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Senate banking chair calls for US regulators to use their authority over crypto; Japan startups get boost

Senate banking chair calls for US regulators to use their authority over crypto; Japan startups get boost
US Senator Sherrod Brown calls for use of crypto regulatory authority to protect investors: Shutterstock

Happy Saturday!

The chair of the US Senate Banking Committee wrote a letter calling for the protection of crypto investors through the use of regulatory authority and increased market transparency. Japan gave its crypto startups a boost, a New York crypto regulator is leaving for the private sector, and an SEC motion is granted to unseal some documents in its lawsuit against Binance.US. Read on!

Senator wants crypto investors protected

US Senator Sherrod Brown, chair of the Senate Banking Committee, told regulators to use their authority over digital assets to protect investors, CoinDesk reported.

The Ohio Democrat wrote to the heads of the Treasury Department, Securities and Exchange Commission, and Commodity Futures Trading Commission, calling for more market transparency because it’s “easier to profit when customers are left in the dark.”

Japan’s crypto startups get boost

Japan unveiled new rules to support crypto startups, which will be allowed to offer cryptocurrencies in lieu of stocks when raising capital from investment funds, CoinMarketCap reported.

This move is part of an effort to enhance Japan’s startup ecosystem, embrace digital assets, and make up ground on other countries in the region, according to the report.

NY crypto regulator leaves job

Peter Marton, deputy superintendent of virtual currency at the New York State Department of Financial Services, will leave his job for the private sector, FOX Business reported, citing an internal memo.

A department public relations official later confirmed Marton’s departure, the report said, adding that the agency he is leaving is among the most powerful cryptocurrency regulators in the US.

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Documents unsealed in Binance.US case

An SEC motion to unseal documents in its lawsuit against Binance.US has been approved, Decrypt reported, citing a court filing. The SEC had filed the documents under seal in August, so only attorneys involved in the lawsuit had access to them.

Over the past week, Binance.US CEO Brian Shroder left the company and a third of its workers were reportedly dismissed, according to DL News.

BitGo, Swan plan Bitcoin trust company

Crypto custodian BitGo and Swan Bitcoin, a Bitcoin financial services company, said they plan to create the first Bitcoin-only trust company, pending regulatory approval.

BitGo CEO Mike Belshe said: “We believe the best model for the Bitcoin industry is the same battle-tested model that has been part of the US financial industry for over a century: the separation of exchange and custody.”

What we’re reading around the web

Mark Cuban loses $870k to a crypto scam: ‘They must have been watching’ DL News

Bitcoin Is Recoupling With Tech Stocks to the Delight of Crypto DevoteesBloomberg

North Korea’s stolen crypto haul reaches $3.4bn — 16 years of Lazarus heists and hacksDL News