Binance Alleges SEC Overreach, FTX Claims Surge

Market Update U.S Equities are bouncing after a three-day losing streak, but both the S&P (-2.2%) and Nasdaq (-2.5%) are set to close down for the week. The 2-year and 10-year treasury have reversed 0.87% and 1.38% respectively, after reaching 15 year highs this week. To counter the higher for longer environment, concerns are rising around a likely U.S government shutdown, which could hurt consumers and the economy. While detrimental to economic activity, this could be seen as a positive in the current ‘bad news is good news’ market sentiment, since it may contribute to taming inflation. $BTC and $ETH gained 0.23% and 0.81% over the last day. $TON has continued to outperform among large caps, rising 18.6% this week, overtaking Tron to enter the top 10 and nearly on par with $SOL at a MC of ~$8bn. The Telegram team has officially endorsed TON network as its blockchain for Web3 infrastructure, creating an in-app wallet that allows merchants to accept crypto payments on its popular messaging app.Binance and its CEO, Changpeng Zhao, have jointly submitted a request to have the SEC lawsuit against them dismissed, alleging overreach by the regulatory body. They argue that the SEC misinterpreted securities laws and is retroactively attempting to extend its authority over the crypto