Robert Kiyosaki believes the US regulators will go hard against most alternative coins once they are classified as securities. As such, the author of several best-seller books continues to invest only in bitcoin, which the CFTC and even the SEC have said is a commodity. Kiyosaki on BTC and Altcoins The 75-years old US entrepreneur,...Read More
Cryptocurrency exchange OKX released its second Proof of Reserves (PoR) on its website on December 22nd. The new report would enable users to view and self-verify the results of two PoRs with the help of open-source tools, the company said in an official statement. OKX also promised to publish the PoR report every month. OKX’s Proof-of-Reserves...Read More
The US Securities and Exchange Commission announced that Dan Berkovitz will step down from his General Counsel position as of the end of January 2023. The current SEC Principal Deputy General Counsel – Megan Barbero – will replace Berkovitz upon his departure. SEC Chair Gary Gensler said he was “grateful” for Berkovitz’s “exceptional public service...Read More
The SEC is stepping up its scrutiny of crypto auditors as it continues to wage war against the digital asset industry. In the latest in a recent torrent of anti-crypto articles, the Wall Street Journal has reported that there will be more dissection of the work that audit firms are doing for crypto companies. According...Read More
Grayscale may consider a 20% tender offer on GBTC shares if its bid to convert into a Bitcoin spot ETF ultimately fails, said CEO Michael Sonnenshein to investors on Monday. In an interview on the same day, the executive also commented on the FTX’s collapse, the crypto bear market, and the state of Binance. Shoring...Read More
The US Securities and Exchange Commission (SEC) has approved WisdomTree’s nine blockchain-enabled funds. According to the official press release, the new digital funds will reflect different exposures, with each of them investing in traditional assets, but will not track crypto assets. However, the firm will leverage Stellar or Ethereum blockchains as a secondary record of...Read More
The FTX collapse spurred action from yet another financial watchdog. The Thailand Securities and Exchange Commission (SEC) is gearing up to impose more stringent regulations on crypto assets similar to that of the global market in a bid to protect investors. According to Bangkok Post, the SEC said that regulators should play a greater role...Read More
On Dec. 8, the SEC’s Division of Corporation Finance released a statement “regarding recent developments in crypto-asset markets.” The guidance has targeted companies that have disclosure obligations under federal securities laws. Citing “widespread disruption” in crypto markets, the regulator said that companies should evaluate their disclosures and update them if crypto is involved. “In meeting...Read More
The United States Federal Trade Commission (FTC) is targeting certain crypto companies over deceptive or misleading advertising. With the latest move, the FTC appears to follow in the footsteps of the SEC as the crackdown on the ecosystem broadens. According to a Bloomberg report, FTC spokeswoman Juliana Gruenwald Henderson said: “We are investigating several firms...Read More
The U.S. Office of Foreign Assets Control (OFAC) has made it clear that it will keep imposing fines on cryptocurrency exchanges for alleged violations of the U.S. sanctions system. This time it was the turn of Kraken, one of the oldest crypto exchanges in the U.S. Who will be next? Kraken, a well-known American crypto...Read More
Tom Emmer – the U.S. congressional representative for Minnesota – recently spoke on the political meetings and failures surrounding Sam Bankman-Fried (SBF), prior to his exchange’s collapse. The Republican suggested that Bankman-Fried tried currying “special treatment” from the Securities and Exchange Commission (SEC) through meetings with the agency, and attempted to push legislation to the...Read More
The United States Securities and Exchange Commission (SEC) extended its final decision on whether to approve the launch of ARK 21Shares’ spot BTC ETF to January 27, 2023. The Commission stated it needs more time to consider the pros and cons of the ETF. Two More Months Ark Invest wanted to introduce a spot Bitcoin...Read More
United States financial regulators have reportedly launched a probe into FTX – one of the world’s largest crypto exchanges that is now unable to process customer withdrawals. The investigators intend to examine whether FTX properly managed customer deposits, alongside its relationship with CEO Sam Bankman-Fried’s other crypto projects. Probed by SEC and CFTC As reported...Read More
Leading American cryptocurrency exchange Coinbase is seeking permission to file an amicus brief, also known as “friend of the court,” in support of Ripple Labs’ ongoing court case with the United States Securities and Exchange Commission (SEC). According to a court document submitted on October 31, the exchange sought permission from Judge Analisa Torres of...Read More
Gary Gensler – chairman of the Securities and Exchange Commission (SEC) – said on Monday that crypto markets are, ironically, not decentralized. The chairman argued that there is significant market dominance among a few “intermediaries” in the industry, which is stifling competition. Centralization in Financial Markets According to the chairman’s prepared remarks at the Securities...Read More
The thorough analysis and several investigations that the US Securities and Exchange Commission (SEC) has launched on notorious crypto-related entities seem to be working out for the industry so far. 60% of the respondents in a recent survey said they are more likely to enter the digital asset ecosystem after seeing how the regulator interacted...Read More
The court case between the SEC, who accuse Ripple of selling unlicensed securities, and the blockchain company is fast approaching the 2-year mark. Up until now, there have been countless back-and-forths, objections, and red tape preventing the courts from reaching any clear resolution on the matter. One of the key misgivings Ripple has had about...Read More
Grayscale’s lawsuit against the SEC has started gaining traction as prominent names from the crypto industry rallied behind the asset manager. The latest one to chime in is Coinbase. The cryptocurrency exchange has filed an amicus brief backing Grayscale Investment’s lawsuit against the United States Securities and Exchange Commission (SEC) for disapproving the company’s proposal...Read More
Celsius has been one of the more high-profile casualties of a sharp sell-off in the crypto market that was triggered in part by May’s collapse of the Terra blockchain. The now-bankrupt crypto lender’s legal headaches continue. In the latest development, the company is reportedly facing US federal investigations, a Tuesday filing from lawyers for its...Read More
New York Digital Investment Group (NYDIG) – an investment management firm that offers a wide variety of bitcoin services – reportedly laid off around one-third of its staff in September. Not long ago, it announced the departure of CEO Robert Gutmann and President Yan Zhao. Despite the redundancies, the former leaders remained as key members...Read More
Grayscale stated that the SEC’s application of its “significant market test” is deeply flawed and does not protect investors against potential fraud and manipulation in the underlying BTC markets. The SEC is notorious for turning down dozens of spot Bitcoin ETF applications over the past several years from major players including WisdomTree and Ark21Shares. Grayscale,...Read More
At an event for DC Fintech Week on Tuesday, the CEO of Ripple Labs, Brad Garlinghouse, noted that he expects the court to give its verdict on the case in the first half of 2023. “I think we’ll have an answer in the first half of next year. Whether that’s the first quarter or second...Read More
Ripple continues to be embroiled in a legal tussle with the SEC, and certain community members have claimed significant corruption on the agency’s side for targeting the blockchain firm. Cardano founder Charles Hoskinson has cleared his stance on the matter and backed Ripple by saying that layer-1 protocols aren’t securities. The XRP Army, however, isn’t...Read More
Gary Gensler made a big announcement on October 3, saying the US media personality and reality star Kim Kardashian had settled with the agency in a fraudulent crypto promotional case. However, a Fox reporter now claimed that the SEC Chair had violated protocol by overhyping the settlement for his personal political agenda. Gensler Did it...Read More
The United States Securities and Exchange Commission (SEC) imposing a penalty of $1.26 million on reality star Kim Kardashian carries an important message about the regulator’s conviction on cracking down on sketchier corners of the cryptocurrency world. While many in the community acted in disbelief, others felt Kardashian was an easy target and that the...Read More
In a new report, the Financial Stability Oversight Council (FSOC), a regulatory panel comprising leading financial regulators, identified areas in crypto regulation with: limited oversight of the spot market for tokens that are not securities; opportunities for regulatory arbitrage, or benefit favorable rules; if crypto firms should be allowed to integrate multiple services traditionally offered...Read More
The US Securities and Exchange Commission brought charges against Kim Kardashian for promoting a crypto security – Ethereum Max. The popular US media personality, model, and businesswoman agreed to pay $1.26 million to settle the charges. CryptoPotato reported in January this year a lawsuit filed in California against Floyd Mayweather and Kim Kardashian, claiming that...Read More
The United States Securities and Exchange Commission (SEC) has accused two companies, their executives, and a supposed international gold trader, of running a fraudulent scheme to boost demand for their digital token. The false promotion of the token netted proceeds of over $36 million for the defendants, the agency said. A Fake $10 Billion Gold...Read More
New York judge Analisa Torres has ordered the Securities and Exchange Commission (SEC) to turn over internal documents, including emails and drafts, related to a speech from former commissioner William Hinman in 2018. The order marks a big win for Ripple in its legal battle with the regulator, as the story behind the speech may...Read More
The US Securities and Exchange Commission (SEC) has filed charges against The Hydrogen and its market maker, Moonwalkersfor, for allegedly engaging in unregistered securities and artificially inflating token’s priceoken. The SEC accused the two firms and thtwo execs of breaking the securities laws’ registration, anti-fraud, and market manipulation provisions. The securities watchdog also asked for...Read More
