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The result of next week's expected vote on U.S. legislation to regulate the cryptocurrency industry will strongly influence the odds the U.S. Senate gets on board, said Rep. Patrick McHenry (R-N.C.), the chairman of the House Financial Services

United States District Judge Mark Mastroianni granted the SEC's motion for a summary judgement.

The settlement bans Kwon and Terraform Labs from buying and selling crypto asset securities while agreeing to pay $4.5 billion in disgorgement, prejudgement interest, and civil penalties.

Rep. Patrick McHenry (R-N.C.) vowed the crypto industry won't have long to wait to get U.S. regulations, now that the U.S. House of Representatives has shown the way.

Gambaryan and another company exec, Nadeem Anjarwalla, were detained by Nigerian officials after they were invited by the country to resolve a dispute with the crypto exchange

Members of Congress are trying to delete the controversial U.S. Securities and Exchange Commission accounting bulletin that implies restrictions on companies that want to hold their customer's crypto assets.

The two House members said Tigran Gambaryan is being wrongfully detained and should be freed.

The U.S. recession fears were partly responsible for the early August slide in stocks and cryptocurrencies.

Bitcoin's price remained flat around $59,000, while its swift decline from $61,000 earlier today happened before the transaction.