US Judge Upholds Most Allegations Against Binance Bidens Election Probability at 16

CoinDesk Report:
Top News
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US Federal Judge Upholds “Most” of SEC’s Charges Against Binance
A US federal judge has upheld most of the Securities and Exchange Commission’s charges against Binance, suggesting the company may have offered unregistered investment products, violating anti-fraud provisions. The ruling found most arguments from the agency reasonable and rejected certain defenses raised by Binance, which were also dismissed by other judges, such as the Major Questions Doctrine, asserting SEC lacks full authority over the cryptocurrency industry.
Additionally, the court determined that CZ, the founder and former CEO of Binance, is currently serving a prison sentence in another case brought by the Department of Justice against Binance. Given his control over Binance, he may be personally liable for its violations. However, the judge also dismissed certain appeals related to some charges.
Judge Amy Berman Jackson’s decision noted these allegations did not meet the Howey test standards. Judge Jackson also dismissed allegations related to BNB secondary sales and Binance’s Simple Earn project, but charges concerning Binance’s Earn Vault will proceed. Among the 13 charges, only one (related to BUSD sales) was completely dismissed.
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Biden’s Election Probability Hits Historic Low at 16%
According to Polymarket on the X platform, the probability of Biden’s reelection has hit a historic low of 16%. In contrast, Trump’s probability of reelection stands at 63%.
Market Update
As of the latest data from Coingecko:
BTC recent price is $62,756.61, daily change +3.1%;
ETH recent price is $3,435.23, daily change +1.9%;
BNB recent price is $581.80, daily change +2.2%;
SOL recent price is $146.32, daily change +4.6%;
DOGE recent price is $0.1243, daily change +2.2%;
XPR recent price is $0.4752, daily change +0.8%.
Policy
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Coinbase Engineer: Democratic Party Must Quickly Change Stance on Cryptocurrency for Sufficient Votes
yuga.eth, a senior software engineer at Coinbase, posted on social media that with the Democratic Party in disarray, we are approaching the peak of political influence for cryptocurrencies in the US.
Democrats have been misled by figures like Elizabeth Warren into waging an unpopular and ineffective war against cryptocurrency, risking losing thousands of votes in crucial swing states.
If Democrats wish to secure enough votes and avoid a disastrous defeat in November, they must swiftly and thoroughly change their stance on cryptocurrency. They should cease enforcement actions, collaborate on improving and passing FIT 21, and revoke SAB 121. Meanwhile, pro-cryptocurrency PACs should leverage this opportunity to pressure Democratic political leaders and policymakers to promote financial innovation in the US.
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Dragonfly Capital Partner: SEC Clearly States SOL is a Security and Will Not Back Down
Hasseb Qureshi, partner at Dragonfly Capital, stated that approval for a SOL ETF is unlikely. He believes VanEck’s submission of a SOL ETF application may be more about “buying goodwill” to pave the way for similar products, as the US Securities and Exchange Commission has unequivocally stated SOL is a security and will not rescind this decision.
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Paul Chan: Hong Kong Must Accelerate Cultivation of New Industries, Push AI Development
According to Hong Kong Financial Secretary Paul Chan, Hong Kong must accelerate the cultivation of new industries and vigorously promote the development of artificial intelligence.
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Hong Kong Crypto License Allows Cryptocurrency and STO Trading
HKbitEX co-founder and Chief Strategy Officer Kelvin Lo believes Hong Kong’s cryptocurrency licensing regime is more favorable compared to places like Singapore and the US. Lo explained that Hong Kong’s crypto asset license allows holders to provide trading services for both cryptocurrencies and Security Token Offerings (STOs).
Moreover, he emphasized that regulators in other countries issue licenses for only one asset class at a time, unlike Hong Kong. For instance, he cited Coinbase, listed in the US, whose license permits only cryptocurrency trading.
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Paradigm Urges EU Regulators to Handle MEV Issues “Delicately”
Paradigm has submitted recommendations to the European Securities and Markets Authority (ESMA) regarding abuse prevention in the cryptocurrency market. They suggest ESMA avoid misapplying traditional financial market concepts to the underlying blockchain layer when addressing Maximum Extractable Value (MEV) to prevent inconsistencies and unintended consequences. Paradigm calls for a deeper understanding of MEV and support for innovative tools to mitigate potential abuse risks.
Blockchain Applications
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UNIBOT Integrated on BNB Chain
UNIBOT officials announced on social media that UNIBOT has been integrated on the BNB Chain.
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Hong Kong Securities Sector: Hope to Issue Derivative Tools for Cryptocurrency Spot ETFs, Launch Related Leveraged Options
Hong Kong’s securities sector hopes to issue derivative tools for cryptocurrency spot ETFs. With cryptocurrency spot ETFs officially listed, brokers can apply to regulatory authorities to launch derivative tools such as options with higher leverage. This move is expected to significantly enhance Hong Kong’s virtual asset market appeal, attracting both investors interested in physical cryptocurrencies and creating more development opportunities for brokers. Senior securities industry figure Tse Ming Kwong highlighted increased confidence in Hong Kong’s prospects with the launch of cryptocurrency spot ETFs.
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S&P Global Ratings Joins Singapore’s “Guardians” Program to Drive Financial Market Digital Transformation
S&P Global Ratings announced its participation in Singapore’s “Guardians” program aimed at exploring tokenization on public blockchains. Led by the Monetary Authority of Singapore (MAS), the initiative involves 18 financial institutions and regulatory bodies. S&P will focus on developing digital asset analysis frameworks and assessments in the fixed income sector. Several financial institutions are conducting experiments related to fixed income, reflecting the push towards digitalization in financial markets.
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Wuxi’s “Taihu Chain” Blockchain Technology Platform Achieves “Single Certificate for All” Functionality
Wuxi hosted an exhibition showcasing blockchain innovation applications achieved during the city’s comprehensive pilot as a national blockchain innovation application pilot city over the past two years. The effectiveness of promoting blockchain development around the “Taihu Chain” was highlighted. The exhibition covered key aspects including popular science knowledge, infrastructure, industrial development, social governance, public services, innovation ecology, and future prospects. It featured representative application scenarios from over 20 industries. The “Taihu Chain” management service platform is a core project in the national blockchain innovation application pilot, notable for establishing urban-level blockchain technology public service infrastructure, effectively implementing functions such as universal electronic certificate usage, unified network management, data lineage management, seamless supervision of state-owned assets, and full-process traceability of public funds.
Cryptocurrency
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9,708 ETH Transferred from Unknown Wallet to Coinbase
According to Whale Alert monitoring, at around 6:03 AM Beijing time, 9,708 ETH ($33,177,383) was transferred from an unknown wallet to Coinbase.
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Seven Employees of Paraguay’s National Electricity Administration Accused of Directly Involving in Setting Up Illegal Bitcoin Mining Sites
Employees of Paraguay’s National Electricity Administration (ANDE) are accused of direct involvement in setting up illegal Bitcoin mining sites in Paraguay. Seven engineers employed by ANDE allegedly facilitated illegal connections to provide electricity for Bitcoin operations in the country.
ANDE Director Felix Sosa clarified that the agency’s internal audit department is investigating the organization. All relevant information will be submitted to the National Prosecutor’s Office for further investigation.
However, Sosa stated that the employees of the National Electricity Company have not been responsible for executing electrical connections for some time, having delegated this function to third-party contractors. Since December, ANDE has been combating illegal Bitcoin mining connections, disconnecting over 70 farms that directly siphoned unmetered electricity from the grid.
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Ethereum Network Destroys a Total of 4,336,609.06 ETH
According to Ultrasound data, the Ethereum network has destroyed a total of 4,336,609.06 ETH to date.
Note: Following the introduction of EIP-1559 in the London upgrade, the Ethereum network dynamically adjusts the BaseFee for each transaction based on demand and block size, with this portion of fees burned directly.
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BNB Breaks $580
Market data shows BNB has surpassed $580, currently trading at $580.1, with a daily increase of 1.36%. Market volatility is notable; please exercise caution.
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Saudi Salafi Cleric Believes Islam Can Accept Bitcoin
According to BITCOINLFG, Saudi Arabian Salafi cleric, aged 90, has written a Fatwa stating that Islam can accept Bitcoin.
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AVAX Surpasses $29
Market data shows AVAX has surpassed $29, currently trading at $29.03, with a daily increase of 4.01%. Market volatility is notable; please exercise caution.
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BODEN, Biden Concept MEME Coin on Solana, Plunges Over 95% from All-Time High
According to Dexscreener data, BODEN, a Biden concept MEME coin on Solana, has plunged over 95% from its all-time high, reflecting uncertainty surrounding President Joe Biden’s reelection campaign.
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15,000 ETH Transferred from Bitfinex to Unknown Wallet
According to Whale Alert monitoring, at around 9:07 PM Beijing time, 15,000 ETH ($50,758,460) was transferred from Bitfinex to an unknown wallet.
Important Economic Trends
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Strategist: Inflation and Weak Employment Pave the Way for Fed Rate Cut in September
Seema Shah, Chief Global Strategist at Principal Asset Management, stated: Friday’s PCE data met expectations, which is a relief, and the Fed certainly welcomes this. However, the policy path remains uncertain. Further slowing