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Binance US on track to launch in all 50 states by 2021

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New legislation may make it possible for Binance US, the American branch of crypto exchange Binance, to open its doors to all traders in every state by next year.

According to a Sept. 15 tweet from Binance U.S. CEO Catherine Coley, the digital asset marketplace has just launched in Georgia, allowing users to buy, trade, and earn digital assets.

“We added our 40th state today just a week shy of our one-year anniversary,” stated the official Binance USaccount. “100% coverage is our goal.”

The addition of Georgia coupled with yesterday’s announcement that Binance U.S. would be operating in Alabama means the exchange can currently be used in every U.S. state with the exception of Alaska, Connecticut, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont, and Washington. According to data from the U.S. Census Bureau, roughly 61 million people over the age of 18 reside in those states as of 2019.

However, a recent announcement from an organization of state regulators may make it easier for firms like Binance US to bypass licensing in these individual states, and instead apply for the remainder with a single exam. The Conference of State Bank Supervisors has set out guidelines for payments firms already doing business in 40 or more states to enable them to get a single license to operate throughout the country.

It’s unclear how long the firm would take to gain 100% coverage if it needs to take the traditional route for licensing. Binance US opened registration to U.S. users one year ago excluding 13 states, and has since added only three states, suggesting it may be slow going. But the addition of the 40th state today means that if the new guidelines are adopted in 2021, then Binance US may be allowed to legally operate as a crypto exchange nationwide.





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SEC has no authority over crypto, CFTC commissioner argues

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Amid the United States Securities and Exchange Commission (SEC) expanding the scope of oversight of the cryptocurrency industry, a commissioner with the Commodity Futures Trading Commission (CFTC) argued that crypto regulation doesn’t fall under the SEC’s jurisdiction.

CFTC commissioner Brian Quintenz took to Twitter on Wednesday to declare that cryptocurrencies like Bitcoin (BTC) should be regulated by the CFTC rather than the SEC.

Quintenz stressed that cryptocurrencies are commodities and thus fall under the CFTC’s jurisdiction, as opposed to securities that are regulated by the SEC, stating:

“Just so we’re all clear here, the SEC has no authority over pure commodities or their trading venues, whether those commodities are wheat, gold, oil….or crypto assets.”

Quintenz’s remarks came just about half an hour after former CFTC chairman Christopher Giancarlo made a similar statement on Twitter, arguing that the CFTC is the only U.S. regulatory agency that has experience regulating markets for Bitcoin and crypto.

“If the Biden Administration is serious about sensible cryptocurrency regulation, it needs to nominate a CFTC chairman,” Giancarlo noted.

The U.S. House Committee on Agriculture, a standing committee in the U.S. House of Representatives, subsequently supported Quintenz’s statement. The committee’s official Twitter account argued that crypto is “bigger than the SEC,” and the Congress “needs to write the rules of the road to protect investors and innovation in the digital economy.”

Related: ‘Nakamoto’s innovation is real,’ says SEC Chair Gary Gensler

The new statements apparently come in response to recent remarks by the SEC chairman Gary Gensler calling for increased regulatory oversight of the crypto industry to expand the regulatory scope with decentralized exchanges. Gensler reportedly outlined that there’s been much discussion about what kind of digital assets should fall under the SEC’s purview as the authority previously confirmed that major cryptocurrencies like Bitcoin and Ether (ETH) were not securities.