Former US Senator from Montana and Democratic Party member Max Baucus became an advisor to the Binance crypto exchange. In his new post, he will take over Binance’s relationship with US financial regulators. In addition, Bokus will advise the company on interaction with the authorities of the “most important” jurisdictions, writes RBC Crypto.
Nikita Zuborev, senior analyst at Bestchange.ru, is confident that information about the ex-senator’s new job will no longer bring any growth to Binance Coin in the short term, since it has exhausted its significance for the market. The analyst explained this by the fact that the head of Binance Changpeng Zhao announced it back on March 9, but then did not elaborate on the details. Immediately after this announcement, the quotes of the BNB exchange’s own token began to grow. During the day, they rose by 26%. Among digital money, cryptocurrency again took the third place in terms of capitalization, behind only Bitcoin and Ethereum.
As for long-term forecasts, according to the head of the analytical department of AMarkets Artem Deev, everything will depend on the specific steps of Bokus, on the financial dynamics of the exchange and the general state of the cryptocurrency market, as well as on the decisions of regulators regarding digital assets. Zuborev predicts a multiple rise in BNB quotes, but warns that before the start of a new rally, a correction to the level of about $ 255 is quite likely.
Binance’s arrival at Binance could be one of the steps towards Binance’s IPO, Deev emphasizes. United Traders managing partner Anatoly Radchenko asked a similar question on Twitter.
However, Nikita Zuborev disagrees with them. In his opinion, for this, the crypto exchange will have to change “a lot” in its structure and policies. Coinbase, which will soon be listed on NASDAQ, was originally in the US jurisdiction and followed all the rules of local regulators, the analyst said.
Coinbase will be the first crypto exchange to be publicly traded on the stock market. On March 4, the last round of securities sales among a limited circle of people on the NASDAQ Private Market ended, Boomberg reports. At the close of trading, the crypto exchange was valued at $ 90 billion, at $ 350 per share. Public trading in the shares will begin at the end of March.
Coinbase will go public bypassing the IPO procedure through a direct listing. Unlike an IPO, the company does not issue new securities in this case. Existing shares of investors and employees are being traded on the exchange. This allows you to reduce the cost of investment banking services.
The head of the analytical department at AMarkets is confident that the former senator and ardent supporter of cryptocurrencies will lobby not only the interests of a particular exchange, but also help ensure that digital assets in the United States become more recognized as a means of payment, savings and investments. Nikita Zuborev also appreciated the positive impact of the news on the cryptocurrency market.
“Any networking between politicians and cryptocurrency projects will benefit. Even if we take into account the possible tightening of regulation that should follow this news, the very fact of new ties with the ruling elite will have a positive effect on the industry, one should not forget about the possibilities of completely legal and official lobbying in the United States. Everyone will benefit from the new cooperation, the authorities will get a more transparent and regulated industry, and crypto projects will have access to new capital, ”added a senior analyst at Bestchange.ru.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
