NodeDoz News

NodeDoz - Tales from the Crypto

Crypto Regulatory and Enforcement News

[NodeDoz News @NodedozL]

I think the main motivator is certainly consumer protection, BUT the main motivator behind their regulation by enforcement is staking their authority to regulate early and goading as many companies/projects to voluntarily submit to their authority. "Come in and we'll talk..."

[U.Today @Utoday_en]

ICYMI: #Ripple CTO David Schwartz criticized the #SEC's actions, suggesting that they may be motivated by incompetence or a desire to protect insiders and early investors https://t.co/31Cz1NyR3G #XRP $XRP #XRPnews #XRPArmy

[Bloomberg TV @BloombergTV]

Binance, the world's largest crypto exchange, and its CEO are sued by US regulators for allegedly breaking derivates rules

@annairrera breaks down the implications for the other players in the industry https://t.co/HNs2L6VFas

[NodeDoz News @NodedozL]

I true, very unfortunate. A good warning to projects and companies out there. Many regulations and enforcement attempts are ham-fisted, but, there are some very basic business practices that projects constantly violate. "NFA/DYOR" is not a replacement for fiduciary duty.

[ImNotTheWolf @ImNotTheWolf]

So Binance is being sued by the CFTC (USA) for basically having a 'secret' in-house trading desk with 300 accounts.

This states that Binance is basically trading against all of their users, with their 'quant' desk using private transactional data.

It seems they also "sold" it to "Merit Peak" and "Sigma Chain".

tl;dr - Binance has an insider trading desk with data to all of your stops and have been trading against you for years. (duh)

I've stated over and over that Binance is no different than Bitmex.

[CZ 🔶 BNB @cz_binance]

My Response to the CFTC Complaint | Binance Blog https://t.co/TadyotM7HN

[Watcher.Guru @WatcherGuru]

JUST IN: 🇺🇸 CFTC Chief says lawsuit against #Binance was necessary due to ongoing fraud.

[NodeDoz News @NodedozL]

So prohibiting that which has been not the problem? Sounds like a great idea... /s

[BecauseBitcoin.com @BecauseBitcoin]

JUST IN: European Union legislators will vote on a proposal to impose a partial prohibition on self-hosted #crypto payments - CoinDesk

[NodeDoz News @NodedozL]

This is an "interesting" move...

[Morning Brew ☕�� @MorningBrew]

FTX wants a refund.

In an effort to reimburse customers, the bankrupt crypto exchange reached out to politicians and political action committees who received payments made by Sam Bankman-Fried and others.

FTX employees donated a total of $90 million to politicians. (@nytimes)

[Bitcoin.com News @BitcoinNews]

A bill has been introduced in New York to allow state agencies to accept #crypto payments, including #bitcoin, #ether, and #bitcoincash. $BTC $BCH $ETH https://t.co/fURuY5fIgD

[Financial Times @FT]

UK unveils wide-ranging plans to regulate crypto industry https://t.co/FrLuzOYoqj

[NodeDoz News @NodedozL]

Yikes

[Cointelegraph @Cointelegraph]

Celsius case: several motions by users to reclaim their assets have been denied. https://t.co/mTXdeOOPx4

[XRPcryptowolf @XRPcryptowolf]

European Union policymakers align high-risk provisions for banks holding crypto with a framework for global supervision
https://t.co/GQVN1sMhWk

[NodeDoz News @NodedozL]

There's a lot of truth to that approach generally, but probably especially to crypto which is inherently decentralized and conceptually borderless.

[CoinDesk @CoinDesk]

New European Union crypto rules are pointless unless the rest of the world follows suit, the bloc’s leading financial services official, @McGuinnessEU, told CoinDesk. #Davos2023
@jackschickler reports
https://t.co/2At5UlEAmj

[NodeDoz News @NodedozL]

Well, that's more than we were told was available to him...

[unusual_whales @unusual_whales]

BREAKING: Feds seize almost $700 million of Sam Bankman-Fried's assets in cash and equity, per CNBC.

[NodeDoz News @NodedozL]

The UAE’s Virtual Assets Regulatory Authority, hasn't issued any operating license, yet. Reportedly no crypto exchange, including Binance and FTX, has been granted the full market product (FMP) license, as none have completed VARA’s required four-step process.

[Bitcoin.com News @BitcoinNews]

"No VARA licensee has, to date, been awarded an MVP-Operating permit, to provide regulated services or activities to their specifically authorised market segment(s) in the Emirate," the regulator said https://t.co/rBebzkkoUK

[NodeDoz News @NodedozL]

This will be interesting to see unfold. Certainly wouldn't be surprising if true.

[MetaLawMan @MetaLawMan]

Well, I just finished reading the Declaration of Daniel Friedberg.

It is fair to say that this is one of the more shocking sworn statements I have read in a good long while.

If half of what Mr. Friedberg says is true, he has just blown the top off of this bankruptcy case.

[NodeDoz News @NodedozL]

Better to ask for forgiveness than...

[Financial Times @FT]

Live news: Crypto lender Nexo to pay US regulators $45mn over unregistered offering https://t.co/vaGBoQGQKX

[NodeDoz News @NodedozL]

Interesting. But always worth being wary of one of the biggest players in an industry taking over news, especially if its focus is covering the industry the buyer is in.

[Bloomberg @business]

Cardano blockchain co-founder Charles Hoskinson is considering buying crypto news service CoinDesk to revamp it into a mix of a news and community site https://t.co/xtXQ4BX1Pi

[NodeDoz News @NodedozL]

An "interesting" move. They'd probably be better off trading in gold than going out of their way to create a gold-backed cryptocurrency that practically more fungible in application than gold--see age-old gold v. credit--is also more easily tracked and subjected to sanctions.

[Business Insider @BusinessInsider]

Russia and Iran are working on a gold-backed cryptocurrency to take on the dominant dollar, report says https://t.co/k8RgVT1ozv

[NodeDoz News @NodedozL]

We should expect this type of action to increase globally going forward. As governments struggle to classify cryptocurrencies and exchanges within existing regulatory regimes, consumer protection agencies will be called upon to ensure consumer rights, focusing on injury/harm.

[Bitcoin.com News @BitcoinNews]

Polish #consumer protection office opens case against #crypto trading platform Kanga Exchange. https://t.co/1KmeDvzDTh

[NodeDoz News @NodedozL]

Japan's strict rules keep many crypto companies from entering the market or cause them to leave prematurely. That being said, in the wake of the collapse of FTX, many will be wistfully eyeing FTX customers in Japan having their funds returned within the next month or so.

[Bloomberg @business]

Japan is urging the world’s regulators to treat crypto as strictly as they do banks, adding to the calls for tougher rules after the collapse of Sam Bankman-Fried’s FTX https://t.co/6QfOtjnm6E