Binance files for dismissal of CFTC charges, Grayscale urges SEC to approve spot Bitcoin ETFs all at once

Friday at last!

Binance and its CEO Changpeng Zhao argued against charges brought by the US Commodity Futures Trading Commission, saying the agency had exceeded its purview in alleging Binance violated federal regulations. Grayscale urged the US Securities and Exchange Commission to approve all spot bitcoin ETF applications simultaneously, and Sequoia said that it slashed its crypto venture fund to accommodate current market conditions. Read on!

Here are some stories we’re looking at right now.

Binance wants CFTC charge dismissed

Binance and CEO Changpeng Zhao filed a motion to dismiss charges brought by the US Commodity Futures Trading Commission, claiming the agency had exceeded its jurisdiction in alleging Binance violated federal regulations.

“The CFTC seeks to regulate the overseas activities of foreign corporations and individuals based on conclusory allegations that fail to establish jurisdiction over the defendants, fail to establish that the CFTC can enforce the provisions cited in the complaint extraterritorially, and fail to plead essential elements of its claims,” Binance said, according to a Reuters report.

Grayscale urges simultaneous ETF approval

Grayscale Investments urged the US Securities and Exchange Commission to approve all spot bitcoin ETF applications simultaneously in fairness to the applicants and investors.

“At Grayscale, we believe that for the benefit of Bitcoin, the market, and investors, all spot bitcoin ETF applications should be approved simultaneously,” said a post by Grayscale Chief Legal Officer Craig Salm.

Sequoia reduces crypto venture fund

Sequoia Capital slashed its cryptocurrency venture fund to $200 million from $585 million, the Wall Street Journal reported, citing people familiar.

Sequoia had informed investors earlier that the crypto fund would be diminished in accordance with market changes to focus on investing in startups rather than bigger, more established companies.

Ukraine totals $225m crypto donations

Ukraine has received $225 million worth of cryptocurrency donations since the Russian invasion last year, according to a report by blockchain intelligence firm Crystal Blockchain that was cited by CoinDesk.

Still, monthly donation amounts stagnated in late 2022 and into 2023, the report said, adding that humanitarian initiatives had attracted more than army fundraisers.

Binance releases NFT generator Bixel

Binance NFT has released Bixel, an AI-powered NFT generator that allows users to create their own works of art, CoinMarketCap reported.

Users must verify their identities in a KYC procedure and pay a minting fee of less than $2.00. They will have 10 opportunities a day to create art.

What we’re reading around the web

Coinbase CEO joins crypto industry in celebrating ‘historic day’ as bill passes committee hurdle — DL News

Bitcoin Rises After Fed Boosts Rates and U.S. Lawmakers Debate Crypto Regulation — Barron’s

Crypto isn’t fixing the remittance travesty — but it could: Opinion — Forkast