This new directive from Trump is expected to explicitly roll back the measures introduced as part of “Operation Chokepoint 2.0.” This alleged initiative by the Biden administration aimed to block banking services for crypto companies and executives.

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Bo Hines, Executive Director of the White House’s Presidential Working Group on Digital Assets, confirmed to Decrypt that an administrative process is underway, although he declined to provide further details. Hines stated, “I think the industry can expect something in short order.”

Hines also emphasized that the Trump administration is determined to end all practices associated with Operation Chokepoint 2.0. The term was coined by Nic Carter, a partner at Castle Island Ventures, referencing the original “Operation Choke Point” initiated during the Barack Obama era, which targeted payday lenders and firearms dealers.

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The filing argues that the SEC couldn’t demonstrate that users had any contractual obligations with Binance after purchasing specific cryptocurrencies, thereby challenging the essence of the Howey Test. This argument aims to dismantle the SEC’s case and potentially secure a dismissal of the lawsuit.

Binance’s Agreements with U.S. Agencies

Binance further asserts that recent agreements the company entered into with various agencies, including the Department of Justice (DOJ), the Commodity Futures Trading Commission (CFTC), and FinCEN, demonstrate its awareness of operating in the U.S. and serving U.S. customers. They argue that these agreements are unrelated to the SEC’s allegations and do not involve securities laws.

Additionally, Binance and CZ contend that the laws governing these agreements and consent decrees, such as the Bank Secrecy Act (BSA) and the International Emergency Economic Powers Act (IEEPA), differ from securities laws enforced by the SEC. This strengthens the claim that the SEC overreached its jurisdiction in this case.

In a separate filing, Binance specifically addresses the application of securities laws and argues that they should not apply in this case as they are not relevant to the allegations in the agreements and consent decrees.

Ultimately, these filings represent a significant challenge to the SEC’s case. By questioning the foundation of the lawsuit and asserting the irrelevance of prior agreements, Binance and CZ aim to secure a dismissal of the case and set an important precedent for the crypto industry.

The post Binance and CZ Counter the SEC Lawsuit! appeared first on Coin Engineer.

Exved aims to simplify the “currency operations and foreign economic activity” processes for Russian importers and exporters by offering business-to-business (B2B) solutions. The platform enables cross-border transactions using offshore rubles, US dollars, and Tether stablecoin.

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Significant industry partners like InDeFi Bank, which launched the decentralized crypto ruble project last year, participated in the launch of Exved. Sergey Mendeleev, co-founder and CEO of InDeFi Smart Bank, stated that the Central Bank and the Federal Financial Monitoring Service of the Russian Federation have tested and approved the mechanics of Exved.

Mendeleev stated, “The goal of the project is to offer people a payment opportunity of 2-3% instead of 6-7% and to provide specific mechanisms to implement payment requests.”

Russia’s central bank and Ministry of Finance had reached an agreement in September 2022 allowing cross-border settlements in cryptocurrencies. This development emphasizes Russia’s progress in the digital economy and cryptocurrencies.

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