Crypto news this week: Lawsuit against SEC, increased scrutiny on Binance

This week's crypto updates include a lawsuit filed against the SEC and intensified scrutiny directed towards Binance.

Apr 29, 2024 - 11:16
May 4, 2024 - 14:56
Crypto news this week: Lawsuit against SEC, increased scrutiny on Binance
This week's cryptocurrency news roundup highlights the latest developments and trends in the market.

This week's cryptocurrency news roundup highlights the latest developments and trends in the market.

In recent years, the SEC has filed numerous lawsuits against various cryptocurrency companies, sparking criticism for what some see as excessive regulatory measures.

In response, key players in the crypto industry are taking legal action. The Blockchain Association and the Crypto Freedom Alliance of Texas (CFAT) are suing the SEC over its expanded "Dealer Rule."

Additionally, Consensys, a leading software development firm, has initiated legal proceedings against the SEC and its commissioners, challenging the agency's plans to classify Ethereum as a security.

Consensys takes legal action against SEC

Consensys has filed a lawsuit against the SEC, claiming that the agency is attempting to control the future of cryptocurrency through enforcement actions aimed at classifying Ethereum as a security.

SEC faces lawsuit over dealer rule

The SEC is being sued by the BA and CFAT regarding its dealer rule, alleging that the agency overstepped its authority by broadly interpreting the term "dealer" in the Securities Exchange Act of 1934. This has led to more participants in the crypto market needing to register, join a self-regulatory organization, and comply with federal securities laws.

Philippines SEC urges removal of Binance app

The Philippines SEC has requested Apple and Google to remove the Binance app from their stores due to non-compliance with local regulations. The country is collaborating with the tech giants to eliminate "applications operated by cryptocurrency giant Binance."

Crypto investment products experience outflows

Crypto investment products witnessed outflows for the second consecutive week, with $206 million withdrawn between April 15-19, according to data from CoinShares. Bitcoin funds saw the most significant outflows, with $192 million exiting the market ahead of the halving event.

Binance sued in Canada over alleged securities violations

Binance is facing a lawsuit in Canada for purported breaches of securities law. Ontario's Superior Court of Justice initiated a certification motion on April 19 for a class-action lawsuit against Binance, accusing it of selling crypto derivative products to retail investors without proper registration.

New crypto regulations in EU

The European Union is rolling out regulations aimed at combating money laundering within the crypto sector, intensifying oversight. These regulations focus on enhancing due diligence measures and identity verifications for customers, extending to entities like crypto asset managers. Additionally, these entities will be obligated to report any suspicious activities to authorities.

Hong Kong crypto ETFs set to trade from April 30

Spot Bitcoin and Ether ETFs will commence trading in Hong Kong on April 30, representing a significant step forward in crypto offerings within Asian markets. The launch includes three Bitcoin and three Ether-based spot Bitcoin ETFs.

Hong Kong's Entry into Crypto ETF Market to Gauge Digital-Asset Hub Aspirations (Bloomberg)

Stripe resumes crypto payments with USDC stablecoin

Stripe has announced the reintroduction of crypto payments, starting with support for USDC stablecoins on the Solana, Ethereum, and Polygon blockchains. This move marks a return to crypto for Stripe after initially experimenting with Bitcoin in 2014 and discontinuing support in 2018 due to its volatility.

After six-year pause, stripe to accept crypto payments, beginning with USDC stablecoin (TechCrunch)

BlackRock bitcoin ETF experiences zero inflow

BlackRock's Bitcoin ETF, IBIT, witnessed no new inflows for the first time since its launch, suggesting a potential decline in investor interest. Despite consistently attracting millions of dollars daily since its inception, IBIT amassed nearly $15.5 billion in just 71 days.

Inflows into BlackRock's Bitcoin ETF Halt After 71-Day Streak, Data Reveals (Blockworks)

SEC postpones decision on ETH ETF

The SEC has delayed its decision on a spot Ether ETF proposed by Grayscale and Franklin Templeton, citing the need for further review. The regulatory agency has postponed the consideration of proposals from these top fund managers.

SEC Delays Ethereum ETF Proposals from Grayscale and Franklin Templeton (Decrypt)

Samourai wallet co-founders arrested

The co-founders of Samourai Wallet, Keonne Rodriguez and William Hill, have been arrested on charges related to anti-money laundering compliance and unlicensed money transmitting business operations. They each face conspiracy charges for money laundering and operating an unlicensed money transmitting business.

Founders of Privacy-Centric Bitcoin Wallet Arrested on Money Laundering Charges (Forbes)

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