"U.S. capital markets must be protected from a tyrannical Chairman, including the current one," Davidson said in a tweet, announcing that he has filed the SEC Stabilization Act.
"Binance and Zhao are not the typical foreign entity and individual, as they are widely known for disagreeing with the premise of a headquarters or domicile, let alone identifying one, and Zhao is famously protective of revealing his whereabouts," the SEC said in the court filing.
Last month, a report surfaced online claiming that committee members of the Democratic Party have received a memo ahead of the hearing for digital assets regulation allegedly reminding the lawmakers to support the SEC's position on crypto assets.
Offshore crypto exchanges saw a significant increase in terms of trading volume, with the research revealing offshore trading platforms experiencing four times more than the exchanges in the U.S.
While altcoins continue to wade in the puddle of red, Bitcoin showed dominance in the market, with long-term holders and market participants continuing their accumulation of the world's first-ever crypto asset and showing very little activity when it came to sending their stash to exchanges.
In a previous tweet, Kusama even joked with a Shiba Inu developer that they may have leaked the draft of a crucial Shiba Inu document to the popular Russian-Canadian programmer.
There are a lot more initiatives that the team is currently working on, some of them have not been made public and are tightly kept under wraps.
The prices of the assets deemed as securities nosedived following the classification. ADA witnessed an 11% loss and was trading at $0.325; SOL was down 8% and was trading in the red zone at $19; and MATIC saw a 12% decline in its value at $0.784, according to the data from CoinMarketCap.
When speculations about the exchange relocating offshore surfaced online, its founder and CEO Brian Armstrong dismissed the rumors, saying, "Coinbase is not going to relocate overseas."
Musk's tweet is some sort of reassuring to holders of the meme coin, as the market is experiencing a sharp crypto sell-off because of the mounting regulatory pressure and enforcement by the U.S. SEC in the past week.
In the past few months since the collapse of the so-called algorithmic stablecoin TerraUSD (UST) and token LUNA, several claims and pieces of evidence have hinted that Do Kwon knows exactly what to do when it comes to safeguarding his wealth.
The collapse of the business wiped clean investments from a lot of users, many of whom are still waiting on what remains on the company's estate to be redistributed.
Crypto.com launched the alpha of its institutional investor crypto service in the US in March 2022.
The commission-free trading platform shared that it will end its support for Cardano, Polygon and Solana crypto assets at 6:59 p.m. ET on June 27.
Binance.US also announced delisting of USD trading pairs next week and the imminent pause of fiat withdrawals starting June 13.
Aside from his legal battle in Montenegro over his alleged forged travel documents, the country's prime minister has also ordered the prosecution to investigate Kwon's ties with the leader of the Europe Now political party.
"As we conveyed nearly four months ago, Mr. Gensler should have been recused from any consideration in this matter based on this history and the prospect that Mr. Gensler may be a material fact witness," Binance's lawyers told the SEC in a letter.
Consumer agencies can charge fines against violators of consumer law in principle, but the latest action by the BEUC underlines that it wants harsher penalties for subjects of the complaint.
Aside from his over six years of prison sentence, the 64 years old businessman from Arizona was ordered by the court to "pay a forfeiture of $740,249,140.52 and restitution in the amount of $53,189,261.80 to the AAF."
Changpeng Zhao is no stranger to FUD or the crypto speak for fear, uncertainties and doubts, since Binance has become a magnet of a lot of controversies over the past years.
While former Finance Minister Milojko Spajić confirmed he knew Kwon, he denied the crypto executive's claim and called him a "fraudster who defrauded millions of people."
The court will also look into the authenticity of the identity cards and travel documents of the TFL executives since Kwon's lawyer claimed the CEO's Costa Rican passport was obtained legally.
"We continue to believe that rules of the road, from legislation or rulemaking or both, must come before enforcement actions. That is why we petitioned the SEC for rulemaking nearly a year ago in the first place," Coinbase chief legal counsel Paul Grewal said.
While the Binance and Coinbase CEOs lost part of their personal wealth in the wake of the SEC lawsuits, their collective losses account for only 14.3% of their collective gain in the early part of 2023.
Binance immediately responded to the news about the SEC filing the emergency motion in an attempt to quell potential unrest and anxiety among its clients, and called the motion "unwarranted" and executed on an "expedited basis."
The team is "doing everything they can to get those funds back," Atomic Wallet chief marketing officer Roland Säde said, adding that "in order to create a concrete plan, the investigation must be completed."
Musk's tweet about DOGE, unfortunately, was not impactful enough to fuel a price surge, considering the doom and gloom of the SEC lawsuits against major crypto exchanges that dampened sentiments.
A crypto wallet is an application that enables users to store keys that access cryptocurrency through a blockchain. You'll also hear the term digital wallet used interchangeably with crypto wallet.
The lawsuits against Binance and Coinbase, according to the SEC chairman, took a while to produce due to the amount of work required.
The SEC filed a lawsuit against Coinbase on Tuesday alleging that the exchange has been operating an unregistered exchange, broker, and clearing agency.
