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

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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

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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

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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)

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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

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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

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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

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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

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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.

The US SEC’s silence casts doubt on Ethereum ETF approvals, worrying industry leaders

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Ethereum exchange-traded funds (ETFs) in the United States are being met with doubt and uncertainty as a result of the Securities and Exchange Commission’s (SEC) failure to effectively communicate with supporters. CEOs Jan van Eck and Eric Balchunas have voiced apprehensions on the likelihood of approval, namely for the month of May. Eric Balchunas, Bloomberg’s Senior ETF Analyst, has revised the probability of approval to 35% as a result of

TRON challenges US SEC, citing global ICO and vague digital asset regulations

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TRON, its creator Justin Sun, and Rainberry are now engaged in a legal dispute with the US Securities and Exchange Commission (SEC) about accusations of unlawfully selling unregistered securities during their 2017 TRX token Initial Coin Offering (ICO). They contend that the claims made by the SEC are unsupported and assert that their digital assets were marketed internationally, therefore casting doubt on the SEC’s worldwide jurisdiction. The action originated in

Bitwise seeks UK SEC approval for Ethereum ETF

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Bitwise has submitted an application for an Ethereum Exchange-Traded Fund (ETF) after achieving favorable results with its Bitcoin ETF. The application incorporates a correlation study between ETH and BTC, with the objective of presenting evidence to the SEC that an Ethereum ETF should be granted permission based on shared characteristics in market dynamics. Bitwise is diversifying its investment portfolio by entering the Ethereum market with the introduction of the Bitwise

Lawmakers demand SEC clarity on ETH, pressing for definitive digital asset regulations

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A coalition of Republican members of Congress, including influential heads of House committees, has formally petitioned SEC Chair Gary Gensler to provide more precise regulations on digital assets like as Ethereum (ETH) and their safekeeping by Special Purpose Broker-Dealers (SPBDs). The letter from the MPs on March 26 emphasizes the need of regulatory openness in order to facilitate compliance for enterprises operating in the digital asset industry. The letter emphasizes