Paradigm still opposes the SEC's lawsuit against Binance

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Paradigm still opposes the SEC's lawsuit against Binance

Paradigm, which is not directly involved with Binance, says it still opposes the U.S. SEC's suit against the crypto exchange and has filed a brief in the case as an observer. In other news, Gemini is discontinuing crypto services in the Netherlands, a former staffer from the Obama administration is joining Ripple, and Google Cloud will serve as a validator in Polygon Labs' PoS network. Paradigm, a venture capital firm, accused the SEC of relying on standard procedures in its legal action against Binance and its CEO, Changpeng Zhao, Cryptotelegraph reported.

Paradigm said it was not an investor in Binance and has no direct financial interest in the outcome of the lawsuit. The court said the SEC exceeded its regulatory limits, which Paradigm opposes. Paradigm said it has filed an amicus brief as an observer in the case.

According to a statement on its website, Gemini will halt crypto services in the Netherlands because of requirements imposed by the De Nederlandsche Bank.

By November 17 customers had to withdraw all fiat and crypto asset balances from their Gemini accounts.

Lauren Belive, a former Obama administration staffer, has been appointed the head of public policy and government at Ripple, a digital payment network based on blockchain.

In a statement, Belive said, ''Saturday we advocate for policies that not only support the crypto industry but also the countless individuals and businesses that could benefit from these advancements. Belive has also worked in government relations for Softbank, Zoom, and Lyft.

Cryptonews reported that Google Cloud has joined Polygon Labs' Proof-of-Stake network as one of its decentralized validators.

It will be one of more than 100 validators working to secure the blockchain of Polygon, which develops Ethereum scaling solutions.

A 'false digital asset commodity scheme' was launched by the US Commodity Futures Trading Commission, which accused Mosaic Exchange and its owner of running a 'fraudulent digital asset commodity scheme.

The CFTC contends that the defendants fraudulently solicitate and induced at least 17 people in the US and other countries to give them hundreds of thousands of dollars worth of bitcoin or other funds for the defendants to trade bitcoin and other digital asset commodities on the customers' behalves, and misappropriated customer funds.

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