CoinMarketCap Daily, August 9: Crypto Lobbying Hits DC
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CoinMarketCap Daily, August 9: Crypto Lobbying Hits DC

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Today, we examine what happened with the crypto amendment in the U.S. infrastructure bill as well as Poloniex and the SEC.

CoinMarketCap Daily, August 9: Crypto Lobbying Hits DC

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D.C. Takes Notice of Crypto After Tax Battle 👁️

Crypto may have lost the battle to get an “unworkable” tax plan out of the $1 trillion infrastructure bill, but it got a very good consolation prize: Respect in the halls of political power. Now the beltway has woken up to crypto’s influence, and the next fight will likely be easier, or at least crypto will know it’s coming. Read all about it!

Poloniex Pays $10M to Settle With SEC 💸

The crypto exchange Poloniex, which departed the U.S. two years ago, has finally settled SEC charges for selling unregistered securities in the form of cryptocurrencies. The $10 million has to hurt, but it’s far from threatening. However, the agreement may have an impact on the SEC’s crusade to have most cryptocurrencies designated securities. Get the news here.

Stablecoin Maker Circle Seeks National Bank Charter 🏦

Stablecoin issuer Circle is looking to step up its banking game. While several crypto companies, notably Anchorage, have banking licenses from the OCC, Circle wants to double down as a full-reserve national commercial bank. This would mean FDIC coverage and supervision from the Federal Reserve and Treasury Department. Read more here.

Brian Brooks’ Shock Resignation as Binance.US CEO ⚡

Brian Brooks made a lot of friends in the crypto industry during his months as Comptroller of the Currency, producing a number of rulings that helped companies working with banks. So it wasn’t a surprise when he took a plum job as CEO of Binance.US. But somewhere along the way “strategic differences” popped up, and people are suspicious. Follow the news here.
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