Big week for crypto Here’s everything you need to know

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In the latest episode of The Market Report, analyst and writer Marcel Pechman explains that inflation in the United States slowed for an 11th consecutive month in May, even though the consumer price index rose by 4% from one year to the next. That’s down from 4.9% in April, but still above the 2% target.

Next, Pechman raises the issue of regulation in light of the United States Securities and Exchange Commission suing Binance and Coinbase for allegedly violating securities laws by offering tokens including BNB (BNB), Solana (SOL ), Cardano (ADA), Polygon (MATIC) and Algorand (ALGO), among others.

When analyzing Binances’ appeal to the SEC’s attempt to freeze its funds, Pechman says the exchange is fighting back and showing how flawed some of the regulators’ arguments are, especially regarding Merit Peak, the entity offshore business. Pechman points out that Binance.US customers will not suffer losses even if there is stronger intervention from regulators.

Additionally, Pechman explains why it’s so important for the SEC to win a victory in this case, paving the way for other actions, potentially including the US Department of Justice. But, for now, its base case assumes zero impact on Binances’ international operations.

Next, the show covers a proposed bill in the United States House of Representatives, which seeks to fire and replace SEC Chairman Gary Gensler. According to Pechman, Gensler can only be removed from office if some sort of wrongdoing is proven, which does not appear to be the case.

Pechman explains that there is an apparent effort to suppress the crypto industry in the United States, although we don’t know the motives yet. However, the SEC is not acting alone or opposing recent actions by the Commodity Futures Trading Commission, the Department of Justice and the New York Department of Financial Services.

Regarding the Hinman documents, Pechman reminds everyone that this happened five years ago, so no sane judge would consider the opinion of a former SEC employee from that time when deciding whether XRP (XRP) is a security or not.

The show airs every Tuesday on the Cointelegraph Markets & Research YouTube channel. Don’t miss it!

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