Originally published on: December 09, 2024
In a surprising turn of events, United States President-elect Donald Trump has nominated Paul Atkins to lead the Securities and Exchange Commission, replacing Gary Gensler. Trump took to Truth Social on Dec. 4 to announce the nomination of Atkins, a seasoned former SEC commissioner and the CEO of risk-management consultancy Patomak Global Partners.
This move by Trump aligns with his pledge to crypto voters during his campaign, promising to usher in a more crypto-friendly era at the SEC by replacing Gensler. Gensler, known for his anti-crypto stance, resigned on Nov. 21 after facing mounting pressure.
Meanwhile, on Dec. 5, the SEC fired back at crypto exchanges Binance and its US counterpart, along with former CEO Changpeng Zhao, with an amended lawsuit. The lawsuit accuses them of operating an unregistered securities exchange by facilitating the sale of 10 cryptocurrencies on the secondary market using their native BNBBNBcoin.
In Australia, the Securities and Investment Commission released proposed guidance aimed at cracking down on unlicensed crypto exchanges. The move, according to Kate Cooper of Zodia Custody, signals a wake-up call for the industry, making compliance a non-negotiable requirement.
In a separate development, the founder of crypto mixing service Hydra, Stanislav Moiseev, has been handed a life sentence by a Russian court. Alongside 15 accomplices, Moiseev was found guilty of running a criminal operation involving the illegal production and sale of drugs and psychotropic substances, managing over $5 billion worth of crypto in the process.
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