summer of 2019, Kenny worked with Victor Ji on a project related to decentralized identification for small businesses. Kenny recalls reaching out to Gensler to discuss these ideas, describing their conversation as thoughtful.

In the tweets, Kenny acknowledges his growth in the world of blockchain and credits Gensler, Ji, and Zhao for providing direction and inspiration. Kenny states, “Meeting Mr. Gensler, hacking with Victor, getting recognized by Mr. Zhao… All felt like winds from the universe guiding me.”

This personal connection made the recent lawsuits filed by the SEC against Binance and Coinbase particularly impactful for Kenny. On June 5 and 6, 2023, the SEC filed 13 charges against various Binance entities and sought emergency relief to ensure the protection of Binance.US customers’ assets, respectively.

Speaking about the lawsuits, Kenny said, “The recent news regarding the lawsuits against @binance and @coinbase is truly an unfortunate outcome from the perspective of someone inspired by the same figures entangled in this.”

Despite his personal connections, Kenny remains hopeful for the future of blockchain and crypto, concluding with, “I truly hope that whatever comes out of this takes into account all of the hard work that the brightest minds are putting into the space to change the world.”


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Binance-native blockchain BNB Chain continued to show steady activity growth

According to new study, the native Binance blockchain known as BNB Chain continues to demonstrate consistent rise in activity during the fourth quarter of 2018, despite the larger bear market in the cryptocurrency industry.

James Trautman, a researcher for Messari, stated on February 5 that the Binance network has proceeded with a “aggressive plan to deploy financial and human resources throughout its ecosystem” in a paper titled “State of BNB Chain Q4 2022,” which was released on February 5.

The study said that because of these continual improvements and innovations, the average number of daily active addresses and transactions “bucked a decreasing trend and climbed by 30 percent and 0.2 percent, respectively.”

Bear markets are often characterised by low levels of on-chain activity; yet, this is an ideal moment for teams to continue working on the construction and development of their goods.

Although 2022 was a turbulent year for the cryptocurrency sector, Trautman said that BNB Chain “played true to its Build N’ Build moniker with network improvements and ecosystem development that demonstrated remarkable strength through Q4.”

Since the middle of August, BscScan says that the number of daily transactions on BNB Chain has remained relatively unchanged at about 3 million. On the other hand, this year has witnessed a surge in the volume of daily BEP-20 token transfers, which reached just over 5 million on February 5 after a 66% increase from the previous year.

According to BscScan, the number of unique BNB Smart Chain addresses has just surpassed the previous record high of 250 million. The number of average new unique addresses added each day increased by 41.3% year on year.

Messari believes that the adoption of a number of ecosystem protocols, such as the Web3 onboarding protocol Hooked, a spike of DeFi activity on Venus Protocol, and increasing NFT activity on the OpenSea marketplace, are responsible for the expansion.

According to DeFiLlama, the total value of BNB Chain DeFi has climbed by 25% since the beginning of the year to reach $6.62 billion. This information is presented in the context of the previous sentence.

“BNB Chain was successful in implementing a growth plan, which paved the way for major advances toward acceptance. According to Trautman, it made a number of modifications to its basic functionality, merged with key partners, and expanded into DeFi, NFTs, GameFi, and other areas.

The decline in financial performance came about despite the fact that the number of active users increased. It was noticed that the average transaction fees went down, which led to a fall in the amount of money generated.


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Binance’s New Blockchain Platform Aims to Build Web3 Infrastructure

In its recently published BNB Greenfield white paper, the cryptocurrency exchange Binance stated that it is interested in constructing a blockchain-based Web3 infrastructure. BNB Chain is a blockchain platform that was established by Binance.

According to the white paper, it is a decentralised storage infrastructure that is integrated into BNB Chain. This infrastructure grants users and decentralised applications (DApps) complete control of the data stored inside it. Hosting websites, maintaining personal clouds and data archives, publishing, and other applications are all examples of possible use cases.

The core team at BNB Chain is responsible for building the testnet for the planned Web3 infrastructure. This testnet is backed by community developer teams from Amazon Web Services, NodeReal, and Blockdaemon. BNB Greenfield is a distributed storage system that is currently in development. It will integrate smart contract functionality for Web3 apps and is powered by the BNB (BNB) token (previously known as Binance Coin).

Victor Genin, senior solution architect at BNB Chain, revealed the intention to create a new theme for the ownership and utility of data while discussing the motivation behind the upcoming initiative. He added that “BNB Greenfield will build utility and financialization opportunities for data that is in storage as well as bring programmability to the ownership of data.”

Users that have BNB tokens and a BNB Chain address are able to store data on BNB Greenfield, which functions in a manner similar to that of Web2 cloud storage systems such as DropBox. The creation of websites and the archiving of historical data are two more possibilities.

In addition to this, the system will make use of something called nonfungible tokens, or NFTs, in combination with smart contracts in order to govern who owns the data and who has permission to view it. On the backend, BNB Chain will be utilised to hold the storage metadata; however, the actual data storage will be handled by third-party storage providers.

Recent events have resulted in a cooperation between Mastercard and Binance for the introduction of a prepaid cryptocurrency card in Latin American countries. This desire for continued product growth has been pursued by Binance.

On January 30, the cryptocurrency exchange made the announcement that it will be launching the Binance Card in Brazil. The card will be issued by Dock, a payment institution that is licenced by the central bank.

The card enables real-time conversion of fiat currency to any of 14 different cryptocurrencies, and it comes with a number of enticing bonuses, such as the opportunity to earn up to 8% cash back in cryptocurrency on qualifying transactions and waived fees for certain ATM withdrawals.


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Exchange Tokens Recovers as Investors Focus on Utility

The cryptocurrency ecosystem is gradually seeing a comprehensive recovery, and while there is still a bit of volatility in the market, exchange tokens are on a bullish tear as investors return back to trading actions. 


The market plunged by shedding more than $200 billion in a couple of days this past week as every digital currency experienced a ripple effect of the fall of the Terra blockchain network. The LUNA coin lost 99% of its value while the protocol’s native token, UST, is currently changing hands at $0.1765 instead of $1 according to CoinMarketCap’s data.

How Exchange Tokens are Performing

Led by Binance Coin (BNB), the cryptocurrency of the world’s largest trading platform is up 6.32% to $297.72, a significant trading level considering its plunge to almost a 12-month low of $216.32 earlier in the week. Despite the broad-based sell-offs the coin has recorded, it is still ranked as the fifth-largest digital asset with the USD Coin (USDC) displacing it from the fourth position.

FTT, the native coin of the FTX Derivatives Exchange is changing hands at $31.45, up 3.5% in the past 24 hours. KuCoin Token (KCS) is also seeing a remarkable run in its price, equally surviving the similar onslaught that was experienced by its peers.

The cryptocurrency is up 11.34% to $13.57, a figure that is 52.53% from its All-Time High (ATH) of $28.80.

The rejuvenation seen in these exchange tokens is evident that demand is picking up from traders as many took the ‘wait and see’ approach amidst the extreme volatility that engulfed the ecosystem a few days ago.

Exchange tokens serve a very vital role in the functioning of their respective platforms, and unlike other tokens with limited utility, their rates of growth can be projected to exceed other prominent tokens in the medium to long term.

Image source: Shutterstock


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New Week New Hurdles: Top 3 Altcoins to Watch This Week

It was a gory weekend for a number of altcoins as the digital currency ecosystem took another downward slide. Investors chose to stay away from risky assets in the wake of the Russian-Ukrainian brawl. The global cryptocurrency market cap slid 3.99% at the time of writing to $1.74 trillion, paring off the gains accrued in the past week. - 2022-02-21T101507.072.jpg

Amidst the bearish slump,  three tokens are under review, including Binance Coin (BNB), LooksRare (LOOK), and Terra (LUNA) have inherent utilities and a competitive market advantage that can help them stay resilient amidst the ongoing bearish slump.

Binance Coin (BNB)

Binance Coin is still the fourth-largest digital currency by market capitalization; a figure was pegging at $62.97 billion at the time of writing. BNB is a strategically positioned coin, active as the native token of the Binance Exchange as well as the utility coin of the Binance Smart Chain (BSC) network. By default, the coin is typically under high demand, an inherent advantage that can easily spark a resurgence in the price breakout of the digital currency. BNB was changing hands at $379.22, down 4.65% during the intraday. With the broad ecosystem activities slated for this week, BNB is on track to retest the $400 resistance in the coming days.

LooksRare (LOOK)

LooksRare is an emerging Non-Fungible Token (NFT) marketplace that intends to dethroning OpenSea. Powered by the LOOKS token, the ecosystem is in a pole position to benefit from the woes of the bigger trading platform. The LOOKS token hit it off with retail NFT traders at its debut, swiftly attaining an ATH of $7.07. While the token has tracked back its gains, it is poised to make a relatively faster recovery from its current price of as many NFT stakeholders are bound to explore the platform more for its incentives and the persistent hacks being suffered by OpenSea.

Terra (LUNA)

Terra is a Layer-1 blockchain protocol that aids the fast performance of smart contracts and decentralized protocols. LUNA was trading at a price of $48.80. Since the beginning of the year, the LUNA token has taken a massive beating amidst the persistent bearish slump. Terra represents an innovative protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. Its usefulness is proliferating, and this has placed a corresponding demand on LUNA, a trend that can spark a recovery in the altcoin this week.

Image source: Shutterstock


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Price analysis 2/9: BTC, ETH, BNB, XRP, ADA, SOL, LUNA, AVAX, DOT, DOGE

Bitcoin (BTC) has recovered close to $44,000, indicating that the downtrend could be coming to an end. However, the price may not rally to the all-time high in a straight line. This means bulls are likely to face several hurdles in-between and the price action may remain volatile.

JPMorgan analysts said in a recent investor note that Bitcoin’s boom and bust cycles are hindering further institutional adoption. The analysts estimate that with volatility four times that of gold, Bitcoin’s fair value is about $38,000. If the volatility reduces to three times that of gold, their fair value estimate for Bitcoin rises to $50,000.

Daily cryptocurrency market performance. Source: Coin360

Wells Fargo Investment Institute, the research division of Wells Fargo Wealth and Investment Management, in its report titled “Cryptocurrencies — Too early or too late?” said the crypto markets were still in the early days of adoption. The report added that “most of the opportunity lies before us, not behind us […]”.

Could Bitcoin and altcoins extend their relief rally or will profit-booking pull prices lower? Let’s study the charts of the top-10 cryptocurrencies to find out.