Seeds of Wisdom RV and Economic Updates Thursday Afternoon 1-2-25
Good Afternoon Dinar Recaps,
BINANCE MADE HISTORY: FIRST CRYPTO EXCHANGE TO SECURE BROKER-DEALER LICENSE IN BRAZIL!
▪️Binance crypto exchange secures broker-dealer license in Brazil.
▪️Richard Teng highlights Binance’s dedication to compliance and Brazil’s clear crypto regulatory framework.
▪️Brazil marks Binance's 21st regulatory milestone, solidifying its global leadership in crypto markets.
Binance, the world’s leading cryptocurrency exchange, has made a significant move in Brazil by securing approval from the Central Bank of Brazil to acquire a licensed broker-dealer institution. This marks Binance’s 21st global regulatory achievement, and it’s a big win for the platform in Latin America’s largest market.
Binance’s New License in Brazil
With the full approval to take over Sim;paul, a licensed broker-dealer, Binance can now operate with even more efficiency in Brazil. The license not only allows Binance to distribute securities and issue electronic money, but it also makes Binance the first crypto exchange to hold a broker-dealer license in the country.
This new approval positions Binance to better comply with Brazil’s growing regulatory framework for crypto assets.
However, Richard Teng, Binance’s CEO, expressed his excitement about the approval on X. He said Brazil is a growing crypto market, and this approval shows Binance’s commitment to following the rules while offering a safe platform for its users. Teng thanked local regulators for their work in setting clear rules for the industry.
Brazil’s Efforts to Regulate Crypto
Brazil, ranked 10th in the global crypto adoption index, is taking steps to regulate the crypto industry. The Central Bank and IRS have created proposals for new rules and are asking experts and the public for feedback.
Additionally, legislators in the country are discussing bills related to asset segregation and stablecoins, signaling a future-forward approach to crypto regulation.
Binance’s Expanding Global Reach
This approval is just one example of Binance’s commitment to global expansion. The company has also received regulatory approval in other countries like Argentina, India, Kazakhstan, and Indonesia. Binance holds licenses in places like Dubai, France, Japan, and El Salvador, showing its global reach and commitment to following rules everywhere.
@ Newshounds News™
Source: Coin Pedia
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MEMBERS OF US CONGRESS BACKED BY CRYPTO PACS TO TAKE OFFICE ON JAN. 3
Interest groups suggested that a majority of lawmakers in the US House of Representatives would be “pro-crypto” after the 2024 election.
United States lawmakers who benefitted from support from the cryptocurrency industry in their respective 2024 primaries or elections will soon be sworn into office for the 119th session of Congress.
Crypto executives and political action committees (PACs) like Fairshake and its affiliates poured millions of dollars into media buys to support “pro-crypto” candidates in the 2024 election cycle, which could have contributed to some politicians winning in certain tight races across the country.
One of the most high-profile elections saw Republican Bernie Moreno defeating incumbent Ohio Senator Sherrod Brown by roughly 200,000 votes after the Defend American Jobs PAC spent more than $40 million.
According to data from the election influence tracking website Follow The Crypto, 10 new members of the US Senate expected to be sworn in benefitted in some way from funding from the cryptocurrency industry.
From a $6,600 individual contribution from Ripple co-founder Chris Larsen to Maryland Senator Angela Alsobrooks to more than $10 million from the Protect Progress PAC — also a Fairshake affiliate — to support Michigan Senator Elissa Slotkin, crypto money arguably influenced the composition of the next US Senate just as much if not more than other special interest groups.
The makeup of the US House of Representatives is a similar story, with 63 new members taking office in January. Fairshake and its affiliates poured millions of dollars into primary races in 2024 to support both Democratic and Republican candidates who had expressed views favoring the crypto industry.
In one of its biggest expenditures resulting in a win for the candidate, Protect Progress spent roughly $1.7 million in media buys to back Alabama Representative Shomari Figures over Anthony Daniels in the primary for the state’s 2nd Congressional District. Some House candidates, including Texas Representative Sylvester Turner, appeared to have not received any support from crypto executives or PACs.
No signs of crypto money stopping in the next election cycle
According to the advocacy group Stand With Crypto — which also attempted to influence US voters to choose candidates it considered favorable to the industry — roughly 270 lawmakers in the next session of Congress will be “pro-crypto,” with a clear majority in the House.
The composition of both chambers could affect legislation in 2025 on how to regulate crypto in the US through proposed bills like the Financial Innovation and Technology for the 21st Century Act (FIT21).
After their 2024 election wins, some in the industry have suggested that they will continue their approach to supporting candidates in the 2026 midterms and beyond. As of November, Fairshake reported having roughly $103 million to be used for the 2026 election cycle, primarily funded by Coinbase and Ripple. All 435 House members, serving two-year terms, will be up for election again at that time.
@ Newshounds News™
Source: CoinTelegraph
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