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Wednesday

02 December 2020

Law Decoded: Green lights of the SEC, black flags of Binance, Nov. 13–20

Law Decoded: Green lights of the SEC, black flags of Binance, Nov. 13–20


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Amid a political news cycle that has been stuck in a nauseating loop, covering crypto is often refreshing.

Speaking of skulduggery, I will begin this week with a comment on a challenge to journalism in the crypto industry that has wide-spanning implications.

With that bit of prologue, we’re starting with a defamation lawsuit from one of the biggest names in crypto.

Binance Holdings, the parent company of the global exchange but, they claim, not of Binance.US, is suing journalists Michael del Castillo and Jason Brett and publication Forbes for libel.

It’s a lack of transparency that means nobody is quite sure where the largest crypto exchange in the world is based and whose laws it answers to.

IMVU’s wide user base AND the ability of those users to transact VCOIN among themselves before selling them back to platform in exchange for fiat currency is a huge leap forward for the SEC’s comfort with crypto.

This week, the SEC also announced that Jay Clayton, who has been chairman of the commission since 2017, will step down by the end of the year.

Clayton has been known to be looking to leave the SEC for some time.

Trump and Senate Republicans have been charging through a roster of nominations in what may be the clearest indicator that they don’t actually believe Trump won this month’s election.

Given that the Senate will be deadlocked or with a slight Republican majority, it’s likely going to be a fairly moderate candidate, but certainly one not as laissez-faire as Clayton

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