Daily Archives: June 5, 2023, 1:05 pm

SEC Complaint Aims to Unilaterally Define Crypto Market Structure | Binance Blog

While we take the SEC’s allegations seriously, they should not be the subject of an SEC enforcement action, let alone on an emergency basis. We intend to defend our platform vigorously.  Unfortunately, the SEC’s refusal to productively engage with us is just another example of the Commission’s misguided and conscious refusal to provide much-needed clarity and guidance to the digital…

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SEC Files 13 Charges Against Binance Entities and Founder Changpeng Zhao

The Securities and Exchange Commission today charged Binance Holdings Ltd. (“Binance”), which operates the largest crypto asset trading platform in the world, Binance.com; U.S.-based affiliate, BAM Trading Services Inc. (“BAM Trading”), which, together with Binance, operates the crypto asset trading platform, Binance.US; and their founder, Changpeng Zhao, with a variety of securities law violations. Among other things, the SEC alleges…

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US House Republicans Thompson, McHenry Share Crypto Market Structure Draft Bill – Bloomberg

Republican chairs of two key House committees released a draft bill that would offer a pathway for digital assets that begin as securities to eventually be regulated as commodities. The draft legislation was unveiled Friday by House Financial Services Committee Chairman Patrick McHenry and House Agriculture Committee Chairman Glenn Thompson. The bill on market structure is meant to act as…

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Binance’s Richard Teng Emerges as CZ’s Heir Apparent as Regulators Circle – Bloomberg

Add one more headache to the swelling list of challenges facing Richard Teng, the civil servant-turned-crypto executive who’s seen as a possible heir to Binance’s embattled chief executive officer, billionaire Changpeng “CZ” Zhao. Teng has emerged as the frontrunner to take over as CEO should Zhao relinquish that position, according to people with direct knowledge of the matter. The succession…

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The Securities Litigation Review: SEC Enforcement: A Practical Guide For Private Fund Managers – Ropes & Gray

… In 2023, the SEC will likely substantially increase its enforcement arsenal tailored to private fund advisers. In 2022 and continuing into 2023, the SEC has proposed and continues to propose new rules and rule amendments that, if implemented, could create material shifts in the principles, prohibitions, limitations and requirements for private fund advisers in carrying out their investment advisory…

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