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The legal struggle between crypto exchange Binance and the United States Securities Exchange Commission (SEC) continues. The SEC has accused Binance.US of noncooperation in the ongoing investigation. The agency points out that Binance.US’s holding company, BAM, has produced only 220 documents during the discovery process. Many of those materials “consist of unintelligible screenshots and documents without dates or signatures,” the SEC said. The regulator added that BAM has refused to produce essential witnesses for deposition, instead agreeing only to four depositions of witnesses it has unilaterally deemed appropriate. 

Meanwhile, Magistrate Judge Zia Faruqui of the U.S. District Court for the District of Columbia issued an order granting the SEC’s motion to unseal or remove the redaction from 18 sealed documents and another nine partially sealed or redacted documents. The partially sealed documents total 117 pages. Among them are internal Binance.US documents, emails and SEC court filings, including the memorandum on Binance.US’s compliance with SEC discovery efforts.

Amid lawsuits from the SEC and the Commodity Futures Trading Commission, Binance.US announced that it was laying off a third of its staff, with its president and CEO Brian Shroder also departing the firm. Later, an additional two executive departures were reported as both head of legal Krishna Juvvadi and chief risk officer Sidney Majalya decided to quit the company.

As a result of the tumult, trading activity on Binance.US has tumbled to new lows in September. The lowest point hit by trading activity in the month was $2.97 million, a significant drop compared to the same period in 2022 when the trading volume was around $230 million.

No crypto ban in India as the nation works on legislation 

India is working on a crypto regulatory framework based on the joint recommendations of the International Monetary Fund and the Financial Stability Board that could result in legal legislation in the next five to six months. Sidharth Sogani, the CEO of a blockchain analytic firm that offered consulting services to several G20 committees and nations, told Cointelegraph that India is currently working on a five-point regulatory approach focusing on global collaboration on certain aspects, such as crypto taxation.

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EU lawmakers vote for a crypto tax reporting rule 

Lawmakers in the European Parliament voted overwhelmingly to support the eighth iteration of the Directive on Administrative Cooperation (DAC8) — a cryptocurrency tax reporting rule. The session saw DAC8 receive overwhelming support from 535 members of parliament and just 57 against, with 60 abstentions. DAC8 aims to empower tax collectors with the authority to track and assess all cryptocurrency transactions conducted by organizations or individuals within the member states. Some DAC8 critics have opined that it takes oversight ability away from individual member states. 

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Anti-CBDC bill reintroduced to Congress

U.S. Representative Tom Emmer and 49 original co-sponsors revived the CBDC Anti-Surveillance State Act in the U.S. House of Representatives in a bid, they claim, to protect American citizen’s right to financial privacy. Emmer first proposed the bill to address central bank digital currencies (CBDCs) in January 2022. It was formally introduced to Congress in February 2023 to limit the U.S. Federal Reserve from minting a programmable digital dollar, which Emmer claims is a “surveillance tool that would be used to undermine the American way of life.”

The bill specifically prohibits the Fed from issuing a CBDC to individuals, which Emmer says would stop it from mobilizing into a retail bank able to collect personal financial data. It also prohibits the central bank from using any CBDC to implement monetary policy.

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Starmer says Lammy ‘setting out facts to best of his knowledge’ on prisoner releases

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Starmer says Lammy 'setting out facts to best of his knowledge' on prisoner releases

Sir Keir Starmer has said David Lammy “set out the facts” on mistaken prisoner releases “to the best of his knowledge” amid questions over what the justice secretary knew and when.

Speaking for the first time since it emerged two prisoners were wrongly freed from HMP Wandsworth, the prime minister also said the situation was “intolerable” and that he was “angry and frustrated”.

The Met Police announced on Wednesday afternoon that registered sex offender Brahim Kaddour-Cherif, an Algerian national, had been released in error on 29 October. He is still at large.

A few hours later it was revealed another prisoner, 35-year-old William “Billy” Smith, had been wrongly released on Monday – the same day he was convicted for multiple fraud offences and handed a 45-month jail term. He has since handed himself in.

Asked how the public can have confidence in the justice system, Sir Keir said: “Let me just say how angry and frustrated I am that these mistakes have been made in releasing people. They’re intolerable, and they shouldn’t be made.

“A lot of it comes from the burden and the strain on the system because of the failures of the last government. But I recognise it’s our job to step up and to fix this.”

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Sir Keir went on to defend Mr Lammy’s handing of the saga, which comes a week on from the mistaken release of Ethiopian sex offender Hadush Kebatu, who has since been deported.

Mr Lammy declared on 27 October that stronger prison checks in light of the Kebatu fiasco would come into force immediately.

But on Thursday, he said those checks were not in place when Kaddour-Cherif was released two days later.

Asked whether he was being truthful last week or on Thursday, Sir Keir said: “David Lammy can speak for himself on that.

“I’m absolutely clear that he’s setting out the facts, to the best of his knowledge and that’s the right thing for him to do.

“But whatever the checks, it’s intolerable. So, we have to make sure that whatever changes are needed are made.”

Government sources have said the mistakes that triggered the release of Kaddour-Cherif happened at the end of September, before the new regime was put in place.

Meanwhile on Thursday night, the Ministry of Justice (MoJ) announced the rollout of “cutting-edge technology to more prisons” in order to reduce human error and modernise “the archaic processes that have led to mistakes”.

“These measures will build on the tough new checks that were brought in last month, and ensure governor oversight of all releases,” the MoJ said.

Mr Lammy, who is also the deputy prime minister, is facing further criticism for failing to reveal that he knew of Kaddour-Cherif’s release during PMQs on Wednesday, when he was filing in for Sir Keir who is at the COP summit in Brazil.

He was asked repeatedly by Tory leader Kemi Badenoch whether any more asylum seekers had been wrongly released since Kebatu and refused to answer the question. The news broke at the end of PMQs.

On Thursday, Mr Lammy said he did not have all the details in the morning and did not want to mislead the public.

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Lammy: didn’t want to mislead House on prisoner release

He told broadcasters: “I took the judgment that it is important when updating the House and the country about serious matters like this, that you have all of the details.

“I was not equipped with all of the detail, and the danger is that you end up misleading the House and the general public.

“So that is the judgment I took. I think it’s the right judgment.”

But shadow justice secretary Robert Jenrick said: “David Lammy has either lied or has absolutely no clue what’s going on in his department.

“How can the public have confidence in the justice secretary when he can’t establish a timeline of events or answer basic questions?”

Kaddour-Cherif was serving a sentence at HMP Wandsworth for trespass with intent to steal, but had previously been convicted for indecent exposure.

It is understood he is not an asylum seeker but is in the process of being deported after he overstayed his visa.

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Ray Dalio warns Fed is stimulating the economy into a bubble

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Ray Dalio warns Fed is stimulating the economy into a bubble

Ray Dalio warns Fed is stimulating the economy into a bubble

Current fiscal and monetary policies will cause hard asset prices to rise, but both are signs of late-stage economic decay, Dalio said.

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Circle weighs in on GENIUS Act implementation: ‘Simple, strong rules’

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Circle weighs in on GENIUS Act implementation: ‘Simple, strong rules’

Circle weighs in on GENIUS Act implementation: ‘Simple, strong rules’

The US Treasury Department accepted comments related to the implementation of the stablecoin bill until Tuesday as part of the law’s planned rollout.

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