‚Yellen Urges More Crypto Regulation to Plug Holes in the System‘

Blog / Von

Summary of the Article:

  • Input Output, a Cardano company, has stated that ADA is not a security.
  • Coinbase CEO Brian Armstrong has responded to SEC lawsuit and Gensler’s views are „not representative“ of US government.
  • SEC filings have revealed testimony from former Binance.US CEOs and Binance CEO CZ was summoned to appear in District of Columbia court.

Input Output Says ADA Not a Security

Cardano company Input Output has declared that their cryptocurrency, ADA, is not a security. This comes as Coinbase’s CEO Brian Armstrong responds to the SEC’s lawsuit against him and Gensler’s views on crypto regulation are deemed “not representative” of the US government.

SEC Filings Reveal Testimonies from Former Binance.US CEOs

SEC filings have revealed testimonies from former Binance.US CEOs regarding the platform’s policies and practices regarding money laundering prevention and user verification. Furthermore, Binance CEO Changpeng Zhao (CZ) was summoned to appear for a hearing in the District of Columbia court in connection with his involvement with securities offerings on the exchange.

Binance US Removes Advanced Trading Pairs Amid SEC Scrutiny

In light of increased scrutiny by the Securities Exchange Commission (SEC), Binance US has removed over 100 advanced trading pairs from its platform as part of its compliance measures. According to reports, these trading pairs had been identified as potentially violating federal securities laws or regulations concerning digital assets such as cryptocurrencies and tokens.

Janet Yellen Claims Crypto Industry Needs Additional Regulation

U.S Treasury Secretary Janet Yellen stated that there is an urgent need for “additional regulation” within the crypto industry in order to protect consumers and investors from any potential risks associated with cryptocurrencies or tokens. According to Yellen, although existing regulations provide sufficient oversight, there are still “holes in the system” which require new rules in order to be filled up properly.

Conclusion

The crypto market is currently under intense scrutiny by both regulators and governments alike due to its volatile nature as well as potential risks associated with it such as money laundering activities or frauds. As a result, several companies have taken steps towards ensuring compliance with existing laws while others are preparing for additional regulations which may come into effect soon enough