Binance US 'Prepared' For SEC Legal Showdown

Here are some of the major developments in the world of crypto over the past few days
Crypto Update
Crypto Update

Binance.US, the USA-based arm of the global cryptocurrency exchange Binance, had prepared itself for the battle against allegations made by the SEC (United States Securities and Exchange Commission).

In a recent X post, Binance.US labelled the SEC's "regulation by enforcement" as politically motivated overreach under the current leadership, before touting its legal standing, saying it is confident that the SEC has been unable to identify any evidence of wrongdoing.

Read More : Crypto Market Dips Marginally Even As Trading Volume Declines; Bitcoin, Ethereum Down

Though Binance.US has strived to get the claims against it dismissed, the majority of the claims were allowed to move forward by a U.S. court. Still, the court's ruling counted to some degree as a success for the exchange by dismissing the allegation about the secondary sales of its tokens.

Though Binance.US is gearing up to fight its case, the development has underlined tensions between the broader cryptocurrency industry and the approach to regulation taken by the SEC.

Cardano Leads the Way in Sustainable Crypto with Early MiCA Compliance

The Cardano Foundation, in collaboration with the Crypto Carbon Ratings Institute, has published Cardano sustainability indicators to demonstrate proactive regulatory compliance—up to six months in advance of the European Union's Markets in Crypto-Assets expected deadline.

Released on July 2, the report singled out the energy efficiency of Cardano's proof-of-stake consensus protocol, which represents a minimal fraction of the electricity being used by Proof-of-Work protocols. Other data items include total yearly electricity usage by the network, carbon footprint, and marginal power demand per transaction.

In compliance with the draft regulatory technical standards set by the European Securities and Markets Authority, Cardano is setting a crypto industry benchmark. In an interview, Frederik Gregaard, Chief Executive of the Cardano Foundation, explained that more transparency is necessary and that it builds trust with regulators and investors as markets mature.

The move thus mirrors Cardano's concern for the environment in blockchain and underlines the fact that crypto networks can be green and effective. Since regulations within MiCA's first wave have started taking effect—presently for stablecoins—Cardano has acted well in time and is, therefore, well-positioned regarding wider regulations planned for December.

Bitfarms Surges Ahead Amid Takeover Drama

In an update from the Canadian Bitcoin miner, Bitfarms, the company's monthly production of Bitcoins surged 21% in June alone. It minted 189 BTC, despite some high-stakes takeover battles with a fellow rival, Riot Platforms.

The miner strategically expanded into the US with a 120MW site in Pennsylvania, expected to add an extra 8 EH/s. However, operations at its Paraguay facility were hit by severe weather that forced a temporary curtailment.

Desperate to ward off Riot's takeover attempts, Bitfarms appointed an independent board member to block Riot's proposal for the replacement of three directors. Riot holds only a 14.9% stake in Bitfarms but was rebuffed in its attempt to acquire more. It sold 134 of the 189 BTC it mined, recording $8.8 million in revenue. As of June 30th, the company was holding 905 BTC, which at current prevailing market prices means $57 million in treasury.

Despite a production decline of 51% year-over-year due to the impact of the halving event on its production, Bitfarms, nevertheless, has undeterred operational excellence, strategic expansion, and a culture of financial prudence with changing times in Bitcoin mining.

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