Connect with us

Business

Coinbase cites Binance BNB token precedent in SEC petition

In response to a petition filed with the U.S. Securities and Exchange Commission (SEC), both Coinbase and Binance have taken significant steps that could establish a precedent for the regulatory status of Binance Coin (BNB).

Published

on

In response to a petition filed with the U.S. Securities and Exchange Commission (SEC), both Coinbase and Binance have taken significant steps that could establish a precedent for the regulatory status of Binance Coin (BNB).

The petition, which challenges the classification of BNB as a security, prompted responses from both major cryptocurrency exchanges. Coinbase, a leading platform for buying, selling, and holding cryptocurrencies, submitted a detailed legal analysis defending BNB’s status as a non-security. Meanwhile, Binance, the world’s largest cryptocurrency exchange by trading volume, also addressed the petition, emphasizing its commitment to regulatory compliance.

The outcome of this petition holds significant implications for the broader cryptocurrency industry, particularly concerning the regulatory treatment of tokens issued by cryptocurrency exchanges. BNB, which serves multiple functions within the Binance ecosystem, including transaction fee payments and participation in token sales, has been under scrutiny regarding its classification.

Coinbase’s and Binance’s responses reflect their proactive approach to regulatory challenges, aiming to clarify the legal status of BNB and ensure compliance with U.S. securities laws. The exchanges’ efforts are expected to influence future regulatory decisions and policies governing cryptocurrency tokens with similar functionalities.

As regulatory scrutiny intensifies in the cryptocurrency space, stakeholders await further developments from the SEC regarding its stance on BNB and other digital assets. The responses from Coinbase and Binance set a precedent for how exchanges navigate regulatory challenges and seek clarity on the regulatory status of tokens integral to their platforms.

Moving forward, the cryptocurrency community will monitor the SEC’s response to the petition and its potential implications for BNB and other tokens operating within similar regulatory frameworks. The outcome could shape future regulatory approaches and market dynamics within the evolving landscape of digital assets and blockchain technology.

Business

7-Eleven South Korea to accept CBDC payments in national pilot program

Published

on

7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

Continue Reading

Business

SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

Published

on

The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

Continue Reading

Business

GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

Published

on

GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk