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Binance Battle: Paradigm’s Bold Defense Against SEC’s Overreach

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Paradigm, a prominent investment firm, has submitted an amicus brief in favor of Binance, in which they critique the U.S. Securities and Exchange Commission (SEC) for overstepping its regulatory authority.

As outlined in documents submitted to the SEC, Paradigm’s position argues that assets like gold, silver, and art can appreciate in value over time, but this does not necessarily make their sale equivalent to a securities transaction. The firm firmly contends that such assets do not inherently possess the characteristics of securities.

As reported by TronWeekly, Circle also recently entered the legal fray between the SEC and Binance. Circle’s core argument is that stablecoins like Binance USD (BUSD) and USDC should not be labeled as securities because purchasers of these assets do not anticipate making a profit from them. According to Circle, payment stablecoins lack the essential attributes of an investment contract.

Paradigm’s Strong Stance in the Binance SEC Lawsuit

Paradigm’s official stateme­nt, released on Se­ptember 29th, clearly states that the company has no financial stake in Binance and is not an inve­stor in the exchange. De­spite this, Paradigm emphasized the­ significance of resisting governme­nt overreach and highlighted the­ importance of upholding principles without considering who is be­ing accused. 

The SEC’s lawsuit against Binance is part of a broader effort by the regulatory agency to assert control over cryptocurrency secondary markets. This move has prompted criticism from various quarters. 

SEC Chair Gary Gensler acknowledged the agency’s limitations in regulating these markets, stating that “the exchanges trading in these crypto-assets do not have a regulatory framework.”

Paradigm raises several objections to the SEC’s approach in its amicus brief. First, it disputes the SEC’s assertion that an “investment contract” does not necessitate a formal contract, citing statutory language and legal precedents emphasizing contractual obligations for future value delivery. 

Paradigm raises two ke­y arguments against the SEC’s theory. Firstly, the­y maintain that applying securities laws to ordinary asset sale­s disregards the absence­ of a “reasonable expe­ctation of profits.” Secondly, Paradigm asserts that the SEC’s e­xpansive interpretation of “inve­stment contract” excee­ds its authority and advocates for clear congressional authorization.

Ethereum And BUSD Witness Historic Movement Of Dormant Coins Amidst Crypto Frenzy

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Ethereum (ETH) and Binance USD (BUSD) have­ seen a significant moveme­nt of dormant coins this week, According to a rece­nt tweet from Santiment, a le­ading on-chain analytics firm. The movement indicates that the­ average age of the­se tokens in wallets has sharply de­creased after a prolonge­d period of inactivity. 

Santiment’s report re­veals that BUSD’s average age­ dropped by 378 days, while Ethere­um saw a decrease of 26 days. Some­ analysts speculate that this redistribution may be­ connected to the ongoing FTX liquidations and se­ll-offs initiated earlier in the­ week. 

Notably, FTX is a prominent cryptocurre­ncy exchange holding an impressive­ $3.4 billion worth of crypto assets. As per court approval, FTX can now sell its crypto holdings in we­ekly batches, with an initial cap of $50 million for the first we­ek and $100 million for subsequent we­eks. However, it is e­ssential for FTX to provide a 10-day notice be­fore selling any BTC or ETH.

Ethereum Whales Wake Up After Years

Apart from the movement of dormant coins, Ethereum has also seen some activity from its ICO-era whale wallets. These specific walle­ts hold substantial amounts of ETH obtained during the initial coin offering (ICO) pe­riod back in 2014. Notably, within the past week, one­ such wallet with holdings valued at $302,096 comprising 185 ETH resurface­d after a span of 8.1 years. 

As a result of this wallet activation, it is possible that an early investor is either liquidating his assets or shifting his funds to alternative platforms or services. Moreover, Ethe­reum is currently undergoing an e­xtensive upgrade known as Ethe­reum 2.0, which aims to enhance the­ network’s scalability, security, and efficie­ncy. 

As part of this transition, Ethereum 2.0 intends to shift from a proof-of-work (PoW) conse­nsus mechanism to a proof-of-stake (PoS) model whe­reby users will be re­quired to stake their Ethereum for transaction validation and re­wards accumulation.

Binance Burns Idle BUSD Tokens

Binance, the largest crypto e­xchange based on trading volume, has re­cently taken action to reduce­ its supply of idle Binance-pegge­d tokens. These toke­ns are tied to differe­nt cryptocurrencies and fiat currencie­s, operating on various blockchains. One such token is BUSD, a stable­coin pegged to the U.S. dollar and backe­d by Paxos.

On September 14th, Binance­ conducted a burn of several idle­ Binance-pegged toke­ns including TUSDOLD (BSC), BUSD on the MATIC network, BUSD on the BSC and BNB ne­tworks, as well as BUSD on the TRX network. This proce­ss is part of Binance’s long-term plan to gradually discontinue support for BUSD by 2024. 

The­ announcement was made back in August and use­rs have been advise­d to convert their BUSD tokens into othe­r cryptocurrencies by February of ne­xt year.Notably, Paxos ceased issuing ne­w BUSD tokens in February following regulatory re­strictions imposed on stablecoins. 

These­ developments re­garding both Ethereum and BUSD activity could potentially impact the­ overall crypto market landscape since­ they reflect change­s in investor behavior and prefe­rences. In contrast, Binance is discontinuing one of its stablecoins. It remains to be seen whether these shifts will impact token prices.

Related Reading | Germany’s Stronghold in Blockchain Funding: Defying Global Trends

BUSD Support to Halt on Binance

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In a significant development in the crypto world, Binance has officially announced its plans to gradually discontinue support for Binance USD (BUSD) by February 2024. The move aligns with Paxos’ decision to halt the minting of new BUSD, marking a pivotal shift in the stablecoin landscape. This strategic decision by Binance has raised eyebrows and sparked discussions within the crypto community.

The official announcement, released on August 31, brings clarity to the speculations that had been circulating regarding the fate of Binance USD. As the first communication from Binance on this matter, the statement outlines a systematic approach for users to navigate the transition. BUSD, which is currently backed 1:1 by USD, will no longer be supported in various Binance products and services.

The transition strategy involves encouraging users to convert their Binance USD holdings to First Digital USD (FDUSD), a stablecoin introduced by First Digital Group. The conversion process carries no trading fees, and the announcement emphasizes the ease with which users can migrate from Binance USD to FDUSD. This aligns with Binance’s prior moves to incentivize the use of FDUSD through zero-fee trading pairs with cryptocurrencies like Bitcoin and Ethereum.

BUSD Delistings Enhance Trading Efficiency

One notable aspect of the announcement is Binance’s decision to gradually delist Binance USD spot and margin trading pairs, futures contracts, and liquidity pools. The intention behind these delistings is to streamline the platform’s offerings while ensuring that users have access to other stablecoin and digital asset options. This step underlines Binance’s commitment to creating a dynamic and efficient trading environment.

The transition also impacts various Binance services, including lending, earning, and payment solutions. Users engaged in lending and earning activities involving BUSD are advised to modify their strategies ahead of schedule to accommodate the changes. Binance’s decision to halt BUSD-related activities appears to have been influenced by regulatory actions. The United States Securities and Exchange Commission (SEC) alleged that BUSD was an unregistered security, leading to regulatory pressures.

This announcement, coupled with Paxos’ decision to cease BUSD redemption, has far-reaching implications for the stablecoin landscape. It highlights the potential regulatory challenges that stablecoins may face in the future and how crypto exchanges are responding proactively to these challenges.

In conclusion, Binance’s move to phase out BUSD support represents a proactive step in adapting to the evolving regulatory landscape and maintaining a robust trading ecosystem. By encouraging users to transition to FDUSD and discontinuing BUSD-related activities, Binance is setting a precedent for how crypto exchanges can strategically navigate regulatory uncertainties while ensuring the best possible experience for their users. This transition marks a significant moment in the ongoing evolution of stablecoins and their role within the broader cryptocurrency market.

Tether’s Tightrope: Stablecoin Holders Stay Put Amidst Market Turmoil

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In the ever-growing landscape of cryptocurrencies, a curious trend has caught the attention of analysts and investors alike. Santiment, a prominent analytics firm, recently tweeted about the behavior of active dolphin and shark wallets containing Tether and USDCoin, the two most popular stablecoins in the market. The firm observed a notable lack of conversion attempts into other crypto assets among these stablecoin holders.

Santiment’s keen insight report, titled “Stablecoin Reactions to Market Shifts: a User Behavior Indicator,” dives deep into the activity of a specific subset of stablecoin holders – those maintaining balances ranging from $10,000 to $100,000. 

Often referred to as “dolphins” or “sharks,” these users have remained reluctant to shift their stablecoins into other assets over the past week. Such behavior, interpreted positively, suggests market stability, but further investigation is needed to draw concrete conclusions.

The burning question remains: will these “dolphin” and “shark” holders view the current fallen prices as an opportunity to “buy the dip,” or will they err on the side of caution and “abandon ship” in the face of growing market uncertainty? 

However, seasoned investors know that basing decisions on a single parameter can be risky, as market trends are multifaceted. Santiment emphasizes considering diverse indicators and parameters for a comprehensive investment strategy.

Tether’s Rising Market Cap Despite Lackluster Volume

Meanwhile, Kaiko, a research firm, released its report on the market performance. Surprisingly, Tether’s market cap continued to rise, reaching an all-time high of over $83 billion in early June. 

The increase in USDT issuance was largely attributed to rising demand for Tron, which offers lower fees than Ethereum. However, it is puzzling that over 60% of USDT’s supply is on Tron, with less than 40% on Ethereum, despite the latter’s dominance in on-chain crypto activity.

Interestingly, while Tether’s market cap increased significantly, stablecoin’s total market capitalization declined for the fifth consecutive quarter in Q2. BUSD and USDC were the primary drivers of this decline. 

Additionally, stablecoin trading activity on both CEXs and DEXs remained lackluster during the past few months, with only TUSD bucking the trend. Binance’s zero-fee trading promotions for several TUSD pairs caused a volume surge, but the collapse of technology partner Prime Trust later affected its market share.

Related Reading | Surging Altcoin Dominance Shakes Crypto Market Amidst Ripple Ruling Fallout

Bitcoin Ascends While Altcoins Struggles: CoinGecko’s Q2 2023 Analysis

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The second quarter of 2023 has proven to be an eventful one for the crypto market, with Bitcoin emerging as a clear winner amidst a series of unfortunate events for altcoins. CoinGecko’s comprehensive 2023 Q2 Crypto Industry Report sheds light on the market landscape and highlights key developments within the crypto space.

While Q1 was marked by vitality, Q2 took a different turn as the crypto market focused on consolidating gains. The total market cap only saw a marginal 0.14% increase, reaching $1.240 trillion on June 30, 2023. 

April and May were notably quiet, lacking any dominant narrative. During this time, Bitcoin (BTC) and Ethereum (ETH) maintained stable positions, with BTC experiencing a 6.9% climb and ETH edging up by 6.0% in Q2.

Bitcoin’s Volatility Ends Q2 With A 6.9% Gain

BTC’s volatility shouldn’t be underestimated. It surged from $28,517 to $30,481, ending the quarter with a 6.9% gain. Bitcoin outperformed the overall crypto market, hitting a yearly high of $30,694 after BlackRock’s spot Bitcoin ETF filing on June 15.

The report also revealed that Stablecoins faced challenges in Q2, with the top 15 shrinking by 3.5%. USDC and BUSD saw significant drops, while Tether (USDT) gained 4.4%, securing a 66% market share.

ETH staking surged 30.3% in Q2, with 5.6 million ETH staked, reaching 23.6 million. Lido remained the leading provider, while Kraken and Coinbase lost dominance due to regulatory concerns.

Despite the growing popularity of Bitcoin Ordinals, NFT trading volume dropped by 35.0% in Q2. Ethereum continued to dominate NFT trading, but its temporary decrease in dominance in May allowed Bitcoin Ordinals to seize a notable portion of the market share. 

Solana experienced a significant decrease in trading volume, partially due to the migration of major collections to Ethereum and Polygon, as per the CoinGecko report.

Both CEX and DEX faced challenges in Q2. CEX spot trading volume declined by 43.2%, with Binance losing its market share from 61% to 52% due to mounting regulatory pressure. In contrast, DEX’s spot trading volume fell by 28.1%, with Uniswap maintaining its dominance, holding 70% of the market share in May.

Nevertheless, the CoinGecko report provides valuable insights into the crypto industry’s performance during Q2, shedding light on trends and changes within the market. 

Related Reading | Crypto Fraud: US Authorities Seize Millions from Deltec Bank In International Scam 

Crypto Market Structure: Volatility, Dominance, & Regulatory Challenges Of Stablecoins

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In the ever-evolving landscape of cryptocurrencies, stablecoins have emerged as a significant force in the market. According to the latest report from Kaiko, stablecoins now account for a staggering 74% of all cryptocurrency trades on centralized exchanges (CEXs).

This dominance is fueled by the popularity of Tether (USDT), which holds a massive 70% market share. However, the stablecoin market is not without its challenges and risks.

In recent months, stablecoins have experienced notable volatility, raising concerns about their reliability. TrueUSD (TUSD) faced uncertainty when Prime Trust, its custodian, shuttered its services. USDT experienced a de-pegging incident due to mysterious selling activity. 

Binance USD (BUSD) struggled with increased volatility following Paxos’ decision to halt issuance, and USDC crashed during a banking crisis in March. These fluctuations underscore the dependence on centralized stablecoins and the need for greater transparency regarding their reserves.

Stablecoins Command 74% of Cryptocurrency Trades

Upcoming European re­gulations seek to address gove­rnance issues relate­d to stablecoins, but significant progress still lies ahe­ad. Currently, fiat currencies hold a re­latively minor position in global cryptocurrency markets, comprising only 23% of the­ market share. In contrast, stablecoins dominate­ the remaining 74%.

Upon examining the­ trade volume across centralize­d and decentralized e­xchanges, it becomes cle­ar that Tether stands unrivaled as the­ leader, commanding an impressive­ 70% market share on CEXs. 

Binance USD (BUSD), once a potential competitor, has encountered regulatory challenges, causing its market share to drop from 30% to a mere 6%. The most remarkable rise has been witnessed by TrueUSD (TUSD), climbing from less than 1% to 19% in just three months. Binance’s promotion of a zero-fee BTC-TUSD pair propelled its ascent.

On decentralized exchanges (DEXs), the landscape is different. DAI, the only decentralized top stablecoin, has seen its dominance eroded by USDC and USDT. The shift can be attributed to the relative capital efficiency of each stablecoin, as DAI requires over-collateralization to mint tokens, while the centralized counterparts do not.

Nevertheless, the future trajectory of the stablecoin market structure will largely depend on regulatory actions and the willingness of issuers to enhance transparency. Unless a coordinated global ban or comprehensive legislation is enacted, the market will likely retain its current structure, posing risks and opportunities for participants.

Related Reading | Ripple’s Legal Triumph: XRP Cleared of Security Status, Igniting Crypto Celebration & Price Surge

Ethereum (ETH) and Binance USD (BUSD) Face Regulators While Collateral Network (COLT) Decentralizes The Lending Industry

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Last month, Ethereum (ETH) and Binance USD (BUSD) experienced the negative impact of financial regulators in crypto. While Binance USD (BUSD) lost about 43% of its market cap value, Ethereum (ETH) appeared unaffected after a decrease of 7.63%. 

Moreover, Collateral Network (COLT), a new decentralized crowdlending platform, is set to reward users with a 3500% gain. 

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Binance USD (BUSD)

Binance USD (BUSD) is the native stablecoin of the Binance Exchange. However, it is not minted by the exchange but by Paxos, a blockchain platform that digitizes and mobilizes assets. Also, Binance USD (BUSD) is regulated, and it is pegged to the U.S. dollar.

Following a report by NEWSBTC, the U.S. Securities and Exchange Commission (SEC) issued a Wells Notice to Paxos in February, stating its ongoing deliberation to file a lawsuit against the blockchain infrastructure company for issuing the Binance USD (BUSD) token, which the commission considers unregistered security.

This led Binance to convert over 800 million Binance USD (BUSD) from its Recovery Fund to other cryptocurrencies. Also, Binance USD (BUSD) lost about 43% of its market cap value. Right now, a value of Binance USD (BUSD) is worth $0.9999.

Ethereum (ETH)

Ethereum (ETH), the most utilized smart-contract platform and the second largest cryptocurrency by market cap, also had its share of the SEC attack last month. Ethereum (ETH) was labeled security when the office of the New York Attorney General issued a lawsuit against KuCoin.

The lawsuit claims that $ETH is security because users can earn financial rewards by holding the cryptocurrency since the Ethereum (ETH) blockchain now operates a proof-of-stake consensus. This news contributed to a brief crash in the market, sending the global crypto market cap down by 7.63% in 24 hours.

Nevertheless, investors are still pumped about Ethereum (ETH), especially with the Ethereum Shanghai Upgrade in view. Also, the coin has remained on an upward trend, and a unit of Ethereum (ETH) currently goes for $1,858.04. Pretty expensive, right? Then check out the next project.

>>BUY COLT TOKENS NOW<<

Collateral Network (COLT)

Collateral Network (COLT) is a Web3 peer-to-peer crowdlending platform that enables individuals to borrow cryptocurrencies against physical assets. Collateral Network (COLT) is also the first decentralized lending protocol that allows using real-world assets on the Ethereum (ETH) blockchain. 

Collateral Network (COLT) achieves its goal by minting NFTs to represent borrowers’ physical assets like real estate, fine art, vintage cars, gold, etc. Then the NFTs are fractionalized and sold to community members. That way, borrowers receive the funds they need from a collection of lenders.

Collateral Network (COLT) locks the physical assets in a secured vault to prevent losses. When borrowers repay their loans, the NFTs are burned, and their assets are returned. As a result, lenders gain from fixed interest rates. All information about loan transactions is stored on the public blockchain.

COLT is the native token of the Collateral Network. COLT holders enjoy benefits across the platform like staking bonuses, governance rights, and more. Interested investors can purchase the Collateral Network (COLT) token in the ongoing presale for $0.014, up already by 40% from its initial price and expect a 3500% return on their purchase. Holders can enjoy a 40% deposit bonus during the presale currently, further driving the demand to new highs.

Find out more about the Collateral Network presale here:

Website: https://www.collateralnetwork.io/

Presale: https://app.collateralnetwork.io/register 

Telegram: https://t.me/collateralnwk

Twitter: https://twitter.com/Collateralnwk 

Binance Remains Resilient In The Face Of Regulatory Scrutiny: CryptoQuant Report

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CryptoQuant, a leading on-chain data and analytics provider, has conducted an assessment of Binance’s net outflows and reserves of BTC, ETH, and stablecoins in three stress-test periods. 

The stress-test periods were December 2022, February 2023, and March 2023, which saw increasing regulatory scrutiny, Paxos’ BUSD announcement, and the CFTC lawsuit, respectively. 

Despite these challenges, Binance’s BTC and ETH reserves have remained at healthy levels, with users withdrawing lower amounts of coins from the exchange with each regulatory-related announcement or negative industry news. 

However, the reserves for stablecoins have decreased significantly, from $24.5 billion in December 2022 to $10.7 billion today, mainly due to a decrease in BUSD reserves, which accelerated after Paxos’ announcement. 

Whereas the report shows an increase in BTC reserves from 509,000 in December 2022 to 581,000 currently and ETH reserves have risen to 4.487 million from a low of 4.420 million during the same period. 

Binance’s Health After CFTC Lawsuit

On-chain data shows that Binance’s net flows have remained within historical ranges when compared to total reserves (net flow-reserve ratio). The CFTC lawsuit alleges that the exchange and its founder Changpeng Zhao (CZ), violated trading and registration rules and engaged in a scheme to evade U.S. regulatory requirements. 

According to Binance’s CEO, the complaint appears to contain an incomplete recitation of facts. They do not agree with the characterization of many of the issues alleged in the complaint. 

According to the report, the exchange has experienced lower net bitcoin outflows during periods of regulatory scrutiny. In December 2022, when there was a lot of regulatory uncertainty in the market, Binance saw significant net bitcoin outflows of 40,353 BTC in just one day and a total of 78,744 BTC between December 10th and 16th. 

However, during the announcement of Paxos’ BUSD in February 2023, the largest daily net outflow was only 5,027 BTC on February 12th.

Despite the recent announcement of the CFTC lawsuit against Binance, the exchange has only experienced a daily net outflow of 4,505 BTC, which is significantly lower than the December 2022 levels. It indicates that investors have not panicked and withdrawn their funds en masse from the exchange.

The case of Ethereum net outflows is similar, with the highest daily net outflow being 278k ETH in December 2022 and a daily net outflow of 76,146 ETH after the CFTC lawsuit was announced. 

However, Binance’s net flows have remained within historical ranges, and flow from other exchanges into Binance still suggests that investors/traders view the exchange as desirable.

USDC Market Cap Shrinks By Over 23% As Investors Flock To Tether

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Market capitalization for Circle’s USDC decreased by approximately 23% from $43.4 billion on March 10 to $33.3 billion at present. BUSD has decreased by 52% from $16.1 billion on February 13 to $7.67 billion at this time. In the last 30 days, USDT has climbed by $9 billion.

The declining market cap demonstrates how investors are flocking toward its rival Tether [USDT] which reached a 22-month high in market share.

The value of the fifth-largest cryptocurrency in the world fell to an all-time low on March 10 after Circle, the US company that created the coin, revealed that Silicon Valley Bank [SVB] controlled $3.3 billion of the reserves that were used to underpin it.

USDC token net outflows ie, the number of funds leaving the exchanges, surpassed $10 billion when regulators shut down key reserve banking partner SVB.

The stablecoin’s decline persisted even after its issuer, Circle, survived the collapse of SVB and the token regained its dollar price peg.

Among other stablecoins that were affected was Binance’s BUSD token which also plummeted.

The event sent the stablecoin market into chaos as many of these asset classes momentarily lost their price pegs.

It also exposed how fiat-backed stablecoins depend on the stability of legacy financial systems.

After several banking system failures, Circle transferred virtually all of the money to BNY Mellon, one of the biggest custodian banks in the world, while keeping limited funds with other partners, as per an announcement.

The turbulence in the stablecoin market also prompted Binance to temporarily suspend the auto-conversion of USDC to BUSD citing the then market conditions.

Binance Halts USDC

The decision was made in response to heavy inflows and the mounting cost of sustaining the conversion and it was a normal risk-management procedure, a statement released by the platform read.

Later, the world’s largest crypto exchange announced the launch of several new stablecoin trading pairs. Binance in a blog post, said that it would open trading “the BNB/TUSD, BTC/TUSD, ETH/TUSD, TUSD/USDT, USDC/USDT, and USDP/USDT spot trading pairs.”

The trading platform also stated that it has stopped or will stop BUSD auto-conversion for users’ new deposits of USDC, USDP, and TUSD, respectively. Furthermore, users can no longer withdraw USDC, USDP, or TUSD from their BUSD balances.

Binance’s BUSD Bleeds As Outflows Hit Over $500 Million

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Outflows of BUSD, a Binance stablecoin pegged to the US dollar have steeply increased following CFTC’s lawsuit alleging “Willful Evasion” of U.S. regulations and the sale of unregistered crypto derivative products.

Over $500 million of the asset has been removed from the exchange in 24 hours since the lawsuit went public, but this is still less than the February SEC crackdown on BUSD issuer Paxos, which resulted in over $2 billion in BUSD outflows.

After Paxos was told by US regulators to stop minting BUSD, the exchange is reportedly converting its BUSD holdings in the Secure Asset Fund for Users [SAFU] to TUSD and USDT.

The trading platform recently announced the addition of XRP, Solana, Matic, SSV, Lido DAO, and Optimism as additional TUSD trading pairs. The blog stated that trading them can begin on March 29 at 08:00 UTC.

Even though the stablecoin backed by Justin Sun only has a $2 billion market cap, Binance’s preference for it has sparked discussions in the crypto community.

“It might be due to the fact that Binance was preparing for the transition from BUSD to an alternative stablecoin such as TUSD or USDC,” CryptoQuant head of marketing Hochan Chung told media source in a Telegram message.

“Also the changes in Binance’s exchange reserves of BTC, ETH, and other stablecoins are not notably significant. Only the BNB price has been damaged [down 5.78% in the past 24 hours] from the issue,” Chung added.

Data from Nansen revealed that the trading exchange holds over $7 billion in BUSD.

BUSD Is A Commodity- CFTC’s Complaint

As reported by TronWeekly, Binance was the subject of a complaint filed by the Commodity Futures Trading Commission [CFTC] for violating federal regulations.

C.Z dismissed the CFTC’s civil lawsuit as an ”incomplete recitation of facts” and called it unexpected after cooperating with the agency for more than two years. He also assured a full response to the lawsuit in the near future.

As per the lawsuit, CFTC considers BTC, ETH, LTC, and BUSD as commodities while the SEC labeled these as security, reflecting regulators’ lack of clarity over the crypto assets classification.

Meanwhile, the filing has sent a panic wave in the crypto markets, as the market rally stalled at the $1.2 trillion level.