U.S. Court Calls ETH a Commodity; Binance to 'Gradually' End Support for BUSD Products

Bitcoin slides and Elon Musk's potential plans for payments on X. You're watching Coindesk Daily, I'm your host, Jenna. Let's take a look at the markets. The coin desk, Bitcoin price XX index shows the price has fallen back down below the $27,000 mark giving up most of Tuesday's advance. It's currently trading at around $26.3000 earlier this week, the price jumped after an appeals court ruled the SEC must review gray scales. Bitcoin ETF bid yesterday, German Investment Bank Barenberg released a report saying it's possible that the SEC will prepare alternative arguments to justify continued rejections of spot. Bitcoin ETF S A New York Court is classifying Ether and Bitcoin as commodities while dismissing a proposed class action lawsuit against Unice. The lawsuit was filed in 2022 by a group of investors who claimed the decentralized crypto exchange and its creator violated us security laws. While Sec Chief Gary Gansler has shied away from calling the security, the judge directly called it a commodity and declined to quote stretch the federal securities laws to cover the conduct, alleged end quote said it will gradually end support for its B US D stable coin users have been asked to convert their B US D into other assets by February next week. Binance is delisting B US D as a loan asset. A decision to end support for B US D has been expected since stable coin issuer paxis was ordered to stop minting the coin in February, Elon Musk's has obtained money or currency transmitter licenses in seven US states. With the most recent being in Rhode Island, the license allows for broader payment services to be offered and indicates he may have plans to support payment processing nationwide. Similar to Venmo or paypal. Musk has hinted at supporting crypto on the platform formerly known as Twitter. He even briefly changed the logo from Twitter's Bird to Doge coins, dog before the new branding. That's a wrap for Coindesk daily, get more updates on coindesk dot com and we'll see you next time.