In an impressive bipartisanship , the U. S. House voted for a resolution to disown a SEC rule that deals with the management of digital assets by the custodians of cryptocurrency. SEC bulletin, which doesn’t require full process of rulemaking, is obliging companies to demonstrate accounts of crypto assets according to hard rules.

Republicans were mostly in support of the motion, their arguments based on the fact that there were too many requirements which would end up becoming burdensome for banks. They feel that the commissions and environmental preservation will drive banks out of such business lines with little ability to support their customers. 

Democrats were split, with some like Congressman Maxine Waters defending SEC efforts to protect investors from fraudulent practices and informing the market while some others said that SEC’s role was only important at the initial stages.

This proves to be a real challenge, and the authorities will need to take a complex approach to the wide range of jobs they do in regulating the field of cryptocurrency, which is still emerging. Managing a suitable middle ground between innovation and the safety of consumers will be critical. The SEC is an important watchdog, but overly complex rules could indirectly shorten the crypto market.

Also Read:Alchemy Pay and Bitget Enable Seamless INR Crypto Purchases 

By Camillus Eboh

ABUJA (Reuters) – Nigerian authorities on Wednesday denied allegations from Binance’s CEO of soliciting bribes, saying the claim was a “diversionary tactic” and an “act of blackmail” aimed at undermining ongoing criminal charges against the company.

Binance, the world’s largest crypto exchange, and two of its executives face separate trials on charges of tax evasion and laundering more than $35 million, which the company is challenging.

Tigran Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance, remains in custody while British-Kenyan Nadeem Anjarwalla has fled the country.

CEO Richard Teng in a blog post accused unidentified Nigerian officials of demanding a $150 million cryptocurrency bribe to halt the investigations.

In a statement on Wednesday, Nigeria’s Information Ministry spokesperson Rabiu Ibrahim said the claims “lack any iota of substance”. He accused Binance of attempting to undermine the country’s legal proceedings.

“It is nothing but a diversionary tactic and an attempted act of blackmail by a company desperate to obfuscate the grievous criminal charges it is facing in Nigeria,” Ibrahim said.

“The facts of this matter remain that Binance is being investigated in Nigeria for allowing its platform to be used for money laundering, terrorism financing, and foreign exchange manipulation through illegal trading,” he said.

Nigerian authorities claim the bribery allegations are part of a wider campaign by Binance to discredit investigations against the company, citing similar legal troubles in the United States.

Binance did not immediately comment, but in a statement on Tuesday accused Nigeria of setting a dangerous precedent after its executives were invited for talks and then detained as part of a crackdown on the crypto industry.

Teng’s blog is the latest in a dispute that has already seen Binance close in Nigeria.

Nigeria blamed Binance for its currency problems after cryptocurrency websites emerged as platforms of choice for trading the Nigerian naira as the country grappled with chronic dollar shortages.

Binance said in early March it was stopping all transactions and trading in naira.