May 29
Opinion | Repealing Gary Gensler’s Climate Rule
The Atkins SEC moves to end a faddish regulation that harms U.S. business. Source link
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Opinion | Repealing Gary Gensler’s Climate Rule
The Atkins SEC moves to end a faddish regulation that harms U.S. business. Source link
Coinbase CEO Brian Armstrong responds to SEC lawsuit; says Gensler’s views ‘not representative’ of US government
Coinbase CEO Brian Armstrong responds to SEC lawsuit; says Gensler’s views ‘not representative’ of US government
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Brian Armstrong, CEO of Coinbase, defended his firm’s position and the broader cryptocurrency sector in a Bloomberg Live interview today.
Armstrong’s remarks come in response to a recent lawsuit from the Securities and Exchange Commission (SEC) and as the U.S. government escalates its clampdown on Binance, the world’s largest cryptocurrency exchange.
Armstrong made it clear that SEC Chair Gary Gensler’s view that most crypto assets are securities is not representative of the American government’s overall perspective.
“I want to make an important point, which is that the SEC chair may have a certain point of view, but that’s not representative of the whole U.S. government,” Armstrong said, contending that Gensler’s stance is “really an outlier” among government figures he had spoken with:
“When I meet with members of Congress, I think the broad consensus probably amongst 80% of people I talked to both sides of the aisle…is we don’t know exactly what this technology is going to become.”
Armstong further argued that while the future of the technology is still uncertain, the need for clear legislation is critical, particularly given the progress being made by major financial hubs worldwide.
Armstrong also emphasized the importance of consumer protection and the application of “some basic good ideas around AML/KYC and audited financial statements” in the cryptocurrency industry.
The CEO stressed the need for a clear market structure so businesses can better understand the regulatory environment and which agencies they should engage with concerning specific types of assets.
The post Coinbase CEO Brian Armstrong responds to SEC lawsuit; says Gensler’s views ‘not representative’ of US government appeared first on CryptoSlate.
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Regulation News
Coinbase suggests SEC action is motivated by Gary Gensler’s own views
Coinbase suggests SEC action is motivated by Gary Gensler’s own views
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Coinbase executives discussed their company’s ongoing conflict with the U.S. Securities and Exchange (SEC) in a new video on April 27.
Coinbase doesn’t list securities; situation hasn’t changed
Coinbase Chief Legal Officer Paul Grewal responded to the SEC’s recent Wells notice, stating:
“[The SEC] has reached a preliminary determination that aspects of our company’s core business violate securities laws, so I want to be very direct … Coinbase does not list securities.”
He said that Coinbase has “mostly gotten silence in response” during its interactions with the SEC but otherwise described the SEC’s public statements.
Grewal said that in 2021, the SEC seemingly admitted that it had no framework or statutory authority to regulate crypto companies with. However, the SEC appeared to adopt a new stance when FTX collapsed in 2022, at which time SEC Chair Gary Gensler said:
“I feel that we have enough authority — I really do — in this space to regulate crypto companies.”
Grewal suggested that this new statement did not coincide with other changes, such as new legislation from Congress or new rulemaking at the SEC itself.
He also said that the SEC permitted Coinbase to operate as a publicly traded company in 2021. Grewal said his firm has not fundamentally changed since then, and as such, the SEC’s actions cannot be motivated by changes at Coinbase or new SEC discoveries.
Coinbase would prefer not to go to court
Grewal concluded that Coinbase does not know which of its activities the SEC takes issue with — and although Coinbase is willing to go to litigation, it would prefer not to do so.
He said that, to avoid litigation, the SEC must identify which assets are securities or state which parts of Coinbase’s business must be registered. Coinbase is willing to set up registered securities trading for certain activities if told to do so, Grewal said.
Meanwhile, Coinbase CEO Brian Armstrong said that his firm is “committed to working within the regulatory perimeter” but asserted that a Wells notice when there is no clear rulebook is “not constructive.” Coinbase is prepared to defend this in court, he said.
Coinbase first acknowledged that it had received a Wells notice on March 22 and said that the notice is likely a precursor to charges from the SEC.
Coinbase filed an action against the SEC on April 25 in an attempt to compel it to respond to its petition. Executives also visited regulators in person at that time.
The post Coinbase suggests SEC action is motivated by Gary Gensler’s own views appeared first on CryptoSlate.
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Exchanges News
What changed? 2018 video reveals SEC Chair Gensler's contradictory view on crypto
What changed? 2018 video reveals SEC Chair Gensler's contradictory view on crypto
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GameFi News
Gary Gensler's old ALGO praise ignites debate amid unregistered security claims
Gary Gensler's old ALGO praise ignites debate amid unregistered security claims
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Welcome! 👋 You are connected to CryptoSlate Alpha. To manage your wallet connection, click the button below.
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GameFi News
Ripple CEO raises considerations above Gensler’s the latest comments
Ripple CEO raises considerations above Gensler’s the latest comments
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Ripple CEO Brad Garlinghouse has urged lawmakers in the US to deal with recent statements built by the chairman of the SEC, Gary Gensler. He implied that the latest securities guidelines are adequate for regulating the cryptocurrency marketplace.
The statements created by Garlinghouse are a rebuttal to Gensler’s position that the SEC can establish no matter whether electronic property qualify as securities and, consequently, laws is unneeded.
The Main Government Officer of Ripple argues that this sort of judgments ought to not be based mostly on the personal views of the Chair of the Securities and Exchange Fee.
Garlinghouse voiced his problem in a tweet by stating that it is “beyond comprehension” for the head of the SEC to assert that he gets to dictate what constitutes stability as an alternative of relying on the laws from which his agency derives its electrical power. Garlinghouse’s tweet also mentioned that it is “beyond comprehension” that the SEC boss would make this sort of a assert.
For the Chair of the SEC to assert that he dictates what is a stability – and not the laws from which his agency derives its power – is beyond comprehension. It really is time for elected officers in the US to choose detect. https://t.co/kvat6ixUdS
— Brad Garlinghouse (@bgarlinghouse) March 30, 2023
Garlinghouse mentioned that the absence of evident authority permitted ambiguity to function as a resource of electricity for the SEC, and he accused Gensler of performing like a dictator.
Gensler held the perception that laws is unnecessary. Immediately after a hearing held by the House Appropriations Committee, the SEC director, who is also urgent prices against Do Kwon, argued that present securities procedures include most of the exercise that is taking on inside of the cryptocurrency marketplaces. He explained that even however Congress may well acquire action to give further more clarity, he feels that extra powers are optional.
https://www.youtube.com/enjoy?v=bqBdYqpGm1c
Whilst the litigation brought by the SEC versus Ripple proceeds, the dialogue about the suitable regulatory framework for cryptocurrencies however requires to be answered. This has prompted leaders in the sector to seek out responses from political authorities.
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Ethereum News
Gary Gensler's connection to Binance uncovered in explosive WSJ report
Gary Gensler's connection to Binance uncovered in explosive WSJ report
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Explosive new revelations published by the Wall Street Journal claim that Binance and Binance U.S. are more intertwined than previously thought.
The report is based on Telegram chats reviewed by the WSJ between 2018-2020, in addition to supplementary interviews the WSJ conducted with unnamed Binance/US staff.
Binance and Binance.US complexities
Binance and Binance.US, two cryptocurrency exchange platforms, have been discovered to have a far deeper level of integration than they publicly disclosed, according to findings by the WSJ, with developers in China reportedly maintaining the software code that supported Binance.US users’ digital wallets, potentially granting Binance access to sensitive customer data in the US.
Binance’s attempt to neutralize U.S. authorities by launching Binance.US was led by fear of a crackdown on unregulated offshore crypto players, the WSJ report alleges, led to the decision to create Binance.US, a bare-bones American platform licensed by Binance but appearing wholly independent, the WSJ added.
Binance’s close involvement with Binance.US was on display in September 2019 when a Binance staffer in Shanghai turned on trading for the U.S. platform a few minutes before it was meant to launch, resulting in an exchange in a Binance chat group on the messaging app Telegram:
Ninj0r [a Binance software developer]: Why did trading start???? It’s not time yet!!! Who started trading? We had the trading timers set? Who started trading?
Other messages followed, including another urgent one from Ninj0r: someone started TRADING EARLY. Who did it? At 8:56:09.822 someone manually started trading. Who? Why?
Eventually, the company founder and chief executive answered.
Changpeng Zhao: a guy here in Shanghai, mistake operation.
Binance had expressed interest in having Gary Gensler as an advisor
The WSJ reports that Binance proposed having SEC Chair Gary Gensler serve as an advisor, but the proposal was rejected. However, Gensler did share some “license strategies” with the former head of Binance Labs, Ella Zhang, and Binance employee Harry Zhou.
Harry Zhou’s regulatory PR push for a separate US entity
According to a presentation reviewed by the WSJ, in late 2018, Harry Zhou, who was working for a bitcoin trading company financed by Binance, suggested to Binance executives that they establish a U.S.-based business that would invite inquiries from U.S. regulatory agencies and enforcement, thus shielding Binance from their scrutiny.
The presentation included a section on “Regulator Engagement Plans,” proposing that Binance launch “major PR efforts demonstrating US operation’s willingness to exceed SEC expectations and serve as an industry resource for the SEC.”
According to the WSJ, Zhou incorporated a Delaware company, BAM Trading Services Inc., in February 2019, which became the operator of Binance.US. Binance’s former CFO announced the firm’s creation, along with two others called BAM Management US Holdings Inc. and BAM Technology Services Inc. in an employee Telegram chat.
BAM Trading and VPNs
In June 2019, Binance announced the establishment of Binance.US in partnership with BAM Trading, a firm that would license Binance’s brand and technology. Binance.US registered as a money services business with the U.S. Treasury’s Financial Crimes Enforcement Network. However, according to documents viewed by the WSJ, Binance did not disclose that its founder and CEO, Mr. Zhao, controls the BAM companies through a layer of entities incorporated in the Cayman Islands and the British Virgin Islands.
Despite announcing that it would stop accepting U.S. customers on its global platform, Binance officials discussed how to keep them. In a Telegram chat in June 2019, an employee noted that over 18% of page views on Binance.com were from U.S. users. Samuel Lim, then Binance’s compliance chief, suggested ways to retain the largest U.S. clients, including encouraging them to use a VPN to appear to be located in another country. Lim also discussed whether U.S. customers had offshore entities they could use to access Binance, according to documents reviewed by the WSJ.
Risks for Binance and its CEO Changpeng Zhao
If true, the Telegram leaks could damage both CZ and Binance.
Suppose U.S. regulators determine that Binance has control over a U.S. company. In that case, they could claim the power to police Binance’s entire business, exposing the company’s finances to closer scrutiny and risking prosecution.
The Securities and Exchange Commission and the Justice Department have been investigating Binance’s relationship to Binance.US since at least 2020.
The WSJ added that the SEC is looking into specific ties between Binance.US and two trading firms with close ties to Zhao, Merit Peak Ltd. and Sigma Chain AG.
On Mar. 3, a bipartisan group of senators asked Binance to answer a series of questions, alleging that the company had “hidden basic financial information from its customers and the public.”
Response from Binance and Binance.US
Binance executives and employees declined to comment. The WSJ added that the Binance spokeswoman did not respond to requests to make Lim or Zhao available for comment, while Harry Zhou and Wei Zhou also did not respond to requests for comment either.
Taking to Twitter on Sunday night, CZ reminded his 8.2 million followers to ignore FUD, attacks and fake news.
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Analysis News