Web3 Diaries-FTX, Genesis Reach Agreement In Ongoing Bankruptcy Dispute
A tentative deal between the bankrupt cryptocurrency companies FTX and Genesis would settle the allegations made by both sides in their continuing dispute.
“The Parties have reached an agreement in principle, subject to documentation, regarding a settlement that would resolve, among other things, the claims asserted by the FTX Debtors against the Debtors in these Chapter 11 Cases and the claims asserted by the Genesis Debtors against the FTX Debtors in the FTX Chapter 11 Cases,” a letter filed by their legal representatives to Judge Sean H. Lane reads.
The letter did not include details about the settlement.
Binance: CFTC Overreached in Suing the Crypto Exchange
The U.S. Commodity Futures Trading Commission (CFTC) is reaching beyond its jurisdiction in trying to sue Binance, the global crypto exchange said in a motion to dismiss the regulator’s lawsuit against it.
The filing leans heavily on the view that the CFTC is overreaching in suing Binance, which does not operate in the U.S., and its CEO Changpeng “CZ” Zhao, who does not reside in the U.S., the filing said. The first six of the CFTC’s charges “do not apply to the foreign conduct alleged here,” and several of the charges don’t meet the legal standards set out by statutory requirements, it added.
The seventh charge – that Binance is trying to evade the Commodity Exchange Act – should be dismissed because the agency likewise does not meet the requirements it needs, the filing said.
U.S. Senate Passes Military Spending Bill With Crypto AML Provision
The U.S. Senate, last Thursday, passed the 2024 National Defense Authorization Act (NDAA), which included a provision that tightens oversight over financial institutions engaged in crypto trading and takes aim at crypto mixers and “anonymity-enhancing” crypto assets.
The amendment was brought forward by a bipartisan group of U.S. Senators, comprised of Kirsten Gillibrand, Cynthia Lummis, Elizabeth Warren and Roger Marshall, who said in a press release that the move represented “one of the most substantial congressional actions to date regarding crypto assets.”
The amendment was crafted by provisions taken from the 2023 Lummis-Gillibrand Responsible Financial Innovation Act and Senator Warren’s and Senator Marshall’s Digital Asset Anti-Money Laundering Act, introduced in 2022.
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