The Crypto Compass Issue #13

CFTC files lawsuit against Binance!? Read it in our weekly newsletter now! Brought to you by BitcoinWalletSG.

Hey There Friends!

I'm back with another issue of "The Crypto Compass". This week was full of interesting events that made headlines in the crypto world. We witnessed the CFTC filing a lawsuit against Binance and its CEO CZ for allegedly violating US laws, Nasdaq announcing its entry into crypto custody and trading, and Coinbase getting legally threatened by the SEC. Let's dive into these events and explore their implications.

First off, let's talk about the CFTC's lawsuit against Binance and CZ. The Commodity Futures Trading Commission (CFTC) has accused Binance of allowing US citizens to trade derivatives that are not registered in the US. Binance CEO CZ has also been named in the lawsuit, alleging that he "consciously chose to ignore" regulatory requirements. This news has raised concerns about the future of crypto regulations in the US, as it shows that the authorities are taking a hardline approach to crypto exchanges that operate outside the law. It's important to note that Binance has denied any wrongdoing and said it would fight the allegations.

Moving on, Nasdaq's entry into crypto custody and trading is another significant event that caught everyone's attention last week. Nasdaq, the second-largest stock exchange in the world, plans to offer crypto trading and custody services for institutional clients. This is a major development in the crypto industry, as it indicates that traditional financial institutions are starting to take crypto seriously. Nasdaq's entry into the crypto market is a positive sign for the industry, as it could increase adoption and bring more legitimacy to the asset class.

Finally, let's talk about Coinbase's legal troubles. The SEC has threatened to sue Coinbase over its lending product, which the regulator claims is a security. Coinbase has asked the SEC to provide clear guidelines on what constitutes a security in the crypto industry. This event highlights the regulatory uncertainty that still exists in the crypto world. It's crucial for regulators to provide clear guidelines so that crypto companies can operate without fear of legal repercussions.

That's it for now. As always, stay tuned for more updates and insights from the world of crypto.

Best, QH

Tweets

Notable News

Nasdaq: Institutional appetite in crypto is steady as it plots push into custody, trading

Nasdaq is waiting on approval from the New York Department of Financial Services by the end of June to begin offering custody to clients.

https://www.theblock.co/post/222866/nasdaq-says-institutional-appetite-in-crypto-is-steady-as-it-plots-push-into-custody-trading

Telegram Users Can Now Transfer USDT Through Chats

USDT has been added to the @wallet bot on Telegram, expanding the messaging app's facility for buying and selling crypto.

https://www.coindesk.com/business/2023/03/22/telegram-users-can-now-transfer-usdt-through-chats/

Tokenized Real Estate: Crypto Hungry for Real-world Assets

Tokenized real estate is a novel solution to this problem, opening the doors to fractionalized digital assets.

https://blockworks.co/news/tokenized-real-estate-crypto

Tech News

Polygon zkEVM Mainnet Beta Goes Live; Ethereum’s Buterin Sends First Transaction

The release of Polygon’s zkEVM comes just days after competitor Matter Labs released its own zkEVM, zkSync Era.

https://www.coindesk.com/tech/2023/03/27/polygon-zkevm-mainnet-beta-goes-live-ethereums-buterin-to-process-first-transaction/

Regulatory News

CFTC sues Binance and its CEO 'CZ' for allegedly violating US laws

The CFTC sued Binance and its CEO on Monday over the exchange's lack of registration in the U.S. despite allegedly allowing U.S. customers to open accounts.

https://www.theblock.co/post/223015/cftc-sues-binance

SEC's Coinbase enforcement action deemed a power play by crypto community

SEC enforcement against Coinbase fostered confusion in the crypto community; is this a deliberate attempt to stifle the industry?

https://cryptoslate.com/secs-coinbase-enforcement-action-deemed-a-power-play-by-crypto-community/

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