Many users' Binance USD balances will automatically be converted into First Digital USD starting on Dec. 31.

Wally Adeyemo cited a recent settlement with crypto exchange Binance and sanctions against crypto mixer Sinbad in calling for an expansion of the U.S. Treasury’s authority.

The approval followed a similar move by regulators in Singapore, where Paxos said its local entity would launch a U.S. dollar-backed stablecoin.

The government department has previously imposed sanctions on crypto mixers Blender and Tornado Cash despite many in the space pushing back on actions against software tools.

Pending a motion for review filed by the U.S. government, the former Binance CEO will not be allowed to return to his home in the United Arab Emirates as he awaits sentencing.

Richard Teng became CEO of crypto exchange Binance after Changpeng Zhao agreed to step down as part of a settlement with the U.S. Department of Justice announced on Nov. 21.

Roughly 24 hours following the announcement of a settlement with U.S. officials, Nansen reported Binance’s total holdings increased to more than $65 billion.

The Nov. 22 letter claims that “only mandamus will impel the [SEC] to fully, finally acknowledge that Coinbase’s petition for rulemaking was pocket-vetoed long ago.”

Officials with the U.S. Justice Department, Treasury, and CFTC alleged Binance “lacked basic safeguards” to protect against sanctions and Changpeng Zhao committed criminal acts.

The U.S. Justice Department, Treasury and CFTC reportedly plan to announce settlements for many of the criminal and civil cases against Binance and CZ on Nov. 21.

Officials reported the seizure was tied to an organization responsible for “pig butchering” romance scams.

The lending firm has been in bankruptcy court since its Chapter 11 filing in 2022, while the SEC filed a lawsuit against both the firm and former CEO Alex Mashinsky in July.