Legislators are worried that the agency is giving preference to people with political inclinations. The legislators have requested that Gensler provide key papers about employment procedures. Market debates have been sparked by the investigation into the hiring procedures of US SEC Chair Gary Gensler. There are worries about the agency’s neutrality in recruiting methods. Since…
Within the next six months, the United States arm of the financial services company, eToro, would cease trading almost all crypto assets on its platform due to a new order from the Securities and Exchange Commission (SEC). According to a press release from the SEC, eToro has violated federal securities laws since at least 2020….
eToro has agreed to cease most of its crypto trading activities after settling with the SEC. the company will pay a fine of $1.5 million and delist all coins except Bitcoin, Ethereum and Bitcoin Cash. eToro will end most of its crypto trading activities following the company’s settlement with the US Securities and Exchange Commission….
Etoro USA has agreed to pay $1.5 million to the U.S. Securities and Exchange Commission (SEC) to settle charges of operating as an unregistered broker and clearing agency for crypto trading. Etoro will limit U.S. customers’ trading options to bitcoin, bitcoin cash, and ether, with a 180-day window to sell other crypto assets. If certain…
Get the Article Summary Now! Sign Up, and Stay Updated with Daily Newsletters. Login / Register Now The recent probe into the United States Securities and Exchange (SEC) chairman Gary Gensler has garnered significant attention from crypto enthusiasts. According to a report, Gensler and his agency may be violating federal law by favoring civil services…
Republican politicians from the United States have recently launched extensive research on the process of employing the head of the Securities and Exchange Commission, Gary Gensler, for political bias and preference. This investigation by the House Financial Services Committee will seek to find out whether Gensler has appointed political allies to the aforementioned positions in…
Bill Morgan emphasized that XRP’s legal status could differ under Australian law due to the appeal process’s flexibility. Judge Torres ruling on XRP does not guarantee immunity from future legal scrutiny in global or appellate courts. In a recent development in the continuing legal debate around XRP, crypto lawyer Bill Morgan provided critical insight into…
The US SEC is keeping its strict rules on how banks handle cryptocurrency assets. SEC Chief Accountant Paul Munter confirmed that the rules requiring firms to list crypto asset liabilities on their balance sheets are still in effect. The U.S. Securities and Exchange Commission (SEC) has reinforced its strict stance on limiting crypto custody services…
In 2024, the US Securities and Exchange Commission (SEC) has imposed $4.68 billion in fines on the crypto sector, representing a 3,018% rise from the prior year. This signifies a transition towards impactful enforcement measures in the cryptocurrency sector, focusing on cases that establish important precedents for the industry. The SEC asserts that these penalties…
An analyst believes that Ripple could soon get the UK’s FCA approval after successfully securing a stay on its monetary penalties. The XRP community expects Ripple to launch an Initial Public Offering (IPO) in London by 2025 after obtaining a license from the UK financial watchdog. Ripple Labs applied for a crypto asset firm license…
US Securities and Exchange Commission (SEC) Commissioner Hester Peirce has raised ongoing concerns about the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). Peirce’s comments came after a Sept. 9 speech by SEC Chief Accountant Paul Munter, who affirmed that the Commission’s stance on SAB 121 remains unchanged. SEC’s unchanged position Munter emphasized that the…
With the surging popularity of digital assets, the crackdowns by the United States Securities and Exchange Commission are also growing simultaneously. In the past few quarters, over 100+ crypto-based firms have battled a lawsuit by the SEC. Recent data states that crackdown and enforcement actions against the firms providing crypto services grew by 3,000% in…
The U.S. Securities and Exchange Commission (SEC) has issued a bulletin warning about the risks of bitcoin and ether exchange-traded funds (ETFs), highlighting their speculative nature. The regulator urged investors to consider potential issues like price volatility, fraud, and lack of regulatory oversight. SEC Warns Investors About Risks in Bitcoin and Ether ETPs The U.S….
Bitcoin may rise to $90,000 by the end of the year if former U.S. President Donald Trump wins the presidential election, according to brokerage and research firm Bernstein. The firm’s analysts believe that Trump’s pro-crypto stance and regulatory reforms could boost the cryptocurrency market while a Kamala Harris victory may cause bitcoin to fall below…
The legal conflict between Ripple and the US Securities and Exchange Commission (SEC) persists, notwithstanding a pivotal order by Judge Analisa Torres on August 7. Ripple requested an extension for the $125 million penalty for breaching securities regulations, originally scheduled for payment by September 6. The SEC is currently assessing the possibility of contesting the…
September 9, 2024 at 09:32 AM GST updated: September 9, 2024 at 09:43 AM 2 mins read News Tether invested $100M in Adecoagro, acquiring a 9.8% stake in the Latin American agriculture firm. Tether’s move into Adecoagro aligns with its diversification strategy, expanding beyond the crypto sector. Tether funds its Adecoagro investment from operational cash,…
September 9, 2024 at 01:20 AM GST updated: September 9, 2024 at 01:22 AM 2 mins read News The removal of Gary Gensler as the chairman by the Vice President Kamala Harris has created a lot of ambiguity in the cryptocurrency. The resignation may well indicate a potential change of tack to a more pro-crypto…
September 8, 2024 at 01:15 AM GST updated: September 8, 2024 at 12:40 AM 2 mins read News Judge orders SEC to provide Coinbase crucial documents on digital asset classification. Court denies Coinbase’s request to subpoena SEC Chair Gary Gensler’s emails. Expanded SEC witness testimony required in Coinbase’s ongoing legal battle. The U.S. District Court…
September 7, 2024 at 11:00 PM GST updated: September 7, 2024 at 11:01 PM 2 mins read News In an important development for Coinbase’s case, a New York judge allowed the exchange partial discovery of internal SEC documents that pertain to the Howey Test. The court dismissed Coinbase’s motion to compel chair Gary Gensler to…
In a significant development in Coinbase’s lawsuit against the US Securities and Exchange Commission (SEC), the former won a partial victory. As per Southern District of New York Judge, Katherine Failla’s ruling the SEC is to provide key documents to Coinbase. Coinbase Wins Document Disclosure from SEC On September 5, Judge Failla ordered the SEC…
TL;DR XRP’s possible surge to $1 could be fueled by additional developments on the Ripple v. SEC front, such as the company paying the penalty. Other factors that may trigger a bull run include positive market sentiment and increased adoption. Is There a Chance? After a prolonged period of inactivity, the lawsuit between Ripple and…
SEC reportedly deliberates on appeal following recent reports that Ripple (XRP) has asked the court for a stay order. While former SEC lawyers are certain that the Commission could file an appeal, a pro-XRP lawyer believes the decision could go either way. According to Whale Alert data, a whopping 100 million XRP ($54 million) was…
David Schwartz, Ripple’s CTO, has recently criticized the Federal Reserve for imposing sanctions on United Texas Bank. Schwartz voiced his opposition to the central bank’s decision, stating that this is an unjust way to deal with situations relating to crypto companies. He made these remarks amid mounting pressure on the cryptocurrency industry from the U.S….
September 5, 2024 at 10:09 PM GST 2 mins read News Ripple may retain the legal victory until 2026 which may offer some certainty for the organization and its clients. The potential appeal of the SEC is considered less dangerous, and Ripple currently has a court decision to shield it. Future federal legislation can also…
Former 2024 US Republican presidential candidate Vivek Ramaswamy has voiced strong concerns about the current state of crypto regulations in the country. He criticized the “regulation by enforcement” approach, arguing that it creates ambiguity and uncertainty for crypto firms. There is a need for clear and consistent policies to support the growing digital asset industry,…
XRP, Ripple’s digital asset, is still a hot topic in crypto. A possible SEC appeal has raised questions about XRP’s investment security. But XRP holders may have less to worry about than they think. Also Read: Investors Should Opt For Gold As FED Cut Looms Over: Goldman Sachs Understanding Ripple’s SEC Appeal and Its Impact…
Robinhood’s crypto division has agreed to pay a $3.9 million fine, settling a California investigation into its past practices, according to a Sept. 5 statement. California Attorney General Rob Bonta said the settlement was secured after Robinhood Crypto prevented users from withdrawing their digital assets from 2018 to 2022. The company also failed to disclose…
Robinhood settles with California’s Department of Justice with $3.9M for accusations between 2018 and 2022. Rob Bonta, Californian Attorney General accused Robinhood of breaching state commodities law. Robinhood Crypto LLC, a subsidiary of Robinhood Markets, has reached a $3.9M settlement with California’s Justice Department. The settlement follows allegations that the platform prevented customers from crypto…
Ripple has requested a stay on the monetary portion of a recent judgment requiring the company to pay $125 million to the US Securities and Exchange Commission (SEC). This request was made in a Sept. 4 filing in the US District Court for the Southern District of New York. According to the filing, Ripple’s legal…
TL;DR Ripple requested a delay in paying a $125 million fine, with the SEC agreeing to the proposed terms, leading to speculation about a possible appeal. The legal developments have had minimal impact on XRP’s price, which keeps trading at around $0.55. The Latest Update The legal battle between Ripple and the US Securities and…
Ripple and the SEC seek a stay on the $125M judgment, signaling preparation for potential appeals in the XRP lawsuit. Despite legal tensions, XRP’s price remains stable, with strong trading volumes reflecting market resilience. Following a recent update on the XRP lawsuit breakthrough, where CNF highlighted that Ripple eyes a major victory as the SEC…
The U.S. Securities and Exchange Commission has levied another set of charges against Galois Capital – a crypto-focused advisory firm that custodied client assets at FTX. For its actions, Galois agreed to pay a civil penalty of $225,000, which will be distributed to harmed investors of the fund. Charged For Losing Money In FTX Per…
September 4, 2024 at 02:30 AM GST updated: September 4, 2024 at 02:16 AM 2 mins read News Galois Capital settles with SEC, pays $225K for Custody Rule violations. SEC enforcement follows Galois Capital’s 50% asset loss post-FTX collapse. Galois misled investors on redemption terms, impacting asset withdrawals. Galois Capital Management, an investment advising firm…
The SEC has charged investment adviser Galois Capital with crypto custody violations, including holding of investor assets on FTX. Galois Capital has settled with the regulator and will pay $225,000 in civil penalty. The US Securities and Exchange Commission has charged Florida-based investment adviser Galois Capital Management LLC over the company’s failure to properly custody…
The U.S. Securities and Exchange Commission (SEC) has slapped Galois Capital Management LLC with a $225,000 fine for falling short of the Custody Rule laid out in the Investment Advisers Act. The crypto-centric hedge fund and advisory firm was also accused of misleading investors about the redemption process. SEC Charges Galois Capital According to the…
The Chief Legal Officer at Ripple Stuart Alderoty has publicly criticized the U.S. Securities and Exchange Commission (SEC) over its use of the phrase “crypto asset security.” In a post published on his official X account, the lawyer argued that the term is a made-up concept that has no legitimate grounding. Lawyer, Court, Call Out…
contributor Posted: September 3, 2024 The US Securities and Exchanges Commission (SEC) has launched an attack at yet another crypto related firm. And, won its case before even reaching the courts. Interestingly, this time around, the commission did not attack the firm over securities law breach but for “custody failures”. The firm that faced the…
SEC commissioner calls for tailored S-1 forms for digital assets. Current S-1 form may not fit unique digital asset requirements. Mark T. Uyeda, a commissioner at the U.S. Securities and Exchange Commission (SEC), has called for a specialized S-1 registration form tailored to digital asset securities. Speaking during a fireside chat at the Korea Blockchain…
Ripple’s CLO criticized the U.S.SEC for the repeated use of the term “crypto asset security”. Alderoty challenged SEC’s Wells Notice to the Open Sea threatening a legal action. Ripple’s Chief Legal Officer, Stuart Alderoty, has openly criticized the U.S. Securities and Exchange Commission (SEC) for its repeated use of the term “crypto asset security”. Alderoty…
The U.S. Securities and Exchange Commission (SEC) has raised concerns regarding FTX’s proposed bankruptcy restructuring plan, despite receiving significant support from creditors. The SEC may raise objections to the ratification of the proposal unless certain adjustments are implemented, which represents a substantial obstacle for the ailing cryptocurrency exchange. Additionally, the SEC has demanded the removal…
Stuart Alderoty, The CLO of Ripple has recently tried to challenge the concept of using the term “crypto asset security. ” He claims that it is an invented term that has no legal ground. This comes in the middle of litigation battles between Ripple and the authorities over the same issue. Regulators have used the…
September 3, 2024 at 10:44 AM GST 2 mins read News The SEC reserves the right to challenge the legality of FTX’s plan to repay creditors using stablecoins. FTX’s repayment plan involves compensating creditors with $14.5B-$16.3B by May 2024, raising SEC concerns. The SEC’s scrutiny of FTX’s use of stablecoins highlights regulatory uncertainties that may…
Coinbase’s chief legal officer has criticized the U.S. Securities and Exchange Commission (SEC) for its ambiguous position regarding FTX’s proposal to repay creditors using stablecoins or other cryptocurrencies. Although the SEC did not explicitly deem these transactions illegal, it retained the right to contest them, leading to frustration within the crypto community. This uncertainty has…
The U.S. Securities and Exchange Commission (SEC) has raised concerns over FTX’s plan to pay back claims using its “crypto asset securities.” The SEC’s Senior Trial Counsel, Therese Scheuer, has reserved the right to challenge these transactions under federal securities laws. FTX’s Crypto Repayment Plan Faces Potential SEC Challenge The FTX bankruptcy saga is moving…
The SEC has issued a warning about FTX’s plans to use stablecoins and other crypto assets for creditor repayments. FTX’s bankruptcy costs have surpassed $800 million, showing the heavy financial toll. After the U.S. court’s order for FTX to pay $12.7 billion and repay creditors, the exchange is facing new challenges in its repayment efforts….
The US Securities and Exchange Commission (SEC) has warned FTX exchange about its strategy for repaying creditors, suggesting a possible objection to using stablecoins or other crypto assets. The SEC’s filing to the Delaware Bankruptcy Court highlights issues with FTX’s proposed use of stablecoins, particularly if they involve cryptocurrency assets. The agency has reserved the…
The US SEC has expressed discomfort with FTX’s strategy of paying creditors via fiat currencies such as Bitcoin and Ether. The SEC is especially concerned that such assets might fall under the definition of ‘security’ according to federal law. It anticipates that in such a case, FTX would have to meet rather rigorous legal standards…
TL;DR The Ripple v. SEC legal battle may be nearing a resolution after a court ordered the company to pay a $125 million fine, significantly less than what the regulator initially sought. Speculation of a settlement persists, but no official confirmation has been made. XRP’s price keeps underperforming amid broader market declines. The Next Big…
The U.S. Securities and Exchange Commission (SEC) has brought charges against two brothers for running a $60 million Ponzi scheme. Notably, the complaint was filed on August 26 in the United States District Court for the Northern District of Georgia in Atlanta. SEC Freezes Assets in Scam According to the regulator’s filing, Jonathan Adam and…
A lot can change in the cryptocurrency markets within the span of the week. This is what happened to bitcoin and most altcoins since last Friday when BTC soared from around $60,000 to over $64,000 on Saturday after the bullish developments on US soil. Namely, Fed Chair Jerome Powell hinted at incoming interest rate cuts,…