Browsing:SEC

Billionaire celebrity investor Mark Cuban has voiced his concerns about the U.S. SEC
11 months ago 2 mins read

Billionaire Mark Cuban Takes Aim at SEC, Accuses Regulator of Ignoring Rampant Scams

Billionaire celebrity investor Mark Cuban has voiced his concerns about the U.S. Securities and Exchange Commission (SEC), stating that the recent lawsuit against Coinbase exposes a fundamental problem with the regulatory agency. Cuban believes that the SEC should adopt a more proactive approach by assisting companies in becoming compliant with securities laws, rather than solely challenging them through litigation. The outspoken entrepreneur argues that the SEC’s heavy reliance on lawyers and litigation undermines the goal of fostering compliance, investor education, and protection. According to Cuban, the SEC’s typical response to companies seeking guidance is to provide them with legal references

U.S. Senators Urge DOJ to Probe Binance Over Alleged False Statements to Lawmakers
11 months ago 2 mins read

US Senators Ask DOJ to Probe Binance for Potential Violations of Law, Bloomberg Report

Binance crypto exchange is facing further scrutiny as two U.S. senators call for an investigation into the company’s alleged false statements made to lawmakers. According to a report by Bloomberg, Senators Elizabeth Warren and Chris Van Hollen have sent a letter to U.S. Attorney General Merrick Garland, urging the Department of Justice (DOJ) to look into Binance’s business practices. The senators’ letter suggests that Binance may have provided misleading information to lawmakers, including false claims about its affiliate, Binance.US, being a separate entity. The U.S. Securities and Exchange Commission (SEC) recently filed a lawsuit against Binance and its CEO, Changpeng

Binance has requested that the SEC recuse its Chair, Gary Gensler, from the ongoing investigation into the exchange.
11 months ago 1 min read

Binance Exposes Gary Gensler’s Proposal to Serve as an “Informal Advisor”

Binance has requested that the Securities and Exchange Commission (SEC) recuse its Chair, Gary Gensler, from the ongoing investigation into the exchange. In a letter filed with the court, Binance’s lawyers allege that Gensler has a conflict of interest in the case due to his previous involvement with Binance. In particular, the lawyers allege that Gensler offered to serve as an informal advisor to Binance in 2019 and that he shared a draft of his testimony before Congress with Binance for feedback. The lawyers also allege that Gensler has made public statements that have been critical of Binance and other

SEC Chair Gary Gensler emphasized the presence of digital currencies like the U.S. dollar
11 months ago 1 min read

SEC Chair Gary Gensler: Crypto Are Not Needed, Digital Fiat Currencies Are Enough

SEC Chair Gary Gensler recently shared his perspective on the current landscape of digital currencies during an interview on CNBC. Gensler emphasized the presence of digital currencies like the U.S. dollar, euro, and yen, questioning the necessity of new tokens. He stressed the importance of adherence to U.S. securities laws by cryptocurrency exchanges and expressed concerns about the operations of these platforms. This article delves into Gensler’s views and sheds light on the SEC’s stance regarding digital currencies. Gensler highlighted that the world already possesses digital currencies in the form of established fiat currencies. He mentioned the U.S. dollar, euro,

Popular brokerage firm Robinhood is reassessing its crypto offerings in response to recent regulatory actions taken by the SEC recently
11 months ago 2 mins read

SEC Legal Actions Drive Robinhood to Reevaluate Crypto Operations

Popular brokerage firm Robinhood is reassessing its cryptocurrency offerings in response to recent regulatory actions taken by the Securities and Exchange Commission (SEC) against prominent digital asset trading platforms. The firm’s legal chief, Dan Gallagher, revealed during a congressional meeting that Robinhood is reviewing the SEC’s analysis to determine any necessary actions. This development comes as the SEC filed lawsuits against both Binance and Coinbase, targeting their alleged violations of securities regulations. Limited Crypto Offerings and SEC Classification: Robinhood currently provides access to a curated selection of 18 cryptocurrencies, a smaller offering compared to competitors like Coinbase. However, some of

The U.S. SEC has filed a motion for a temporary restraining order against Binance
11 months ago 1 min read

SEC Seeks to Freeze Binance’s Assets in U.S.

The U.S. Securities and Exchange Commission (SEC) has filed a motion for a temporary restraining order against Binance, BAM Management, and BAM Trading. The order, if granted, would freeze the assets of Binance.US and prevent the defendants from destroying, altering, or concealing relevant records. The SEC’s motion comes one day after the agency filed a lawsuit against Binance, alleging that the company violated the Exchange Act and the Securities Act by operating an unregistered securities exchange. The SEC also alleged that Binance and its affiliates engaged in a number of other violations, including failing to register as a broker-dealer and

the SEC identified SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI as securities
11 months ago 2 mins read

SEC Labels 10 Tokens Securities in Binance Lawsuit

The U.S. Securities and Exchange Commission (SEC) has intensified its regulatory actions against cryptocurrencies, as it included 10 additional tokens in its charges against Binance on Monday. According to court documents, the SEC identified SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI as securities, referring to them as “crypto asset securities” in its complaint. The SEC alleges that Binance unlawfully solicited U.S. investors to engage in trading these tokens through unregistered platforms. The SEC’s court filing against Binance and its CEO Changpeng Zhao (CZ) encompasses a wide range of crypto securities law violations. The complaint accuses the

Gemini and Genesis have filed a motion to dismiss a lawsuit filed by the SEC
11 months ago 1 min read

Gemini and Genesis Seek to Dismiss SEC Lawsuit

Gemini and Genesis, two cryptocurrency companies, have filed a motion to dismiss a lawsuit filed by the Securities and Exchange Commission (SEC) alleging that their Earn offering violated securities laws. The Earn offering allowed users to earn interest on their cryptocurrency deposits by lending their coins to Genesis. Genesis then invested the coins in various ways, including lending them to other cryptocurrency companies. The SEC alleges that the Earn offering was unregistered security because it involved the sale of investment contracts. An investment contract is a contract that gives the buyer the right to participate in the profits of an

Ripple CEO Predicts 'Imminent' End to SEC Lawsuit
11 months ago 1 min read

Ripple CEO Says SEC Case Could End Soon

Ripple CEO Brad Garlinghouse said in a recent interview that he expects the company’s prolonged legal battle against the US Securities and Exchange Commission (SEC) to be over in weeks. In an interview with Mukaya Panich, the CEO of SCB 10X, Garlinghouse said he expects the court case resolution “in weeks, not months,” following the recent court news regarding the Hinman emails would be made public. The Hinman emails refer to internal communications involving a speech of former Division Director William Hinman in 2018, when he said that Bitcoin (BTC) and Ethereum (ETH) were not securities. The SEC has been

Internal emails from the U.S. SEC suggest that the regulator knew that XRP did not fully meet the definition of a security
12 months ago 2 mins read

Internal Emails from the U.S. SEC Could Be Ripple’s Key to Winning the Lawsuit

Internal emails from the U.S. Securities and Exchange Commission (SEC) suggest that the regulator knew that XRP did not fully meet the definition of security. The emails, which were filed by Ripple in court, argue that there are reasonable grounds not to consider XRP as a security because it does not satisfy the Howey test. The Howey test is a legal framework used to determine whether an investment is a security. To meet the Howey test, an investment must meet the following criteria: XRP does not meet the Howey test because it is not an investment of money. XRP is

Watchdog Group Takes Legal Action Against SEC for XRP and ETH Records
12 months ago 1 min read

Watchdog Group Sues SEC for Access to Documents on XRP and ETH

Empower Oversight, a watchdog agency, is taking the Securities and Exchange Commission (SEC) to court over Freedom of Information Act (FOIA) requests that have yet to be fulfilled. The lawsuit seeks to compel the SEC to provide Empower with requested records that could shed light on potential conflicts of interest related to cryptocurrency, specifically involving former SEC officials William Hinman and Jay Clayton. Hinman, who is now a senior adviser at the law firm Simpson Thacher & Bartlett, received a pension from the firm while at the SEC, which was an Enterprise Ethereum Alliance member during his tenure. Clayton, who

Ripple Labs and the US SEC continue their legal battle without a verdict
1 year ago 1 min read

Ripple Vs. SEC: Speculation Arises Over Undisclosed Meeting Next Week

Ripple Labs and the US Securities and Exchange Commission (SEC) continue their legal battle without a verdict, but rumors suggest a potential undisclosed meeting between the parties on May 8. The meeting has led to speculation about a possible settlement. However, XRP community attorney John E. Deaton doubts the rumor’s validity, believing that Ripple and the SEC can meet anytime they want. Deaton suggests that a settlement would only happen after a ruling by Judge Torres and if Ripple wins a big victory. Moreover, Ripple could be concerned about the regulatory safety of its partners. Deaton believes Ripple CEO Brad

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