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Newsletter: Crypto exchanges face legal troubles, and Trump’s crypto empire grows as regulations are slashed and enforcement is sidelined.

citationneeded.news/issue-76/

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Issue 76 – Tripartisan legislation

Molly White (Citation Needed)
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Als Antwort auf Molly White

Molly White
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Molly White
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France is probing money laundering and tax fraud issues at Binance, and KuCoin just paid $300 million in fines and withdrew from the US for failing to abide by anti-money laundering laws.

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France has opened a probe into the Binance cryptocurrency exchange to examine money laundering, tax fraud, and other charges. Much like the criminal case in the United States, which examined Binance’s early years of operation, French investigators are looking as far back as 2019 to review Binance’s activities. Unlike the US case, which looked at illicit activity up until mid-2022, French investigators are reportedly reviewing much more recent potential infractions dating up to 2024. That hasn’t stopped Binance from waving off the investigation as “several years old”, and Binance has denied all dethe allegations.1 Stemming from charges filed back in March 2024 [I54], KuCoin has pleaded guilty to violating US anti-money laundering laws. They will pay a $300 million fine and withdraw from the US for two years. Two co-founders of the company who were personally charged have reached deferred prosecution agreements, which include them leaving the company and paying $2.7 million in fines apiece [W3IGG]. This is only the most recent development in KuCoin’s history of legal woes. The case filed by the CFTC alongside the DOJ’s criminal charges still remains ongoing. Prior to that, the company had paid a $22 million fine in a case brought by the New York Attorney General in 2023 [W3IGG], and $2 million in a case brought by Canadian securities regulators in Ontario in 2022 [W3IGG].
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Als Antwort auf Molly White

Molly White
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Molly White
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Robinhood seems to be taking a lesson from the crypto world. “Sports bets” are now “event contracts”, and “gambling” is now “an emerging asset class”. Perhaps the next pickpocket to be caught by police should try informing the officer that they’re merely democratizing finance!

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Robinhood, Crypto.com, and Kalshi might be in hot water with the CFTC after announcing they intend to launch “event contracts” pertaining to the outcomes of the Super Bowl on their “derivatives markets”. “With an emerging asset class like event contracts, we recognize an opportunity to better serve our customers,” said Robinhood in a statement announcing the launch — which was followed a day later by another announcement that they would be suspending the offering at the CFTC’s request.89 Personally, I’m impressed at the branding exercise happening here. “Sports bets” are now “event contracts”, and “gambling” is now “an emerging asset class”. They seem to be taking lessons from the cryptocurrency industry, who have termed “ignoring financial regulations” as “economic innovation”. Perhaps the next pickpocket to be caught by police should try informing the officer that they’re merely democratizing finance!
#crypto #cryptocurrency #uspol #uspolitics
Als Antwort auf Molly White

Molly White
mastodon
Molly White
• •

Representative GT Thompson boasted at a digital assets press conference that crypto legislation will be “tripartisan” because it will be set by the crypto industry.

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Crypto press conference America’s new “AI and Crypto Czar” David Sacks headed up a crypto-focused press conference on Tuesday, in concert with the Senate Banking Committee and several Representatives.10 The crypto world reacted with some disappointment to those they were only recently so excited about, seeming unimpressed that these politicians were merely announcing future announcements rather than unveiling anything that would immediately pump their bags. “This [crypto-focused presidential working committee] might need to be DOGE’d as well”, remarked one popular crypto Twitter account (and frequent retweetee of Elon Musk).11 For all of the crypto industry money that poured into installing crypto-friendly Congresspeople this time around, the speakers at the press conference mostly described their plans to push forward crypto-related market structure and stablecoins bills that will look a lot like what was on the table during the last administration. FIT21 is back [I58, 59], although the complaints from last summer from some of the crypto industry that their regulatory windfall was not friendly enough [I60] will likely resurface in front of this new, obsequious group. Speakers at the press conference made no secret of the degree to which they intend to let the cryptocurrency industry write the rules, with Congressman GT Thompson (R-PA) boasting that they would continue to work in a “tripartisan way” with Republicans, Democrats, and the crypto industry.
Senators Hagerty (R-TN), Scott (R-SC), Gillibrand (D-NY), and Lummis (R-WY) have put forward a stablecoin bill, also announced Tuesday, called the “GENIUS Act”, short for “Guiding and Establishing National Innovation for U.S. Stablecoins”. I guess “Stable Genius Act” was already taken. It’s pretty similar to the stablecoin bill introduced last Congress by Lummis and Gillibrand, and similarly has very little in it that would safeguard consumers or address risks of financial contagion. This is treated as a selling point — the press release from the Senate Banking Committee promotes its “light-touch, tailored regulatory standards”.12
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Als Antwort auf Molly White

Molly White
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Molly White
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Musk is “exploring blockchain technology” for use at DOGE and the Treasury, and crypto bigwigs are groveling for spots on the upcoming crypto advisory council — which will, from the sounds of it, be filled exclusively with crypto executives and industry megadonors.

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Musk is reportedly “exploring blockchain technology” for use in both his Department of Government Efficiency and at the Treasury,29 because what could contribute more to government efficiency than securing lucrative contracts for your crypto donors to implement inefficient technology that is uniquely suited to solving problems you don’t have? The crypto advisory council, led by Bo Hines [I72, 74], will presumably take shape soon. According one hopeful quoted by the New York Post, “everyone and their mother is begging” for a spot. Those rumored to be on the shortlist include crypto megadonor Brian Armstrong of Coinbase, as well as executives from other crypto exchanges and crypto-related companies.30 I’m sure the list of consumer protection advocates and more crypto-skeptical voices also being considered for the council will drop any day now...
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