Web3 on 🔥 | 🔍 SEC is reportedly investigating Coinbase

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🔒 DeFi TVL (total value locked) rose by $10 billion in July👨‍⚖️CZ files a lawsuit against Bloomberg Hong Kong publisher🔍 SEC is reportedly investigating Coinbase

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DeFi TVL (total value locked) rose by $10 billion in July

The total value locked in the decentralized finance (DeFi) sector has seen a continuous increase since the beginning of July. According to BeInCrypto research, TVL has risen from $72.6 billion at the start of the month to $86.57 billion as of July 24th — a 19% increase.

This uptrend is a positive sign for the crypto market, as it shows that there is continuous growth and interest in these decentralized applications industry, which is gradually resurrecting after a long bear market. The rise in TVL is due to the increased use of dApps and the overall growth of the DeFi sector. The trend that is likely to continue in the future, as more people become aware of the benefits of using dApps.

In the long term, this will lead to more innovation and development in the DeFi sector, which will benefit the entire crypto market.

CZ files a lawsuit against Bloomberg Hong Kong publisher

Changpeng Zhao, CEO of Binance is seeking damages and an injunction against Modern Media CL for the article which was published on July 22. The article in question made a number of claims about Binance and CZ, that CZ said were "completely unsubstantiated".

Zhao is taking legal action in both the High Court of Hong Kong, as well as the Southern District Court of New York. A Memorandum of Law has been filed in relation to the case in the US court.

It is not uncommon for there to be discrepancies between the headlines of articles in different languages. However, in the case of Binance CEO Changpeng Zhao, these discrepancies have led to a lawsuit.

The original English article, titled “Can Crypto’s Richest Man Stand the Cold?” featured a different headline when translated into Chinese. This translation led to the filing of the lawsuit, as it allegedly implied that Zhao was running a Ponzi scheme.

CZ is no stranger to defamation lawsuits. In 2019, he sued venture capital firm Sequoia for defamation. And in 2020, he took Forbes to court for an article that claimed Binance had been engaging in illegal activity. CZ eventually dropped the case against Forbes, but it looks like he's decided to take a different approach with Bloomberg here.

SEC is reportedly investigating Coinbase

It looks like the SEC (United States Securities and Exchange Commission) is turning its attention to Coinbase once again. This time, the investigation is focused on whether or not the exchange let its users trade assets that should have been registered as securities.

This is a serious matter, as the SEC has the power to bring charges and impose fines if it finds that the exchange has violated securities laws.

Coinbase is no stranger to SEC investigations, as the agency has been looking into the exchange for years now. However, this is the first time that the SEC has specifically mentioned securities in relation to Coinbase.

“We are confident that our rigorous diligence process — a process the SEC has already reviewed — keeps securities off our platform, and we look forward to engaging with the SEC on the matter.” Coinbase chief legal officer Paul Grewal said over Twitter

So far, there is no word on when the investigation will be completed or what the outcome will be.

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