Regulation
Tigran Gambaryan Health Worsens, Binance Exec Denied Legal Access
The family of Tigran Gambaryan, an U.S. citizen and executive at Binance, is urgently calling on the Nigerian government to release him from detention. They have sounded alarm rapidly deteriorating health conditions. Gambaryan has been held in Kuje Prison since February 26. At the time, he was taken into custody after a meeting with Nigerian authorities in Abuja.
Binance Exec Tigran Gambaryan’s Family Pleads For Release
Since July 26, Tigran Gambaryan’s legal team has been unable to visit him at Kuje Prison. This is a violation of both the Nigerian Constitution and Section 45 of the Nigerian Prisons Regulations. Moreover, this section mandates that “all prisoners, other than prisoners under sentence, shall be allowed all reasonable opportunities daily of communicating with their friends or legal adviser, and they may write and receive letters.”
The denial of access to his legal representatives has raised concerns about his right to a fair trial and his overall well-being. Furthermore, Tigran Gambaryan’s health has significantly declined during his time in detention. He suffers from a herniated disc, a condition that has worsened in custody and now requires highly specialized and risky surgery.
In addition to this, the Binance exec has endured multiple throat infections and pneumonia, which have necessitated further surgery to remove his tonsils. His wife, Yuki Gambaryan, has expressed deep concern over his deteriorating condition. She noted that he is now wheelchair-bound and mostly bedridden.
“My husband Tigran left our home for a work trip almost six months ago, and I have no idea when he will be back. Now his health is in a shockingly bad condition and getting worse by the day,” Yuki said in a heartfelt plea to the Nigerian government.
She added, “The herniated disc in his back has worsened to the point where it might leave permanent damage and affect his ability to walk. My once fit and healthy husband, who loves working out, is now wheelchair-bound due to a treatable condition that has not been properly addressed.”
Lack Of Medical Care
Tigran Gambaryan’s situation has been exacerbated by the lack of medical care available to him in prison. He is now taking blood thinners to prevent blood clots due to his prolonged bedridden state. Furthermore, his medical records are being held by the prison. This further complicating his access to proper care.
Previously, Gambaryan contracted malaria while in Nigerian detention. Moreover, he even collapsed in court during a hearing, underscoring the severity of his condition. Hence, Yuki’s emotional plea highlights the impact of Tigran’s detention on their family, particularly their two young children.
“I recently found our five-year-old son crying on the floor of our living room. ‘I miss my daddy’ was all he said. He cannot understand why his father has been gone for so long. I had no idea how to comfort him. It was simply devastating,” she said. Yuki added,
“Our ten-year-old daughter is trying her best to be strong in this traumatic situation we find ourselves in. Her resilience makes me proud and sad at the same time because this is not anything a child should endure.”
The Gambaryans reside in Georgia, USA, and Tigran last saw his family on February 24, just days before detainment. He was initially invited to Nigeria by the authorities for a meeting in Abuja. However, the circumstances leading to his prolonged detention remain unclear.
The Nigerian court went on holiday on July 16. Subsequently, it adjourned the next hearing in the Binance exec’s case to October 11. However, since the adjournment, the conditions of his detention have worsened significantly, raising alarms about his safety and well-being.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Regulation
“Crypto Dad” Chris Giancarlo Emerges Top For White House Crypto Czar Role
Chris Giancarlo, widely known as “Crypto Dad,” has emerged as the leading candidate for a newly proposed role of crypto czar in the White House under President-elect Donald Trump’s administration. The potential appointment underscores a strategic effort to advance crypto regulations and foster blockchain innovation in the United States.
This proposed position would be the first of its kind in the White House, aiming to bring clarity to the growing $3 trillion digital asset market. Chris Giancarlo, the former Chair of the Commodity Futures Trading Commission (CFTC), is known for his progressive approach to digital currencies and blockchain technologies.
Chris Giancarlo Leads Race for White House Crypto Czar Role Under Donald Trump
According to a Fox Business report, Chris Giancarlo is the top contender for the position of White House crypto czar, a role being considered by the Trump transition team to streamline crypto regulations and foster blockchain development.
As CFTC Chair from 2017 to 2019, Chris Giancarlo oversaw critical advancements in the digital asset space. This includes the launch of the first Bitcoin futures. He later co-founded the Digital Dollar Project, a nonprofit initiative exploring the potential of a U.S. central bank digital currency (CBDC). Giancarlo’s regulatory expertise and understanding of digital innovation position him as a key figure in shaping the future of the crypto sector.
The Trump administration aims to utilize this position to address industry concerns over the Biden administration’s perceived heavy-handed enforcement. The crypto czar would also collaborate with federal agencies to establish a framework for the $180 billion stablecoin market and enhance the overall regulatory landscape for blockchain and digital currencies.
Trump’s Strategic Approach to Digital Asset Policy
President-elect Donald Trump has expressed plans to make the U.S. a global leader in cryptocurrency and blockchain innovation. Part of this strategy includes appointing a crypto czar to advance policies to support the industry’s growth.
Trump has also proposed the establishment of a presidential crypto advisory council to address ongoing regulatory challenges. This initiative aims to align federal policies with industry needs, fostering a competitive environment for blockchain businesses. The council will explore the creation of a Bitcoin reserve as part of the administration’s broader crypto policy agenda.
The transition comes as current SEC Chair Gary Gensler announced his resignation effective January 20, 2025, coinciding with Trump’s inauguration. Gensler faced criticism during his tenure for his enforcement-driven approach to crypto regulations.
Amid speculation, Chris Giancarlo clarified that he is not pursuing the SEC Chair role. Giancarlo said in a recent statement,
“I’ve already cleaned up earlier Gary Gensler mess at the CFTC and don’t want to have to do it again.”
His focus remains on advancing crypto-friendly policies through a potential new role. According to the report, the “Crypto Dad” stated,
“I would be honored to be considered for the role.”
The creation of the crypto czar position could mark a pivotal moment in the evolution of U.S. crypto policy. With Chris Giancarlo leading the race, the industry anticipates advancements in crypto regulations under the new administration.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Regulation
UK to unveil crypto and stablecoin regulatory framework early next year
- The UK will introduce unified crypto regulations, including stablecoins, in early 2025.
- New rules aim to simplify oversight and avoid restrictive staking classifications.
- Labour government aims to compete with EU’s MiCA rules and US pro-crypto policies.
The United Kingdom is set to introduce a comprehensive regulatory framework for cryptocurrencies, stablecoins, and crypto staking services in early 2025, marking a pivotal shift in its approach to digital assets.
The announcement was made by the Economic Secretary to the Treasury Tulip Siddiq at City & Financial Global’s Tokenisation Summit in London on November 21.
Initially slated for December 2024, the regulatory rollout was delayed due to the change in government following the election of Prime Minister Keir Starmer’s Labour administration in July 2024.
The upcoming UK crypto regulatory framework
The upcoming framework consolidates regulations for crypto assets into a single, overarching regime, a decision Siddiq described as “simpler and more logical.”
The framework aims to provide clarity in a rapidly growing sector that has faced uncertainty in the UK.
Stablecoins will receive distinct treatment under these regulations, as their functionality does not align with existing payment services rules.
Siddiq highlighted that staking services would also avoid being designated as “collective investment schemes,” a classification that could impose burdensome restrictions.
UK aims to align with the global crypto regulatory landscape
The UK government’s renewed focus on digital asset regulation comes as it seeks to align with global developments. The European Union’s Markets in Crypto-Assets (MiCA) regulations will be fully enforced by the end of 2024, offering regulatory certainty that has positioned Europe as an attractive market for the crypto industry.
Meanwhile, the US, under President Donald Trump’s administration, has adopted a markedly pro-crypto stance, including the establishment of a White House “crypto czar” and SEC Chair Gary Gensler’s planned departure in January 2024.
The Labour government has shown its intent to catch up with international competition. In September 2024, it introduced a bill recognizing NFTs, cryptocurrencies, and carbon credits as property.
The new regulatory push reflects the UK’s ambition to regain credibility as a crypto hub while addressing criticisms of the Financial Conduct Authority’s perceived stringent oversight.
By delivering a robust, streamlined framework, the Labour government aims to bolster the UK’s standing in the multibillion-dollar crypto industry.
Regulation
Gary Gensler To Step Down As US SEC Chair In January
In a recent development, the US Securities and Exchange Commission (SEC) announced that Gary Gensler will step down from his position next year. This follows calls for Gensler to resign since Donald Trump won the US presidential elections.
Gary Gensler To Step Down As US SEC Chair
The US SEC announced in a press release that Gary Gensler will depart the Agency on January 20, 2025. The US SEC Chair also confirmed this development in an X post. Interestingly, this comes on the same day that Donald Trump will be inaugurated as the 47th president of the United States.
Following the announcement, Gensler also used the opportunity to reflect on his time at the Commission. He remarked that it has been an “honor of a lifetime” to serve alongside those at the SEC. He also thanked President Biden for the opportunity to serve in the position. Gensler has been the US SEC Chair since April 2021. During his time, he has spearheaded several litigations against the crypto industry.
This includes the long-running legal battle with Ripple, which Gensler took over from his predecessor Jay Clayton, which bordered on whether XRP was a security. Up till now, the Agency continues to reiterate this ‘digital asset securities’ claim.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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