Janet Yellen Calls for Crypto Regulation to Fill ‚Holes‘ in System

Overview

• Janet Yellen, U.S. Treasury Secretary, believes additional regulation is needed to protect consumers and investors from the risks of the crypto industry
• The US regulatory system is equipped to handle these risks but there are “holes in the system” that need to be addressed with new rules
• Yellen did not elaborate on what kind of regulations should be implemented

Cardano Company Input Output States ADA Is Not a Security

Input Output, a Cardano company, has stated that its native token ADA is not a security. Coinbase CEO Brian Armstrong has also responded to the SEC lawsuit by stating that Gary Gensler’s views are not representative of the US government. Moreover, SEC filings have revealed testimonies from former Binance.US CEOs and Binance CEO CZ was summoned to appear in District of Columbia court while Binance US removed over 100 advanced trading pairs due to SEC scrutiny.

Coinbase CEO Responds To SEC Lawsuit

Coinbase CEO Brian Armstrong responded to the recent SEC lawsuit saying that Gary Gensler’s views regarding digital assets were not reflective of those held by the US government. He further added that Coinbase had been working closely with regulators for many years and will continue doing so going forward as well. Furthermore, he reassured customers that their funds remain safe and accessible on Coinbase.

SEC Filings Reveal Testimonies Of Former Binance CEOs

SEC filings have revealed testimony from former Binance.US CEOs which suggest they had knowledge about certain activities which may have been conducted illegally or without proper authorization from regulatory bodies such as FINRA or MSRB. This information was uncovered during an investigation into alleged violations of securities laws by Binance US related entities back in 2021-2022 period.

Binance CEO Summoned To Appear In Court & Removes Trading Pairs

Binance CEO Changpeng Zhao (CZ) was summoned to appear in a District of Columbia court regarding an investigation into alleged violations of securities laws by Binance US related entities between 2021-2022 period as per reports from local media outlets citing sources close to the case. Additionally, Binance US recently removed more than 100 advanced trading pairs due to increased scrutiny from the Securities Exchange Commission (SEC).