September 21, 2024 at 10:00 PM GST updated: September 21, 2024 at 09:23 PM 3 mins read News Congressman Ritchie Torres criticizes the SEC’s SAB 121 rule for violating accounting principles and stifling crypto innovation. SAB 121 requires crypto companies to list customer assets as liabilities, increasing regulatory scrutiny on financial institutions. BNY Mellon received…
BlackRock has received SEC authorization to both list and trade options related to its spot Bitcoin ETF. This represents a substantial forward movement for institutional investors. Awaiting further approval from both the OCC and CFTC is the final go-ahead. SEC Approves BlackRock’s Bitcoin ETF Options The SEC has given its approval to BlackRock’s 19-b4 application…
Professor Reiners emphasized the need for Congress to address the regulatory gap in the crypto spot market. Ripple’s argument against XRP being a security aligns with Reiners’ testimony on investment contracts. Stuart Alderoty, Ripple’s Chief Legal Officer, has responded to Professor Lee Reiners testifying before Congress, which provided an illuminating viewpoint on the continuing legal…
The U.S. Securities and Exchange Commission (SEC) said on Friday it intends to seek sanctions against Elon Musk in its ongoing Twitter probe. The SEC says Musk failed to appear for court-ordered testimony for their probe into his $44 billion takeover of X. The SEC wrote in a court filing Friday that the sanctions motion…
A Texas federal judge has dismissed a lawsuit filed by blockchain development company Consensys against the U.S. Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, along with other commissioners. The lawsuit revolved around the SEC’s investigations into Ethereum (ETH) and its issuance of a Wells Notice regarding MetaMask, a cryptocurrency wallet developed by…
The U.S. Securities and Exchange Commission (SEC) has granted approval for the listing and trading of options on the Ishares Bitcoin Trust (IBIT), a product by Blackrock. This decision introduces a new financial instrument aimed at providing investors with the ability to hedge and manage risk associated with bitcoin exposure. These options will be physically…
Terraform Labs, the company behind TerraUSD (UST) and Luna, has secured court approval to wind down operations in bankruptcy after settling with the United States Securities and Exchange Commission (SEC). According to a Reuters report, the wind-down plan was approved by US Bankruptcy Judge Brendan Shannon, who called it a “welcome alternative” to further litigation…
The SEC has officially approved options for BlackRock’s iShares Spot Bitcoin ETF. Options are contracts that grant the right to buy or sell an underlying asset at a certain price. The move is a major one for BlackRock’s clients that already participate in the iShares Bitcoin trust. Options are critical for institutional adoption of Bitcoin,…
September 20, 2024 at 11:20 PM GST updated: September 20, 2024 at 11:24 PM 2 mins read News Judge Brendan Shannon approved Terraform Labs’ liquidation plan, allowing the company to terminate assets worth between $184.5 million and $442.2 million. Terraform Labs settled with the SEC following the fall of its stablecoin TerraUSD and cryptocurrency LUNA,…
A Texas court has ruled to dismiss the Lawsuit filed by Consensys against the SEC. Consensys warns that classifying Ethereum as a security could impose heavy regulatory burdens. In a recent post on X, Consensys announced it had filed a lawsuit against the SEC in April 2024 to safeguard the Ethereum ecosystem. The Texas court…
September 20, 2024 at 12:08 PM GST updated: September 20, 2024 at 12:12 PM 2 mins read News Consensys’ lawsuit against the SEC was dismissed due to lack of final agency action, rendering the claims moot. The SEC previously issued a Wells notice to Consensys regarding its MetaMask wallet’s potential securities violations. The dismissal does…
The U.S. Securities and Exchange Commission (SEC) is seeking public input on a proposal by Cboe BZX Exchange to add new custodians for bitcoin and ethereum exchange-traded funds (ETFs). The plan aims to enhance security by adding Anchorage Digital Bank and Bitgo alongside Coinbase as custodians for bitcoin and ether holdings. SEC Reviews Proposal for…
Terraform Labs has received court approval to wind down operations in bankruptcy following a settlement with the U.S. Securities and Exchange Commission (SEC). The company had been at the center of a scandal that left cryptocurrency investors facing significant losses after the Terra ecosystem collapsed. Court Approves Terraform Labs Wind-Down Terraform Labs has been granted…
The SEC has requested for a New York court to grant them a 4-month extension to produce documents for its Coinbase lawsuit. The regulator asked for an extension until February 2025 to review “at least 133,582 unique documents” as part of discovery motions against the crypto exchange. SEC lawyers issued the filing on Wednesday in…
SEC reportedly seeks an extension to February 2025 for it to provide case documents to Coinbase. Coinbase, Binance and Kraken all facing SEC lawsuits. The US Securities and Exchange Commission has filed for an extension from the court, asking for more time as it looks to provide documents related to its case against crypto exchange…
Market News Mark Uyeda, SEC Commissioner calls for updating form S-1. A revised Form S-1 could enhance transparency for crypto investors by incorporating disclosures. In an era where cryptocurrencies and blockchain technology are reshaping the financial landscape. Calls for reforming regulatory frameworks are becoming increasingly urgent. Mark Uyeda, the SEC commissioner wants the Securities and…
The SEC has settled charges against Rari Capital and its co-founders for misleading investors. Rari Capital was accused of misleading investors with false claims about automatic asset management. On Wednesday, the U.S. Securities and Exchange Commission (SEC) announced a settlement with Rari Capital, a decentralized finance (DeFi) protocol, along with its co-founders, over allegations of…
Congressman Tom Emmer is pushing the U.S. Securities and Exchange Commission (SEC) to provide clear rules on digital asset airdrops, arguing that current regulatory uncertainty is stifling innovation and blocking American participation in blockchain projects. He emphasized the importance of airdrops in decentralizing networks and shaping the future of blockchain, criticizing the SEC’s approach under…
The U.S. Securities and Exchange Commission (SEC) has announced charges against decentralized finance (defi) platform Rari Capital and its co-founders for misleading investors and operating as unregistered brokers. The settlement involves penalties, injunctions, and bars against the individuals involved, with violations stemming from unregistered securities offerings and deceptive practices. SEC Charges Defi Platform Rari Capital…
Congressman French Hill has raised concerns over the U.S. Securities and Exchange Commission (SEC)’s handling of digital asset regulations, criticizing Chairman Gary Gensler’s leadership for creating legal uncertainty and a politicized approach. The lawmaker highlighted his subcommittee’s legislative successes but expressed frustration with the SEC’s broad and unclear regulations, which he argued burden digital asset…
Republican lawmakers are seeking more information from the SEC on how it addresses crypto airdrops. The House Committee on Financial Services chairman Patrick McHenry and the Majority Whip Tom Emmer have requested SEC Chairman Gary Gensler to clarify how the agency regards airdrops. They voiced their concerns regarding the current approach of the SEC and…
TL;DR Ripple’s legal battle with the SEC nears a potential conclusion after Judge Torres ordered the company to pay a reduced $125 million fine. The firm recently requested a stay on the payment, sparking speculation about a possible SEC appeal before the October 6 deadline. Experts suggest this move could buy time for further legal…
Pudgy Penguins’ CEO calls the SEC’s NFT crackdown nonsense, emphasizing resilience in the face of regulation. OpenSea faces scrutiny as the SEC questions whether certain NFTs qualify as securities. Pudgy Penguins is a prominent Web3 brand featuring a collection of 8,888 non-fungible tokens (NFTs) launched on the Ethereum blockchain. The CEO of Pudgy Penguins recently…
Robinhood’s Chief Legal Officer Daniel Gallagher criticized the US Securities and Exchange Commission’s (SEC) approach to crypto regulation in written testimony submitted for a Sept. 18 hearing before the House Financial Services Subcommittee on Digital Assets. Gallagher detailed Robinhood’s efforts to comply with SEC regulations, citing over a dozen meetings and calls over 18 months….
The US Securities and Exchange Commission (SEC) has recently brought a litigative and legal response by filing legal charges against three persons and five enterprises involved in the cryptocurrency ‘pig butchering’ fraud. Pump and dump is a term used to describe a type of scams which feed on victims through a protracted process of misleading…
Este artículo también está disponible en español. The recent XRP price action has sparked a broader bullish sentiment among crypto investors and analysts. The cryptocurrency’s 10% surge in the last week has driven the price above levels not seen in nearly a month, continuing its green performance in most long-term timeframes. As a result, some…
The U.S. Securities and Exchange Commission (SEC) has charged Flyfish Club for conducting an unregistered offering of crypto asset securities through non-fungible tokens (NFTs), raising $14.8 million for an exclusive restaurant project. “Flyfish agreed to a cease-and-desist order, to pay a $750,000 civil penalty, and to comply with certain undertakings,” the regulator noted. SEC Charges…
The U.S. Securities and Exchange Commission (SEC) has cracked down on two crypto investment scams, targeting platforms Nanobit and Coinw6. Involving fake relationships to deceive victims via social media, these schemes siphoned millions from unsuspecting investors. The charges mark the first SEC enforcement actions against such scams. SEC Targets Crypto Scams in Latest Enforcement Action…
Este artículo también está disponible en español. BlackRock’s iShare Bitcoin Trust (IBIT) registered its first daily net inflow in three weeks, leading to US spot Bitcoin exchange-traded-funds (ETFs) witnessing a combined net inflow of $12.8 million, data from Farside Investors confirms. BlackRock’s Spot Bitcoin ETF Attracts Net Inflows, How About Other ETFs? BlackRock forayed into…
Massachusetts Republican Senate candidate John Deaton has indicated his intention to hold the U.S. Securities and Exchange Commission (SEC) accountable for its role in wiping out $15 billion from XRP retail investors. In a September 16 interview on the “Good Morning Crypto Show,” the lawyer made it clear that he’s ready to continue his battle…
The U.S. Securities and Exchange Commission (SEC) has reached a $1.95 million settlement with Prager Metis CPAs LLC and its affiliate over serious allegations related to their audits of crypto exchange FTX. The case highlights critical oversights and violations of key industry standards, raising questions about the firm’s practices and the risks it missed. “Prager’s…
September 17, 2024 at 12:30 PM GST updated: September 17, 2024 at 11:43 AM 2 mins read News All five SEC Commissioners will testify before the House Committee for the first time since 2019, amidst scrutiny of the agency. SEC Chair Gary Gensler faces allegations of violating federal law by considering political affiliations in hiring…
The trend of suing a crypto-based company for selling unregistered securities has surged significantly in the past few years. A recent lawsuit filed by the U.S SEC over the NFT FlyFish Club has come to a settlement as it agreed to pay a fine of $750,000. Following the settlement, two SEC commissioners slammed their agency…
The U. S. Securities and Exchange Commission (SEC) has recently acknowledged the emerging state of confusion regarding its position on cryptocurrencies’ securities. It was made after years of enforcement actions and regulatory guidance that put the crypto industry into turmoil. However, the SEC persists in the regulation of digital assets, the agency underscores the difficulties…
September 16, 2024 at 01:20 PM GST 2 mins read News The SEC’s strict crypto regulation allegedly led to a $15 billion loss for retail investors, according to pro-crypto attorney John Deaton. The SEC recently clarified that cryptocurrencies are not securities, marking a change from its previous regulatory stance. John Deaton, now a Senate candidate,…
The tough regulations for digital assets in some nations have forced crypto-based companies to relocate their headquarters to countries with favoring laws. In terms of headquarters, the United Arab Emirates is followed closely by Hong Kong and New York. As per Circle’s chief executive officer and co-founder, the issuer of USDC is ready to shift…
Coinbase and Ripple legal chiefs, Paul Grewal and Stuart Alderoty, have criticized the U.S. Securities and Exchange Commission (SEC) for its inconsistent approach to classifying tokens as securities. Grewal referenced Footnote 6 in the SEC’s amended complaint against Binance, where the agency admitted creating confusion by labeling tokens as securities. He also pointed out the…
A U.S. congressman has introduced the Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets Act (BRIDGE Act), aimed at improving collaboration between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on digital asset regulations. The bill proposes forming a Joint Advisory Committee to unite both agencies and…
The U.S. Securities and Exchange Commission (SEC) has ramped up its enforcement actions against the cryptocurrency sector in 2024, imposing nearly $4.7 billion in fines. This figure represents a 3,018% increase from the $150.3 million in fines issued in 2023. Record Breaking Settlement According to a report from Social Capital Markets, 2024’s figures are largely…
The U.S. Securities and Exchange Commission (SEC) has stated that it used the term ‘crypto asset security’ as a linguistic shortcut and not as a specific identification of any particular token as a security. The clarification came as a footnote within the agency’s proposed amended complaint against Binance about the latter’s sale of these assets…
Ripple’s legal battle with the SEC concludes, marking a significant moment for the cryptocurrency industry. Future SEC cases involving digital assets may take into account the fair notice defense that Ripple used. Stuart Alderoty, Ripple’s Chief Legal Officer, has officially declared the end of the company’s long-running legal battle with the United States Securities and…
Coinbase CLO criticizes the SEC’s inconsistency in classifying crypto tokens as securities in a surprising legal twist. Grewal highlights the SEC’s confusion about Ethereum’s special treatment, leaving the crypto community in uncertainty. The United States Securities and Exchange Commission (SEC) has recently come under fire for its contradictory stance on the classification of cryptocurrencies as…
September 14, 2024 at 11:50 AM GST updated: September 14, 2024 at 11:41 AM 2 mins read News Gary Gensler faces investigation over alleged politically motivated hiring practices at the SEC, with a compliance deadline of September 24, 2024. The SEC filed an amended complaint against Binance, revising its stance on the classification of tokens…
September 14, 2024 at 02:30 AM GST updated: September 14, 2024 at 02:37 AM 2 mins read News SEC redefines ‘crypto asset securities’, easing confusion in crypto litigation and regulation. Ripple and Coinbase critique SEC’s erratic enforcement, urging clearer crypto regulations. Court rulings favor XRP as non-security, potentially altering the regulatory approach to crypto. One…
The Commodity Futures Trading Commission (CFTC) has partnered with several organizations, including the Securities and Exchange Commission (SEC), to educate the public about cryptocurrency scams, especially those involving fake romantic relationships. These partnerships aim to help consumers recognize and avoid these “pig butchering” scams, which defraud victims by building false trust and promoting fake cryptocurrency…
The U.S. Securities and Exchange Commission (SEC) has seemingly tracked back on previous statements suggesting that crypto assets themselves are securities. This retraction comes amid the agency’s ongoing legal case against Binance, one of the largest cryptocurrency exchanges in the world. SEC “Regrets” Confusion Caused by Wording Attention to the SEC’s shift was drawn by…
a16z, OpenSea and Stand With Crypto have launched a $6 million creator defense fund. OpenSea has pledged $5 million and a16z $1 million. The fund will support the NFT market, with this coming weeks after SEC issued a Wells Notice against OpenSea. Venture capital firm Andreessen Horowitz is collaborating with NFT marketplace OpenSea and Coinbase-backed…
Kraken has requested a jury trial in response to the US Securities and Exchange Commission’s (SEC) lawsuit, according to a Sept. 12 court filing. The move comes after a federal judge rejected Kraken’s bid to dismiss the case, which centers on claims that the platform operated an unregistered securities exchange. Kraken’s defense In its filing,…
eToro has agreed to pay a settlement of $1.5M and stop breaking federal securities regulations. Only Bitcoin, Ether, and Bitcoin Cash would be traded by consumers in the U.S as per the deal. e-Toro, a trading platform, and the United States Securities and Exchange Commission (SEC) have announced a settlement. The business’s cryptocurrency trading platform…
Trading platform eToro will halt trading for most digital assets on its platform following a $1.5 million settlement with the US Securities and Exchange Commission (SEC), according to a Sept. 12 statement. The SEC’s investigation revealed that, since 2020, eToro has allowed US customers to trade crypto assets that are considered securities without complying with…