SEC vs bigB, FTX & the coolest Apple drop 🔥: Decoded by Descrypt #1

Welcome to the #1 weekly round-up of Decoded by Descrypt, where we talk about hot topics of the crypto town and give you digestible bites to enjoy.

So, what’s on the menu today:

    • 1.  SEC vc Binance
    • 2.  FTX 12345th claim for 💰
    • 3.  Apple Vision Pro
SEC vs Binance

A great man once said “We are operating as a fking unlicensed security exchange in the US bro”

SEC has been acting like a bigger bully lately, not very long ago, it went after Coinbase and this time, it’s Binance, the flag bearer of crypto.

SEC pressed Binance and CZ, the founder with 13 charges based on various security law violations. Here’s the entire press release, but the allegations are:

    • 1.  Binance and BAM charged for
        • a.  Operating unregistered national securities exchanges, broker-dealers, and clearing agencies
        • b.  Unregistered offering and selling of their own crypto assets, BNB token, BUSD token, lending products and offering staking as a service
    • 2.  CZ for being the founder of Binance, quite literally (for being the control person of the unregistered exchange)
Unlicensed exchange says SECGov Twitter

To this, Binance replied with a longggggggg statement/ press release but again, here are the highlights:

    • While the SEC allegations are taken seriously, it does not come with enforcement action, let alone on an emergency basis because mind you the lawsuit is just a civil case
    • SEC has time and again refused to productively engage with the exchanges aka lay clear guidance and regulations (Joke is on SEC, they’re still figuring out the difference between tokens and other services as securities 🤣)
    • All user assets on Binance and Binance affiliate platforms, including Binance.US, are safe and secure (Like the SEC cares about the investors anyways? Our man CZ literally said this in the statement 💀)
    • Binance is not a U.S. exchange, the SEC’s actions are limited in reach & they stand to protect the “digital assets” market participants
    • They will cooperate and productively (not a Twitter war) engage in the next steps

While we want to show you what people are talking about in the SEC vs Binance drama, there’s no denying in

    • 1.  If Binance goes down, a lot of the ecosystem goes down
    • 2.  While they are not the only but Binance & CZ alone has done a lot for the web3 participants via different initiatives- be it spotting FTX fishes, supporting the early builders or making trading seamless 🤝 (While it also doesn’t mean they should be “protected” on the wrong grounds)
    • 3.  SEC rules & regulations around “digital assets” have been blurry and leave a lottttt of grey space. They have been crying about it and going after exchanges but that doesn’t help
What is Crypto Twitter saying?

Crypto Twitter is majorly furious about how this has rolled out. There are some sections that are concerned about- implications on the market, further development of BNB chain, price of BNB, BTC, implications on the stablecoin- BUSD & more

SEC's attack on Binance Twitter

A taproot wizard also considered voting on-chain to show support for CZ

Binance Support Twitter

Good for the meme lovers, we also get hot memes which sum up the entire scenario pretty well >.<

Gary Gensler running the SEC meme
SEC is playing dirty with Binance Twitter
FTX’s $4B claim

Before getting into what, how and where, We don't think so only we should suffer from this image- So here you go 😭

Genesis Bankruptcy

Just a month after Genesis claimed Bankruptcy, FTX sought $4B from the crypto lender Genesis, however, Genesis claimed $0 to FTX 😵‍💫 and

the part that broke their heart was that FTX was not invited to join the confidential mediation session between bankrupt crypto lender Genesis Global Holdco and its parent company Digital Currency Group.

They also said the mediation sessions are a waste without FTX debtors not being included (Wish we had that confidence man 📈🚀)

Therefore, to challenge this FTX debtors went to court

Objection Letter to court

More twists and turns:

The US Bankruptcy Judge Sean Lane denies FTX's request for confidential mediation in the Genesis bankruptcy case, giving Genesis Global Holdco more time to submit a revised payout proposal and rejecting FTX's $3.9 billion claim.

FTX's Inclusion Rejection in Genesis Bankruptcy
Apple’s Vision Pro

NOT CRYPTO NEWS- BUT IT HAD TO GO HERE FOR OUR TECHIES

“Apple’s next iPhone moment”

This meme mega-thread is everything in my mind 😭💀

Apple Vision Pro Twitter

Here’s everything you need to know about the epic device for which we are ready to sell our organs 😎

    • It’s not just your average AR headset, It’s the Era of Spatial Computing
    • It has to be the MOST advanced personal device ever- the epitome of tech in the current world, THE PERFECT BLEND OF THE DIGITAL WORLD AND THE REALITY (Without controllers???)
        • More pixels than a 4K TV, FOR EACH EYE with the M2 chip
        • Less than 5000 patents
    • Extend & transform your space- See, hear & interact with digital content just like it's in your physical space
    • Launch of VisionOS- Developers tools built with Vision Pro in mind; familiar tools & frameworks e.g Xcode, Swift UI, Reality Kit & AR Kit
    • For EVERYTHING- Entertainment- magical cinema, Games to reality, transforming your workspace, Realistic video calls, First ever 3D camera
    • Compatibility with the Apple ecosystem
    • Highly Secure & Private with Optic IDs and encryption .Good luck with begging your mom to allow you to buy this 👍🏼👍🏼