As part of a request to compel hearing, the United States Securities and Exchange Commission (SEC) was unable to persuade the judge to provide them quick access to Binance.US software. Nine additional senators have backed U.S. Sen. Elizabeth Warren’s Digital Asset Anti-Money Laundering Act, according to a statement from her office.
SEC rejects Binance’s request for immediate access.a US programme
The Securities and Exchange Commission of the United States was unable to gain rapid access to Binance.The judge stated that he is “not inclined to allow the inspection at this time” with regard to the US’s software.
The SEC’s move to compel Binance to provide specific information and make its executives more readily available for depositions, which has been a topic of disagreement between the two over the previous week, was the subject of the hearing on September 18.
Judge Faruqui stated during a hearing that he wasn’t “inclined to allow the inspection at this time.” As an alternative, he suggested that the SEC submit more precise discovery requests and interview a wider number of witnesses.
SEC accuses Binance of further offences
In its most recent filing against BAM, Binance’s parent company, the SEC asserts that wallet provider Ceffu is “related to Binance.”US.
In the redacted document, dated Sept. 18, Binance asks the court to reject its request for a protective order against the SEC probe because it lacks validity. The petition also calls into question Ceffu, which the SEC has raised concerns about due to its potential connections to the Binance exchange.
Ceffu changed its name from Binance in March, but the SEC claimed in a memo dated September 14 that it “appears to have control of Customer Assets.”
“The limited inspection the SEC has been able to conduct so far demonstrates the urgent need for an inspection,” the securities regulator stated in the filing from September 18. The Court ought to grant the SEC’s request for an inspection, as stated in its Motion to Compel.
On September 18, the SEC and representatives from Binance met in Washington, D.C., for a hearing regarding the regulator’s motion to compel against BAM.
Elizabeth Warren’s crypto bill is publicly supported by nine U.S. senators.
According to a statement from Sen. Elizabeth Warren’s office, nine additional U.S. senators have endorsed the Digital Asset Anti-Money Laundering Act.
Democratic Party Senators Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, and Catherine Cortez Masto, along with independent Sen. Angus King, are listed as joining the bipartisan coalition supporting the bill in the press release on Warren’s official Senate webpage. Durbin chairs the Senate Judiciary Committee, while Peters chairs the Senate Homeland Security and Governmental Affairs Committee.
Warren herself praised the backers of the new legislation, saying:
“Our growing coalition demonstrates that Congress is prepared to act; our bipartisan bill is the toughest proposal on the table, cracking down on cryptocurrency’s unauthorized use and enhancing regulators’ toolkit.”
The National District Attorneys Association, the Major County Sheriffs of America, the National Consumers League, Global Financial Integrity, Transparency International U.S., and the National District Attorneys Association have all endorsed this legislation.
Along with Senators Joe Manchin, Roger Marshall, and Lindsey Graham, Warren reintroduced the Digital Asset Anti-Money Laundering Act in July 2023. The current version of the document aims to implement additional legal measures to combat the illicit use of digital currency, including cracking down on noncustodial digital wallets, extending Bank Secrecy Act obligations, creating an anti-money laundering/countering the financing of terrorism compliance examination, and establishing other legal measures.
According to Warren, there is a “$50 billion crypto tax gap,” and if a tax policy update is put off, the Internal income Service and the U.S. Treasury might lose out on about $1.5 billion in tax income for the 2024 fiscal year.
