BREAKING: #binance Coin #bnb plummets after #sec launches criminal investigation into CZ & Binance.

https://whalewire.substack.com/p/sec-launches-investigate-into-binance?sd=pf
Today, the SEC filed civil claims against http://Binance.US in what is the latest example of regulation by enforcement under the current Commission. To be clear, we believe the lawsuit is baseless and we intend to defend ourselves vigorously. However, we want to address what has become an all-too-common occurrence for entities and individuals operating in the American digital assets industry.

For nearly two and a half years, http://Binance.US has engaged in good faith with the SEC. All along, the objective of our engagement has been consistent: work constructively toward a clear, practical regulatory framework that enables businesses like ours to grow, create jobs, and provide American consumers safe access to digital assets.

While we remain open to a productive compromise that protects our customers and their digital assets, with this latest action taken against our business and following similar actions taken against Coinbase, Gemini, Kraken, and other market participants, the SEC seeks a near eradication of our industry.

Simply put, today’s filing is unjustified by the facts, by the law, or by the Commission’s own precedent. The relief sought by the Commission would harm the very investors the SEC is charged with protecting. It would also stifle innovation and punish our company and industry rather than working to allow American businesses to thrive.

We continue to call on Congress to step in and pass bipartisan legislation that creates a workable regulatory regime for digital assets and reins in the bureaucratic overreach of which our industry is the victim. Until then, our country’s role as a leader and innovator will continue to be undermined.
Last edited
9:19 AM · Jun 5, 2023
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