There has been no shortage of news in recent weeks when it comes to the United States Securities and Exchange Commission (SEC) taking action against crypto exchanges and companies. From Kraken to Paxos to Terraform Labs, it seems like law enforcement is up in the air when it comes to running Gary Gensler’s organization. In other news, South Sudan has reportedly banned US dollar transactions, and cryptocurrency-focused investment firm Pantera Capital says we are in for the next bull cycle. All of this right below in the latest bitcoin.com news week review.
Binance CEO Warns Of ‘Profound Impacts’ On Crypto Industry If BUSD Is Governed As A Security
Binance CEO Changpeng Zhao (CZ) has warned of “profound impacts” on the cryptocurrency industry if the Binance USD (BUSD) stablecoin is considered a security. His warning followed an alleged US Securities and Exchange Commission (SEC) lawsuit against Paxos, the issuer of Binance USD.
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(Opinion) Stiffing the Staker: The SEC’s Latest Crackdown on Crypto Innovation
The cryptocurrency world was rocked last week when the Securities and Exchange Commission (SEC) shut down the Kraken staking program, much to the delight of Chairman Gary Gensler and his team. But what does this mean for the future of cryptocurrency, and more specifically for staking?
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Terraform Labs and CEO Do Kwon Indicted by SEC for Multi-Million Dollar Crypto Fraud
The US Securities and Exchange Commission (SEC) charged Terraform Labs and its CEO, Do Hyeong Kwon, with fraud, alleging that Kwon and his company orchestrated “a multi-billion dollar crypto asset securities fraud.” “. The securities watchdog insists Kwon raised billions from investors by creating an “interconnected pool of crypto asset securities,” many of whom were involved in off-the-record transactions.
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Report: South Sudanese Government Bans US Dollar Transactions
The South Sudanese government has reportedly banned US dollar transactions and ordered all local payments to be settled in the local currency. Salva Kiir Mayardit’s government reportedly said it also wants all business contracts signed to be based on the local currency.
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Pantera Capital on Bitcoin: We are in the next bull market cycle
Cryptocurrency-focused investment firm Pantera Capital says Bitcoin has seen its lows and “we are in the next bull market cycle.” Dan Morehead, the company’s founder and managing partner, noted: “Over the long term, the price of bitcoin has been on a secular uptrend of 2.3 times per year for the past twelve years, on average.”
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What do you think about the recent SEC actions? Should cryptocurrencies require third party approval like Gensler’s regulatory body? Let us know in the comments section.
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