Daily Digest - 26th April 2023

Headlines

▌Do Kwon seeks to drop US SEC charges against him

Terra co-founder Do Kwon is seeking the dismissal of charges brought against him by the U.S. Securities and Exchange Commission (SEC), according to a legal document.

Do Kwon argued that the SEC’s claim is invalid and disputed the agency’s position that tokens including MIR, LUNA and UST are securities.

Policies

▌The Financial Conduct Authority of the United Kingdom wants to work with the encryption industry to develop regulations

Sarah Pritchard, executive director of Britain's Financial Conduct Authority (FCA), told a London City Week conference on Tuesday that the agency wants to work with cryptocurrency companies to develop regulation.

The U.K. has been seeking to create a new regime for crypto, and the FCA, along with the U.K. Treasury, is one of the country's main crypto regulators after the Treasury launched a crypto consultation in February seeking stakeholders' views on how to regulate the crypto industry.

Pritchard said the consultations indicated that the FCA may set up a new authorization system for cryptocurrency companies, including overseas companies, which is "uncharted territory" for them, and it also plans to introduce a digital asset promotion system.

"Let's work together to create our rules and regulations that benefit markets, consumers and companies as cryptocurrencies move from niche to mainstream," Pritchard said.

▌Two former U.S. congressmen will lead the new Bitcoin policy group

Two former members of the U.S. Congress are returning to Washington to spearhead a nonpartisan effort to spread the word about the benefits of bitcoin.

Former Representatives Tim Ryan of Ohio and David McIntosh of Indiana will chair BPI Action, an effort associated with the Bitcoin Policy Institute to educate policymakers and the public about the economic and social benefits.

The group will make an appearance at the Bitcoin Policy Summit in Washington on Wednesday. BPI Action will join other crypto organizations already in Washington, including the Blockchain Association and the DeFi Education Fund, which just signed its 107th member.

The Bitcoin Policy Institute supports academic research on Bitcoin and other "emerging monetary networks."

Cryptocurrency

▌Binance Terminates Asset Purchase Agreement with Voyager

Cryptocurrency exchange Voyager has officially stated that it has received a letter from Binance to terminate the asset purchase agreement.

Previously, Binance had agreed to purchase Voyager after the exchange’s first deal with FTX fell through due to FTX’s collapse. However, the deal faced regulatory opposition and was stopped by a federal judge last month.

Binance cited the ‘hostile and uncertain regulatory climate’ as its reason for calling off the deal.

Following this termination, Voyager has stated that it will proceed to exercise an option to return cryptocurrency and cash directly to its customers through the Voyager platform.

▌FTX to sell LedgerX for US$50 million

FTX has reached an agreement to sell its crypto derivatives platform LedgerX LLC to an affiliate of Miami International Holdings for US$50 million.

The company will seek US bankruptcy court approval for the sale at a hearing on May 4.

LedgerX was initially acquired by FTX US last year, in order to help the company expand into crypto futures and options trading.