Blockchain
The SEC intends to introduce the crypto Solana in the Binance case
The United States Securities and Exchange Commission (SEC) has announced plans to amend its complaint against Binance, a major cryptocurrency exchange, to include specific allegations regarding third-party cryptocurrencies, such as Solana (SOL). This represents a notable escalation in the regulatory scrutiny of digital assets.
Background and Expanded Allegations
Initially filed in June 2023, the SEC’s complaint accused Binance of multiple violations, including operating an unregistered securities exchange, failing to implement adequate anti-money laundering (AML) controls, and misleading investors about the platform’s operations and trading volumes. These allegations primarily targeted Binance and its executives, including former CEO Changpeng Zhao.
The SEC’s new move involves extending these accusations to third-party tokens available on the Binance platform, such as Solana (SOL). The SEC contends that many of these tokens qualify as unregistered securities under U.S. law. According to the Howey Test—a legal standard set by the U.S. Supreme Court—an asset is considered a security if it involves an investment of money in a common enterprise with the expectation of profits primarily from the efforts of others.
Implications for Binance and the Crypto Market
The registration of securities with the SEC requires detailed disclosures about the issuer and the investment risks involved, designed to protect investors. The SEC’s expanded allegations could have significant ramifications for Binance, potentially requiring the platform to delist certain tokens if they are deemed unregistered securities. This could reduce the range of assets available for trading on Binance and expose the platform to further legal and financial penalties.
Binance has responded by asserting its compliance with local laws and regulations across the jurisdictions it operates in. The exchange has also highlighted its ongoing efforts to enhance transparency and security, including implementing robust AML measures and collaborating with regulators.
Broader Regulatory Context
The action against Binance is part of a broader trend of increased regulatory focus on digital assets by the SEC and other regulatory bodies. The agency has been intensifying its efforts to regulate cryptocurrencies, aiming to protect investors and maintain market stability. The inclusion of third-party tokens in the complaint against Binance underscores the SEC’s commitment to enforcing securities laws in the cryptocurrency space.
The SEC’s intention to expand its complaint against Binance to include third-party tokens like Solana underscores a significant development in the regulation of digital assets. This move indicates growing regulatory scrutiny and the importance of securities compliance within the cryptocurrency market. As the situation evolves, it will likely have broader implications for the entire digital asset ecosystem, prompting other exchanges and token issuers to reassess their regulatory compliance frameworks.
Source: en.cryptonomist.ch
The post The SEC intends to introduce the crypto Solana in the Binance case appeared first on HIPTHER Alerts.
Blockchain
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
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