The US Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) charged Nader Al-Naji with orchestrating a multi-million-dollar fraudulent crypto asset scheme involving the social media platform BitClout and its native token BTCLT. The securities regulator’s complaint revealed that Al-Naji raised over $257 million through unregistered offers and sales of BTCLT in November...Read More
XRP climbed to $0.66 on Wednesday, surging by 8% over the past 24 hours from $0.60, a level last seen in the third week of March. The latest upward price action comes amidst important developments in the XRP ecosystem and renewed investor optimism in the market as the accumulation trend intensifies. XRP Accumulation There has...Read More
The US Securities and Exchange Commission (SEC) plans to amend its original complaint against Binance, which might eliminate the need for the court to decide on tokens that were previously classified as securities. The joint filing comes amid increased efforts by presidential candidates to attract pro-crypto voters in the United States. SEC Moves to Amend...Read More
According to a Reuters report, three industry sources indicate that spot Ether exchange-traded funds (ETFs) are expected to begin trading on July 23. The sources also mention that the U.S. Securities and Exchange Commission (SEC) has granted preliminary approval for at least three of eight asset managers to release the spot Ether ETFs. Will Spot...Read More
The Security and Exchange Commission’s accounting bulletin 121 (SAB 121) requires companies, including banks, to hold crypto assets for clients as a liability on their balance sheets. This makes it inefficient for large banks to offer crypto custody services. Both the House and Senate passed a bipartisan Congressional Review Act (CRA) resolution to nullify this guidance,...Read More
In a July 11 hearing, Judge Katherine Polk Failla expressed skepticism about Coinbase’s efforts to subpoena SEC Chair Gary Gensler in the ongoing SEC case against the cryptocurrency exchange. As detailed by Inner City Press, the hearing showcased Coinbase’s persistent efforts to acquire Gensler’s communications, including statements made before he became SEC Chair in 2021....Read More
Paxos – the blockchain infrastructure platform behind the Binance USD (BUSD) stablecoin – announced on Thursday that regulators have forfeited their investigation into the firm concerning its dollar-pegged tokens. The result represents a major legal victory for crypto at large, where thick fog has surrounded the legal classification and regulatory treatment of stablecoins. Paxos Prevails...Read More
Asset management firm Bitwise has amended its S-1 registration with the United States Securities and Exchange Commission (SEC) to list and trade shares of a spot Ether exchange-traded fund (ETF). This follows SEC Chair Gary Gensler’s statement that the commission might finalize approvals for spot Ether ETFs by summer 2024, with some analysts anticipating it...Read More
Binance.US said that it is prepared to defend itself against the US Securities and Exchange Commission after a court ruled that the regulatory agency’s case against the crypto exchange could continue. In its official statement on X, the US arm of crypto giant Binance affirmed that the “fight continues.” Binance.US Slams SEC’s Enforcement Tactics The...Read More
The U.S. Securities and Exchange Commission (SEC) sued Ethereum infrastructure provider Consensys on Wednesday for allegedly failing to register key services offered within its MetaMask software wallet. The SEC’s lawsuit comes two months after it issued a Wells notice to Consensys voicing the agency’s intent to sue regarding the popular Ethereum wallet, which its website...Read More
The US Securities and Exchange Commission (SEC) might approve the latest tweaks about the spot Ethereum ETFs by July 4, as discussions between asset managers and regulators reach their final stages. While speaking to several industry insiders, Reuters observed that eight asset managers, including BlackRock, Franklin Templeton, and Grayscale Investments, are closing in on the...Read More
The largest United States cryptocurrency exchange, Coinbase, has filed lawsuits against the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) for failing to comply with information requests in closed crypto cases. According to filings at the United States District Court for the District of Columbia, Coinbase seeks to compel the SEC...Read More
The ongoing case between Ripple Labs and the United States Securities and Exchange Commission is in its trial phase. And although this is technically the point of the lawsuit where it is supposed to get resolved, there’s no telling when it might actually end. That said, here’s what’s been going on lately as of June...Read More
Ripple chief executive officer Brad Garlinghouse has slammed Gary Gensler, the chairman of the United States Securities and Exchange Commission (SEC), for his recent slander about most crypto executives going to jail. Garlinghouse stated in a tweet that Gensler and his approach to crypto regulation would cause U.S. President Joe Biden to lose the upcoming...Read More
A US federal court judge has allowed a civil securities lawsuit against Ripple Labs to proceed. This decision came after Judge Phyllis Hamilton of the California District Court denied Ripple’s request for summary judgment in a case involving allegations that its CEO, Brad Garlinghouse, violated California securities laws. “Misleading Statements” on XRP The allegations focus...Read More
After making a comeback above $0.50 yesterday, XRP noted a mild decline from the level in the past 12 hours or so. The brief uptrend, however, wiped its weekly losses, making XRP the only top cryptocurrency in the green during the same period, with a slight rise. Investors Flock to XRP In line with the...Read More
Ethereum has continued to face challenges staying above the $4,000 mark, mirroring the lack of momentum in the broader market. While the investors await for a rally, data suggest a surge in demand for the world’s largest altcoin. Permanent Ethereum Holders Bought Big According to CryptoQuant head of research Julio Moreno’s recent findings, Ethereum’s demand...Read More
Terraform Labs has reached a settlement in its lawsuit with the Securities and Exchange Commission (SEC), with the defunct crypto firm agreeing to pay a $4.47 billion fine for its fraudulent activity related to the defunct Terra blockchain. In a Wednesday letter to US District Judge Jed Rakoff, the SEC asked for approval of its...Read More
Ethereum witnessed its strongest week in terms of capital inflow since March, with total inflows amounting to $69 million over the past week, as per the latest stats by CoinShares. The latest influx can be attributed to the surprise decision by the US Securities and Exchange (SEC) to allow spot Ether ETFs. As a result,...Read More
Family offices, known for their entrepreneurial spirit, are embracing new investment opportunities. Though cryptocurrencies account for 5% of portfolios, an allocation that would have been unthinkable a decade ago, they remain strikingly split over the role of the asset class. According to the recently published 2024 BNY Mellon Wealth Management Study, approximately 39% of the...Read More
SEC Chair Gensler has voiced concern over unethical conduct within crypto exchanges, noting that the introduction of spot Ethereum ETFs will require additional time. Gensler’s comments were made during a June 5 interview on CNBC, where he also responded to Jim Cramer’s inquiries about potential exchange-traded products for cryptocurrencies beyond Bitcoin and Ethereum. Gensler Criticizes...Read More
Gary Gensler – chairman of the US Securities and Exchange Commission (SEC) – sat down with CNBC’s Mad Money host Jim Cramer on Wednesday to discuss the regulator’s Bitcoin and Ethereum ETF approvals, alongside what may be coming next. That included questions about whether obscure meme coins could soon receive their own ETFs, such as...Read More
Ripple has contributed $25 million to the Fairshake super PAC, aligning with an industry-wide effort to advocate for pro-crypto policies and politicians. Ripple’s decision to boost Fairshake’s efforts comes amid its own ongoing legal battle with regulatory bodies like the SEC. The agency’s lawsuit prompted the company to take a more proactive stance in advocating...Read More
According to sources familiar with the matter, the SEC has instructed prospective issuers to submit amended S-1 forms by Friday, May 31st. This follows the approval of the 19b-4 forms on May 23, marking a significant milestone in the process. Spot Ethereum ETF Approval Progresses The recent approval of the 19b-4 forms marked a significant...Read More
The U.S. District Court for the District of Utah has dismissed the Securities and Exchange Commission’s (SEC) case against Digital Licensing, operating under the name Debt Box. The judge has also ordered the SEC to pay approximately $1.8 million in attorney and receivership fees. SEC Ordered to Pay $1.8 Million in Fees In a post...Read More
Cryptocurrency lawyer James Murphy, known as MetaLawMan, believes the United States Securities and Exchange Commission (SEC) has gotten into trouble following its approval of spot exchange-traded funds (ETFs) for the Ethereum network. In an X post, Murphy said the SEC is in “deep trouble” with its lawsuits against some crypto firms because the agency’s approval...Read More
Industry experts and executives have been discussing the implications of the SEC’s apparent U-turn on Ethereum. Its approval of spot Ether ETFs on May 23 may be a signal that the regulator now views the asset as a commodity and not a security. The regulator officially approved 19b-4 applications from VanEck, BlackRock, Fidelity, Grayscale, Franklin...Read More
The U.S. Securities and Exchange Commission (SEC) has officially greenlighted Ether spot ETFs to trade on national securities exchanges. Multiple 19b-4 applications to list the product were approved on Thursday, just days after the SEC began rapidly engaging with issuers on the matter in an unexpected positive turn for the crypto industry. Ether ETFs Are...Read More
The U.S. House of Representatives passed legislation on Monday that will provide long-sought-after legal clarity around how crypto assets should be classified, registered, and custodied. The bill, titled the Financial Innovation and Technology for the 21st Century Act (FIT21), received near unanimous support from Republicans alongside 71 additional votes from Democrats, resulting in a final...Read More
Uniswap Labs, the company behind the decentralized exchange Uniswap, has issued a response to the Wells Notice from the U.S. Securities and Exchange Commission. Meanwhile, Uniswap’s native token UNI has surged 2.0% over the last 24 hours and 37% over the week to hit $9.48. Uniswap Labs Criticizes SEC’s Legal Basis In a blog post...Read More
