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Binance US, the American subsidiary of the crypto exchange giant, has laid off 100 employees, or a third of its staff , following the departure of its CEO. Bloomberg reports that the former CEO, Brian Shroder, who joined Binance in September 2021, will be temporarily replaced by Norman Reed, the Chief Legal Officer. Binance said that the SEC’s actions against the crypto industry have affected its business and threatened U.S.-based jobs and innovation. As a result, the company has laid off a third of its staff . Shroder’s exit is the latest in a series of resignations by high-profile executives from Binance, facing regulatory challenges in the U.S. and other countries. You might also like: Binance Russia execs leave amid ongoing rumors of market exit Binance US regulatory challenges Binance, one of the world’s largest cryptocurrency exchanges, is under investigation by the US Securities and Exchange Commission (SEC) for possible violations of securities laws. The SEC has...

One-quarter of asset managers and hedge funds in the US and Europe have recruited senior executives to oversee digital asset strategies, according to a recent report. Based on the findings of a market intelligence firm, an increasing number of investment firms in the United States, United Kingdom, and Europe are appointing senior executives to lead digital asset investment strategies. According to a recent Amberdata report titled 'Digital Assets: Managers' Data Infrastructure Fuel,' 24% of asset management firms have adopted a digital assets strategy, with an extra 13% planning to do so in the next two years. “These roles are being staffed up, with almost a quarter of firms with a senior role dedicated to digital assets, reflecting seriousness about implementation as well as senior management buy-in.” Organizations with a senior role dedicated to dedicated asset strategy implementation. Source: Amberdata The report surveyed 60 investment professionals across the United St...

Also Read: XRP Lawyer: US SEC Hiding Secret Howey Memo To Protect Itself advertisement US SEC’s Views Made “No Sense” Seyffart explained that the agency’s views made little sense as it differentiated between the spot and futures ETF applications. Earlier, CoinGape reported that the Bloomberg analysts see a 75% chance of a spot Bitcoin ETF in 2023. Seyffart said the unanimous nature of the Grayscale filing and the decisive and harsh language that the judge used against the SEC made the analysts jump even further to raise the odds up to 75. Bitcoin ETF Approval Only A Matter Of Time The analyst reiterated that the analysts foresee the ETF approval happening and it is only a matter of time. He said the SEC has about 45 days before it can delay approve or deny and almost always they choose to delay before the final deadline. Hence, the first application that is pending next would be of Ark 21Shares Bitcoin ETF, before January 10, 202...

Despite BlackRock’s application for a Bitcoin spot ETF, its approval remains uncertain, with the SEC favoring another futures-based Ether ETF. The race to list the first spot-traded Bitcoin (BTC) exchange-traded fund (ETF) in the United States has seen the entrance of major financial institutions like BlackRock, Fidelity and VanEck.  While the U.S. Securities and Exchange Commission (SEC) first approved a Bitcoin-linked Futures ETF in October 2021, the current filing s are for spot Bitcoin ETFs. Following Grayscale’s recent legal victory against the SEC’s review of its spot Bitcoin ETF proposal, many now believe approval of the investment funds is more likely. The interest of BlackRock — the world’s largest asset manager with over $8 trillion worth of assets under management — prompted several other institutions to refile for a spot Bitcoin ETF. Most of these asset managers had to either withdraw their spot Bitcoin ETF filing s or face rejection due to the SEC’s reservations concerni...

Also Read: Terra Luna Classic Top Validators Support Crucial Dynamic Minimum Commission Proposal advertisement Ripple’s The Proper Party Earlier, CoinGape reported Ripple Labs CEO Brad Garlinghouse’s announcement of the Ripple Proper Party, a celebratory event following the US SEC lawsuit Summary Judgment. The ruling brought in a pivotal shift in not only traders but also institutional investors. Already, the Ripple executives revealed that the company began re-engaging with the United States based clients on partnerships for its payments software. The community celebration event will be held on September 29, 2023 in New York City, for which registration is now open. Big Announcements Ahead? John Deaton, the attorney representng th XRP token holder community, is confident there will not be a settlement announcement with the US SEC. This is because a settlement can only be triggered if there are huge developments in the Coinbase Vs SEC law...

Vermont issued the investor alert after a 74-year-old man lost his life savings of over $340,000 in a crypto fraud orchestrated over Instagram and Telegram. The Vermont Department of Financial Regulation (DFR) — the United States state of Vermont’s financial regulatory agency — warned citizens against rising crypto investment frauds perpetrated over popular social media sites. On June 25, 74-year-old Naum Lantsman lost his life savings of $340,000 to a crypto scam orchestrated over Instagram and Telegram. The DFR referenced the incident as it emphasized “the need for Vermonters to exercise extreme caution and vigilance when using or investing in cryptocurrency.” A snippet of Vermont’s investor alert against crypto scams. Source: dfr.vermont.gov Instagram has been rated as the top platform connected to crypto fraud by the Federal Trade Commission (FTC), which is also true for Lantsman. His initial contact with the crypto scammer happened over Instagram, wherein he came across a post fr...

Also Read: Spot Bitcoin ETF Has a Fairly High Probability of Gaining Approval in the US – Bernstein Analysts advertisement Hence, the crypto asset price sentiment is largely dependent on the US SEC’s decision and any delay could likely subside the momentum leading to drop in Bitcoin price. That the financial bigwigs like Valkyrie, Fidelity, Bitwise, Invesco, and WisdomTree followed BlackRock in filing for ETFs gives traders reasons to believe there is more to the filings than it appears. In this context, Bitcoin analysts believe the third quarter could see some flat movement in asset prices before taking off for a crypto bull run later by the end of the year. When Will Bitcoin Bull Run Begin? Besides the Bitcoin ETF filings, the digital assets enthusiasts are also looking forward to the Bitcoin halving event, which is scheduled for around the end of April 2024. Meanwhile, Adrian Zdunczyk, a crypto analyst, believes there could be some slow m...

Terraform and Do Kwon lawyers used a U.S. House hearing, Binance.US complaint and Hinman emails documents to dismiss the SEC lawsuit. The lawyers representing the United States Securities and Exchange Commission (SEC) have contended that the additional documents submitted by Dentons, the legal counsel for Terraform and Do Kwon, in support of their motion to dismiss the lawsuit , lack adequate support for dismiss ing the case. The SEC’s counsel asserts that the Binance.US transcript and internal SEC emails, presented by the defense, hold no relevance to the current case. They argue that the Howey Test clearly defines the parameters of an "investment contract" and contend that UST should be classified as a security. In a court hearing on June 15, Dentons submitted supplementary documents to bolster their motion to dismiss the lawsuit filed by the U.S. SEC. The focus of the hearing was to determine if the digital assets developed by Terraform Labs should be classified as secu...

Last week, the US Court of Appeals for the Third Circuit ordered the US Securities and Exchange Commission (SEC) to respond to Coinbase’s request for clarifying the rulemaking .  According to documents shared by the exchange’s chief legal officer (CLO) Paul Grewal, the regulator has denied to “commit to any deadline despite the Court’s explicit order.” The SEC says in the letter that Coinbase’s petition might receive a recommendation within 120 days. Moreover, the SEC set the deadline to update the court on Oct. 11, 2023, according to Grewal’s tweet. In addition, the regulator asked the court to “take no action” before the time limit is reached. 4/5 pic.twitter.com/7obUPvATqK — paulgrewal.eth (@iampaulgrewal) June 13, 2023 Grewal added that the SEC disregards “the clear statements of the Chair that confirm they have no intent to issue new rules.” You might also like: Ava Labs CEO to testify before US House “Coinbase’s request for periodic reports is s...

Investors also considering PCE core inflation data for April, which is US Federal Reserve’s preferred gauge to measure inflation. Core PCE inflation rises to 4.7%, against market expectations of 4.6%. advertisement US Debt Ceiling Deal Almost Complete US President Joe Biden and Republican Kevin McCarthy reached bipartisanship to raise the U.S. government’s $31.4 trillion debt ceiling for two years and cap spending on everything except military and veterans. The deal is expected to complete on Friday, May 26. The White House scrapping its plan to boost funding for the Internal Revenue Service (IRS). Interestingly, health and retirement programs that push U.S. debt levels higher are not impacted. Meanwhile, The US Treasury Department plans to cover expenses for another week by selling $119 billion worth of debt. The move comes as credit rating agencies such as Fitch put US credit on negative watch. Recommended Articles ...

Ether can simultaneously be a security and commodity under the regulatory scope of the SEC and CFTC, former CFTC commissioner Dan Berkovitz claimed. Ethereum’s native Ether (ETH) token may be both a commodity and a security, the former commissioner of the United States Commodities Futures Trading Commission has claimed. Speaking on a May 23 episode of Laura Shin’s Unchained podcast, Dan Berkovitz, who is also the former general counsel at the Securities and Exchange Commission, said that it’s legally possible for ETH to fall under the jurisdiction of both regulatory agencies. Laura Shin, Dan Berkovitz and Colin Lloyd speaking on the Unchained podcast. Source: YouTube The ongoing confusion over Ether’s legal status stems in large part from conflicting statements from the CFTC and the SEC. Over the course of the last six months, the CFTC has repeatedly called Ether, along with a number of other cryptocurrencies, a commodity. Meanwhile, the Gary Gensler-led SEC hasn’t explicitly provide...