Bitcoin News and Finance: What You Need to Know

Standard Chartered Bank (China) has become one of the first foreign banks to participate in China’s central bank digital currency (CBDC) pilot. The bank explained that as an international bank rooted in the Chinese market for 165 years, Standard Chartered is optimistic about the development prospects of the digital yuan. Standard Chartered Participates in Digital Yuan Pilot Standard Chartered Bank (China) Ltd. announced Monday that it has started offering digital yuan exchange services to customers and become one of the first foreign banks to participate in China’s central bank digital currency (CBDC), digital renminbi (RMB), business pilot. Standard Chartered is one of the oldest and most established foreign banks in China. Zhang Xiaolei, CEO of Standard Chartered Bank (China), commented: We are very pleased to participate in the pilot of digital RMB business as one of the first foreign banks. The bank explained that it will access the digital renminbi interconnection platform ...

Former U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton has discussed what he believes to be the “appropriate way” to regulate crypto. The former regulator added that “the classification issues” about whether a crypto token is a security or a commodity are “overblown,” emphasizing: “Most of those decisions are pretty easy.” Ex-SEC Chair Discusses Crypto Regulation Former chairman of the U.S. Securities and Exchange Commission (SEC), Jay Clayton, discussed cryptocurrency regulation at the Council on Foreign Relations last week. Responding to a question about what the appropriate way to regulate the crypto industry would be, the former SEC chair stated: The appropriate way to regulate crypto is to recognize that it’s a technology, not a product. “It’s a different technology for almost all cases, delivering a product that we already know, sometimes in a more efficient way,” he added. “I’m very sympathetic … to the entrepreneurs who want to reach out to the publi...

Coinbase CEO Brian Armstrong says the enforcement action against Binance has allowed the crypto industry to “turn the page.” He emphasized: “There are many, many companies in crypto that are helping build the crypto economy and update our financial system globally. But many of them are still small startups, so I think getting regulatory clarity is going to help bring in more investment in the crypto space.” Coinbase’s CEO Shares Crypto Industry Outlook The CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, discussed the crypto industry outlook following Binance’s settlements with the U.S. Department of Justice (DOJ) during an interview with CNBC on Monday. Noting that there have been “a few bad actors in crypto,” the Coinbase executive said: The enforcement action against Binance, that’s allowing us to kind of turn the page on that and hopefully close that chapter of crypto history. “It’s a good moment for us to turn the page as an industry and recognize t...

Richard Teng, the new CEO of Binance, has explained his vision for the company, outlining the challenges the exchange faces ahead and the areas on which the company will focus. In a blog post, Teng explained that innovation, users, and Web3 will be at the forefront of Binance in the new era of the company. Richard Teng Outlines Binance’s Future Richard Teng, the new CEO of Binance, has published a blog post describing the challenges that the exchange will face, and the company priorities moving forward, after the $4.3 billion settlement with the U.S. Department of Justice (DOJ). Teng, who has now to fill the void left by Changpeng Zhao (CZ), considered one of the most influential men in crypto, explained that he intends to turn the page on Binance’s historical challenges, praising the efforts that the company has made to “recruit, hire, and retain the right personnel to strengthen Binance’s compliance program and culture.” The new CEO acknowledged the need for cryptocurrency bus...