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Here’s what happened in crypto today

  • July 25, 2023
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  • Category: BitCoin, Blockchain, Cryptocurrency, Investments
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Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting the Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

Japan’s Prime Minister Fumio Kishida showed support for the Web3 ecosystem, highlighting the technology’s potential to transform the internet. Binance and its CEO are planning to file a motion to dismiss the Commodity Futures Trading Commission lawsuit against it, according to a new court filing. Meanwhile, Coinbase’s chief took to Washington, D.C. last week to talk to lawmakers.

Japan PM reaffirms Web3 plans as Binance announces imminent launch

Japanese Prime Minister Fumio Kishida reaffirmed the country’s inclination toward the Web3 industry, while acknowledging the technology’s potential to transform the internet and kindle social change. 

On the same day, Binance CEO Changpeng Zhao announced the cryptocurrency exchange would launch its services on a new Japanese platform in August 2023.

“I hope that the Web3 industry will regain its attention and vitality, and that various new projects will be born,” Kishida stated during a keynote speech at WebX conference in Tokyo, Japan.

Binance and CZ plan motion to dismiss CFTC complaint

Binance and its CEO Changpeng “CZ” Zhao are looking to file a motion to dismiss the Commodity Futures Trading Commission (CFTC) suit against the exchange.

In a July 24 court filing, Zhao, Binance’s former chief compliance officer Samuel Lim and multiple Binance entities said they will file motions to dismiss the complaint before July 27 and asked permission to go over the 15-page limit on the filing.

In March, the CFTC sued Binance and Zhao alleging the firm did not properly register with the regulator, allowed U.S. customers to illegally trade crypto on its platform since at least 2019 and obscured its location and activities outside of the U.S. with the aim of evading regulations.

Binance and Zhao also face a suit from the Securities and Exchange Commission (SEC) on various allegations including selling unregistered securities and allowing U.S. customers to use its global platform. The Department of Justice is also reportedly investigating the exchange for sanctions violations.

Coinbase CEO: Lawmakers acting with newfound ‘urgency’ around crypto regulation

Coinbase CEO Brian Armstrong believes United States lawmakers are pursuing crypto regulations with a new sense of urgency following Ripple’s partial victory in its lawsuit with the Securities and Exchange Commission (SEC). 

In a July 20 meeting with Representatives Maxine Waters and Patrick McHenry, Armstrong said members of Congress are re-engaging with crypto. “I think the Ripple case drove a lot of urgency,” he said. “Same with these bitcoin ETF filings that we’ve been seeing recently from Blackrock, Fidelity, and major financial services firms.”

Coinbase is embroiled in a lawsuit of its own against the SEC after the regulator charged the exchange with operating as an unregistered securities platform, broker and clearing agency.

The top brass at Coinbase believes the SEC has adopted a “regulation by enforcement” approach to digital assets. The exchange planned to organize a “Stand for Crypto Day” in Washington, D.C., which was slated for July 19. However, it’s unclear whether the rally actually occurred.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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