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The former head of the CFTC called the lawsuit against Binance very serious

March 29, 2023
1:53 PM

Yesterday, March 28, former head of the CFTC Timothy Masad commented on the regulator’s lawsuit against Binance as part of the First Mover program. According to him, the situation should not be underestimated. The details in the complaint point to work “from the inside”, so the CFTC is serious about it.

First Mover is a program on CoinDesk TV. In discussion with host Masad emphasizedThe accusations of the regulator are by no means unfounded.

The specifics of the lawsuit indicate that the Commodity Futures Trading Commission (CFTC) has some evidence.

“This complaint basically says that Binance and its CEO Zhao have been cultivating business in the US. They helped contractors and US citizens circumvent legal restrictions, took certain actions to hide the volume of their business in the country from supervisory authorities, ”Masad emphasized.

On Monday, March 27, the CFTC filed a lawsuit against Binance and Changpeng Zhao personally. He immediately responded, accusing the regulator of distorting the facts. At the same time, the commission’s complaint contains points that indicate the desire to completely stop the exchange’s activities in the United States.

Will there be a regulatory shift?

The “First Mover” host also asked Masad if the lawsuit against Binance would expedite the implementation of crypto regulations. To this, the former chairman of the CFTC replied as follows:

“So far, I do not see the prerequisites for this in Congress. I think there are many opinions, from a complete ban to a clear regulatory system in order to support innovation.”

Masad then added the following:

“Now we just have to wait. The claim will take some time to process.”

Source: Cryptocurrency

David

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