Here’s what happened in crypto today
Binance and Zhao settled a separate case with the Justice Department in November 2023, agreeing to pay a $4.3 billion fine and admitting that the company violated sanctions, was an unlicensed money transmitter and failed to implement appropriate Anti-Money Laundering measures.
Zhao spent four months in jail after admitting to violating money laundering laws as part of the deal. He was also forced to step down as CEO.
It’s the SEC’s latest backdown from the crypto industry under the Trump administration, with the regulator abandoning or settling its actions against crypto companies including Coinbase, Consensus and Kraken.
US lawmakers introduce bipartisan regulatory framework for digital assets
US Representative French Hill has announced the introduction of the much-awaited market structure bill for digital assets. The “Digital Asset Market Clarity Act of 2025” or “CLARITY Act of 2025” comes with support from lawmakers across both sides of the aisle, including three Democratic co-sponsors.
The bill covers the roles of both the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on digital assets oversight, seeking to resolve longstanding questions about which agency oversees which types of digital assets.
“I am proud to introduce the bipartisan CLARITY Act with my colleagues,” Hill said in a May 29 statement. “Our bill brings long-overdue clarity to the digital asset ecosystem, prioritizes consumer protection and American innovation, and builds off our work in the 118th Congress.”
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