SEC

The US SEC sues Helium Network creator Nova Labs

January 21, 2025 1 min read

The US Securities and Exchange Commission (SEC) has sued Nova Labs, the creators of the Helium Network, for misleading investors and breaching securities laws. The SEC alleges that Nova Labs falsely claimed partnerships with major companies like Salesforce, Lime, and Nestlé to attract investors. These claims have not been addressed by Nova Labs. The lawsuit, filed on January 17, centers on Nova Labs’ “Hotspot” devices, which have been available since

Court Demands SEC to Justify Its Stance on Crypto Rules After Coinbase Dispute

January 15, 2025 1 min read

The U.S. Court of Appeals for the Third Circuit has asked the SEC to clarify its refusal to establish clear regulations for cryptocurrencies. This request follows Coinbase’s appeal after receiving a Wells Notice from the SEC in March 2023, which accused the exchange of violating securities laws. One judge emphasized that the court is not forcing the SEC to create new rules but wants an explanation for its inaction. Another

The SEC may shift away from heavy enforcement actions on crypto next year

December 28, 2024 1 min read

The U.S. Securities and Exchange Commission (SEC) is about to go through some changes in the next year, working with fewer commissioners until the Senate approves President-elect Donald Trump’s nominees. After SEC Chair Gary Gensler left, Republican commissioners Hester Peirce and Mark Uyeda will stay, which might change how the agency regulates the cryptocurrency sector. In her speech at the Blockchain Association Policy Summit, Peirce pointed out the different regulatory

Bitnomial challenges SEC’s classification of XRP as a security

October 11, 2024 1 min read

Bitnomial, a crypto derivatives exchange based in Chicago, has taken a bold step by filing a lawsuit against the U.S. Securities and Exchange Commission (SEC). The exchange is contesting the SEC’s claim that XRP futures should be classified as “Security Futures.” This legal move comes on the heels of another lawsuit from Crypto.com, which accuses the SEC of overreaching by labeling all crypto assets as securities. Bitnomial operates under the

The SEC accuses Cumberland of operating as an unregistered securities dealer

October 11, 2024 1 min read

The SEC has taken legal action against Cumberland DRW, alleging that the firm has been operating as an unregistered securities dealer in the crypto space since 2018. Cumberland has vehemently denied these accusations, labeling the SEC’s tactics as “enforcement-first” and likening the situation to a legal “Catch-22.” At the heart of the matter is a pivotal regulatory debate over whether crypto transactions should be classified under securities law, a ruling

The SEC has just days left to decide if it will appeal the Ripple case ruling

October 1, 2024 1 min read

The Ripple case is heating up as the SEC’s deadline to appeal approaches on October 7, 2024. Pro-XRP attorney Fred Rispoli believes there’s a strong chance the SEC will challenge the recent ruling that favored Ripple, which could limit the classification of XRP sales as securities. Rispoli estimates a 60/40 split in favor of an appeal, emphasizing the high stakes involved for the SEC. Legal experts, including John Deaton and

SEC announces it settled with Mango Markets over sale of unregistered tokens in $70 million coin offering

September 28, 2024 1 min read

On September 27, 2023, the US Securities and Exchange Commission (SEC) made headlines by charging Mango DAO and the Blockworks Foundation for their involvement in the sale of unregistered crypto assets. The focus of the SEC’s complaint was on MNGO, the governance token associated with Mango Markets, which the SEC claims was sold without proper registration, thereby violating US securities laws. The SEC’s legal action, filed in the Southern District

The SEC postpones its decision on options trading for several Ethereum ETFs

September 25, 2024 1 min read

The U.S. Securities and Exchange Commission (SEC) has deferred its judgment regarding options trading for several spot Ethereum ETFs until November 2024. The postponement ensues after the SEC sanctioned options trading for BlackRock’s spot Bitcoin ETF, accompanied by stringent rules to mitigate market manipulation. The SEC has extended the deadlines for these funds to November 10 and 11, 2024, in accordance with Section 19(b)(2) of the Securities Exchange Act. In

The US SEC collects over $4.68 billion in crypto fines during 2024

September 10, 2024 1 min read

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 are integral to its comprehensive initiatives to enforce compliance, safeguard investors, and promote transparency in

Ripple’s legal battle with the SEC persists as the agency considers an appeal

September 9, 2024 1 min read

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 order, and legal commentator Fred Rispoli posits that compelling Ripple to make a payment at

The US SEC raises objections to FTX’s bankruptcy plan, citing legal concerns

September 3, 2024 1 min read

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 of the discharge provision and offered additional modifications to the plan and the proposed confirmation

The SEC has issued a warning about FTX’s plans to use stablecoins and other crypto assets

September 2, 2024 1 min read

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 right to contest their use, particularly if they involve cryptocurrency assets. The SEC has also