Warnings of Regulatory ‘Siege,’ Binance US Asset Freeze Averted, Schiff Says Fed Destroyed US Banking System, and More — Week in Review
Red tape and confusion has been the theme in crypto information as of late, with cryptocurrency companies scrambling to remain compliant with regulators just like the U.S. Securities and Exchange Commission (SEC), with little to no particular regulatory readability made accessible to them to date. In the wake of lawsuits being launched by the SEC towards large exchanges like Binance and Coinbase, a former SEC official has warned of regulatory “siege” towards crypto platforms, a decide has blocked efforts by the regulator to freeze Binance US’ belongings, and economist Peter Schiff has stated the Fed destroyed the U.S. banking system. This and extra, slightly below, within the Bitcoin.com News Week in Review.
Founder of SEC Office of Internet Enforcement Warns of Upcoming Regulatory Siege: ‘Get Out of Crypto Platforms Now’
John Reed Stark, founder and former chief of the Office of Internet Enforcement of the U.S. Securities and Exchange Commission (SEC), has warned a few new regulatory “siege” towards crypto platforms. Stark believes that “crypto trading platforms are high-risk, perilous, and inherently unsafe” and recommends buyers exit all crypto exchanges.
Judge Postpones Asset Freeze as Binance US and SEC Agree to Work on Deal
A decide in Washington determined to provide Binance US and the Securities and Exchange Commission (SEC) time to work out a deal to keep away from the freezing of the alternate’s belongings after the SEC sought a short lived restraining order. The two sides have since reached an settlement.
Economist Peter Schiff Says the Fed Destroyed US Banking System — ‘It’s Insolvent’
Economist Peter Schiff says the U.S. banking system is bancrupt. He burdened that the Federal Reserve destroyed the U.S. banking system, citing near-zero rates of interest at banks whereas “the Fed funds rate is 5.25% and the real inflation rate is much higher.” Schiff beforehand warned that the U.S. banking system is on the verge of a “much bigger collapse than 2008.”
Coinbase CEO Brian Armstrong: The SEC Told Us ‘Everything Other Than Bitcoin Is a Security’
Brian Armstrong, CEO of Coinbase, the biggest U.S.-based cryptocurrency alternate, defined how negotiations reached a standstill with the U.S. Securities and Exchange Commission (SEC). In a current interview with the Wall Street Journal, Armstrong detailed the modifications in how the SEC approached securities regulation and the way the alternate has tried to work with regulators since day one.
What are your ideas on the present authorized chaos within the crypto realm? Is this the beginnings of a path to mainstream adoption for bitcoin, or does it fly within the face of the very cause the protocol was invented? Be certain to share your perspective within the feedback.
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