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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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Corbyn and Sultana have ‘patched things up’ – but what really happened?

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Corbyn and Sultana have 'patched things up' - but what really happened?

For decades he was the dissident backbencher, then unlikely Labour leader. She was a firebrand left-wing Labour MP with a huge online presence. To the left – on paper – it looked like the perfect combination.

Coupled with the support of four other independent MPs, it held the blueprints of a credible party. But ever since the launch of Your Party (working title) the left-wing movement has faced mockery and exasperation over its inability to look organised.

First, we learned Jeremy Corbyn’s team had been unaware of the exact timing of Zarah Sultana’s announcement that she would quit the Labour Party. Then a much bigger row emerged when she launched a membership drive linking people to sign up to the party without the full consent of the team.

It laid bare the holes in the structure of the party and pulled focus away from its core values of trying to be a party to counter Labour and Reform UK, while also drawing out some pretty robust language from their only woman MP calling the grouping a “sexist boys club”. It gave the impression that she was being sidelined by the four other male MPs behind the scenes.

This week, they tried to come together for the first time at a rally I attended in Liverpool and then, in quick succession, another event at The World Transformed conference the day after. But not everyone I spoke to who turned up to see the two heroes of the left found them all that convincing.

Jeremy Corbyn admitted to me that “there were some errors made about announcements and that caused a problem”. He said he was disappointed but that “we’re past that”.

Jeremy Corbyn and Zarah Sultana take part in a discussion on Your Party at The World Transformed conference in Manchester. Pic: PA
Image:
Jeremy Corbyn and Zarah Sultana take part in a discussion on Your Party at The World Transformed conference in Manchester. Pic: PA

Zarah Sultana said they were like Liam and Noel, who managed to “patch things up and have a very successful tour – we are doing the same”.

The problem is, it didn’t really explain what happened, or how they resolved things behind the scenes, and for some, it might have done too much damage already.

Layla signed up as a member when she first saw the link. It was the moment she had been waiting for after becoming frustrated with Labour. But she told me she found the ordeal “very unprofessional, very dishonest and messy”, and said she doesn’t want to be in a disorganised party and has lost trust in where her money will end up. She’s now thinking about the Greens. She said their leader, Zack Polanski “seemed like such a strong politician” with “a lot of charisma”.

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Jeremy Corbyn’s back – with Zarah Sultana and a new party. But is it a real threat to Labour, or just political theatre?

Since Polanski’s rise to power as leader, the Green Party has surged in popularity. According to a recent poll, they went up four points in just one week (following their conference). Voters, particularly on the left, seem to like his brand of “eco populism”.

While he has politely declined formally working in conjunction with Your Party publicly, he has said the “door is always open” to collaboration especially as he sees common goals between the two parties. Zarah Sultana said this weekend though that the Greens don’t describe themselves as socialists and that they support NATO which she has dubbed an “imperialist war machine”.

While newer coalitions may not be the problem for now, internal fissures might come sooner than they expect. Voters at the rally this weekend came with pretty clear concerns about some of the other independent MPs involved in Your Party.

The two heroes of the left fell out over a row over their party's paid membership system
Image:
The two heroes of the left fell out over a row over their party’s paid membership system

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I asked Ayoub Khan if he considered himself left-wing. A question that would solicit a simple answer in a crowd like this. But he said his view was very simple, that he is interested in fighting for equality, fairness and justice: ‘We all know that different wards, different constituencies have different priorities and MPs should be allowed to represent the views of the communities they serve.” To him, that can sometimes mean voting against the private school tax and against decriminalising abortion.

The Your Party rally on Thursday night was packed, but the tone was subdued. People came full of optimism but they also wanted to make up their mind about the credibility of the new offering and to see the renewed reconciliation up close.

The organisers closed the evening off with John Lennon’s song, Imagine. That was apt, because until the party can get their act together, that’s all they’ll be doing.

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Politics

DeFi booming as $11B Bitcoin whale stirs ‘Uptober’ hopes: Finance Redefined

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DeFi booming as B Bitcoin whale stirs ‘Uptober’ hopes: Finance Redefined

DeFi booming as B Bitcoin whale stirs ‘Uptober’ hopes: Finance Redefined

An $11 billion Bitcoin whale returned to crypto markets this week, likely seeking trading opportunities tied to October’s historic crypto rallies and uncertainty in the US.

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SEC’s ‘future-proofing’ push to shape how much freedom crypto enjoys after Trump

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SEC’s ‘future-proofing’ push to shape how much freedom crypto enjoys after Trump

SEC’s ‘future-proofing’ push to shape how much freedom crypto enjoys after Trump

Could a future US presidential administration undo all of Paul Atkins’ work in a matter of days? Cointelegraph spoke to legal and regulatory experts to find out.

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