GM Explorer,

The US Government and the government of Nigeria are about to lock horns big time!

This is the Crypto Explorer, your crypto tour guide.

Here’s what we got for you today:

• 🗣️ U.S. demands release of former agent and Binance employee in Nigeria!

• ⚖️ Biden veto on pro-crypto banking bill stands!

• 🧱 Around The Block: SEC drops key stablecoin investigation in a win for the crypto industry.

🗣️ U.S. Demands Release of Former Agent and Binance Employee in Nigeria!

The US House of Representatives is accusing Nigeria of unjustly holding Tigran Gambaryan, a former federal agent and Binance employee, as part of an attempt to extort Binance.

How did it all kick-off? Here's a quick backstory:

The ordeal began when Gambaryan, renowned for recovering over $4 billion in illicit funds as a federal agent, headed to Nigeria to address compliance issues with Binance.

But unfortunately for him, things took a sinister turn.

He was detained after a series of hostile meetings and held without due process in a government-owned house for 5 whole days.

During this time, he was completely cut off from his family, company, lawyers, and even the US Department of State.

To make matters worse, reports say he endured brutal conditions and was slapped with charges of tax evasion and money laundering.

But what irked the US the most is this:

Nigerian authorities continued to detain Gambaryan without any legal justification beyond a court-ordered 14-day limit and finally transferred him to a notorious prison known for housing the most dangerous criminals.

That's not all, though.

Efforts taken to secure his release were met with a series of roadblocks, including intentionally delayed proceedings, denial of bail requests, and, worse, poor medical care, which led to his collapse in court.

And now, the House of Representatives has swooped in, putting forth a resolution demanding Nigeria set Gambaryan free.

They're calling on the US government to act swiftly, acknowledge his unjust detention, and secure his full consular and medical access.

They're also insisting Nigeria upholds due process and human rights law not just for Gambaryan but for all political prisoners.

Really, people, it's heating up. And we all know how massive the consequences of a political or diplomatic fallout can be.😬

If you want to delve deeper into the story, you can read the full report here!

⚖️ Biden Veto on Pro-Crypto Banking Bill Stands!

Some weeks ago, President Joe Biden vetoed a Pro-Crypto SAB 121 bill passed by both chambers of Congress that would finally allow American banks to hold crypto assets.

And now, an attempt to overturn his veto has failed!

To overturn the veto, the bill needed a two-thirds supermajority in both the House of Representatives and the Senate — that's 290 House lawmakers and 67 out of 100 senators.

Unfortunately, the House's vote didn't reach that threshold.

Only 228 lawmakers voted in favor of the bill (21 Democrats and 207 Republicans), while 183 Democrats and one Republican voted no.

But let’s be honest: No one in the crypto community was really expecting a different result, right?🤷‍♀️

However, anything can happen in politics, like when FIT 21, a framework for crypto regulation, passed the House with support from 71 Democrats.

That number of votes could constitute a supermajority in the chamber on the right day. Maybe next time, they'll get lucky!

For a more in-depth look at the story, be sure to check out the full details here!

🧱 Around The Block:

• SEC drops key stablecoin investigation in a win for the crypto industry.

• Worldcoin falls short of its target by 994 million.

• JPMorgan forecasts a crypto market recovery beginning in August.

• Donald Trump to address Bitcoin 2024 conference on July 27.

• Chainalysis: Nearly $100b of ‘dirty crypto’ sent to exchanges since 2019.

• SEC ends probe into Paxos; no actions on BUSD stablecoin.

• Germany holds less than $300 Million in Bitcoin as selloff accelerates.

That's all we've got for you today.

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In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be NEW”