US clampdown has crypto kings looking abroad
But the blows against Binance and Coinbase hit the industry with an accusation that stung: some crypto currencies are securities that must be traded under strict rules and not an alternative to dollars, yen or euros and outside the reach of regulators. Coinbase Chief Executive Brian Armstrong, 币安注册方法 an outspoken SEC critic who has led a push in Washington for clearer crypto rules, on Wednesday hit back at Gensler, calling him an «outlier» among Washington policymakers and accusing him of being «icy» when the company approached him about registration. (Reporting by John McCrank in New York Editing by Michelle Price, Chizu Nomiyama and Matthew Lewis) The U.S. government is expected to rush to sell short term debt to replenish its Treasury General Account, potentially at yields so high that banks raise deposit rates to compete for funding, reducing interest in riskier assets like equities. But whether the SEC wins or loses, the suits send a strong signal to the industry that the agency is not going to let up, said executives. While big crypto companies can afford to fight the SEC, smaller companies have filed for bankruptcy following SEC enforcement actions, including crypto exchange Beaxy. «The fact that BlackRock, a well-respected and established asset management company, has filed for a Bitcoin ETF could be seen as a positive development in the quest for regulatory approval,» said Joshua Chu, group chief risk officer at blockchain technology group XBE, Coinllectibles and Marvion. Asian equities rode on Wall Street’s rally overnight — setting up Europe to do the same — after a jump in U.S. jobless claims boosted bets for the Fed to skip a rate hike next week. Robinhood said it would be removing those three coins effective June 27. Other U.S. crypto exchanges are likely to be in the firing line as a result of this week’s lawsuits, which expand the number of cryptocurrencies that the SEC has identified as securities to include some commonly traded tokens, such as Solana, Cardano and Polygon. The move comes at a time when the global cryptocurrency industry has been caught in the crosshairs of the U.S. securities regulator on alleged violations of securities laws. «The dark clouds overshadowing crypto have lifted in recent days amid a burst of institutional interest,» said Kate Laurence, general partner of Bloccelerate VC, which invests in crypto projects. The London office, set to open later this year, will work with universities in the UK and support the development of blockchain technologies and startups, the company said in a statement, adding that it will be led by one of the firm’s general partners, Sriram Krishnan. «We wish to see from regulators a bit more proactive guidance and legislation rather than regulation by enforcement,» said Paolo Ardoino, chief technology officer at Bitfinex, a cryptocurrency trading company that was fined by another US regulator, the CFTC, in 2021. James sued CoinEx in February, saying its failure to register before buying and selling tokens such as AMP, LBRY, LUNA and Rally violated the Martin Act, a powerful state law used to fight financial fraud. Elsewhere, the Turkish lira hit a new record low overnight of 23.54 per dollar, even as President Tayyip Erdogan’s appointment of a U.S. banker as central bank chief sent a strong signal for a return to more orthodox policy. Binance has agreed to repatriate its US customers’ assets pending a massive lawsuit against the world’s largest crypto exchange, the US Securities and Exchange Commission said Saturday, adding that it will secure the funds. customer assets remain within the country until a sweeping lawsuit filed by the regulatory agency is resolved. Earlier this month, Binance and its U.S. affiliate had entered an agreement with the Securities and Exchange Commission to ensure U.S. Erdogan is making all the right noises to signal a return to more orthodox policy, picking U.S. banking executive Hafize Gaye Erkan as head of the central bank. He had also named well-respected former finance minister Mehmet Simsek as minister in charge of the economy. The reported investigation follows various setbacks for Binance including a June 5 decision by the U.S. Securities and Exchange Commission (SEC) to charge the company with evading securities laws. Binance disputes the SEC charges. In November, FTX filed for Chapter 11 bankruptcy protection in the United States following its spectacular collapse that sent shivers through the digital assets industry.