The Daily Crypto News reports that the US Securities and Exchange Commission (SEC) wants to “kill” cryptocurrency in America, according to the Ripple versus SEC lawsuit. The lawsuit relates to penalties against the Library coin (LIB), where the SEC seeks to impose a penalty on Library equal to its “gross pecuniary gain” of $22m, in a bid to stop all illegal and unregistered offerings. Critics claim the SEC is seeking an injunction against Library for future sales that are too speculative and unexplained. Meanwhile, an article in Business Insider reveals that Binance’s books “are a black box” as it tries to rally confidence.
The Daily Crypto News: Update on Crypto Regulation
Crypto regulation in the US has been a horror story for a while now and recent news is showing that things are not getting better. The Securities and Exchange Commission (SEC) has been in the spotlight, seeking to kill crypto in the United States. According to a defense lawyer in the Ripple vs. SEC lawsuit, the SEC is trying to make its opposition to Library’s motion to limit its remedies, and its opposition could impact the future of crypto regulation. Some famous lawyers, including Jeremy Hogan and Bill Morgan, have voiced their opinions on the matter, with Hogan pointing out that the SEC is seeking an injunction against Library for future sales, but the court cannot rule on amnesty as it is too speculative. The SEC argues that Library’s coin itself is a security, but John Dean filed an amicus brief in the Library case, calling it a digital asset, like any other commodity. The SEC argues a penalty equal to Library’s full pecuniary gain of $22 million is fair and reasonable under the circumstances.
Crypto Regulation and Its Impact on Ripple
The negative consequences of the SEC’s opposition to crypto can be devastating, with Ripple facing an uncertain future. Despite the differences between the Library case and Ripple’s case, a negative ruling could impact crypto regulation in the future. If the ruling on Library is positive, it could have a positive effect on future sales of that token, showing the SEC that it cannot win on this issue. Ripple’s case is more significant and will have more significant consequences on the future of crypto regulation.
Special Report on Binance
Binance has been facing multiple withdrawals, but it is holding up fine. Some articles are claiming that Binance made a ton of money but is hiding it. CZ and the Binanance team do not want to comment on which entity around the world controls Binance, the main entity, or how much money they have made. Despite this, Binance remains a safe platform until it goes bankrupt, which is unlikely. Binance going bankrupt would not be good news for crypto, as it could impact the industry for a couple of years.