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Outgoing SEC Chair Gary Gensler has differentiated Bitcoin from other cryptocurrencies, suggesting it could evolve into a valuable asset akin to gold, despite its speculative nature. He emphasized that other digital assets must demonstrate real use cases to survive, while continuing to criticize the crypto industry for its prevalence of bad actors. Gensler, who has never owned Bitcoin or any cryptocurrency, is set to resign next week as the SEC faces a regulatory shift under a new administration.
The U.S. Supreme Court has denied Binance's petition to avoid a class-action lawsuit, allowing claims of illegally selling unregistered tokens to proceed. The case centers on whether U.S. securities laws apply to the exchange, which lacks a physical headquarters but services American clients. This follows a series of legal troubles for Binance, including a $4.3 billion settlement with the DOJ for anti-money laundering violations and ongoing lawsuits related to its operations in the U.S. and Canada.
The U.S. Supreme Court has rejected Binance's appeal, affirming that U.S. securities laws apply to its transactions, despite the platform lacking a physical headquarters in the U.S. This ruling allows a class action lawsuit against Binance for selling unregistered securities to proceed, intensifying legal challenges for the exchange amid ongoing scrutiny from regulators, including the SEC. The decision could reshape the regulatory landscape for international crypto exchanges, potentially leading to increased oversight and compliance demands across the sector.
The US Supreme Court has confirmed that Binance is subject to US securities laws, despite its lack of a physical presence in the country. This ruling allows a lawsuit accusing the exchange of selling unregistered securities to proceed, amidst ongoing legal challenges including charges from the SEC and a guilty plea from founder Changpeng Zhao related to the Bank Secrecy Act. Despite these hurdles, Binance aims to onboard 1 billion users and expand its trading offerings.
Binance.US's interim CEO, Norman Reed, criticized the SEC for labeling the firm a "cauldron of fraud" without evidence, leading to significant operational challenges and a loss of customers. Despite enduring a lawsuit and a 70% staff reduction, Reed remains optimistic about revitalizing USD fiat services and rebuilding banking relationships. He emphasized that other regulatory bodies found no wrongdoing, highlighting the SEC's unique pursuit of Binance.US amidst broader scrutiny of the crypto industry.
Binance CEO Changpeng Zhao urges crypto users to seize the current Bitcoin buying opportunity, despite its recent decline to $89,280, down 15% from its all-time high of $108,000. He emphasizes the importance of long-term holding and acting now, stating, “Today is earlier than all the days to come.” While Bitcoin's price has shown slight recovery, significant outflows from Bitcoin ETFs, totaling $284 million, raise concerns about potential short-term price pressure.
[SEC]
Binance's legal challenges intensified as the US Supreme Court declined to hear its appeal regarding a lawsuit from investors alleging the illegal sale of crypto assets without proper risk warnings. The case, initiated in 2020, claims Binance failed to inform investors about risks associated with tokens like ELF, EOS, and FUN, leading to significant losses. With the Supreme Court's decision, investors can now pursue compensation, potentially resulting in damages for the exchange.
The US Supreme Court has denied Binance's appeal to dismiss a revived class action lawsuit accusing the exchange of violating securities laws by selling unregistered tokens. The 2nd US Circuit Court of Appeals ruled that domestic securities laws could apply to Binance, despite it being a foreign entity, due to the irrevocable nature of token purchases in the US. The lawsuit, initially dismissed in 2022, was brought by investors who claimed significant losses from their investments in various tokens.
The U.S. Supreme Court has denied Binance's appeal to dismiss a lawsuit from investors alleging the exchange illegally sold unregistered tokens. The 2nd U.S. Circuit Court of Appeals ruled that U.S. securities laws could apply, as token purchases became irrevocable in the U.S. despite Binance's foreign status. Investors are seeking to recover losses from tokens purchased since 2017, while Binance contends that U.S. laws should not govern its operations.
Changpeng Zhao
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