Warnings of Regulatory ‘Siege,’ Binance US Asset Freeze Averted, Schiff Says Fed Destroyed US Banking System, and More — Week in Review
Red tape and confusion has been the theme in crypto news as of late, with cryptocurrency firms scrambling to stay compliant with regulators like the U.S. Securities and Exchange Commission (SEC), with little to no definite regulatory clarity made available to them thus far. In the wake of lawsuits being launched by the SEC against massive exchanges like Binance and Coinbase, a former SEC official has warned of regulatory “siege” against crypto platforms, a judge has blocked efforts by the regulator to freeze Binance US’ assets, and economist Peter Schiff has said the Fed destroyed the U.S. banking system. This and more, just below, in the Bitcoin.com News Week in Review.
Founder of SEC Office of Internet Enforcement Warns of Upcoming Regulatory Siege: ‘Get Out of Crypto Platforms Now’
John Reed Stark, founder and former chief of the Office of Internet Enforcement of the U.S. Securities and Exchange Commission (SEC), has warned about a new regulatory “siege” against crypto platforms. Stark believes that “crypto trading platforms are high-risk, perilous, and inherently unsafe” and recommends investors exit all crypto exchanges.
Judge Postpones Asset Freeze as Binance US and SEC Agree to Work on Deal
A judge in Washington decided to give Binance US and the Securities and Exchange Commission (SEC) time to work out a deal to avoid the freezing of the exchange’s assets after the SEC sought a temporary restraining order. The two sides have since reached an agreement.
Economist Peter Schiff Says the Fed Destroyed US Banking System — ‘It’s Insolvent’
Economist Peter Schiff says the U.S. banking system is insolvent. He stressed that the Federal Reserve destroyed the U.S. banking system, citing near-zero interest rates at banks while “the Fed funds rate is 5.25% and the real inflation rate is much higher.” Schiff previously warned that the U.S. banking system is on the verge of a “much bigger collapse than 2008.”
Coinbase CEO Brian Armstrong: The SEC Told Us ‘Everything Other Than Bitcoin Is a Security’
Brian Armstrong, CEO of Coinbase, the largest U.S.-based cryptocurrency exchange, explained how negotiations reached a standstill with the U.S. Securities and Exchange Commission (SEC). In a recent interview with the Wall Street Journal, Armstrong detailed the changes in how the SEC approached securities regulation and how the exchange has tried to work with regulators since day one.
What are your thoughts on the current legal chaos in the crypto realm? Is this the beginnings of a path to mainstream adoption for bitcoin, or does it fly in the face of the very reason the protocol was invented? Be sure to share your perspective in the comments.
