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[/%E2%80%8B%E2%80%8Bhttps://www.coindesk.com/policy/2023/05/12/eu-crypto-tax-plans-include-nfts-foreign-companies-draft-text-shows/?utm_source=tldr_crypto]

2023.05.15
source unknown1 min readTLDR Crypto

BINANCE SLAMS US CRYPTO CRACKDOWN AND MAKES BID FOR UK OVERSIGHT

Binance is apparently struggling to operate in the US due to increased regulatory scrutiny. Its chief strategy officer, Patrick Hillmann, expressed the company's interest in being regulated in the UK, despite past clashes with London-based regulators. Binance has faced multiple lawsuits from US regulators, including the CFTC and the DOJ. While it is difficult to operate in the US now with its unclear regulatory framework, Hillmann believes the US will eventually follow Europe’s lead.

2023.05.11
archive.ph3 min readTLDR Crypto

TO THE CITY

Throughout the last bull market, Miami embraced cryptocurrencies and attempted to build out a thriving crypto ecosystem, the city has since experienced a significant shift in attitude toward digital currencies. Since the bear market ensued, MiamiCoin, a coin the city was looking at integrating, trading ceased, the Miami Heat had to replace FTX with another sponsor for its arena, and Blockchain.com abandoned its planned Wynwood office. The city now focuses on tech startups, AI, and venture capital, with Mayor Suarez emphasizing the lessons learned from their initial foray into the crypto world.

2023.05.11
archive.ph6 min readTLDR Crypto

UNCERTAINTY

Over the past few days, order book sleuths have been reporting some anomalies in flows and bid/ask spreads. Yesterday, Bloomberg reported that market-making firms Jane Street Group and Jump Crypto are winding down their market-making activities in the US due to increased regulatory scrutiny. Jane Street is also scaling back its global crypto operations, while Jump Crypto is focusing on international expansion. Both firms continue to make markets in crypto but on a smaller scale. These moves explain the thin order books and abnormalities we’ve been seeing. The regulatory crackdown, which targets trading platforms, stablecoin issuers, and brokers, has also prompted several other crypto companies to consider relocating operations to international financial hubs like Dubai, Singapore, and Hong Kong.

2023.05.10
archive.ph3 min readTLDR Crypto

TO SELL

The SEC has been attempting to regulate cryptocurrencies since 2017, asserting authority over many coins and trading platforms. Further, SEC Chair Gary Gensler believes most current crypto tokens fall within this category, making their distribution potentially illegal. However, the SEC only really has the authority to regulate coins classified as securities. Despite warnings since 2017, only a small percentage of cryptocurrencies have been addressed through enforcement. This has led to complaints that regulators are using strong-arm tactics to expand their jurisdiction without giving clear frameworks around regulation.

2023.05.10
archive.ph2 min readTLDR Crypto

COINBASE TRIES NOVEL DEFENSE IN SEC FIGHT

Coinbase is currently squaring off with the SEC about the regulatory body’s claims that Coinbase was operating as a stock exchange and brokerage without adhering to investor-protection rules. One of the main lines of defense Coinbase is leveraging is that the SEC approved the company to go public in April 2021, claiming the regulatory body signaled that its core business was not unlawful. However, securities lawyers point out that the SEC's review process only examines companies' risk disclosures to investors, not their business models' legality. The SEC also maintains that disclosure reviews don't determine compliance with laws beyond disclosure and accounting.

2023.05.08
archive.ph5 min readTLDR Crypto