SEC

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

SEC Legal Actions Drive Robinhood to Reevaluate Crypto Operations

June 7, 2023 2 mins read

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

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

June 7, 2023 1 min read

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

SEC Labels 10 Tokens Securities in Binance Lawsuit

June 6, 2023 2 mins read

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

Gemini and Genesis Seek to Dismiss SEC Lawsuit

May 28, 2023 1 min read

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

Ripple CEO Says SEC Case Could End Soon

May 25, 2023 1 min read

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

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

May 22, 2023 2 mins read

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

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

May 12, 2023 1 min read

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

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

May 2, 2023 1 min read

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