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Warnings of Regulatory ‘Siege,’ Binance US Asset Freeze Averted, Schiff Says Fed Destroyed US Banking System, and More — Week in Review
18.6.2023
Red tape and confusion has been the theme in crypto news as of late, with cryptocurrency firms scrambling to stay compliant with regulators like the U.S. Securities and Exchange Commission (SEC), with little to no definite regulatory clarity made available to them thus far. In the wake of lawsuits...
Binance.US Avoids Total Asset Freeze Through Agreement with SEC
18.6.2023
Binance.US and the US Securities and Exchange Commission have agreed on a compromise that avoids the freezing of the exchange's assets.
On Saturday, US Judge Amy Berman Jackson approved an agreement between the two, dismissing a previous temporary restraining order (TRO) that would freeze...
Binance, CZ Agree to Repatriate US Customer Assets, SEC Secures Court Order
17.6.2023
Binance and the U.S. Securities and Exchange Commission (SEC) struck a deal to avoid the freezing of the crypto exchange’s assets in the United States. Under an emergency relief secured by the regulator, Binance agreed to repatriate to the U.S. funds held on behalf of customers of its American...
Binance Pulls Out of Netherlands, Seeks to Deregister Cyprus Unit
17.6.2023
The world’s largest crypto exchange, Binance, said it’s exiting the Dutch market as it has been unable to obtain registration as a crypto service provider. The news comes after Binance’s entity in Cyprus applied to be removed from the country’s register of digital asset service providers. Binance...
Cameron Winklevoss Criticizes SEC Regulatory Approach: ‘Securities Laws Written in 1933 Don’t Meet the Realities of the World Today’
17.6.2023
Cameron Winklevoss, a co-founder of Gemini, a U.S.-based cryptocurrency exchange, criticized the U.S. Securities and Exchange Commission’s (SEC) posture regarding cryptocurrency regulation. Winklevoss stated that the SEC laws written in 1933 are obsolete today, and their application would...
Blackrock Files for Bitcoin Trust — Analyst Calls It a ‘Real Deal’ Spot Bitcoin ETF Filing
17.6.2023
Blackrock, the world’s largest asset manager, has filed to register a bitcoin trust that some believe is actually a spot bitcoin exchange-traded fund (ETF) in disguise. Blackrock is seeking to launch a bitcoin product despite the U.S. Securities and Exchange Commission’s (SEC) efforts...
Bittrex US Allows Fiat and Crypto Withdrawals Amid Bankruptcy Proceedings
17.6.2023
Bittrex US, the now-defunct cryptocurrency exchange in the United States, has recently introduced a plan that permits American customers to withdraw crypto and fiat from the platform, provided they satisfy the required regulatory criteria. This withdrawal arrangement was approved on Tuesday by...
US Judge Considers if Crashed Coins of Terraform Labs Were Securities
16.6.2023
A judge in the United States considered on Thursday whether the cryptocurrencies created by Terraform Labs were securities. The failed blockchain firm and its founder, Do Kwon, have asked the court to dismiss a case filed by the U.S. Securities and Exchange Commission (SEC) alleging that they...
Coinbase Introduces 4% USDC Rewards Amidst SEC Dispute
16.6.2023
On June 15, the San Francisco-based cryptocurrency exchange Coinbase announced that customers can now earn 4% rewards on the stablecoin USDC. The news follows Coinbase’s current dispute with the U.S. Securities and Exchange Commission (SEC) over the firm’s staking-as-a-service product....
Tether Counted Securities Issued by Chinese Firms Among Its Reserves: Bloomberg News
16.6.2023
Tether Holdings Ltd. at one point counted securities issued by Chinese companies among the reserves backing its USDT stablecoin, according to Bloomberg News.
Tether at a point in time held securities issued by state-owned Chinese companies including Industrial & Commercial Bank of China Ltd....
Bakkt Takes Proactive Measures, Delists Polygon, Solana, and Cardano Amid Regulatory Crackdowns
16.6.2023
According to a Fortune report published on June 16, the cryptocurrency asset platform Bakkt is delisting three cryptocurrencies due to the current regulatory climate. Bakkt’s general counsel stated that the platform will expand its coin offering once there is “further clarity.”...
USDT issuer Tether responds to Chinese securities exposure reports
16.6.2023
USDT issuer Tether said that they “do not condone” the behavior of the media outlets and highlighted that the materials presented do not reflect what Tether is at present
Texas State Securities Board Takes Enforcement Action Against Crypto Firm Abra and CEO Bill Barhydt – What's Going On?
16.6.2023
The Texas State Securities Board has issued an emergency cease-and-desist order against crypto lender Abra, claiming that it has been insolvent since at least March 31, 2023.
In a Thursday filing, the Texas regulator unveiled enforcement actions against Abra and its founder William Barhydt...
Ripple CEO Brad Garlinghouse: SEC ‘Weaponized the Lack of Regulatory Clarity,’ Threw ‘an Entire Industry Into Chaos’
16.6.2023
Ripple CEO Brad Garlinghouse has criticized the role that the U.S. Securities and Exchange Commission (SEC) decided to assume against the cryptocurrency industry. After the release of the Hinman docs, which explain the internal discussions of the institution before the now famous Hinman speech...
Crypto lender Abra has been insolvent since March, says Texas regulator
16.6.2023
Abra and its CEO William Barhydt have been issued with an emergency cease and desist order
Crypto Firm Abra Said to be Insolvent in Texas State Regulators’ Cease-and-Desist Order
16.6.2023
According to an emergency cease-and-desist order from the Texas State Securities Board, the cryptocurrency firm Abra is “insolvent or nearly insolvent.” The filing alleges that a group of state securities regulators has been investigating Abra, and the working group interviewed William...
Fed, SEC investigate Goldman Sachs over Silicon Valley Bank's securities portfolio: Report
15.6.2023
Both regulatory bodies are inquiring into the activities of Goldman Sachs during its unsuccessful capital raise preceding the downfall of Silicon Valley Bank
House Financial Services Republicans Blast SEC’s Proposed Rule, State Gensler Is Pushing ‘His Own Personal Views Regarding Digital Assets’
15.6.2023
Republicans of the House Financial Services Committee have criticized U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, stating he is using Rule 3b-16 amendments to impose his views on cryptocurrency assets. In a letter sent to the SEC, republicans push back against the new proposed...
Crypto Lender Abra Has Been Insolvent for Months, State Regulators Say
15.6.2023
Crypto lender Abra has been insolvent since at least March 31, 2023, state securities regulators alleged on Thursday
Prometheum Testimony Raises Doubts: Crypto Community Questions Credibility Amid Regulatory Clarity Hearing
15.6.2023
The crypto community is abuzz with discussions on social media about the recent United States House Committee hearing held on June 13, 2023, which delved into regulatory clarity within the crypto industry. Notably, the co-CEO of an obscure cryptocurrency broker named Prometheum expressed support...