SEC

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

Binance.US Fights Back: Calls for Dismissal of SEC’s Restraining Order

June 14, 2023 1 min read

Binance.US, the American affiliate of cryptocurrency exchange Binance, has filed a motion to challenge the Securities and Exchange Commission’s (SEC) request for a temporary restraining order. In its motion, Binance.US argues that the SEC has failed to identify any securities traded on its platform and that the requested restraining order would harm its customers, potentially forcing it out of business and hindering its ability to fight the litigation. Binance.US also

Lawmakers Propose Bill to Remove SEC Chair: Legal Questions Surround Authority

June 13, 2023 2 mins read

Members of the United States House of Representatives have recently taken steps to remove Securities and Exchange Commission (SEC) Chair Gary Gensler from his position. However, the legality of such a move is not as straightforward as it may seem. In this article, we delve into the complexities surrounding the proposed legislation and explore the challenges faced in removing an independent agency official. Ohio Rep. Warren Davidson introduced the SEC

Former SEC Official Warns Crypto Investors to “Get Out” of Crypto Platforms

June 10, 2023 1 min read

John Reed Stark, a former high-ranking official at the U.S. Securities and Exchange Commission (SEC), has warned crypto investors to “get out” of crypto platforms due to an ongoing regulatory and law enforcement crackdown. In a blog post, Stark said that crypto platforms are “high-risk” and “perilous” due to a lack of investor protections and oversight. He pointed to the recent lawsuits filed by the SEC against Binance and Coinbase

US SEC leaks Binance’s employee chat logs

June 9, 2023 2 mins read

The Securities and Exchange Commission (SEC) has released employee chat logs from Binance, the world’s largest cryptocurrency exchange. The chat logs allegedly show Binance employees discussing ways to evade regulatory scrutiny. Binance CEO Changpeng Zhao (CZ) has condemned the SEC’s release of the chat logs, calling it “unethical” and “damaging to the crypto industry.” CZ has also demanded that the SEC explain why it released the chat logs. In a

Why is the SEC Taking a Strong Stance Against Binance and CZ? Google Bard Reveals the Answer

June 8, 2023 1 min read

The US SEC has not made any statements about why they are investigating Binance or CZ. However, there are a few possible reasons for the investigation. One possibility is that the SEC is concerned about Binance’s lack of transparency. Binance is a global exchange with operations in many countries, but it has not registered with the SEC as a securities exchange. This means that the SEC does not have the

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

June 8, 2023 2 mins read

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

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

June 8, 2023 2 mins read

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

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

June 8, 2023 1 min read

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

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

June 7, 2023 1 min read

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