ChainCatcher news, according to The Block, there was a heated debate in the U.S. Congress during a hearing regarding cryptocurrency regulation issues. Although some companies have received permission from the U.S. Securities and Exchange Commission (SEC) to legally custody crypto assets, many crypto firms and lawmakers still criticize the SEC's regulatory approach.Robinhood's Chief Legal Officer Dan Gallagher stated that the company had suggested adjustments to the rules during discussions with the SEC regarding its crypto business, but the communication ultimately broke down. Meanwhile, Democratic Congressman Stephen Lynch stated that the rules are clear and that crypto companies should not selectively comply. The crypto industry accuses the SEC of selective enforcement and claims that its policies harm innovation and U.S. competitiveness.

ChainCatcher news, according to Cointelegraph, the cryptocurrency exchange OKX revealed in an email sent to Nigerian customers on July 17 that the company will exit Nigeria and cease providing services to all Nigerian customers.OKX stated that the main reason for stopping services in the country is "recent changes in local laws and regulations," and set the deadline for users to access the platform's features as August 16, 2024. After the deadline, Nigerian users will only be able to access the platform to withdraw funds or close positions.

ChainCatcher news, Coinbase released a report indicating that the number of cryptocurrency developers in the United States has significantly decreased, dropping by 14 percentage points over the past five years, now accounting for only 26%. Executives from Fortune 500 companies express concerns about the shortage of trusted talent, believing it poses a greater barrier to cryptocurrency adoption than regulatory issues.Therefore, Coinbase believes it is necessary to clarify the relevant rules and regulations regarding cryptocurrency to keep developers in the United States.

ChainCatcher news, according to Coin Edition, KuCoin CEO Johnny Lyu stated that the recent accusations from the U.S. government are not unique to KuCoin, but rather typical growth and regulatory issues faced by emerging industries. It is not far-fetched to see regulatory gaps in the early stages of industries like cryptocurrency, and as the industry matures, the cryptocurrency sector will move towards compliance and standardization.Lyu revealed that last Friday, KuCoin became the first global exchange registered with India's financial intelligence agency. "This reflects our respect for local regulations and our proactive compliance with the rules."Previously, information disclosed on the U.S. Department of Justice website indicated that KuCoin and its two founders CHUN GAN (also known as "Michael") and KE TANG (also known as "Eric") were accused of violating the Bank Secrecy Act and unauthorized money transmission. It is reported that the U.S. Attorney's Office for the Southern District and the Department of Homeland Security Investigations announced the unsealing of the indictment, accusing KuCoin of violating the Bank Secrecy Act and willfully violating anti-money laundering laws. The individuals involved are still at large.KuCoin posted on the X platform stating that KuCoin is currently operating well, user assets are secure, and they are aware of the related reports, and are currently investigating the details through their lawyers. KuCoin respects the laws and regulations of various countries and strictly adheres to compliance standards.

ChainCatcher news, according to Bloomberg, Hong Kong Securities and Futures Commission CEO Ashley Alder stated in an interview with international media that if regulatory issues are resolved, the Hong Kong region is considering allowing retail investors to participate in spot cryptocurrency ETFs.Alder mentioned that Hong Kong welcomes solutions that use innovative technology to enhance efficiency and customer experience, as long as new risks are mitigated, Hong Kong is willing to give it a try.

ChainCatcher news reports that, according to sources, the relationship between Zhao Changpeng and Binance.US, along with the current regulatory environment, will pose obstacles to the company's development.Currently, the company has proposed three solutions. Solution one: continue to implement growth initiatives as planned. However, this requires Zhao Changpeng to resolve his regulatory issues with the U.S. Securities and Exchange Commission (SEC) by either selling all his shares in Binance.US or placing them in a blind trust; Solution two: moderately reduce the company's burn rate while investing in the platform. This would allow for investments in certain platform upgrades, such as sub-account features and AWS/infrastructure optimization. However, this solution requires investors to be willing to invest in the company during the current bear market; Solution three: go dormant until there is a substantial improvement in the company's situation. This would significantly reduce the burn rate while maintaining normal business operations and licenses. If Zhao Changpeng can improve the regulatory situation or if Congress passes some form of regulation, Binance.US may continue its growth plans after the dormancy period.Previous report indicates that Binance.US has laid off one-third of its staff, and CEO Brian Shroder has departed, temporarily replaced by Chief Legal Officer Norman Reed.

ChainCatcher news, according to Bloomberg citing informed sources, PayPal has paused its stablecoin project, which was originally set to launch in the coming weeks. However, due to the constantly changing regulatory environment for such digital assets (its partner Paxos is under investigation), PayPal will have to delay the progress of this work. (Bloomberg)

ChainCatcher News, U.S. Commodity Futures Trading Commission (CFTC) spokesperson Steven Adamske stated that they are monitoring the developments of the FTX incident, but "currently no regulatory issues have been clarified." (Source link)