FameEX Morning Crypto News Recap | March 23, 2023

SEC Alleges Securities Law Breach by Cryptocurrency Mogul Justin Sun and Lindsay Lohan
https://www.fameex.com/en-US/news/crypto-trending-news-2023032301
The SEC has charged Justin Sun and his three companies, Tron Foundation, BitTorrent, and Rainberry Inc., with conducting an unregistered sale of "crypto assets securities." Sun, a well-known figure in the cryptocurrency industry, is accused of offering and selling Tronix and BitTorrent tokens to the public without registering them as securities. This comes as part of the SEC's ongoing crackdown on the cryptocurrency industry. If found guilty, Sun and his companies could potentially face significant fines and other penalties.

Adopting CBDC Could Destabilize Banks, Help Households, US Treasury Study Says
https://www.fameex.com/en-US/news/crypto-trending-news-2023032302
According to a study by a United States Treasury division, the integration of stablecoins or central bank digital currencies (CBDCs) into the economy would initially compete with bank deposits, benefitting the public. However, it would destabilize banks and pose significant harm during times of stress. The study highlights the need for further research and analysis before implementing CBDCs or stablecoins on a large scale.

Coinbase ($COIN) Shares Fall by 11% After SEC Issues Wells Notice
Coinbase has received a Wells notice from the US Securities and Exchange Commission (SEC) relating to a portion of the digital assets listed on its platform, as well as Coinbase Wallet and Coinbase Earn. The SEC has declined to identify which assets are securities. It's worth noting that receiving a Wells notice doesn't automatically result in a lawsuit or formal charges being filed. Coinbase's shares fell by 11% following the announcement.

Senators Call on PCAOB to Strengthen Audits of Cryptocurrency Firms
US Senators Elizabeth Warren and Ron Wyden have requested that the Public Company Accounting Oversight Board (PCAOB) limit examinations of cryptocurrency companies after three significant banks failed. The senators were made aware of the potential problem with crypto audits by the PCAOB, which oversees, supervises, and funds audited public firms. The PCAOB chair expressed concern about the possibility of auditors performing fake audits in a January response letter.

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