Binance Halts US Dollar Deposits Amid SEC Suit

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The Spin

Pro-establishment narrative

If there’s anything we’ve learned from the past few months, it’s that regulators cannot stand idly by while crypto companies orchestrate billions of dollars worth of transactions and hold billions of American dollars without proper oversight. Like any emerging industry, there's uncertainty regarding asset classification and how pre-existing laws apply to novel businesses. However, the SEC has been clear that Binance.US must be separate from Changpeng Zhao’s Binance, and there is ample evidence that the two entities are exchanging customer funds freely and circumventing American law.

MSNBC

Establishment-critical narrative

The SEC is overstepping its bounds and making legitimate cryptocurrency exchanges pay for the sins of fraudulent FTX. Federal regulators are showing a clear lack of understanding about digital assets and cryptocurrency and are targeting an entire industry based on the actions of a few bad companies. At the end of the day, the SEC has always had it out for crypto and its potential to revolutionize the global economy, and it will go after the industry by any means necessary.

Coindesk

Metaculus Prediction

There is a 30% chance that Binance or one of its subsidiaries will file for bankruptcy or be sold “under duress” before 2024, according to the Metaculus prediction community.

Establishment split

CRITICAL

PRO

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