• Coinbase has criticized the SEC for dodging its petition for rule-making.
• Binance’s UK subsidiary has withdrawn FCA registration as a European exodus continues.
• NYAG released documents outlining Tether’s exposure to Chinese securities in 2021.
Coinbase Criticizes SEC
Coinbase, one of the leading cryptocurrency exchanges, has criticized the U.S Securities and Exchange Commission (SEC) for dodging its petition for rule-making. The SEC is under congressional scrutiny as BlackRock’s spot Bitcoin ETF application moves forward with no clear decision in sight. Meanwhile, Binance’s UK subsidiary withdrew FCA registration as a European exodus continues.
NYAG Releases Documents
The New York Attorney General (NYAG) has released documents detailing Tether’s exposure to Chinese securities in 2021. Mark Cuban recently debated crypto regulations with a former SEC official, further highlighting the tension between US regulators and innovators in the FinTech space.
Three Regions Poised To Benefit
An op-ed published by CryptoSlate examines three regions that are poised to benefit from a potential US crypto exodus: Singapore, Switzerland, and Estonia. Each of these countries have taken concrete steps towards creating crypto-friendly regulatory frameworks that could attract innovators from the US market.
Singapore
Singapore is well known for having one of Asia’s most developed financial systems and a welcoming stance towards cryptocurrencies and blockchain technology innovation. The country offers clear regulation on digital assets which make it an attractive destination for entrepreneurs seeking to establish projects while avoiding overbearing regulation or uncertainty about their legality in other jurisdictions such as the US or China.
Switzerland & Estonia
Switzerland is also proving popular among crypto companies due to its open approach towards blockchain technology innovation and its commitment to maintaining user privacy through strong data protection laws which protect personal information from misuse or unauthorized access by third parties such as governments or law enforcement agencies. Estonia meanwhile is becoming increasingly attractive due to its e-Residency program which allows businesses to operate within Europe without needing to set up physical offices there – making it easier than ever before for international entities looking to set up shop within the EU without worrying about stringent local regulations or compliance requirements that may be imposed elsewhere in Europe or beyond.