Regulation
US Lawmakers Pressure Biden To Secure Binance Exec’s Return From Nigeria
U.S. lawmakers are urging President Joe Biden and top officials to take immediate action to secure the release of Tigran Gambaryan, a Binance executive and former federal agent. Furthermore, they believe that Gambaryan has been unlawfully detained in Nigeria for over three months.
Policymakers Pen Letter Urging Binance Executive’s Return
In a letter dated June 4, 2024, these policymakers addressed President Biden, Secretary of State Antony Blinken, and Special Presidential Envoy for Hostage Affairs Roger D. Carstens. Several House members, including Chairman Rep. Michael McCaul of the House Foreign GOP, expressed grave concerns about the Binance executive’s health and treatment in Nigerian custody.
Gambaryan, a U.S. citizen and distinguished former IRS agent, has been detained since February 26. At the time, he traveled to Nigeria for high-level meetings on Binance’s compliance issues.
Initially professional, the meetings turned hostile, leading to Gambaryan’s detention by Nigerian authorities. “The Government of Nigeria took Mr. Gambaryan hostage,” the lawmakers wrote. Moreover, they detailed how Binance’s Gambaryan was forcibly taken to a government-owned house and held without communication for five days.
In addition, despite a court order on March 12 stating that the remand order had not been extended, Gambaryan’s detention continued unlawfully until new charges were filed. The action was taken allegedly in lieu of pursuing legal action against Binance. Hence, the letter emphasizes that Gambaryan “is being tried in lieu of pursuing legal action against his employer.”
Additionally, the conditions of Gambaryan’s detention have been severe. He is held in Kuje Prison, notorious for its harsh conditions, and has faced obstacles in meeting with his legal team without government supervision. More alarmingly, his health has deteriorated significantly.
Also Read: 3 Trending Altcoins Set To Rally As Binance Listing These Pairs Next
Gambaryan’s Health Deteriorates
“He tested positive for malaria, and when he requested hospital treatment, the prison officials declined his request,” the letter states. Earlier, Binance’s Gambaryan collapsed in court on May 23, prompting a judge to order his transfer to a private hospital. However, adequate healthcare has not been provided as of June 4.
The lawmakers assert that Gambaryan’s detention meets the criteria for being “wrongfully detained by a foreign government,” as defined in the Robert Levinson Hostage Recovery and Hostage-Taking Accountability Act. They urgently request that his case be transferred to the Office of the Special Presidential Envoy for Hostage Affairs. In addition, they emphasized the need for swift action to ensure the Binance exec’s safety.
“Mr. Gambaryan’s health and well-being are in danger, and we fear for his life. Immediate action is essential to ensure his safety and preserve his life,” the letter urges. However, despite the efforts by the US, Nigeria has refused to comply, which could worsen the situation.
Also Read: Binance Not Liable for User’s $1M Loss, Co-Founder Claims
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.
Kamala Harris has recently surged ahead of President Joe Biden in the prediction markets. This marks a significant shift in the political landscape as the 2024 U.S. presidential election race intensifies. However, the fight between Republican candidate Donald Trump and Biden isn’t over yet.
Kamala Harris Oversteps Biden In Betting Markets
On Predict It, Kamala Harris U.S. 2024 election winning bets surged to 22 cents while Biden’s dropped to 21 cents. Furthermore, Trump took the lead with a major gap as the bet was priced 59 cents on his win. Nevertheless, it could be too early to deem Harris as Trump’s ultimate opponent.
According to a new Reuters poll, President Biden is now neck-and-neck with his Republican challenger, Donald Trump, in the upcoming November election. This poll also reveals a shifting sentiment among Democrats, with approximately one-third believing Biden should consider stepping aside following a ‘ridiculous’ debate performance.
The debate in question has sparked internal discussions among Democrats. Moreover, some Biden loyalists are now questioning his viability for re-election in 2024. In addition, sources within the party indicate that Vice President Kamala Harris is emerging as the preferred candidate to step in should Biden decide to withdraw from the race.
Biden recently offered an explanation for his debate performance, admitting he “wasn’t very smart” for undertaking extensive travel before the event. “I didn’t listen to my staff… and then I almost fell asleep on stage,” he remarked during an event with Representative Don Beyer. “It’s not an excuse, but an explanation,” he added.
Also Read: U.S. Election Won’t Alter Positive Crypto Regulations, Says Mike Novogratz
The U.S. Election Race Intensifies
The political momentum appears to be shifting towards Trump, who now holds a 3-point advantage over Biden in key battleground states and a 2-point lead nationally. This change underscores a critical dynamic in the race: voter motivation. Currently, Republicans show higher enthusiasm, with more indicating they will “definitely” vote compared to their Democratic counterparts.
Over 90% of Biden and Trump supporters are firmly opposed to voting for the other candidate. Despite this strong partisan divide, the overall stability of the election race has not significantly changed. Biden experienced a brief uptick in support in June after Trump was convicted of felonies in New York. However, this did not significantly alter the broader election dynamics.
In light of the recent debate and shifting polls, the Democratic Party faces a pivotal decision regarding its candidate for the 2024 election. Kamala Harris’s rise in the prediction markets signals growing support within the party and among political analysts. If Biden’s campaign continues to face challenges, Harris may become the Democratic frontrunner.
Also Read: Binance Unveils Changes In Turkey In Compliance With Regulation
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.
Coinbase and Ripple Labs are using Binance’s pivotal legal victory to challenge ongoing cases with the U.S. Securities and Exchange Commission (SEC). Both companies argue that the SEC’s approach needs more clarity and consistency, necessitating formal rulemaking to better define the regulatory perimeter for digital assets.
Ripple, Coinbase Cite Binance Case Against SEC
Ripple Labs and Coinbase have intensified their legal defenses by referencing a recent court order involving Binance, which achieved a partial dismissal in its SEC lawsuit. The companies argue that this precedent highlights the need for the SEC to establish clear regulations. In its latest court filing, Ripple emphasized the judge’s remark that cryptocurrency does not align seamlessly with existing securities laws, such as those established by the 1946 Howey Test. This test is crucial for determining whether a transaction qualifies as an investment contract and thus falls under securities regulation.
Coinbase has concurrently voiced concerns over the SEC’s expansive interpretation of securities laws applied to the crypto industry. The exchange asserts that this broad application could be more extensive and better defined, pushing for a definitive rulemaking process to provide legal clarity. In its appeal, Coinbase cited the recent Binance ruling to bolster its case for rulemaking, arguing that the decision underscores the inconsistencies in current regulatory applications.
Also Read: Bybit Exchange Unveils Support For ASI Alliance, Will FET Rebound?
Coinbase Demands Clarity in SEC Regulatory Battle
The SEC has engaged with various cryptocurrency platforms and assets, deeming some of their operations as securities offerings without proper registration. In the case of Ripple, the SEC’s lawsuit initiated in December 2020 alleged that Ripple raised over $1.3 billion through sales of its XRP token, which the SEC classified as an unregistered security. However, in a significant turn, Judge Analisa Torres ruled that certain “programmatic sales” of XRP did not constitute securities transactions, introducing a nuanced interpretation Ripple now seeks to leverage to challenge broader SEC claims.
Coinbase faces similar regulatory scrutiny. The SEC argues that the platform operated as an unregistered securities exchange, a claim that Coinbase refutes, urging a formal rulemaking process to clarify these regulatory boundaries. Both Coinbase and Ripple use recent judicial outcomes, notably the Binance case, to argue for a more structured and transparent regulatory framework from the SEC, stressing that the current state of affairs is inefficient and unclear.
Crypto Firms Rally Around Binance Court Decision
The partial victory for Binance in its own SEC lawsuit has become a strategic reference point for other crypto entities embroiled in legal challenges with the regulator. Despite Judge Amy Berman Jackson’s decision to proceed with most of the SEC’s claims against Binance, her dismissal of the charge regarding secondary sales of Binance Coin (BNB) as securities has been perceived as a significant legal precedent. Coinbase and Ripple have particularly highlighted this aspect of the ruling in their ongoing litigation.
Further developments are anticipated, with a scheduled conference for the SEC’s case against Binance set for July 9. Meanwhile, Coinbase and Ripple continue to press for regulatory clarity, which they argue is crucial for the industry’s stability and growth.
Also Read: Genesis Digital Is Considering Going Public Via IPO In US: Report
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.
Galaxy Digital founder and CEO Mike Novogratz believes the U.S. crypto sector is poised for positive regulatory developments regardless of the outcome of the upcoming presidential election. Speaking on CNBC’s ‘Squawk Box,’ Novogratz expressed confidence in the future of crypto regulation, citing a bipartisan approach as a key factor.
Mike Novogratz Predicts Bipartisan Crypto Support in US
Mike Novogratz emphasized that the crypto industry enjoys support from both major political parties in the U.S. He acknowledged that while some Democrats, notably Senator Elizabeth Warren and a small group of others, have been critical of the industry, the majority are pro-innovation and pro-crypto. This broad support suggests favorable regulatory changes are imminent, regardless of who wins the next election.
The billionaire CEO underscored the importance of a bipartisan stance on crypto, arguing that partisan disagreements should not hinder the industry’s growth. He stated that crypto needs to be a bipartisan issue to avoid regulatory instability, which can deter innovation and investment. Mike Novogratz’s remarks highlight the growing recognition of the potential benefits of crypto technology across the political spectrum.
Despite the current regulatory uncertainties and occasional government crackdowns, Mike Novogratz is optimistic about the future. He believes the situation is shifting towards more clarity and support for the crypto sector. This optimism is driven by the increasing number of lawmakers who recognize the importance of fostering innovation and the potential economic benefits of the burgeoning industry.
Novogratz pointed out that the frustrations stemming from regulatory ambiguity are being addressed as more politicians understand the significance of crypto. He predicts the next administration will enact favorable crypto legislation regardless of political affiliation. This legislative support is expected to provide the industry the stability needed to thrive and innovate.
Also Read: Binance Unveils Changes In Turkey In Compliance With Regulation
Novogratz: Bitcoin Essential Amid Economic Concerns
Commenting on Bitcoin’s recent performance, Mike Novogratz referred to the price surge following the approval of a Bitcoin ETF, which pushed the cryptocurrency’s value above $73,000 in March. Bitcoin (BTC) will likely trade within the $55,000 to $73,000 range until new market-moving news emerges. This range reflects a period of consolidation after a significant upward move.
Mike Novogratz reiterated his belief that Bitcoin remains a crucial asset for any investment portfolio, especially given the current economic conditions. He highlighted concerns about the growing U.S. debt and government spending, which he described as akin to “spending like drunken sailors.” In such a financial environment, Novogratz argues that Bitcoin offers a hedge against fiscal irresponsibility and inflation.
Also Read: Circle Rolls Out New Ad Calling on Common Sense US Stablecoin Regulation
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.
Bitwise Files Amended S-1 for Ethereum ETF Ahead of Launch Deadline
Market Fluctuations Take Uniswap Exits Near Weekly Double-Digits
Why Bitcoin, ETH, DOGE, SHIB Prices Are Falling Today?
Crypto Trader Bags $59M in PEPE, SHIB, ETH, & 5 Others Hinting Gains Inbound
Kamala Harris Overtakes Biden In Prediction Markets, Has Trump’s Opponent Changed?
KuCoin to Enforce 7.5% VAT on Fees for Nigerian Users from July 8
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
New And Upcoming NFT Projects
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
New And Upcoming NFT Projects
-
Blockchain2 months agoHong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Regulation2 months agoTerraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
-
Regulation2 months agoCFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
Altcoin2 weeks ago
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
-
Market3 weeks agoAvalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
-
NFT3 weeks agoNew And Upcoming NFT Projects
-
Altcoin2 months ago10 Years Old Dogecoin Stash Sale Leaves DOGE Owner With Million-Dollar Loss
-
Market2 weeks agoTON Foundation’s Plan to Onboard 500 Million Users
✓ Share: