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Binance accuses the US SEC of misleading statements in a lawsuit and alleges a conflict of interest involving SEC Chairman Gary Gensler. This ongoing legal battle raises crucial industry concerns, potentially influencing crypto regulations and investor confidence.

Legal teams representing Binance, Binance.US, and CEO Changpeng Zhao have filed a motion alleging the SEC misled the public in statements regarding an ongoing securities lawsuit. They argue that these misleading statements could impact court proceedings and promote uncertainty and distrust in the blockchain technology market. Balancing responsible regulation and promoting growth will be essential for crypto sector maturity.

The U.S. SEC’s intention to freeze Binance.US’s assets faced a setback as Judge Amy Berman Jackson advised bilateral negotiations. Meanwhile, HKMA urges banks to accept crypto exchanges as clients, and the European Parliament passes the EU Artificial Intelligence Act, impacting governance of AI technologies.

The third draft of the new stablecoin bill, “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem,” proposes the Federal Reserve as the key regulator for stablecoins. The bipartisan bill aims to offer comprehensive guidance on supervising and enforcing stablecoin markets, covering aspects like issuer requirements and payment stablecoins.

Cryptocurrency exchange Coinbase faces regulatory scrutiny, receiving a Show Cause Order from the Alabama Securities and Exchange Commission and ten other states for allegedly violating securities laws. The SEC accuses Coinbase of acting as an unregistered exchange, broker, and clearing agency, offering staking programs without proper registration. Increased regulation could foster transparency, but also impact innovation and investment in the crypto sector.

Coinbase faces a Show Cause Order from a multi-state task force and an SEC lawsuit, alleging the crypto exchange’s staking rewards program violates securities law by offering unregistered securities to residents of Alabama and other states. The SEC also accuses Coinbase of operating as an unregistered securities exchange, broker, and clearing agency. This ongoing debate could impact other cryptocurrency exchanges and businesses considering going public.

Texas embraces bitcoin mining as legislators pass supportive bills, SB 1929 and HB 591, solidifying the state’s position as a premier destination for the industry. However, future federal-level regulation remains uncertain, with individual states currently leading policy development.

Russian lawmakers abandon plans for a state-owned cryptocurrency exchange, opting to regulate existing private enterprises instead. This shift aims to minimize risks of sanctions, cyber attacks, and market monopolies, potentially signifying a new chapter in Russia’s relationship with cryptocurrencies.

The House Committee on Financial Services’ new Subcommittee on Digital Assets, Financial Technology, and Inclusion debated two proposed bills for stablecoin regulation, highlighting the need for a balance between state and federal control. The ongoing discussion emphasizes finding a suitable middle ground that fosters innovation and guarantees stakeholders’ best interests.

Florida recently banned central bank digital currencies (CBDCs), sparking interest from states such as Louisiana, Alabama, Texas, and North Dakota who also drafted opposition bills. Privacy concerns, government control, and individual freedom are key factors contributing to the contentious debate on CBDCs in the US.

Greenland Financial Technology Group, a subsidiary of Greenland Holdings, becomes the first state-owned Chinese company to apply for a virtual asset trading license in Hong Kong, with plans to establish a dedicated company for virtual asset trading, including cryptocurrencies, NFTs, and carbon emission-related products. This move signifies the significant potential of Hong Kong’s virtual asset market and its potential as a global crypto hub.

House Democrats are considering a separate stablecoin bill, highlighting a rift with the parallel Republican effort. Addressing stablecoins is a key priority for US lawmakers overseeing crypto operations. The Democratic bill focuses on consumer protection, granting the Federal Reserve veto power over issuer registration, while the Republican version empowers states to regulate issuers.

The CBDC Anti-Surveillance State Act, introduced by Tom Emmer, aims to prevent the Federal Reserve from issuing a central bank digital currency (CBDC) directly to Americans or using it for monetary policy. The legislation has gained support among lawmakers, highlighting the debate on CBDCs’ potential benefits for financial inclusion versus the risks of privacy invasion and government surveillance.

North Carolina’s House of Representatives unanimously passed a bill prohibiting state agencies from accepting central bank digital currency (CBDC) payments, expressing concerns about potential weaponization and political manipulation of a digital dollar. This decision highlights the polarizing debate surrounding CBDCs in the United States, as lawmakers weigh these risks against potential financial benefits.

The collapse of FTX exchange puts the spotlight on the role of lawyers facilitating loans to co-founder, Gary Wang. Claims are made on a potential $8bn shortfall prior to FTX’s collapse. Investigations into these claims, Wang’s and former Alameda CEO Caroline Ellison’s role in possible conspiracy and fraud are ongoing, packed with legal intricacies and complex crypto-law conundrums.