Aftermath of the SEC lawsuit against Binance

GM Baos,

We eagerly await updates on how the SEC plans to tackle exchanges like Binance, Coinbase, and others. As the regulatory landscape is evolves, it's important to stay informed.

Rest assured, we'll keep you in the loop!

Today we cover:

• CDC leaves the U.S.

• Robinhood delists ADA, SOL & MATIC

• The EIP-6551 proposal

Crypto.com makes its move

In light of the recent fiasco with major CEXs like Binance and Coinbase, Crypto.com has decided to suspend its U.S. international exchange.

They believe that given the current market volatility, it's best to take a step back until things settle down. This suspension will take effect on June 21st at 11:59PM EDT.

But don't worry, they've assured us that this move will not affect their trading app ‼️

It's commendable to see Crypto.com taking a cautious approach and prioritizing the safety of its users. Let's keep in mind that these measures are temporary and will be re-evaluated in due course.

As we navigate the ever-changing landscape of crypto, let's stay safe and support our fellow Bao brothers and sisters in the U.S. who are going through this challenging time.

Together, we can face and STEAM ROLL any obstacle that comes our way.

Robinhood to delist ADA, SOL & MATIC

Things are heating up even more as the SEC sets its sights on specific coins. They claim that ADA, SOL, and MATIC should be classified as securities 😅

In response, Robinhood has made a bold move to delist these cryptocurrencies from their platform. The delisting will take effect on June 27th at 6:59PM EDT.

Until the deadline hits, you can still trade these coins on Robinhood (Please note that residents of Nevada, New York, and Hawaii may have different restrictions)

What happens if you decide not to sell your coins or you can't sell them before the deadline? Well, it's actually quite simple. Your coins will be automatically be sold, and the equivalent amount will be converted to cash in your Robinhood account. So, at least you won't be left empty-handed.

These recent developments have been quite devastating, especially for these three coins. As soon as the announcement was made, they saw an approximate drop of 20%.

Understandably, people are taking a more cautious approach given the volatility in the market. It's only natural to play it safe during times like these.

NFT wallets?

The EIP-6551 proposal has made the concept of storing crypto within NFTs a reality. This smart contract is designed specifically to enable the storage of both crypto and NFTs within a single NFT.

As the NFT interacts with various elements, it directly impacts the use of secondary wallets like MetaMask. The concept is particularly relevant in the realm of Play-To-Earn NFTs and gaming NFTs.

For instance, it allows the addition of an inventory system through airdrops. When a specific NFT is sold, the transfer of everything happens seamlessly. This enhances the perceived value of an NFT, introducing an intriguing concept.

Another potential use case is the distribution of POAPs, which can be granted based on the possession of a specific NFT.

Now that this functionality exists on the ETH, it remains to be seen whether it will effectively disrupt the dominant wallet platforms or become another concept that fails to gain acceptance in the market 🤔

Bao-sized news

• Louis Vuitton unveils the VIA Treasure Trunk 

• Kyber Network announces the Beta launch of KyberAI 

• Ava Labs launches Avalanche Arcad3

Made us kek

Thanks for reading & don’t forget to share with a fren 🫡

–Bluejohn