A significant development has taken place lately as the famed crypto platform, Binance, submitted a motion to dismiss a lawsuit brought against it by the US Commodity Futures Trading Commission (CFTC). In its argument, Binance asserts that the CFTC operates beyond its mandate, making an attempt to control non-US entities and individuals operating outside of the US borders. The appeal further revealed an alleged medley of flawed legal theories from the CFTC, including an unprecedented claim using a regulation previously untouched, and reference to allegations that essentially conflict with the agency’s own guidelines.
Simultaneously, the lawmaking arena hasn’t been idle. The US Senate recently sanctioned the 2024 National Defense Authorization Act (NDAA), a colossal $886 billion directive with its crosshairs on crypto mixers, crypto trading bodies, and “anonymity-enhancing” coins. Under the rules of this provision, which borrows elements from the Responsible Financial Innovation Act and the Digital Asset Anti-Money Laundering Act, the Treasury Secretary is bound to issue a review and briefing on categories such as crypto-related mixers and tumblers within a year of the Act’s establishment.
In another stride forward, Crypto.com has received registration approval from De Nederlandsche Bank (DNB) for crypto services provision. The passport to operate comes on the heels of an extensive review of its compliance and business practices, in line with the Netherlands’ Money Laundering and Terrorist Financing (Prevention) Act (Wwft).
On a global scale, the world of blockchains and cryptocurrencies continues to intersect with other sectors. Take, for instance, the British Museum’s recent partnership with Ethereum-based game, The Sandbox, and French startup LaCollection, all collaborating to produce a stream of non-fungible tokens (NFTs) which mirror the museum’s collections since its establishment in 1753.
In Kyrgyzstan, President Sadyr Japarov has reportedly approved the construction of a crypto mining farm at a hydroelectric power plant. The decision is aimed at beneficially utilising surplus power available, particularly during summer. The president promised that the proceedings from the mining farm would largely benefit the power engineers, alias “The ordinary people.”
Along the same vein, Phoenix Technology, a crypto mining hardware retailer and mining operator domiciled in the UAE, is purportedly in the early stages of discussions for an initial public offering in Abu Dhabi.
It is evident that crypto and blockchain seem to be gradually solidifying their place, globally, in an increasingly interconnected world. However, the regulatory framework seeking to comprehend and manage these technologies involves a delicate balancing act, which triggers justified skepticism from the affected entities. The outcomes remain exciting yet precarious, with each new move carrying ramifications for this seemingly unstoppable wave of technological advancement.
Source: Cryptonews
