Officials from the DOJ are considering charging the major cryptocurrency exchange Binance with fraud, but they are worried that the charges could cause a run on the exchange and cost consumers a lot of money.
The prosecutors are worried that if they charge Binance, it could create a similar response as what happened to FTX, according to Semafor. The officials are considering other mitigating options, including fines and deferred or nonprosecution agreements. It would be a compromise compared to the handling of FTX with the hope of holding the exchange culpable for criminal conduct while reducing consumer harm.
Key members of Congress have tried to advance legislation to implement additional regulations for stablecoins and cryptocurrencies. The House Financial Services Committee approved legislation on July 30 that would establish a regulatory framework, require cryptocurrency companies to register with the SEC or CFTC, and make them adopt a series of protocols that would classify their tokens as commodities rather than securities. It can now be considered on the House floor after the August recess.
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