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Binance Ends Support for BUSD Stablecoin: What It Means for Users and the Future of Stablecoins

Binance, one of the largest cryptocurrency exchanges in the world, has made the decision to end support for its Binance USD (BUSD) stablecoin. This move comes after Paxos, the company responsible for minting new BUSD coins, announced that it would be halting its operations. The transition is set to take place on December 15th, and it will have significant implications for users of the BUSD stablecoin. Automatic Conversion to First Digital USD Starting on December 31st, many users' BUSD balances on Binance will be automatically converted into First Digital USD. This conversion will take place seamlessly, and users will not be required to take any action. The transition is designed to ensure a smooth and uninterrupted experience for BUSD users. Implications for BUSD Users While the automatic conversion should minimize any disruption for BUSD users, it is important for them to be aware of the implications of this change. Once their BUSD balances are converted into First Digital US

Coinbase CEO Brian Armstrong Addresses Crypto Securities and SEC vs. CFTC Turf War

Coinbase CEO Brian Armstrong Weighs in on Crypto Securities and SEC vs. CFTC Turf War

As the debate over crypto securities continues to heat up, Coinbase CEO Brian Armstrong weighed in on the issue during a recent interview. Armstrong expressed agreement with SEC Chair Gary Gensler on the importance of disclosures, but also pointed fingers at the SEC vs. CFTC turf war as a factor contributing to the current state of affairs.

The Importance of Disclosures

Armstrong acknowledged that there are indeed crypto securities on the market, and stated that Coinbase has reviewed over 1,000 different assets, rejecting 90% of them due to concerns over their status as securities. He emphasized the need for clear disclosures in the industry, stating that "if something is a security, people need to know that."

Armstrong also expressed support for the SEC's efforts to regulate the crypto industry. He stated that "I think it's great that the SEC is getting involved and trying to figure out how to regulate this space, because it's important that it be regulated."

The SEC vs. CFTC Turf War

However, Armstrong also pointed out that the SEC vs. CFTC turf war is causing confusion and hindering progress in the industry. He noted that "there is a bit of a turf war going on between the SEC and CFTC right now, and I think it's causing a lot of uncertainty in the market."

According to Armstrong, the SEC and CFTC have different approaches to regulating crypto, with the SEC focusing on securities and the CFTC focusing on commodities. This has led to confusion over which assets fall under which jurisdiction, and has made it difficult for companies like Coinbase to navigate the regulatory landscape.

Armstrong called for greater clarity and collaboration between the two agencies, stating that "we need to have better coordination between the SEC and CFTC so that we can have a clear path forward for the industry."

Moving Forward

In conclusion, Brian Armstrong's comments on the current state of affairs in the crypto industry highlight the need for clear disclosures and effective regulation. While he expressed agreement with the SEC on the importance of disclosures and regulation, he also called for greater clarity and collaboration between the SEC and CFTC to avoid confusion and uncertainty in the market.

As the debate over crypto securities continues, it is clear that there is still much work to be done in order to create a clear path forward for the industry. However, with leaders like Brian Armstrong advocating for greater transparency and collaboration, there is hope that progress can be made towards a more secure and regulated crypto market.


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