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The Iraqi Kurdistan Regional Government stated that there is currently no oil available for export due to attacks on energy facilities by illegal militia groups.The Iraqi Kurdistan Regional Government: The Iraqi Ministry of Oil accused the Kurdistan region of "misleading public opinion."Authorities in the Iraqi Kurdistan region issued a statement in response to accusations by the Iraqi government that it was blocking crude oil pipelines from being transported through the region.On March 15th, the International Energy Agency (IEA) issued a statement after receiving implementation plans from member countries. The agency stated that the record-breaking oil release from reserves will be immediately deployed in Asia as Asian buyers rush to fill supply gaps disrupted by the Middle East conflict. Oil destined for Europe and the Americas will not be released until the end of March. Last week, the IEA stated that the global oil market is facing its worst supply disruption in history due to the Middle East conflict effectively blocking the crucial Strait of Hormuz. Asian buyers are most reliant on oil supplies from the Middle East, making the speed of reserve releases particularly critical for the region. IEA Executive Director Fatih Birol stated on the X platform: “This will release an unprecedented amount of additional oil into the market starting March 16th. However, opening the Strait of Hormuz is crucial for restoring stable oil flows.” Globally, approximately 72% of the currently committed oil release is crude oil, and 28% is petroleum products. The committed release volumes from various countries are shown in the figure below.On March 15, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Le Hoai Trung, member of the Political Bureau of the Communist Party of Vietnam Central Committee and Foreign Minister, in Hanoi. Wang Yi stated that both China and Vietnam are important emerging economies, and their development and revitalization represent the direction of human progress and will provide valuable lessons and new paths for developing countries. China is willing to work with Vietnam to focus on the overall goal of "six more" (more people, more opportunities, more opportunities, more opportunities), strengthen high-level exchanges, deepen pragmatic cooperation, promote people-to-people exchanges, enhance multilateral cooperation, properly handle maritime issues, and support each other in hosting APEC in the next two years to further advance the building of the Asia-Pacific Community.

Crypto Market Daily Highlights: SEC Targets Paxos and Binance USD

Skylar Shaw

Feb 14, 2023 16:30

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The top ten cryptocurrency index had a gloomy session on Monday. The descent was headed by BNB and MATIC. BTC finished the day below $22,000 for the seventh straight session.


On Monday, there were no US economic indications to inform investors, so attention was focused on the cryptocurrency news sources.


Investors were alarmed by the news that the Securities and Exchange Commission has switched its attention from staking to stablecoins. News of the SEC intending to sue Paxos over the release and listing of Binance USD broke on Monday (BUSD). The company violated investor protection regulations, according to the SEC.


In response to the Wells notice, Paxos issued a statement in which it said that it "categorically disagrees with the SEC staff" since BUSD is not considered a security under federal securities laws. The SEC Wells notification is specific to BUSD exclusively. There are absolutely no further claims against Paxos, to be clear. Paxos has always placed a high priority on protecting its clients' investments.


"BUSD produced by Paxos is always backed 1:1 with US dollar-denominated reserves, completely segregated, and stored in bankruptcy distant accounts," the statement said. On this matter, we will interact with the SEC staff, and if necessary, we are ready to fight vehemently.


Response to SEC Action The CEO of Binance, CZ, said the following in response to Paxos and BUSD: "IF BUSD is declared as a security by the courts, it will have significant consequences on how the crypto business will expand (or not develop) in the countries where it is ruled as such."


"Given the current regulatory uncertainty in some areas, we will be assessing additional initiatives in certain jurisdictions to ensure our users are sheltered from excessive damage," CZ stated in a series of tweets.


Additionally, CZ retweeted a tweet from Miles Deutscher in which Miles presented various reasons in support of the SEC's classification of stablecoins as securities. But given that a STABLECOIN blatantly fails the Howey Test, how on earth can it classified as a security? Nobody has ever purchased BUSD with the goal of making money.


After hearing that Kraken had reached a settlement with the SEC and would be discontinuing its crypto-staking services, the SEC announced its most recent action.


Investor confidence will continue to be weighed down by regulatory uncertainty since the SEC is now targeting stablecoins and crypto staking.


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