Binance's Troubles Highlight the Challenges of Crypto in Asia.

The CFTC's recent lawsuit against Binance and increasing regulatory scrutiny of crypto may ultimately benefit Asia's crypto narrative as the US struggles to develop a comprehensive framework for the asset class. While Bitcoin remains flat, Ether is up as the CFTC reiterates that it should be considered a commodity. Staking provider Lido and on-chain derivatives exchange GMX's tokens are also up. Meanwhile, China's state-owned banks are soliciting crypto business in Hong Kong, indicating a potential shift in the industry towards Asia. Rep. Tom Emmer has promised more legislation to create "market structure guardrails" for the industry.