SEC

The US SEC Seeks Summary Judgment in Case Against Do Kwon and Terraform Labs

November 3, 2023 2 mins read

The Securities and Exchange Commission (SEC) aims to wrap up the legal battle with Do Kwon and Terraform Labs by seeking a summary judgment. In simpler terms, they’re asking the court to make a swift decision without the need for a full-blown trial. According to the SEC, there’s “no genuine dispute as to any material fact” in their case against the two. The core of the SEC’s argument revolves around

The US SEC Charges BlackRock $2.5 Million of Misreporting Reporting Investments

October 25, 2023 1 min read

The SEC has charged BlackRock with failing to accurately report substantial investments made by a publicly traded fund that the firm advised. BlackRock has agreed to pay a $2.5 million penalty to settle the charges without admitting or denying the findings. The SEC’s order, released on October 24, reveals that between 2015 and 2019, BlackRock Multi-Sector Income Trust (BIT) inaccurately described its significant investments in Aviron Group, LLC. Aviron, a

The US SEC Drops Lawsuit Against Ripple’s Executives

October 20, 2023 1 min read

The United States Securities and Exchange Commission (SEC) has dismissed its case against two of Ripple’s executives, Brad Garlinghouse and Chris Larsen. Brad Garlinghouse is the CEO, and Chris Larsen is the co-founder of the company. The SEC’s decision to drop the case against Garlinghouse and Larsen was announced in an official document. Former Federal Prosecutor James K Filan shared the excerpt from the document, which read, “the claims alleged

SEC Initiates Process to Decide the Future of Spot Bitcoin ETFs, Seeks Public Input

September 29, 2023 2 mins read

The U.S. Securities and Exchange Commission (SEC) has taken significant steps regarding spot Bitcoin exchange-traded funds (ETFs) in filings submitted on September 28. These filings set in motion proceedings that will help the SEC decide whether to approve or reject proposed rule changes, potentially allowing spot Bitcoin ETFs to trade on commodities exchanges. In these filings, the SEC is seeking input from the public on various matters. The first section

SEC Postpones Decision on ARK 21 Shares Ethereum Spot ETF Request

September 28, 2023 1 min read

It has been reported that the US Securities and Exchange Commission (SEC) has decided to delay the approval process for the Ethereum Spot ETF application, which was submitted jointly by ARK Invest and 21Shares. This move by the SEC has surprised many in the ETF industry, including experts like James Seyffart from Bloomberg, who shared his thoughts on the situation. He expressed his surprise, saying, “Wow. We thought that was

Ripple’s Response to SEC’s Appeal Request in XRP Lawsuit

September 4, 2023 2 mins read

Ripple, the San Francisco-based blockchain payments firm, is standing its ground in the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC had sought an interlocutory appeal in the case, but Ripple’s legal team is challenging this move, asserting that the regulatory body has not met the necessary requirements to file an appeal. Ripple has formally opposed the SEC’s request to appeal the ruling that cleared

Quantstamp Reaches Settlement with SEC Over Alleged Securities Violations

August 6, 2023 1 min read

In a significant development, the United States Securities and Exchange Commission (SEC) has reached a settlement with crypto company Quantstamp following allegations of securities law violations. The SEC had charged Quantstamp with violating securities regulations, and the company has opted to settle the matter without admitting or denying the allegations. As part of the settlement, Quantstamp has agreed to a cease-and-desist order and will make a payment of $1,979,201 as

Ripple vs. SEC: Ex-SEC Attorney Issues Caution Amidst Victory Claims

July 22, 2023 2 mins read

The recent highly publicized decision in the Securities and Exchange Commission (SEC) case against Ripple has been hailed by many as a significant victory against the SEC and Chairman Gary Gensler. However, former SEC attorney John Reed Stark offers a cautionary perspective, highlighting the ruling’s shaky ground and the likelihood of an appeal that could potentially result in a reversal. As the crypto community celebrates, Stark challenges the prevailing narrative

US Lawmaker Demands Gary Gensler Stop Targeting Cryptocurrencies

July 19, 2023 1 min read

US Congressman Ritchie Torres has sent a letter to SEC Chairman Gary Gensler, expressing concerns over the regulatory approach towards cryptocurrencies and urging the SEC to reconsider its stance. In the letter, Congressman Torres referred to a recent landmark court ruling by New York Southern District Judge Analisa Torres, which stated that cryptocurrencies are not securities by themselves but can be sold as part of investment contracts under the Howey

Coinbase Files Motion to Dismiss SEC Lawsuit

June 29, 2023 1 min read

Cryptocurrency exchange Coinbase has filed a motion to dismiss the recent lawsuit brought against it by the U.S. Securities and Exchange Commission (SEC). The lawsuit accused Coinbase of facilitating unregistered trading in 12 digital tokens classified as securities. However, Coinbase vehemently disputes these claims and argues that the SEC’s interpretation of securities laws is fundamentally flawed. Coinbase’s Chief Legal Officer, Paul Grewal, stated that the SEC’s allegations “go far beyond

SEC Postpones $30 Million BlockFi Fine to Aid Creditor Reimbursements

June 23, 2023 1 min read

The U.S. Securities and Exchange Commission (SEC) has agreed to defer the payment of a $30 million fine for BlockFi, a bankrupt crypto lender. The move aims to prioritize the reimbursement of creditors and maximize the amount that can be distributed to investors. BlockFi is currently in the midst of bankruptcy proceedings following the collapse of FTX. The company still owes $30 million from a $50 million penalty imposed by

Coinbase Receives Response from SEC on Regulatory Matters

June 14, 2023 1 min read

The U.S. Securities and Exchange Commission (SEC) has issued its formal response to the Third Circuit’s request regarding the ongoing legal dispute with Coinbase, a prominent cryptocurrency exchange. The SEC’s extensive response reveals a continued reluctance to provide clarity on cryptocurrency regulation or commit to a specific timeline for rulemaking, despite the court’s explicit orders. In its response, the SEC argues that Coinbase’s demand for immediate action is an “extraordinary