Binance in Hot Waters: Brazilian SEC Investigates While EU Parliament Advances Crypto Licensing

 

Hi, How are you crypto fans! Here's the latest scoop from coinpedia on cryptocurrency prices :  The global market cap took a dip, landing at $1.20 trillion. Bitcoin (BTC) and Ethereum (ETH), the popular cryptocurrencies, saw further decline with selling pressures persisting. Other well-known altcoins like Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) were in the red across the board. But hey, there were some bright spots! The Frax Share (FXS) token managed to be the top gainer, jumping just over 2% in the past 24 hours. Unfortunately, not everyone had a good day. Synthetix (SNX) was the top loser, dipping nearly 10% in the past 24 hours. Overall, the global crypto market cap registered a 24-hour dip of 1.19% at the time of writing. Stay tuned for more updates on the ever-changing world of cryptocurrencies From Coinpedia ! Latest News  Clearing the Path for Crypto: Advocating Regulatory Clarity Coinbase CEO Brian Armstrong met with members of Congress to discuss the need for regulatory clarity in the crypto industry. Clear regulations are essential to protect consumers, ensure national security, and promote economic growth in the crypto space. The SEC's regulation by enforcement policy has caused harm, and Coinbase is determined to fight for changes that fix this approach. Coinbase's advocacy efforts will focus on addressing regulatory challenges and promoting a balanced approach to crypto regulation that considers the best interests of consumers, national security, and economic development. Questioning SEC's Policy: Paradigm's Criticism of "Brute Force" Crypto Regulation Paradigm criticizes SEC's crypto regulation as "bad policy" for forcing crypto assets into a disclosure framework designed for securities. SEC fails to provide sufficient information to crypto asset users and investors, according to Paradigm. Current SEC disclosure policy developed in the 1930s is not suitable for crypto markets, which operate on fundamentally different technologies. Paradigm points out fundamental differences between securities and crypto assets, including lack of legal rights and different trading mechanisms, and calls for modifications to the SEC's disclosure regime to effectively regulate crypto asset markets. Binance Under Investigation: Brazilian Authorities Probe Stop Order Allegations Binance under investigation in Brazil for allegedly helping clients evade stop order on cryptocurrency derivatives. Brazilian SEC reported to the Attorney General that Binance may have continued offering derivatives after stop order in 2020. Screenshots presented by SEC show instructions for Brazilian users to change language setting to access Binance Futures section.Binance responds with statement reiterating compliance with local regulations and ongoing dialogue with authorities. Metropolitan Commercial Bank Finalizes Withdrawal from Cryptocurrency Market Metropolitan Commercial Bank is exiting the cryptocurrency market entirely. Only $278.5 million in cryptocurrency-related deposits will remain, according to an SEC filing. The bank had previously announced its exit from the cryptocurrency-related vertical, and the process is almost complete.The decision to terminate cryptocurrency-related services was made due to recent industry developments and regulatory pressure, including the collapse of FTX and fraud charges against its founder. Game-Changer for Crypto: EU Lawmakers Green-Light MiCA Legislation MiCA licensing policy approved by EU Parliament for crypto industry regulation. EU Parliament votes 517-38 in favor of MiCA, aiming to protect investors. "Travel rule" to be applied to crypto transactions above €1,000 to prevent money laundering. Industry leaders like CZ and Brian Armstrong praise regulations for consumer protection and innovation.