Top Stories Tuesday, June 6: SEC Accuses Binance & Coinbase Of Acting As Unregistered Broker, Binance Takes Biggest Hit As $300M In Crypto Positions Liquidated In 24 Hours, JPMorgan Clarifies CEO Jamie Dimon Not Running For Presidency

Benzinga

A day after the Securities and Exchange Commission accused Binance (BNB/USD) of deceptive tactics, conflicts of interest, and evasion of law, the regulatory watchdog sued Coinbase Global Inc COIN in federal court in New York on Tuesday, alleging that it broke securities rules in the United States by acting as an unregistered broker.
According to the SEC's complaint, since at least 2019, Coinbase has made billions of dollars "unlawfully" facilitating the buying and selling of crypto asset securities, and it intertwines the traditional services of an exchange, broke, and clearing agency without having registered any of those functions with the SEC.

Traders suffered huge losses on Monday when the cryptocurrency market tumbled following the Securities and Exchange Commission's (SEC) lawsuit against Binance.
The exchange giant, accused of violating securities laws, saw a sharp decline in trading volume.
According to data from CoinGlass, over $300 million of losses were suffered in liquidations over the past 24 hours.

On June 5, 2023, Snap Inc SNAP appointed Eric Young as Senior Vice President of Engineering.
Young, age 46, was previously employed at Alphabet Inc GOOG GOOGL, serving in various roles, most recently as Vice President of Engineering at Google.
Before Google, Young served in multiple roles at Amazon.com Inc AMZN.

General Electric Co GE is offering 25 million shares in GE HealthCare Technologies Inc GEHC.
The proceeds from the offering are expected to be about $2 billion.
In connection with this offering, GE is expected to exchange up to 28.75 million GE HealthCare shares for debt held by affiliates of Morgan Stanley under a debt-for-equity exchange.

The FDA accepted the supplemental marketing application for GSK Plc's GSK Jemperli (dostarlimab) in combination with chemotherapy for the treatment of adult patients with mismatch repair deficient (dMMR)/microsatellite instability-high (MSI-H) primary advanced or recurrent endometrial cancer.
The company says if approved in this patient population, dostarlimab plus chemotherapy could represent the first meaningful frontline treatment advancement in decades for patients with primary advanced or recurrent endometrial cancer.
The FDA granted Priority Review and assigned a Prescription Drug User Fee Act action date of September 23.

Reuters

JP Morgan Chase & Co JPM cleared the air about CEO Jamie Dimon's plan to not run for public office amid speculation about his potential political aspirations.
The comment comes after billionaire hedge fund manager Bill Ackman said last week that Dimon should run for president in the next U.S. elections.
Dimon had hinted at possibly serving his country without specifying a role.

Novavax Inc's NVAX R&D chief Filip Dubovsky expressed confidence that the company's updated COVID-19 vaccine, already in production, will offer protection against the rapidly emerging coronavirus variants prevalent in the U.S.
Novavax's protein-based vaccines, although slower to manufacture than the mRNA-based vaccines developed by Moderna Inc MRNA and Pfizer Inc PFE/BioNTech SE BNTX, are promising in targeting the evolving strains.
In an interview, Dubovsky emphasized the effectiveness of the XBB.1.5-targeting vaccine, asserting that it offers a solid approach while protecting related variants like XBB.2.3, which are becoming more prevalent.

Bloomberg

Taiwan Semiconductor Manufacturing Company Ltd TSM cut its 2023 capital expenditure outlook to closer to the bottom end of the previously forecast $32 billion - $36 billion range.
TSMC reaffirmed projections for revenue in the first half of 2023 to decline by about 10% in U.S. dollar terms
TSMC reaffirmed a low- to mid-single-digit revenue decline in 2023 — about in line with estimates amid the global tech slump and uncertainty over the revival of China's economy.

Intel Corp INTC subsidiary Intel Overseas Funding Corp prepared to offload 35 million shares of Mobileye Global Inc MBLY Monday.
The stock is worth $1.48 billion based on Mobileye's June 5 closing of $43.56.
Following the sale, Intel will retain about an 88% stake in Mobileye, which it bought in 2018 for $15.3 billion.

Nikkei

Panasonic Holdings Corp PCRFY reportedly plans production expansion of electric vehicle batteries at a factory in Nevada, jointly operated with its largest customer, Tesla Inc TSLA.
Tesla recently said it would "buy as much as [Panasonic] can make," Nikkei reported, citing an executive at Panasonic.
The executive further added that the facility is "already crammed," but they can add just one more production line.

Wall Street Journal

Bed Bath & Beyond Inc BBBYQ is reportedly in talks to sell its baby gear unit Buybuy Baby to Go Global Retail, the owner of children's apparel retailer Janie and Jack.
Go Global Retail is planning to keep the baby-focused chain of stores operating after buying it.
While Bed Bath & Beyond filed for bankruptcy in April due to slowing business, Buybuy Baby has performed better comparatively.

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SEC Accuses Binance & Coinbase Of Acting As Unregistered Broker, Binance Takes Biggest Hit As $300M In Crypto Positions Liquidated In 24 Hours, JPMorgan Clarifies CEO Jamie Dimon Not Running For Presidency: Today's Top Stories