SEC

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

Mango Markets DAO proposes a $224 settlement with the SEC

August 22, 2024 1 min read

Mango Markets, a decentralized exchange (DEX) on Solana, is set to pay a $223,228 penalty to the SEC as part of a settlement proposal to avoid further legal issues. The proposal includes halting all sales of MNGO tokens, destroying the DAO’s remaining MNGO holdings, and requesting the removal of MNGO from all crypto exchanges and platforms where it is currently traded. The governance proposal is expected to pass unanimously, with

The SEC’s concerns about Solana’s security status have delayed potential ETF approvals

August 20, 2024 2 mins read

The U.S. Securities and Exchange Commission (SEC) has classified Solana (SOL) as a possible securities, which has impeded the launch of SOL ETFs. As a result, the Chicago Board Options Exchange (Cboe) has withdrawn the necessary 19b-4 forms from its website, causing a delay in the certification process. The SEC concerns have resulted in the withdrawal of VanEck and 21Shares’ 19b-4 forms, which are crucial documentation for the listing of

The SEC plans to appeal a court ruling on Ripple’s XRP sales

August 9, 2024 1 min read

The US Securities and Exchange Commission (SEC) intends to challenge a court decision that ruled against Ripple Labs in relation to the categorization of XRP sales. The SEC intends to contest the ruling that classifies the secondary market sales of XRP as non-securities, potentially influencing the regulatory framework for crypto. The appeal is a response to a partial summary decision issued by Judge Analisa Torres in 2023. The SEC contends