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Coinbase’s petition denied, Ledger exploited, Trump’s new NFTs, SafeMoon goes bankrupt | Weekly Recap

Press Releases Crypto News Crypto-News Coinbase’s petition denied, Ledger exploited, Trump’s new NFTs, SafeMoon goes bankrupt | Weekly Recap

Today’s Weekly Recap dives into U.S. regulators’ rejecting Coinbase’s petition for clear rules; the Ledger hack; SafeMoon’s bankruptcy; former U.S. President Donald Trump’s new NFTs; and the massive breach at NFT Trader.

Regulatory efforts

One of the highlights this week was a slew of events related to crypto regulations. Chairperson of the U.S. CFTC Rostin Behnam claimed in a CNBC interview on Dec. 12 that most crypto assets are commodities under existing laws, as opposed to the SEC’s stance.

Stablecoin issuer Tether reaffirmed its readiness to work with U.S. authorities in a letter shared with the U.S. Congress. The firm confirmed its emphasis on robust AML measures and proper KYC procedures to mitigate illegal financing.

Recall that the SEC argued last week that Binance’s admission of guilt in a Department of Justice lawsuit meant that the company was also guilty of the charges the agency leveled against it. Binance replied to this argument this week, claiming it was erroneous.

KuCoin exits New York, Sen. Warren introduces crypto bill

Seychelles-based crypto exchange KuCoin agreed to settle charges from New York regulators with a fine of $22 million, as the state amplifies its crackdown on non-compliant crypto entities. The exchange also agreed to exit the state, as part of the settlement terms.

U.S. Senator Elizabeth Warren introduced a bill on Dec. 11 to crack down on cryptocurrencies in a bid to tackle their use in terror financing, money laundering, and other illegal activities.

The bill, called the Digital Assets Anti-Money Laundering Bill, swiftly garnered support from other democratic lawmakers. However, the crypto community expressed dissatisfaction, claiming it is geared towards snuffing cr

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Author: Wahid Pessarlay

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