Trump & Crypto?! 🤯 Binance’s Wild Ride!

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Right, so, word on the street (or rather, the Wall Street Journal, which is a street with slightly fancier cobblestones) is that Binance, those wizards of the digital dosh, have been having a bit of a chinwag with the US Treasury. Seems they’d like a little less… enthusiastic attention from the government. And, get this, a potential collaboration with a crypto company backed by none other than the, shall we say, *florid* former president. One can almost hear the gears of destiny grinding, or maybe that’s just my indigestion. 🧐

Executives Ask To Ease Oversight

Apparently, Binance’s top brass, namely CEO Richard Teng and Chief Legal Officer Eleanor Hughes, have been politely (or perhaps as politely as one can be when asking for a favour from the government) requesting the removal of a watchdog. You know, the kind that keeps an eye on whether they’re accidentally laundering money for nefarious types. They’d also like to list a new dollar-pegged cryptocurrency from WLF. What could possibly go wrong? 🤷‍♀️

Now, here’s a twist worthy of a Discworld novel. Last month, the Wall Street Journal (again with the fancy cobblestones) also reported that ex-Binance CEO Changpeng Zhao (or CZ, as he’s known to his mates, probably) was quietly angling for a presidential pardon. You know, for that little misunderstanding involving violating U.S. anti-money laundering laws. And all this while Binance was chatting up the Trump family about potential business deals. It’s like a soap opera, but with more numbers and less tasteful knitwear. 🧶

CZ, bless his cotton socks, resigned as Binance’s CEO in November 2023 after admitting he’d been a tad naughty with the anti-money laundering laws. A $4.3 billion settlement later, and it’s all water under the bridge, right? Right? 🤔

SEC Binance Pause Legal Battle

In a move that surprised absolutely no one who’s been following this saga, the SEC and Binance have agreed to call a truce for a bit. Sixty days, to be precise. Apparently, they’ve been having “productive talks.” Which, in government speak, probably means they’ve managed to agree on the colour of the wallpaper in the negotiation room. The focus is now on how the SEC’s new crypto task force will impact the case. The pause is now extended until mid-June 2025, potentially giving both the sides more time to negotiate and settle the issues. 🤝

Sandbox Rule For Crypto Firms

But wait, there’s more! Acting SEC Chair Mark Uyeda has proposed a “Sandbox rule” for crypto firms. Imagine a giant sandbox where crypto companies can play without having to worry too much about the grown-up rules. It’s all about innovation, you see. Just don’t throw sand in anyone’s eye. 🏖️

He also wants a single federal framework instead of the current mess of state rules. Experts are now clamoring for new rules tailored to blockchain and crypto, focusing on things like high-speed trading, transparency, and, you know, not manipulating the market. Incoming SEC Chair, Paul Atkins, is expected to continue refining the agency’s approach to digital assets. One can only hope he brings a sieve to filter out the glitter. ✨

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2025-04-14 11:54