This week in the crypto world, we saw US Democrats finally find the keys to their crypto bus, Tether call out Celsius, and Binance toe the regulatory line.
Democrats Finally Board the Crypto Bus
It’s taken Donald Trump’s success in the space to get it going, but Democrats have finally found the keys to their crypto bus. A virtual event, organised by the Crypto4Harris movement, featured Senate Majority Leader Chuck Schumer and business titan Mark Cuban, the latter of whom issued a warning about Donald Trump’s crypto intentions.
Wiley Nickel, the Representative from North Carolina, also joined in, warning that Trump had only recently pivoted to crypto as he sees it as a way to further enrich his already wealthy friends. Kamala Harris still hasn’t endorsed crypto in any form, but there is increasing belief that she will do, making a remarkable turnaround for Democrats.
Tether Hits Out at Celsius Lawsuit
Celsius last week sued Tether for $2.4 billion over a loan it took out from the tether issuer, but Tether is, perhaps unsurprisingly, not going down easy. The USDT issuer said this week that it will rigorously defend itself against the, which it called “baseless” and likens it to a “meritless shakedown.”
Celsius alleges that Tether owes it the dollar value of almost 40,000 bitcoins it sent Tether as collateral for the loan in mid-2022, but Tether accused Celsius of trying to “impose the costs of Celsius’ mismanagement and failure” on it and claimed that Celsius’ case has no validity whatsoever.
Binance Toes the Line in Brazil and India
It’s been a busy week for Binance, which has reopened in India after seven months and has also settled a four-year investigation in Brazil. The exchange giant, now under the less chaotic guidance of Richard Teng, paid 9.6 million Brazilian reals ($1.76 million) in order to end a four-year probe by the Brazilian Securities and Exchange Commission into its derivatives offering. Following the agreement, Binance is allowed to continue operating in the country under a new agreement after its initial offer of just 2 million reals was rejected.
Just a day later, it was revealed that Binance has reopened in India following its ban in December. The company has registered with India’s Financial Intelligence Unit as a reporting entity, allowing it to open itself up to customers again after settling a $2.25 million fine with the agency earlier in the year.
Binance called this development another “regulatory milestone,” making it the 19th such regulatory license it has obtained.
