Binance has managed the legal team that successfully put media outlet Gawker out of business to fight a legal wrangle against Forbes. The latter published an article in October alleging that Binance had created a masterplan that would allow it to “intentionally deceive [American] regulators.” The exchange said, in a legal filing that it was demanding a jury trial after suffering hefty damages. The company has hired Charles Harder, who successfully helped ex-pro wrestler Hulk Hogan sue Gawker for USD 140m in 2016 – and later went on to help President Donald Trump win his nuisance case suit against the actress Stormy Daniels.
CBDCs News
The central Bank of Japan (BoJ) is ready to launch digital yen trials as it prepares the tentative launch of its own central bank digital currency (CBDC). As reported by Reuters, the BoJ will team up on the pilots with some 30 companies, including financial and banking giants the Mitsubishi UFJ Financial Group, the Mizuho Financial Group, and Sumitomo Mitsui – in addition to several brokerages. Reuters reports that the digital yen pilot group will also comprise several telecommunication firms, utilities, and retailers.
Anatoly Aksakov, the Chairman of the Committee of the State Duma of the Federal Assembly of the Russian Federation on Financial Markets and the chief architect of Russia’s crypto and blockchain legislation, has affirmed that pilots for the forthcoming digital ruble will begin as early as next year. In a conversation with media outlet Finversia, Aksakov stated that the token would be compatible with Central Bank-issued wallets and would be made accessible “to all economic entities,” including “private citizens, businesses, financial market participants and the state,” for “making payments and settlements.”
Regulation News
The Securities and Exchange Commission of Thailand has amended its net capital rules to reinforce securities firms and derivatives brokers’ liquidity management, support soaring trading of Thai bourses, and accommodate digital asset trading, the Bangkok Post reported. The revised rules are expected to help free up liquidity for securities firms that plan to enter new business such as open digital or cryptocurrency exchanges, it added.
Crypto Adoption News
Winning Poker Network, which serves sites including AmericasCardRoom.EU has had to buy millions of dollars worth of BTC a day from over-the-counter trading desks in current weeks to satisfy the requirement of exiting players, Bloomberg reported, citing CEO Phil Nagy. The business does more than 60% of its transaction volume in BTC, which about USD 100m a month, it added.
Travala.com, a blockchain-based travel booking service, said it has partnered with BitPay, a major provider of crypto payment services, to power Travala.com’s new Travel Gift Cards. The partnership will enable cryptocurrency holders to purchase gift cards redeemable for over 3 million travel products on Travala.com.
Current inefficient payment mechanisms are driving the rise of bitcoin (BTC), Jay Clayton, the outgoing Chairman of the US Security and Exchange Commission, told CNBC. According to him, BTC is not a security, “it was much more a payment mechanism and stored value.”
"We determined that bitcoin was not a security, it was much more a payment mechanism and stored value," says SEC Chairman Jay Clayton on #btc. "Our current payment mechanisms–have inefficiencies those inefficiencies are the things that are driving the rise of bitcoin." pic.twitter.com/3r1mxzfgpi
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