SEC

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 As a result, the Chicago Board Options Exchange (Cboe) has withdrawn the necessary 19b-4 forms from its website, causing a delay in the certification process.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

Marc Fagel warns against excessive optimism over a potential Ripple (XRP) settlement

July 27, 2024 1 min read

Former Securities and Exchange Commission (SEC) attorney Marc Fagel has advised against being overly optimistic about the possibility of reaching an agreement in the continuing legal dispute between the SEC and Ripple Labs. The US SEC just rescheduled a private meeting, igniting renewed optimism among the XRP community for a resolution. Nevertheless, Fagel pointed out the absence of definitive proof to substantiate this perspective, noting that it is improbable to

The SEC faces setbacks but continues its aggressive crackdown on the crypto industry

July 12, 2024 2 mins read

The Securities and Exchange Commission (SEC) has faced numerous legal challenges, including a court sanction in Utah, during its tenure as chairman. Gary Gensler, who became SEC chairman in 2021, initially aimed to crack down on the crypto industry but quickly showed skepticism towards it. During his tenure, the SEC filed numerous lawsuits against major players like Coinbase, Binance, and Terraform Labs. While the SEC has won or settled several

Bloomberg analyst Eric Balchunas extends the deadline for Ethereum Spot ETF launch

July 1, 2024 2 mins read

Eric Balchunas, an analyst at Bloomberg, has updated his estimated schedule for the introduction of Ethereum Spot ETFs in the United States. This revision comes in response to recent statements made by the US SEC on the second wave of S-1 form submissions. In May, the SEC granted approval for the 19b-4 applications submitted by eight potential issuers of the Ethereum spot ETF. This approval is the initial stage in

The Nigerian SEC launches a 30-day program to accelerate VASP registration

June 22, 2024 1 min read

The Nigerian Securities and Exchange Commission (SEC) has introduced a new initiative to expedite the registration process for Virtual Asset Service Providers (VASP) to improve the regulatory framework for the crypto market. The SEC raised VASP registration fees from 30 million naira ($20,161) to 150 million naira ($100,806) in March, aiming to enhance financial stability among VASPs. The Accelerated Regulatory Incubation Program (ARIP) was introduced on June 21, providing a

Ethereum surgs 6.19% to $3,583 after the SEC closed its investigation into ETH

June 19, 2024 1 min read

Ethereum (ETH) witnessed a modest rebound in the worldwide crypto markets today, as its value surged by 6% to beyond $3,500. This increase came after the U.S. Securities and Exchange Commission (SEC) concluded its investigation into the sale of ETH. Consensys Software, an Ethereum developer, has announced that the SEC’s Enforcement Division will not be taking legal action over the selling of ETH as securities transactions. Despite a substantial surge

The SEC refutes Ripple’s comparison to Terraform Labs in court, insisting on a $2 billion fine

June 16, 2024 1 min read

The US Securities and Exchange Commission (SEC) has denied Ripple’s effort to utilize the Terraform Labs settlement as a means to challenge a proposed $2 billion penalty. The regulator considered the comparison to be invalid because there were substantial disparities between the cases. Ripple contended that the SEC’s request for a $2 billion fine is excessive. They pointed out that Terraform Labs, despite having $33 billion in sales and being

Ripple Labs argues for reduced SEC penalties by citing the Terraform Labs case

June 15, 2024 1 min read

Ripple Labs Inc. has submitted a fresh notification to the Southern District of New York with the intention of swaying the court’s perspective on the Securities and Exchange Commission’s suggested sanctions and ultimate ruling. Ripple’s legal team, headed by Michael K. Kellogg, cite a parallel lawsuit involving Terraform Labs, in which Terraform and CEO Do Hyeong Kwon were convicted of significant securities fraud. Terraform was mandated by the court to