Crypto News: The Commodity Futures Trading Commission (CFTC) launched enforcement against Binance, the world’s biggest crypto exchange, and its CEO, Changpeng Zhao (CZ) left the market tumbling. As the U.S. financial regulators’ scrutiny against crypto firms is on a surge experts hint that the industry might shift to different nations for lighter regulations.
Binance Case To Spike Uncertainty For Crypto Firms
Susan Friedman, Head of Public Policy at Ripple Labs targeting the Binance case stated that other jurisdictions constructed the entire framework in order to regulate crypto over the past 4 years. However, the CFTC is still struggling.
While the rest of the regulators are still not able to answer the same pending questions asked by the industry. She mentioned that amid this situation it is not a question of if industry leaves the US but how fast.
Ripple Labs, Chris Larsen, the company’s co-founder, and Brad Garlinghouse, the current CEO are already involved in a legal battle with the U.S. Securities and Exchange Commission (SEC). However, both parties are waiting for a much anticipated Summary Judgement in the XRP lawsuit.
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Stuart Alderoty, Chief Legal Officer of Ripple questions the SEC’s “just come in and register” claims in the recently launched cases. He added that the commission’s jurisdiction overreach needs to be stopped now. Read More Crypto News Here…
Voyager $1.3 Bln Deal Halted
CFTC alleged that Binance and its boss broke derivatives rules. It mentioned that the world’s largest crypto exchange should have registered with the agency long ago, however, it continues to breach the rules.
Amid CFTC allegations, a federal judge announced to halt the Binance Voyager $1.3 billion deal. The order allowed the authority to take more look into the legality of the deal. The appeal was filed by U.S. Attorney’s Office for the Southern District of New York and the Office of the U.S. Trustee.
