In response to a legal plea from Nasdaq-listed cryptocurrency exchange, Coinbase, for clear cryptocurrency regulation, the U.S. Securities and Exchange Commission (SEC) has indicated that establishing such rules could take years, and in the meantime, it will continue its enforcement actions.

In a recent Ask Me Anything (AMA) session on Reddit, the U.S. Secret Service and a California-based criminal task force offered a window into their efforts to combat cryptocurrency crimes, and noted the blockchain offers them a way to track crypto transactions.

In a surge that reflects the increasing popularity of decentralized exchanges (DEXs), Binance’s BNB Chain has seen its weekly DEX trading volume reach the highest level in a year.

Top stories in the Crypto Roundup today:

• SEC Seeks to Dismiss Coinbase’s Crypto Regulation Lawsuit
• Bitcoin Whitepaper ‘Required Reading’ For Secret Service Agents on Crypto Squad
• BNB Chain Decentralized Exchange Volumes Hit One-Year High
• Chart of the Week: BTC-USDT on BinanceUS Sees Minor Premium

SEC Seeks to Dismiss Coinbase’s Crypto Regulation Lawsuit

In response to a legal plea from Nasdaq-listed cryptocurrency exchange, Coinbase, for clear cryptocurrency regulation, the U.S. Securities and Exchange Commission (SEC) has indicated that establishing such rules could take years, and in the meantime, it will continue its enforcement actions.

Documents filed in court on May 15 reveal that the SEC believes it's not required to meet Coinbase's demands, which the commission views as a complicated and expedited request for regulatory reforms.

The SEC has requested the court to reject Coinbase's petition for mandamus, characterizing it as an "extraordinary remedy" for which Coinbase has no established right.

Coinbase's Chief Legal Officer, Paul Grewal, noted on Twitter the filing may be the first instance of the SEC openly discussing its stance on whether it should establish cryptocurrency regulations.

In the filing, the regulator distanced itself from comments made by its Chair Gary Gensler, pointing out Gensler’s public statements do not constitute formal guidance or policy.

Bitcoin Whitepaper ‘Required Reading’ For Secret Service Agents on Crypto Squad

In a recent Ask Me Anything (AMA) session on Reddit, the U.S. Secret Service and a California-based criminal task force offered a window into their efforts to combat cryptocurrency crimes, and noted the blockchain offers them a way to track crypto transactions.

The San Francisco office of the Secret Service, known for its role in protecting U.S. leaders, also boasts a dedicated team for investigating cryptocurrency-related crimes. As a part of their initiation, every new agent is tasked with studying Bitcoin's seminal white paper, they revealed.

A task force known as REACT, which specializes in combating a type of cryptocurrency fraud known as "pig butchering," in which the perpetrator earns the victim's trust before stealing their cryptocurrency, has said that it managed to retrieved millions of stolen funds to victims.

In a less serious exchange, the Secret Service disclosed that it has its own collection of non-fungible tokens (NFTs), underscoring its commitment to understanding the various digital assets populating the cryptocurrency space.

BNB Chain Decentralized Exchange Volumes Hit One-Year High

In a surge that reflects the increasing popularity of decentralized exchanges (DEXs), Binance’s BNB Chain has seen its weekly DEX trading volume reach the highest level in a year.

The week of May 7 recorded a trading volume of $5.11 billion on the BNB Chain, a peak not observed since early May of the previous year. A slightly lower spike occurred in the aftermath of the FTX crypto exchange's collapse in November.

This surge coincides with a trend of rising DEX usage, potentially driven by U.S. regulators tightening control over centralized exchanges. Remarkably, in April, the DEX Uniswap surpassed the trading volume of centralized exchange Coinbase for the fourth consecutive month.

Several factors are behind this one-year high. Katie Talati, head of research at Arca, attributes it to the BNB Chain's lower fees, which might encourage more trading activity.

Uniswap’s expansion onto the BNB Chain in March is seen as another contributing factor, as its presence in the network combined with Binance’s standing as the biggest crypto exchange likely drove more volume.

Chart of the Week: BTC-USDT on BinanceUS Sees Minor Premium

In this week’s Chart of the Week we delve into the premium on the BTC-USD pair on Binance US during the previous week.

Data from CCData indicates that BTC-USD traded at a premium of $388.17 on the exchange, which represents a 1.36% discrepancy when compared to CCData's aggregate price, CCAGG.

State of the Crypto by Top Tier Exchange Volume

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