In today’s Crypto Daily Download, Binance is tightening its rules for token issuers and liquidity providers after renewed scrutiny of digital asset market practices following October’s market turmoil. The exchange says crypto projects can no longer have revenue-sharing agreements with market makers, and market makers are prohibited from working with projects to manipulate token prices or distort liquidity. Binance is also requiring projects to disclose details about the legal entities and contract terms of the market makers they use. Meanwhile, the UK government is moving forward with plans for a temporary ban on political donations made through cryptocurrencies, following recommendations from an independent inquiry into foreign financial interference in the country’s political and electoral systems.
Also in today’s headlines, Visa is joining the Canton Network as the first major global payments company to serve as a super validator, helping expand privacy-focused blockchain infrastructure for banks and financial institutions. At the same time, the House Financial Services Committee held a hearing on tokenization as momentum builds around bringing tokenized securities to market. While the SEC has approved several entities to move forward in the space, it continues to make clear that tokenized securities remain subject to existing securities laws.