Here are some of the major developments from the world of crypto over the past few days
Elon Musk, the CEO of Tesla and SpaceX, and billionaire investor Mark Cuban and a few others have filed a joint amicus brief with the US Supreme Court to express their disapproval of the US Securities and Exchange Commission’s (SEC’s) strategy of conducting internal hearings without the participation of juries.
Both have contended that these administrative proceedings result in different outcomes for people who are facing SEC charges. As a result, this strategy has sparked worries about a potential violation of the Seventh Amendment right to a jury trial in the US Constitution.
The context of the legal challenge centres on the SEC vs. Jarkesy case, in which George Jarkesy has contended that his Seventh Amendment rights were violated. Jarkesy has said that these rights were violated by the SEC’s internal adjudication procedure, which is judged by an administrative law judge chosen by the commission without a jury. As a result, one organisation effectively serves as the judge, jury, and enforcer.
Cryptocurrency exchange Binance announced on October 19, 2023 that that it has signed agreements with new fiat partners to handle payments, deposits, and withdrawals in euro.
The decision was made in response to regulatory and debanking issues in the European Union, where the company was obliged to hunt for new banking partners after losing PaySafe’s support in September.
According to Binance, consumers have already begun switching to the new services being offered by “a number of new regulated and authorized fiat partners.”
However, it made no mention of the companies that it had worked with.
Stablecoin issuer Circle on October 19, 2023 announced the release of a new tool, which it claims will enable developers to “remove the complexity” of creating Web 3.0 apps.
The new tool, dubbed “Smart Contract Platform,” may be simpler for typical Web 2 programmers to use because it enables developers to instal smart contracts using a set of pre-approved code templates and either a console or REST APIs.
Additionally, Circle released a feature called “Gas Station” that enables developers to pay for customers’ gas expenses, which they think may make user on-boarding simpler. In order to deploy smart contracts, developers typically use Web 3.0 development tools like Truffle or Hardhat.
Contracts must be created in solidity when utilising these tools, a language that some traditional programmers are not very familiar with. They also mandate the creation and execution of Blockchain deployment or “migration” scripts, a task that some Web 2 developers find challenging.