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Recap
The United States Securities and Exchange Commission (SEC) wasn’t able to convince the judge to grant them expedited access to Binance.US software as part of a motion to compel hearing. Meanwhile, U.S. Sen. Elizabeth Warren’s Digital Asset Anti-Money Laundering Act has won the support of nine further senators, a statement from her office said.
SEC fails request for immediate access Binance.US software
The United States Securities and Exchange Commission has failed to win immediate access to Binance.US’s software, with the judge saying he isn’t “inclined to allow the inspection at this time.”
The hearing was held on Sept. 18 to discuss the SEC’s motion to compel Binance to hand over detailed information and make its executives more available for depositions, which has been a point of contention between the two over the past week.
In a hearing, Judge Faruqui said that he wasn’t “inclined to allow the inspection at this time.” Alternatively, he proposed that the SEC should come up with more specific requests for discovery and speak with a broader range of witnesses.
SEC lobs more accusations at Binance
The SEC claims that wallet provider Ceffu is “Binance-related” in its latest filing against BAM, the holding company for Binance.US.
The redacted filing, which was dated Sept. 18, argues that Binance’s request seeking a protective order against the SEC’s investigation is meritless and calls on the court to deny the request. The filing also raises questions about Ceffu, which the SEC recently flagged for its alleged ties to the Binance exchange.
Ceffu rebranded from Binance in March but “appears to have control of Customer Assets,” the SEC said in a Sept. 14 memorandum.
In the Sept. 18 filing, the securities regulator wrote: “The limited inspection the SEC has been able to conduct so far demonstrates the urgent need for an inspection. [redacted] The Court should order the inspection the SEC seeks as set forth in its Motion to Compel.”
Representatives from Binance and the SEC were in Washington, D.C. on Sept. 18 for a hearing over the regulator’s motion to compel against BAM.
Nine U.S. senators publicly back Elizabeth Warren’s crypto bill
Nine U.S. senators have added their support to Sen. Elizabeth Warren’s Digital Asset Anti-Money Laundering Act, according to a statement from Warren’s office.
The press release on Warren’s official Senate webpage names Democratic Party Sens. Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet and Catherine Cortez Masto, along with independent Sen. Angus King, as those who joined the bipartisan coalition supporting the bill. Peters is the chair of the Senate Homeland Security and Governmental Affairs Committee, while Durbin is the chair of the Senate Judiciary Committee.
Warren herself welcomed the new bill supporters, stating:
“Our expanding coalition shows that Congress is ready to take action — our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox.”
This bill has also been endorsed by Transparency International U.S., Global Financial Integrity, the National District Attorneys Association, the Major County Sheriffs of America, the National Consumer Law Center and the National Consumers League.
Warren reintroduced the Digital Asset Anti-Money Laundering Act, along with Sens. Joe Manchin, Roger Marshall and Lindsey Graham, in July 2023. In the current version, the document intends to crack down on noncustodial digital wallets, extend Bank Secrecy Act responsibilities, establish an Anti-Money Laundering/Combating the Financing of Terrorism compliance examination and implement other legal measures to fight the illicit use of digital money.
Warren believes there is a “$50 billion crypto tax gap,” with the Internal Revenue Service and U.S. Treasury risking missing out on roughly $1.5 billion in tax revenue for the 2024 financial year if a tax policy update is delayed.
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