SEC

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

Thailand grantes approval for its first Bitcoin Exchange-Traded Fund (ETF)

June 4, 2024 1 min read

Thailand has granted approval for its first Bitcoin Exchange-Traded Fund (ETF), representing a notable milestone in the nation’s cryptocurrency industry. The Thai Securities and Exchange Commission (SEC) has granted authorization to One Asset Management (ONEAM) to introduce a Bitcoin Exchange-Traded Fund (ETF), which is planned to be distributed from May 31 to June 6. By making this decision, Thailand is joining other countries in adopting regulated investment products related to

Coinbase has filed an interlocutory appeal against the SEC, accusing the Commission of bypassing the Howey test

May 26, 2024 2 mins read

Coinbase filed an interlocutory appeal against the SEC for skipping the Howey test for securities. Recent legislation, notably FIT21, shows the US SEC’s overreach, the exchange says. Coinbase’s Chief Legal Officer, Paul Grewal, called for clear laws and blasted the SEC’s inconsistencies. Coinbase is using congressional politics to influence its SEC appeal. Coinbase said the SEC “side-stepped” the Howey test in a May 24 court filing. The crypto sector and

Uniswap challenges the SEC’s Wells notice, arguing that legal action isn’t the solution

May 23, 2024 1 min read

In response to the SEC Wells notice, Uniswap Labs argues against enforcement. On Tuesday, Uniswap described why the SEC should not sue in a 43-page filing. As a non-traditional exchange, Uniswap claimed that the SEC cannot control bitcoin, ether, or stablecoins, its principal trading assets. Uniswap calls these assets stablecoins, utility tokens, and commodities, not securities. Uniswap noted its decentralization, not maintaining user accounts or collecting personal data. Uniswap claims

Ripple and the SEC reach the final stage of their legal battle, with the court set to decide on key issues

May 21, 2024 2 mins read

Ripple Labs and the SEC are at a key point in their legal battle. The SEC’s latest court brief is the last statement before Southern District of New York Judge Analisa Torres resolves this important case’s remedies. The SEC responded to Ripple’s request to seal financial papers and other evidence in a detailed reply on May 20, 2024. The SEC strongly opposes Ripple’s move to withhold financial facts and contractual

The Senate voted 60-38 to overturn the SEC’s crypto rule SAB 121

May 18, 2024 2 mins read

H.J. Res 109 overturned the US SEC‘s contentious Staff Accounting Bulletin No. 121 60-38 in the US Senate. After House approval, this bipartisan decision challenges the SEC’s crypto policy. Financial institutions must incorporate consumers’ digital assets on their balance sheets under SAB 121, launched in March 2022. Critics say this overburden crypto companies and threatens consumer assets after bankruptcy. Senator Cynthia Lummis spearheaded the resolution’s approval, warning against SAB 121.