Ten crypto news stories: Lagarde blocked Binance, SEC approves token trading

A busy news day in the crypto and financial world: ECB President Christine Lagarde personally intervened to prevent Binance from obtaining an EU-wide licence, the SEC has given the green light for limited trading in tokenised shares, and US exchanges are preparing for extended trading hours. These are the ten most important stories of the day, summarised by Cointelegraph.

In brief:

• Christine Lagarde personally blocked an EU licence for Binance, reports the Wall Street Journal.
• The SEC approves a temporary exemption for limited trading in tokenised US shares on regulated platforms.
• US exchanges will move to 23-hour trading on weekdays on 6 December, with 24/7 trading as a possible next step.

Lagarde and the SEC dominate the news

ECB President Christine Lagarde personally intervened to prevent Binance from obtaining a licence that would give the exchange access to the entire European market. The Wall Street Journal reports this. It is a striking step by the ECB leadership, which is thereby claiming a direct role in the oversight of large crypto exchanges in Europe.

On the other side of the ocean, the SEC is moving in a more open direction. SEC Chair Paul Atkins says that the regulator is continuing with the so-called Innovation Exemption, now that the CLARITY Act has stalled in Congress. Earlier, Democrats voted against the CLARITY Act, even though the law would give the SEC and the CFTC more powers to tackle insider trading in digital assets, according to Senator Cynthia Lummis.

In addition, the SEC approved a temporary exemption enabling limited trading in tokenised US shares on regulated, blockchain-based trading platforms. The CFTC also expanded its policy: software providers that operate passively no longer need to register as brokers under certain conditions.

Markets, technology and geopolitics

US exchanges are taking a major step on 6 December: trading days will be extended to 23 hours on weekdays. The SEC indicates that continuous trading, seven days a week and 24 hours a day, could then be on the agenda.

JPMorgan states that Bitcoin could receive more support than gold if demand for ETF hedging declines. Bitcoin is currently at $77.400, up 1.4% over the past 24 hours. Earlier this week, Bitcoin and Ethereum ETFs together saw an outflow of $520 million.

On the technology front, the US Department of Energy is allocating $215 million for the Quantum Genesis Q Competition. The goal is to accelerate the development of the world’s first fault-tolerant quantum computers. Finally, President Trump says that Iran does want to negotiate, but in his view is not yet ready to do so. He does not rule out a deal, but also will not conclude one if the conditions are not right.

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