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
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Blockchain
This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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