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US Crypto Firms To Migrate Fast After Binance Case, Claims Ripple Policy Head

The head of Public Policy at Ripple Labs hints leading crypto asset firms might migrate quickly from United Nations after Binance Case.
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US Crypto Firms To Migrate Fast After Binance Case, Claims Ripple Policy Head

Crypto News: The Commodity Futures Trading Commission (CFTC) launched enforcement against Binance, the world’s biggest crypto exchange, and its CEO, Changpeng Zhao (CZ) left the market tumbling. As the U.S. financial regulators’ scrutiny against crypto firms is on a surge experts hint that the industry might shift to different nations for lighter regulations.

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Binance Case To Spike Uncertainty For Crypto Firms

Susan Friedman, Head of Public Policy at Ripple Labs targeting the Binance case stated that other jurisdictions constructed the entire framework in order to regulate crypto over the past 4 years. However, the CFTC is still struggling.

While the rest of the regulators are still not able to answer the same pending questions asked by the industry. She mentioned that amid this situation it is not a question of if industry leaves the US but how fast.

Ripple Labs, Chris Larsen, the company’s co-founder, and Brad Garlinghouse, the current CEO are already involved in a legal battle with the U.S. Securities and Exchange Commission (SEC). However, both parties are waiting for a much anticipated Summary Judgement in the XRP lawsuit.

Also Read: Why the CFTC Case Is Much More Than Just A Passing FUD for Binance ?

Stuart Alderoty, Chief Legal Officer of Ripple questions the SEC’s “just come in and register” claims in the recently launched cases. He added that the commission’s jurisdiction overreach needs to be stopped now. Read More Crypto News Here…

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Voyager $1.3 Bln Deal Halted

CFTC alleged that Binance and its boss broke derivatives rules. It mentioned that the world’s largest crypto exchange should have registered with the agency long ago, however, it continues to breach the rules.

Amid CFTC allegations, a federal judge announced to halt the Binance Voyager $1.3 billion deal. The order allowed the authority to take more look into the legality of the deal. The appeal was filed by U.S. Attorney’s Office for the Southern District of New York and the Office of the U.S. Trustee.

Also Read: Binance Listing Multiple Crypto With TUSD Reportedly Linked To Justin Sun

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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