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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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EthereumMax investors secure partial win in class-action lawsuit

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EthereumMax investors secure partial win in class-action lawsuit

EthereumMax investors secure partial win in class-action lawsuit

Four state-level lawsuits against three celebrities and individuals tied to the EMAX token may proceed after a California judge’s ruling.

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Funding effort for Roman Storm grows as defense preps for possible retrial

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Funding effort for Roman Storm grows as defense preps for possible retrial

Funding effort for Roman Storm grows as defense preps for possible retrial

Donations to the embattled software developer increased after Wednesday’s partial verdict and the possibility of a retrial.

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JD Vance warns against UK going down ‘dark path’ of losing free speech during meeting with David Lammy

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JD Vance warns against UK going down 'dark path' of losing free speech during meeting with David Lammy

JD Vance has said he does not want the UK to go down a “very dark path” of losing free speech during a meeting with the foreign secretary at his country estate.

The US vice president has previously raised concerns that free speech is being eroded in the UK.

However, during a two-day visit to David Lammy’s grace and favour 115-room mansion, Chevening House in Kent, Mr Vance kept his criticism a bit more low key.

Asked about free speech in the UK during a televised meeting of the two men, Mr Vance said he has “raised concerns” about free speech in his own country and accused the West of “censoring rather than engaging” with different opinions.

He said: “I think the entire collective West, the transatlantic relationship, our NATO allies, certainly the United States under the Biden administration, got a little too comfortable with censoring rather than engaging with a diverse array of opinions. So that’s been my view.

“Obviously, I’ve raised some criticism, concerns about our friends on this side of the Atlantic.

“But the thing that I’d say to the people of England or anybody else, to David, is many of the things that I worry most about were happening in the United States from 2020 to 2024.

“I just don’t want other countries to follow us down what I think was a very dark path under the Biden administration.”

Mr Lammy, who has struck up the unlikely relationship over the past few months, did not comment on Mr Vance’s indirect criticism.

The two politicians went fishing on the Chevening estate. Pic: Reuters
Image:
The two politicians went fishing on the Chevening estate. Pic: Reuters

Mr Vance revealed he caught a few fish but Mr Lammy was not so successful. Pic: Reuters
Image:
Mr Vance revealed he caught a few fish but Mr Lammy was not so successful. Pic: Reuters

In February, when Sir Keir Starmer was carrying out a similar televised meeting with Donald Trump in the Oval Office, Mr Vance said “infringements on free speech” now do not just affect the British, but also American tech companies – “and by extension American citizens”.

Sir Keir quickly interjected, saying: “We’ve had free speech for a very long time, it will last a long time, and we are very proud of that.”

Mr Vance and his family are staying with Mr Lammy at Chevening for two days before heading to the Cotswolds for a summer holiday.

The vice president was effusive in his praise for the grand estate that comes with Mr Lammy’s job, saying “being here lifts up the human spirit” as he thanked the “people of England” for having such a “beautiful place for foreigners like me to come and talk about the issues of the day”.

He added that he “loves the UK”.

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The two politicians went fishing ahead of their meeting, with Mr Vance revealing he caught a few, while all three of his children caught a fish but Mr Lammy did not.

He also said his children had fallen asleep on the floor of the large house, and his three-year-old daughter kept asking if she would see Mr Lammy’s daughter.

Mr Lammy posted a picture of him and Mr Vance laughing as they fished, saying it was a “real pleasure” to welcome the Vance family and the vice president “gave me fishing tips, Kentucky style”.

JD Vance confirmed he will holiday in Scotland next week in a trip that could see up to 1,000 police officers deployed as part of security efforts.

He confirmed his Scottish trip during talks with Mr Lammy on Friday.

Sky News understands the Vance family are likely to visit Ayrshire, the same area where Mr Trump recently stayed where he secured a trade deal with the European Union.

Police sources have suggested approximately 1,000 officers will be working across the visit to ensure the vice president and his loved ones are safe, Sky News’ Scotland correspondent Conner Gillies reported.

Police Scotland declined to comment on the specifics.

It is understood the Vance family will not be staying at Trump Turnberry, the luxury Ayrshire resort owned by the US president himself.

A Police Scotland spokesperson said: “Planning is under way for a potential visit to Scotland by the vice president of the United States.

“Details of any visit would be for the White House to comment on, however it is important that we prepare in advance for what would be a significant policing operation.”

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