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SEC Reshuffles Leadership as Jorge Tenreiro Steps into Top Litigation Role

The U.S. Securities and Exchange Commission (SEC) has appointed Jorge Tenreiro as its new chief litigation counsel, a move that comes just weeks before President-elect Donald Trump takes office. Tenreiro, formerly the acting chief of the SEC’s crypto and cyber unit, will now oversee enforcement lawsuits and investigations nationwide. His new position marks an important shift in the agency’s leadership at a critical time for the crypto industry. New SEC Leadership for the Crypto Unit This transition follows the departure of former SEC litigation chief Olivia Choe, who left the agency in July for a private sector role at Milbank LLP. Tenreiro’s tenure in the SEC’s crypto assets unit has been marked by high-profile cases, including lawsuits against major players like Kraken, Coinbase, Tron, and Ripple Labs. His team also led enforcement actions against FTX and Terraform Labs, with the latter resulting in a record $4.47 billion settlement earlier this year. Simultaneously, the SEC’s crypto and cyber unit has undergone its own leadership changes. Mark Sylvester and Laura D’Allaird have been named co-chiefs of the unit, succeeding Tenreiro in overseeing its crypto-related enforcement actions. Both have extensive experience within the SEC, with D’Allaird previously serving as counsel to outgoing Commissioner Jaime Lizárraga and Sylvester as the assistant director of the crypto unit. These appointments reflect a continued focus on cryptocurrency regulation, even as the incoming administration signals a potential easing of regulatory scrutiny. President-elect Trump’s pro-crypto stance and plans to reform the SEC’s approach could reshape the agency’s enforcement priorities. However, Tenreiro’s leadership suggests the agency may continue its aggressive stance on crypto-related violations until any policy changes are formally enacted. Controversy and Criticism Follow Tenreiro The recent leadership change has not been without controversy. Crypto lawyer John Deaton recently criticized him, calling him one of the least desirable lawyers for the crypto industry to hire if he ever leaves the SEC. The criticism highlights tensions between the agency and the crypto community, which has often accused the SEC of overreach and inconsistent regulation. As the Trump administration prepares to take office, the SEC’s reshuffled leadership faces a critical moment in shaping the future of cryptocurrency regulation. Whether Tenreiro’s tenure as chief litigation counsel marks continuity or change remains to be seen, but his history suggests a firm commitment to robust enforcement. The post SEC Reshuffles Leadership as Jorge Tenreiro Steps into Top Litigation Role appeared first on TheCoinrise.com . CoinOtag

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Smile Shop Joins Conflux PayFi Ecosystem with BitUnion Prepaid Card

New York, United States, December 3rd, 2024, Chainwire Smile Shop , the premier Asian e-commerce platform, has partnered with Conflux Network , China’s only regulatory-compliant public blockchain, to launch the BitUnion prepaid card. This partnership signifies a major expansion into global digital asset payment with cards welcome in 183 countries and regions. The BitUnion prepaid card operates on the recently launched UnionPay International USD prepaid card framework . UnionPay International, the world’s second-largest card payment processor, ensures seamless financial transactions. Users can load funds onto the card to make online purchases, use it at point-of-sale machines, or withdraw cash from UnionPay ATMs across 183 countries. The card can also be linked with popular third-party payment platforms like Alipay and WeChat Pay. Whether offline or online, transactions are settled at real-time exchange rates between local currencies and USD. The account approval process is quick, and management fees are waived during the initial launch period. As a key product in Conflux’s PayFi ecosystem, the prepaid card incorporates experienced security authentication systems from traditional finance. User data is managed by professional institutions, ensuring security and compliance. Fiat assets are held within the UnionPay account system, guaranteeing absolute security and reliability. The BitUnion prepaid card has obtained the highest-level financial security certifications, including 3DS and PCI-DSS, comprehensively protecting cardholders’ payment security. The prepaid card will support digital asset transactions and transfers within the Conflux Network, leveraging the blockchain-based PayFi system to overcome limitations in traditional payment infrastructure. Introducing traditional financial models (from credit cards to invoice financing and reverse factoring) into blockchain creates a more integrated value network. Conflux’s PayFi (Pay Finance) addresses inefficiencies in traditional payment systems while keeping financial operations aligned with real-time data, creating a large-scale model for blockchain consumer application ecosystems. As a high-performance Layer1 blockchain, Conflux has been at the forefront of technological advancements, particularly in the development of Stablecoins. They are now expanding their focus to encompass a comprehensive Payments infrastructure and cultivate the PayFi ecosystem. Aiming to become the blockchain of choice for consumer-grade Payments in the future, Conflux Foundation has committed 500 million CFX from the ecosystem fund to fuel the growth of PayFi stack components. About Smile Shop Smile Shop is a super e-commerce platform under Smile Shop Holdings Pte (Singapore), targeting Southeast Asian markets with the vision of becoming Southeast Asia’s most trusted fintech super e-commerce platform. About Conflux Network Conflux Network is a permissionless Layer 1 blockchain that connects decentralized economies worldwide. It utilizes a hybrid PoW/PoS consensus mechanism, ensuring a fast, secure, and scalable blockchain environment. Conflux operates without congestion, maintains low fees, and prioritizes network security. Being the leading regulatory-compliant public blockchain in China, Conflux offers advantages for projects entering the Asian market. In its partnerships, Conflux collaborates with global brands and government entities including, Shanghai, China Telecom, Little Red Book (China’s Instagram), McDonald’s China, and Oreo. These noteworthy collaborations serve as a testament to Conflux’s unwavering dedication to driving blockchain and metaverse initiatives. Contact Melissa Tirey melissa@shift6studios.com CoinOtag