It is the most comprehensive of several crypto bills floated in recent years, with the greatest chance of becoming law, lobbyists say.
That is because of the close cooperation between the committees that oversee the CFTC and SEC, which are often accused of vying for crypto oversight. With Democrats’ support, the bill could have a shot in the Senate.
“Whether it’s old-school fraud or some new-school crypto scheme, it doesn’t matter one bit. It’s all fraud to us,” U.S.
Attorney Damian Williams said at a press conference detailing the charges.
The agreement, disclosed in court papers filed late on Friday, still requires the approval of the federal judge overseeing the litigation. To make certain that U.S.
customer assets do not go offshore, the agreement allows only Binance.US employees access to these assets.
The payment includes $1.17 million of refunds to 4,691 investors, which may be reduced if they withdraw crypto assets during a specified 90-day period, plus a $626,000 fine.
Investors piled into cryptocurrencies when interest rates were low, pushing the market to a peak value of $3 trillion in 2021.
But they turned cautious as rates rose, causing prices to slump and triggering fatal liquidity crunches for several crypto firms. The value of the crypto market has fallen to around $1.1 trillion, according to CoinGecko data.
Earlier this month, Wall Street’s regulator, the Securities and Exchange Commission, pressed a raft of charges against Binance, the world’s biggest cryptocurrency exchange, and US-based Coinbase.
More recently, regulatory scrutiny has weighed on the sector.
This month, Binance and Coinbase Global, two of the biggest crypto exchanges, were sued by the SEC for allegedly violating its rules, which the pair deny.
FRANKFURT, June 29 (Reuters) – German regulators have told Binance they will not grant it a cryptocurrency custody license, a person with direct knowledge of the matter said on Thursday, the latest in a string of setbacks for the world’s biggest cryptocurrency exchange.
July 17 (Reuters) – Coinbase Chief Executive Brian Armstrong will meet privately with a group of U.S.
House of Representatives Democrats on Wednesday morning and plans to make remarks on the future of digital asset legislation.
on alleged violations of securities laws.
Earlier this month, the U.S. Securities and Exchange Commission (SEC) sued major crypto exchanges including Coinbase and Binance.
“From our perspective, and based on conversations with sell-side desks, this rally was led by institutional buyers,” said Wes Hansen, head of trading and operations at crypto hedge fund Arca.
It filed for bankruptcy shortly after Singapore-based crypto hedge fund Three Arrows Capital and rival crypto lender Voyager Digital did likewise. Celsius was among the first in a series of bankruptcies in the cryptocurrency sector last year as token prices cratered amid rising interest rates and stubbornly high inflation.
Last week, Binance was sued by the U.S.
Securities and Exchange Commission, which listed 13 charges against the company, Zhao and the operator of its purportedly independent U.S.
June 28 (Reuters) – Bankrupt FTX is moving ahead with efforts to revive its flagship international cryptocurrency exchange, the Wall Street Journal reported on Wednesday citing CEO John Ray.
Still, crypto investors have taken encouragement from the world’s biggest asset manager, BlackRock, filing to launch a bitcoin exchange traded fund last month.
Earlier in July exchange operator click Cboe refreshed its filing for a similar fund to be run by asset manager Fidelity.
The layoffs at the world’s biggest crypto exchange come at a time when the industry’s future in the U.S.
market is uncertain, with regulators aggressively clamping down on what they deem are illegal activities.
“If territories are willing to come up with a balanced clear transparent approach, OKX would like to be regulated and licensed and operate in that jurisdiction,” Byun said.
The SEC on June 5 sued Binance, its CEO and founder Changpeng Zhao and Binance.US’s operator, alleging that Binance artificially inflated its trading volumes, diverted customer funds, failed to restrict U.S.
customers from its platform and misled investors about its market surveillance controls.
Earlier this month, the U.S.
Securities and Exchange Commission (SEC) sued Binance and Coinbase, another two of the largest crypto exchanges, for allegedly breaching its rules.