Binance.US scores against SEC, Mt. Gox delay repayments, and…

September 23, 2023

SEC sees temporary setback in request to access Binance.US software

The United States Securities and Exchange Commission has failed to win immediate access to Binance.US’s software, with the judge saying he isn’t “inclined to allow the inspection at this time.” Binance global and its CEO Changpeng “CZ” Zhao requested dismissal of the SEC’s lawsuit filed against them in June, claiming the regulator overstepped its authority in the case.

Mt. Gox trustee changes repayment deadline to October 2024

Mt. Gox trustee Nobuaki Kobayashi has officially changed the deadline for paying back the exchange’s creditors from Oct. 31, 2023, to Oct. 31, 2024. Mt. Gox was one of the earliest cryptocurrency exchanges, once facilitating more than 70% of all trades made within the blockchain ecosystem.

Tether authorizes $1B USDT to ‘replenish’ Tron network

Tether’s Treasury is set to provide a $1 billion near-term liquidity for the Tron network. The USDT tokens would be used as inventory to “replenish” the Tron network. Authorizing USDT in the Tether Treasury allows the company to issue USDT instantaneously once customer funds are received.

FTX founder’s parents sued, accused of stealing millions from crypto exchange

Debtors of FTX have launched legal action against the parents Sam “SBF” Bankman-Fried, alleging that they misappropriated millions of dollars through their involvement in the crypto exchange.

Grayscale files for new Ether futures ETF — Official

Digital currency investment company Grayscale is the latest firm to file with the Securities and Exchange Commission for a new Ether (ETH) futures exchange-traded fund (ETF). Grayscale Ethereum Futures Trust will hold Ether futures contracts with a “roughly constant expiration profile.”

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $26,525, Ether (ETH) at $1,590 and XRP at $0.51. Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Immutable (IMX) at 27.07%, Curve DAO Token (CRV) at 16.16%, and Aave (AAVE) at 15.92%. The top three altcoin losers of the week are Gala (GALA) at -8.57%, Axie Infinity (AXS) at -7.42%, and Optimism (OP) at -7.52%.

Most Memorable Quotations

– “There remains a real risk that the use of AI develops in a way that undermines consumer trust or is dominated by a few players.” – Sarah Cardell, CEO of the U.K. Competition and Markets Authority

– “Don’t give up on the United States. This too shall pass, the confusion shall pass. The United States is a good place to build things, and I want it to stay that way.” – Hester Peirce, Commissioner of the U.S. Securities and Exchange Commission

– “If the average end-user, who isn’t a computer scientist, who doesn’t understand blockchain, has to know about their private keys — we’ve got it wrong. They have to be abstracted away.” – James Tromans, head of Web3 at Google Cloud

– “Bitcoin as a global monetary network is scaling while its carbon impact declines. Few industries can claim this achievement.” – Jamie Coutts, crypto market analyst at Bloomberg

– “It is an inevitable future where there will no longer be any intermediaries between fans and creators — this is an obvious but unrealized potential of blockchain technology.” – Leon Lee, founder and CEO of Only1

– “[The U.S. government] can do a central bank digital currency if it’s open, permissionless and private. It has to emulate cash.” – Tom Emmer, U.S. Representative

Prediction of the Week

Bitcoin fails to recoup post-Fed losses as $20K BTC price returns to radar. Bitcoin circled lower after the United States Federal Reserve decision on interest rates, with $20,000 BTC price predictions resurfacing.