The CFTC's lawsuit against Binance is interesting, not just for what happened (the CFTC alleged civil law violations) but for what didn't (the Justice Department has not filed anything yet), nikhileshde writes in this week's State of Crypto newsletter.
: When the FDIC announced Flagstar’s takeover of Signature deposits, it explicitly said that Signature Bridge Bank depositors “other than cash depositors related to the digital-asset banking businesses, will automatically become depositors of” Flagstar.
No such language existed in the announcement of First Citizens’ takeover of SVB deposits. I reached out to the FDIC and First Citizens to confirm just what this meant. The FDIC referred me to First Citizens, which hasn’t responded.14:00 UTC The Senate Banking Committee held a hearing on the recent bank failures.17:00 UTC CFTC Chair Rostin Behnam testified before a subcommittee on the House Appropriations Committee to discuss the agency’s budget for the upcoming fiscal year.8:45 UTC U.K.
18:30 UTC SEC Chair Gary Gensler will testify before a subcommittee on the House Appropriations Committee to discuss the agency’s budget for the upcoming fiscal year.14:00 UTC There will also be a Genesis bankruptcy hearing.The Wall Street JournalA number of banks are getting more involved in crypto in the wake of Silvergate and Signature collapsing, the Journal reports.
CNBC has a massive report about how Binance encouraged users to flout know-your-customer rules to access the exchange. Some color on Do Kwon’s arrest: “The man once hailed as the ‘crypto king’ was traveling on a forged Costa Rican passport.”If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at
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Former CFTC Chair Massad on CFTC Lawsuit Against Binance: It's a 'Big Deal'The CFTC has sued Binance on allegations that the crypto exchange offered unregistered crypto derivatives products and directed U.S. customers to evade compliance controls through the use of VPNs. Bernstein analysts predict the CFTC could require Binance to cease operations in the U.S. as part of a potential settlement. Timothy Massad, Harvard Kennedy School Research Fellow and former CFTC Chair, shares his reaction and the potential implications for the state of U.S. crypto regulation. [reward]679e01c3-4c4c-4baa-8a79-6077e51e5165[/reward]
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CFTC calls ETH a commodity in Binance suit, highlighting the complexity of classificationThe U.S. Commodity Futures Trading Commission suit against cryptocurrency exchange Binance claims that the Ether coin is a commodity, but that only applies to its use by Binance.
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Binance and Changpeng Zhao sued by CFTC for alleged trading-rules violationsCFTC sues Binance and cofounder Changpeng Zhao for allegedly violating trading rules
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Binance and founder Changpeng Zhao sued by CFTCBinance and its founder Changpeng Zhao are being sued by the Commodity Futures Trading Commission for numerous alleged violations of the Commodity Exchange Act and CFTC regulations.
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Binance CEO Zhao Calls CFTC Suit an ‘Incomplete Recitation of Facts’In a blog post Monday, Binance CEO Changpeng Zhao wrote that the exchange giant did not agree with 'the characterization of many of the issues alleged' in a lawsuit filed earlier in the day by the CFTC. JPRubin23 reports
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CFTC's complaint against Binance seeks permanent trading and registration bans, and other detailsWe read the CFTC's 74-page complaint so you don't have to.
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