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Binance recently lost three high-ranking executives amid ongoing, global regulatory and legal scrutiny. Interestingly, but perhaps unsurprisingly, most of the departing employees worked in the legal and compliance department, which undoubtedly is the &#34;hottest room&#34; in the company right now.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/b848362ca75d4d18998241fe47191fa3.png" />Photo by <a href="https://www.pexels.com/photo/comfy-sofas-in-empty-room-with-restriction-tape-6368808/" rel="noopener noreferrer nofollow">Skylar Lang</a>The executives who left <a href="https://fortune.com/crypto/2023/07/06/binance-crisis-executives-quit-changpeng-zhao-justice-department/" rel="noopener noreferrer nofollow">include</a> General Counsel Hon Ng, Chief Strategy Officer Patrick Hillmann, and Senior VP for Compliance Steven Christie.Eleanor Hughes, a former legal executive based in the Asia Pacific region, has since been promoted internally to assume the role of General Counsel.Commenting on their departures, Hillmann took to <a href="https://twitter.com/PRHillmann/status/1677070523740884992?s&#61;20" rel="noopener noreferrer nofollow">Twitter</a> to mention that he left Binance &#34;on good terms,&#34; while Christie <a href="https://twitter.com/SKChristie9/status/1677116795499712512" rel="noopener noreferrer nofollow">cited</a> exhaustion after dedicating six years to compliance projects for Kraken and Binance.While of course these explanations don’t seem out of the ordinary, it’s generally not a good sign to see execs jumping ship during hail storms. It could imply that these individuals are trying to safeguard their professional reputations by leaving before the hammer falls. Alternatively, Binance may have had to let them go to bring in fresh talent capable of getting it out of the regulatory minefield it’s in. Another noteworthy observation is that Binance has not yet made any public moves to hire externally for the vacant positions. On a good day, not many professionals would turn down an opportunity to work for the world’s largest crypto exchange, except of course, there’s a possibility of that move ending in career suicide. The obvious risks associated with joining a company embroiled in regulatory challenges would surely dissuade potential candidates, as it could have severe career implications. The big crypto C-level shakeups haven’t been limited to Binance anyway.  MicroStrategy’s Chief Revenue Officer, <a href="https://www.linkedin.com/in/kevinadkisson/" rel="noopener noreferrer nofollow">Kevin Adkisson</a>, resigned last week after serving in various sales positions over nearly seven years. According to an <a href="https://www.microstrategy.com/content/dam/website-assets/collateral/financial-documents/financial-document-archive/form-8-k_7-7-2023.pdf" rel="noopener noreferrer nofollow">SEC filing</a>, Adkisson will continue to serve as an advisor to the company while MicroStrategy CEO and President <a href="https://www.linkedin.com/in/phong-le-b53520/" rel="noopener noreferrer nofollow">Phong Le</a> assumes his responsibilities.In a separate development, Polygon Labs <a href="https://twitter.com/0xMarcB/status/1677328617632661506" rel="noopener noreferrer nofollow">promoted</a> <a href="https://www.linkedin.com/in/marcboiron/" rel="noopener noreferrer nofollow">Marc Boiron</a>, previously Chief Legal Officer, to the position of CEO. Boiron has extensive experience advising companies on blockchain technology through his work at various law firms. Previously, he served as the chief legal officer at the crypto trading platform dYdX.Rebecca Rettig, who joined Polygon as Chief Policy Officer in January, will now <a href="https://twitter.com/RebeccaRettig1/status/1677329566472327171" rel="noopener noreferrer nofollow">replace</a> Boiron as Chief Legal Officer. Prior to joining Polygon, Rettig held the same position at Aave and briefly served as a board member for the now-defunct Silvergate Bank in March 2022.Lastly, <a href="https://www.linkedin.com/in/ryancwyatt/" rel="noopener noreferrer nofollow">Ryan Wyatt</a> will <a href="https://twitter.com/Fwiz/status/1677322803563864065" rel="noopener noreferrer nofollow">step down</a> as President of Polygon at the end of July to transition into an advisory role.As events unfold, we hope to gain a better understanding of the motivations behind these high-level personnel changes.Catch up on our published articles for the week!NEWS● Belarus to Ban P2P Cryptocurrency Transactions Amidst Cybercrime Crackdown &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/belarus-to-ban-p2p-cryptocurrency-transactions-amidst-cybercrime-crackdown/" rel="noopener noreferrer nofollow"> Read more</a>.●   Thailand’s SEC Implements Stricter Rules for Digital Asset Providers To Protect Investors &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/thailands-sec-implements-stricter-rules-for-digital-asset-providers-to-protect-investors/" rel="noopener noreferrer nofollow"> Read more</a>.●   Singapore’s MAS Proposes New Rules for Cryptocurrency Compaines to Protect Customer Funds &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/singapores-mas-proposes-new-rules-for-cryptocurrency-compaines-to-protect-customer-funds/" rel="noopener noreferrer nofollow"> Read more</a>.●  Venture Capital Investments in Crypto Industry Hit Lowest Levels in 12 Months, Report Reveals &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/venture-capital-investments-in-crypto-industry-hit-lowest-levels-in-12-months-report-reveals/" rel="noopener noreferrer nofollow"> Read more</a>.●  China’s CBDC Project Gains Momentum as Jinan City Implements Digital Yuan for Bus Payments &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/chinas-cbdc-project-gains-momentum-as-jinan-city-implements-digital-yuan-for-bus-payments/" rel="noopener noreferrer nofollow"> Read more</a>.●   Voyager Digital To Pay $5.1 Million in Legal Fees Amidst Bankruptcy Proceedings &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/voyager-digital-to-pay-5-1-million-in-legal-fees-amidst-bankruptcy-proceedings/" rel="noopener noreferrer nofollow"> Read more</a>.●   Israel Considers Tax Exemption for Foreign Holders of Digital Assets &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/israel-considers-tax-exemption-for-foreign-holders-of-digital-assets/" rel="noopener noreferrer nofollow"> Read more</a>.●   Binance to Roll Out Wallet Infrastructure Update, Advises Users to Create New Addresses for Seamless Transactions &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/binance-to-roll-out-wallet-infrastructure-update-advises-users-to-create-new-addresses-for-seamless-transactions/" rel="noopener noreferrer nofollow"> Read more</a>.●   OpenAI Announces a Dedicated Team for AI Safety Oversight &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/openai-announces-a-dedicated-team-for-ai-safety-oversight/" rel="noopener noreferrer nofollow"> Read more</a>.●  Circle Eyes Japan for Stablecoin Launch Following New Legislation &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/circle-eyes-japan-for-stablecoin-launch-following-new-legislation/" rel="noopener noreferrer nofollow"> Read more</a>.●  $GORA Listed on MEXC, Targets Continued Growth and Expansion &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/gora-listed-on-mexc-targets-continued-growth-and-expansion/" rel="noopener noreferrer nofollow"> Read more</a>.●  AFME Calls for Inclusion of DeFi in EU’s MiCA Regulatory Framework &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/afme-calls-for-inclusion-of-defi-in-eus-mica-regulatory-framework/" rel="noopener noreferrer nofollow"> Read more</a>.●  Canadian Regulator Releases Guidelines for Crypto Fund Managers, Indicates Support Crypto ETFs &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/canadian-regulator-releases-guidelines-for-crypto-fund-managers-indicates-support-crypto-etfs/" rel="noopener noreferrer nofollow"> Read more</a>.● Avail Launches Ethereum Testnet Data Availability Bridge for Efficient Layer-2 Solutions &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/avail-launches-ethereum-testnet-data-availability-bridge-for-efficient-layer-2-solutions/" rel="noopener noreferrer nofollow"> Read more</a>.●  Blockswap to Host Multichain ERC20 Side Event at ETHCC &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/blockswap-to-host-multichain-erc20-side-event-at-ethcc/" rel="noopener noreferrer nofollow"> Read more</a>.● ChatGPT Experiences Global Traffic Decline in June 2023 – Report &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/chatgpt-experiences-global-traffic-decline-in-june-2023-report/" rel="noopener noreferrer nofollow"> Read more</a>.ARTICLES● How to Gift Non-Fungible Tokens: The Ultimate Guide to Giving NFTs as Gifts &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/how-to-gift-non-fungible-tokens-the-ultimate-guide-to-giving-nfts-as-gifts/" rel="noopener noreferrer nofollow"> Learn more.</a>● From Meme-Themed Origins to $1 Billion Market Cap: A Closer Look at Pepecoin’s Meteoric Rise &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/from-meme-themed-origins-to-1-billion-market-cap-a-closer-look-at-pepecoins-meteoric-rise/" rel="noopener noreferrer nofollow"> Learn more.</a><h4></h4><h4>ICYMI…</h4>Expert Opinion: SEC&#39;s Case Against Coinbase Lacks Conviction, Raises QuestionsThe U.S. Securities and Exchange Commission (SEC) recently outlined its arguments against Coinbase in a <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.26.0.pdf" rel="noopener noreferrer nofollow">letter</a> to the presiding judge on July 7.However, crypto lawyer James Murphy has expressed skepticism about the SEC&#39;s case, <a href="https://twitter.com/MetaLawMan/status/1677757981599977479" rel="noopener noreferrer nofollow">stating</a> on July 9 that their arguments are &#34;not particularly strong.&#34;In its letter, the SEC claimed that Coinbase, with its team of &#34;sophisticated&#34; lawyers, was aware that it could potentially violate securities laws through its operations. Essentially, the SEC asserts that Coinbase understood the applicability of securities laws to its business.The SEC had filed this letter in response to Coinbase&#39;s request for permission to file a motion for judgement on pleadings on June 28, stating that it would oppose such a motion if allowed by the court.Murphy explained that while the SEC plans to challenge the motion, it doesn&#39;t intend to delay the consideration of the issues raised by Coinbase. This suggests that there is hope for a timely resolution of the case.Murphy believes that the SEC&#39;s arguments against Coinbase are weak, primarily because the SEC cited the SEC v. LBRY case in its letter. In that <a href="https://www.sec.gov/litigation/litreleases/2022/lr25573.htm" rel="noopener noreferrer nofollow">case</a>, which the SEC won in November 2022, the token issuer LBRY faced charges for offering unregistered securities in the form of crypto.According to Murphy, the SEC&#39;s use of this case to support its argument that a crypto security doesn&#39;t stop being a security when traded on a secondary platform like Coinbase is flawed.He pointed out that the judge in the cited case didn&#39;t rule that tokens traded on secondary platforms are securities, making it an inappropriate basis for the SEC&#39;s argument.Murphy acknowledged that the SEC might present better case law during the full briefing but doesn&#39;t view their current approach as a display of strength.Coinbase&#39;s defence invokes the Major Questions Doctrine, which refers to Supreme Court rulings stating that regulatory agencies must have clear authorization from Congress when deciding matters of major national importance. Coinbase argues that the SEC lacks congressional authorization for its actions.Coinbase&#39;s filing cites SEC chief Gary Gensler&#39;s 2021 remarks in front of Congress to support its case. In those remarks, Gensler testified that the SEC lacked statutory authority to regulate crypto exchanges, emphasizing that only Congress could address regulatory gaps in this area.Coinbase&#39;s chief legal officer, Paul Grewal, criticized the SEC&#39;s letter on July 8, characterizing it as &#34;more of the same&#34; and ignoring crucial questions.Grewal highlighted that the SEC failed to address Gensler&#39;s 2021 comments and disregarded the recent Supreme Court warnings against regulatory overreach in matters reserved for Congress.Murphy suggests that although the SEC will attempt to dismiss Coinbase&#39;s defence under the Major Questions Doctrine, it is unlikely to succeed. In his view, Coinbase will likely prevail on the Major Questions Doctrine argument either at the district court level or on appeal.The pre-motion conference for the case is scheduled for July 13, and according to Murphy, Coinbase&#39;s strategy to expedite the case seems to be effective.Spotlight on interesting projectsBetDEXThe <a href="https://www.betdex.com/" rel="noopener noreferrer nofollow">BetDEX Exchange</a> is a sports betting exchange built on the Monaco Protocol, allowing for peer-to-peer wagering.The Exchange is licensed and regulated under the jurisdiction of the Isle of Man via the Gambling Supervision Commission. BetDEX is a key contributor to the Monaco Protocol, a permissionless decentralized and open-sourced protocol built on the Solana blockchain, supporting prediction and betting markets.For more information, visit <a href="https://www.betdex.com/" rel="noopener noreferrer nofollow">https://www.betdex.com/</a>.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/94c4880abf71409e9a112b397e58b7f5.png" />If you want more content like this, visit <a href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, <a href="https://medium.com/&#64;defi-planet" rel="noopener noreferrer nofollow">Medium</a>. and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.

Weekly Round-Up #57 | Crypto Executives Resign Amid Regulatory Uncertainty 📉 ⛔

DeFi Planet

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