💰 __Spendy…__ The SEC says a biz controlled by Binance CEO Changpeng "CZ" Zhao sent $132M to Binance.US last year as it [lost $181M](https://www.wsj.com/articles/binance-us-was-deeply-unprofitable-in-2022-documents-show-9c9c95a6). Binance says Binance.US is independent, a claim Binance.US's now former CEO disputed. 

🌶️ __Spicy…__ SEC Chair Gary Gensler said there’s no need for new digital currencies as [existing](https://www.cnbc.com/2023/06/06/sec-chair-gensler-doubts-the-need-for-more-digital-currency.html) currencies like the US dollar suffice. He’s on a PR tour after his agency accused Binance and Coinbase of operating illegally.

📸 __Flashy…__ South Korean [prosecutors](https://www.bloomberg.com/news/articles/2023-06-08/fallen-crypto-mogul-kwon-could-face-jail-in-south-korea-and-us-prosecutor-says) say Do Kwon could spend his life in jail. The founder of the infamous __terraUSD__ algo stablecoin (picture: $40B investor value wiped out) was arrested in Montenegro after insisting he was not on the run.

KWON

The Crypto Catch-Up…

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__Reloading your last save point…__ On Tuesday, gaming-focused streaming platform __Twitch__ announced new ad rules that would threaten streamers’ sponsorship revenue, including no ads allowed to play directly in-stream, and that on-stream logos could take up only 3% of the screen. Since brand deals make up the bulk of top streamers’ earnings, there was loud backlash:

- __Backtrack:__ After big-name streamers like Asmongold threatened to leave the platform and mega-creators like MrBeast criticized the move, Twitch [reversed course](https://www.bbc.com/news/technology-65834521) on Wednesday, saying “these guidelines are bad for you and bad for Twitch.”

- __Loot:__ Unlike ad revenue, brand-sponsorship revenue goes 100% to streamers. Deals can be *very* lucrative: it was leaked that gambling site Stake paid streamer Adin Ross 335 ethereum, or nearly $1M/week last March.

__Controversy 2.0…__ This isn’t the first time Twitch has pushed streamers’ buttons. Last year the platform increased its cut of top streamers’ earnings from subscriptions and donations by half in most cases. Twitch blamed the high fees charged by Amazon Web Services for live video. Streamers pointed out that __[Amazon](https://robinhood.com/us/en/stocks/AMZN/)__ owns Twitch (awk). 

- __Less pain, less game:__ __[YouTube](https://robinhood.com/us/en/stocks/GOOGL/)__ is Twitch’s main rival, and its creator split is 70-30. But its attempt at a gaming platform, YouTube Gaming, sputtered alongside the __[Facebook](https://robinhood.com/us/en/stocks/META/)__ Gaming app and __[Microsoft](https://robinhood.com/us/en/stocks/MSFT/)__-owned __Mixer__.

Fortnite stream star Tyler “Ninja” Blevins (Robert Reiners/Getty Images)

Reset

__Don’t bite the hand that feeds you…__ Twitch’s rule reversal is a testament to creators’ power over platforms. Twitch is still the go-to for watching gaming, but if its top streamers move to YouTube it’ll be hard to retain eyeballs to view ads — its biggest revenue source. MrBeast’s input: “Hey @Twitch how about instead of handicapping what creators make, you help them make more? Seems more logical.”

Twitch backtracks on new monetization rules after streamers revolt, showing how creators can flex their power

__Crypto's time to shine…__ Trading volumes on decentralized finance (aka: [DeFi](https://sherwoodmedia.com/snacks/newsletters/Pb1OkTgfrTZcfYBC8I8tH/articles/1Lt46RI30C4P9PaHnEzPIJ/)) platforms [soared](https://decrypt.co/143729/defi-trading-surges-as-centralized-exchanges-feel-regulators-wrath) this week with __[Uniswap](https://robinhood.com/us/en/crypto/UNI/)__ seeing a 40%+ jump in daily transactions and __PancakeSwap__ bumping up 17%. One possible reason for the surge: with DeFi there's often no single entity in charge for regulators to pursue. That may be top of mind for traders as the DeFi surge came on the heels of two SEC [lawsuits](https://sherwoodmedia.com/snacks/the-sec-sues-the-2-biggest-crypto-exchanges-in-a-one-two-punch-for-the/) directed at __Binance__ and __[Coinbase](https://robinhood.com/us/en/stocks/COIN/)__, the No. 1 and No. 2 centralized crypto exchanges (by trading volume).

- __SECrackdown:__ The US regulator accused Binance and Coinbase of operating unregistered securities exchanges. It also sought to freeze the assets of Binance.US, Binance's US-based exchange.

- __CryptGo elsewhere:__ Traders pulled $1B+ from Binance and Coinbase in the 24 hours after the SEC announced its suits. 

__Prepping for battle…__ As crypto traders look to decentralized options like Uniswap, centralized exchanges are digging in. Coinbase CEO Brian Armstrong says the biz has no plans to delist the 13 tokens called out in the SEC's lawsuit as being securities (like: __[solana](https://robinhood.com/us/en/crypto/SOL/)__, __[matic](https://robinhood.com/us/en/crypto/MATIC/)__). And both Binance and Coinbase say they plan to fight the SEC, with any legal battle possibly taking years to resolve. Meanwhile, Coinbase's "stand with crypto" NFT is spreading on __Twitter__.

Swap

__Crypto's roots may keep the industry upright…__ though the ground is shifting. At its core, crypto is about decentralization. Users self-custodying their assets in hardware wallets and conducting peer-to-peer transactions don't require centralized players. As exchanges struggle with regulators, that decentralized ethos may end up being the industry's saving grace. But decentralized platforms typically have a steep learning curve, which may make them less accessible.

DeFi crypto trading volume pops as regulators put the squeeze on centralized exchanges

The Crypto Catch-Up…

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