US SEC Charges Binance Of Not Helping With Probe, Decentralised Stablecoins Could Dominate Crypto, Says MakerDAO

Here are some of the major developments from the world of crypto over the past few days

The United States Securities and Exchange Commission (SEC) has charged Binance US of not helping the regulator with the continuing inquiry against the cryptocurrency exchange.

In a court document filed on September 14, 2023, SEC said that Binance.US has produced only 220 documents during the discovery process of which many are “unintelligible screenshots and documents without dates or signatures.”

SEC added that BAM, the holding company of Binance.US, has also refused to produce essential witnesses for deposition, instead agreeing only to four depositions of witnesses it has unilaterally deemed appropriate.

It said: “It has responded to requests for relevant communications with blanket objections and has refused to produce documents kept in the ordinary course of its business, claiming those documents do not exist, only for the SEC to later receive such documents from other sources.”

Decentralised Stablecoins Could Dominate Crypto, Says MakerDAO Co-Founder

MakerDAO co-founder Rune Christensen has said that appropriate regulation will see Stablecoins become mainstream, but the real opportunity lies in decentralised Stablecoins.

If cryptocurrency “ends up living up to its potential, decentralised Stablecoins may eventually rule the Stablecoin market,” Christensen told Cointelegrpah at Token 2049 in Singapore.

Christensen shared his views on the future of decentralised Stablecoins like Dai and its place in the broader crypto economy. He also talked about a presentation made at the conference by Nic Carter, a partner at Castle Island Ventures, who had said that within two years, interest-bearing Stablecoins might account for 30 per cent of the market.

Christensen added that this would likely rely on the macroeconomic environment, adding that “if high inflation high rates continue, then Stablecoin dominance will probably grow.”

Hong Kong Retains Top Crypto-Ready Position For 2nd Year

Hong Kong, which has maintained its dominance in the area of cryptocurrency preparedness for the past two years, was named as the jurisdiction best suited for the widespread adoption of cryptocurrency in 2023.

Hong Kong, Switzerland and the US maintained their top three rankings in a research that took into account the availability and spread of cryptocurrency—through ATMs, businesses, accessibility, and legality. While Hong Kong grabbed the top spot with a crypto readiness score (CRS) of 8.36, the US fell down a spot to third place after recording a fall of 6.5 per cent in its CRS score — from 7.7 in 2022 to 7.25 now. Switzerland’s CRS score increased by more than 9 per cent, from 7.5 to 8.18.

A nation’s CRS is influenced by elements including the presence of cryptocurrency ATMs, laws that support the industry, start-up culture, and a just tax structure. Slovenia, Canada, and Australia were the other countries in the top-10 list in 2023.

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