Donald Trump has delivered on his campaign promise to the crypto community by nominating Paul Atkins as the new chair of the Securities and Exchange Commission (SEC), replacing Gary Gensler. The announcement, made on Dec. 4 via Truth Social, highlights Atkins’ pro-crypto stance and his background as a former SEC commissioner and CEO of Patomak Global Partners. Gensler, known for his stringent anti-crypto rhetoric, tendered his resignation on Nov. 21.

Meanwhile, the SEC is standing firm against Binance and its former CEO, Changpeng Zhao, in an amended lawsuit accusing them of running an unregistered securities exchange. The case centers on the alleged sale of 10 cryptocurrencies facilitated by Binance’s BNB coin. Despite a prior challenge by a U.S. District Court judge, the SEC is doubling down, rejecting Binance’s motion to dismiss the lawsuit.

In Australia, regulators are tightening the reins on the crypto industry. On Dec. 4, the Australian Securities and Investment Commission unveiled draft guidelines requiring crypto firms to secure licenses for legal operations. Kate Cooper, head of Zodia Custody, called the move a “wake-up call” for the sector, emphasizing that compliance is now a necessity.

In Russia, authorities dealt a severe blow to crypto-related crime. Hydra founder Stanislav Moiseev has been sentenced to life in prison, alongside 15 accomplices, for operating a crypto mixing service linked to over $5 billion in illegal transactions. The Moscow court also imposed fines exceeding $190,000 on the group for their criminal activities.

These developments showcase the shifting global landscape of crypto regulation and enforcement, highlighting the delicate balance between innovation and compliance.