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Regulators lack an ongoing coordination mechanism for addressing blockchain risks in a timely manner, the report says

Japan’s Prime Minister Fumio Kishida said on Tuesday that the country plans to improve the environment for Web3 when it comes to using tokens and revitalize the content industry.

Binance Holdings and its founder are seeking to dismiss a complaint filed in March by the United States Commodity Futures Trading Commission.

A Monday court filing shows that Binance entities and Changpeng Zhao, founder and chief executive officer of Binance, plan to submit a motion to dismiss the complaint filed by the CFTC in a Chicago federal court. They are accused of numerous violations including operating an illegal digital asset derivatives exchange in the U.S. 

Samuel Lim, Binance’s former chief compliance officer, also intends to seek to dismiss the lawsuit, according to the filing. 

As things stand, Binance, Zhao and Lim have until July 27 to submit their responses to the CFTC complaint. They also requested an expansion of the page limit of their memoranda of law, “given the complexity of the CFTC’s Complaint and the number of arguments Defendants anticipate making in support of their Motions to Dismiss,” according to the filing.

Ongoing legal battles

In March, the CFTC sued Binance and Zhao for allegedly breaking derivatives rules and unregistered trading activities in the U.S. The agency said in its complaint that Binance had “taken a calculated, phased approach to increase its United States presence despite publicly stating its purported intent to ‘block’ or ‘restrict’ customers located in the United States from accessing its platform.” 

Binance called the CFTC lawsuit “unexpected and disappointing,” claiming it has been working collaboratively with the agency for more than two years.

The Securities and Exchange Commission also sued the exchange and Zhao last month for allegedly violating securities laws.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Binance, Changpeng Zhao, and Samuel Lim filed a motion Monday night to ask the court for additional allowed length in its response.

PLUS: BTC’s positive vibes may be waning as outflows from BTC investment products rose for the first time in weeks. But mining is in a better state than it was a year ago.

Episode 68 of Season 5 of The Scoop was recorded with The Block’s Frank Chaparro, and Wildcat Protocol creator Laurence Day

Listen below, and subscribe to The Scoop on Youtube, Apple, Spotify, Google Podcasts, Stitcher, or wherever you listen to podcasts. Please send feedback and revision requests to podcast@theblock.co.

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This episode of The Scoop was recorded with Wildcat protocol creator Laurence Day live from the Ethereum Community Conference in Paris.

Outline:

00:10 Intro

03:03 Laurence & law school

04:53 Wildcat protocol

09:29 Balancing proprietary data and transparency

12:31 Collapsed crypto lenders

14:55 EthCC Paris

16:52 Wormhole hack

20:01 Grey hat hackers

24:22 Closing thoughts

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The U.S. central bank has been telegraphing its intent in the weeks after halting rate increases last month for the first time in over a year. ThePersonal Consumption Expenditures report arrives Friday, but cryptos and other risk-on assets have been largely immune to macro events.

The Wyoming Stable Token Commission is looking for an executive director to lead a “stable token” effort in the cowboy state. 

The commission was created in March and tasked with issuing “stable tokens” that would be redeemed for one dollar. Funds from issuing the token would then be placed into a trust account that would be “invested exclusively in United States treasury bills,” according to a government website. 

The executive director would implement a plan for the stable token, including regulatory analysis, accounting and marketing, among other tasks, according to a job posting from July 20. 

“Ideal candidates will bring their existing connections and expertise in the blockchain industry, coupled with a familiarity with Wyoming’s legislative processes and key stakeholders,” according to the posting. 

The position pays $150,000 and would be based in Cheyenne or Laramie. 

The commission is led by a board including the state’s governor, auditor, treasurer and other elected members. 

Wyoming has been crypto-friendly for years, as the federal government has been less so. U.S. authorities have been grappling with the fallout from collapses at FTX, Terraform Labs, among others, and lawmakers are working on bills to regulate crypto, which are set to be debated and voted on this week. 

Crypto hirings

Elsewhere, crypto firms such as Coinbase have been vocal about hiring. Coinbase CEO Brian Armstrong tweeted on July 18 that the exchange had created a “VIP page to hire people with extraordinary ability.”

“We are not limited by the roles that we have available — if we don’t have a position that is an immediate fit, we can work together to find a match for you. Our focus is on finding the right people, not just filling seats,” Coinbase said on its website.

Venture capital firm Paradigm hired a DC lobbyist as its new government relations lead last week. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.