SEC Drops Lawsuit Against Binance
Hey, so get this! The big boss of crypto exchanges, Binance, just got a break from the U.S. money cops, the SEC. Like, the SEC actually dropped their lawsuit against them. Wild, right? It totally fits with how things have been changing up with crypto stuff since President Trump is back in the White House.
They filed some paperwork in a DC court, signed by everyone involved, even the Binance founder guy, Changpeng Zhao. The SEC basically said, 'Yeah, we're dropping this because we feel like it and it's a policy thing now.' They also made it clear this doesn't mean they feel the same way about other crypto lawsuits. And get this, they can't even sue Binance over this again. It's done done.
Someone from Binance was like, 'This is a huge deal!' They even thanked the SEC chairman and the Trump crew for understanding that new ideas need room to grow and shouldn't get smacked down by rules and stuff. The SEC spokesperson didn't say much else, idk why.
Remember how the SEC sued Binance and that Zhao guy back in 2023? They were saying Binance was messing with trading numbers, moving customer money around, and lying about how they kept an eye on things. They also said Binance was letting people trade crypto tokens that the SEC, when Joe Biden was in charge, thought should have been registered like regular stocks. This was different from that whole guilty plea Binance had last year and that massive fine for not following money rules. Zhao also pleaded guilty to some money stuff and got out of jail last September after being in there for about four months.
Oh, and remember that lawsuit the SEC had against Coinbase, which is like the biggest US crypto exchange? They dropped that one too back in February. The whole crypto world has been kinda annoyed about the government trying to slap regular stock rules onto digital money. A lot of these companies think their tokens are more like stuff you'd buy and sell, not stocks.
If the government says these tokens are like stocks, it means crypto companies would have to sign up with the SEC and tell investors way more stuff. But the SEC chairman, Paul Atkins, said back in May that a big goal is figuring out clear rules for dealing with crypto, like how to create it, trade it, and keep it safe, while also stopping the bad guys. For example, the SEC just sued a company called Unicoin and some of its bosses in May. They said Unicoin ripped people off for over $100 million by saying their tokens were safe and backed by real estate and companies that haven't even gone public yet.
So, Trump promised when he was running for president that he'd be a 'crypto president' and undo the crackdown that the previous SEC guy, Gary Gensler, was doing. And it seems like the SEC has actually backed off on a bunch of crypto lawsuits since then. What do you think this means for the future of crypto?
