SEC | ForkLog - Part 20

ForkLog 10 17.03.2024

SEC Charges 17 in $300 Million CryptoFX Bitcoin Scheme

The U.S. Securities and Exchange Commission (SEC) has charged 17 individuals involved in the CryptoFX financial pyramid. The scheme resulted in $300 million in damages. SEC’s Director of Enforcement, Gurbir Grewal, stated that the Texas-based company deceived 40,000 investors across ten U.S. states and two other countries. “CryptoFX was a $300 million Ponzi scheme targeting […]

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ForkLog 10 15.03.2024

US Senators Oppose SEC Approval of New Crypto ETFs

On March 11, two US senators sent a letter to SEC Chairman SEC Gary Gensler, urging a halt to the approval of new exchange-traded funds based on digital assets, citing “enormous risks.” The success of the BTC spot products clearly ruffling some feathers on the Hill. @SenatorJackReed and @Senlaphonza write to the @SECGov urging:-no further […]

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ForkLog 10 11.03.2024

Grayscale and Coinbase Discuss ETH-ETF Conversion with SEC

Coinbase presented arguments for converting Grayscale’s Ethereum Trust into a spot ETF. SEC representatives showed little enthusiasm during the discussion. Bloomberg and FOX Business see this as reducing the likelihood of product approval in May. Representatives from Grayscale and Coinbase discussed with the SEC the rule changes necessary to launch an ETF based on the […]

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ForkLog 7 08.03.2024

Gensler Likens Bitcoin to a Roller Coaster

Following the first cryptocurrency reaching a new peak, SEC Chairman SEC Gary Gensler highlighted its high volatility and offered advice to investors. “[Cryptocurrencies] are a highly speculative asset class. Just look at the volatility of Bitcoin in recent days. I grew up loving roller coasters. […] But investors really need to be aware that such […]

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ForkLog 8 05.03.2024

SEC Delays Decision on BlackRock’s Spot Ethereum ETF

The U.S. Securities and Exchange Commission (SEC) extended the review period for BlackRock’s application to launch a spot Ethereum ETF. The regulator made a similar decision regarding a comparable proposal from Fidelity. The Commission will continue to collect public comments. Both investment giants submitted applications to register exchange-traded funds based on the spot price of […]

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ForkLog 7 04.03.2024

US Court Deems Cryptocurrency Trading as Securities Transactions

In an in absentia ruling on an insider trading case involving Coinbase, a US court determined that trading certain crypto assets on secondary markets constitutes securities transactions. In July 2022, authorities arrested former Coinbase product manager Ishan Wahi and his brother Nikhil, accusing them of insider trading fraud. Samir Ramani, a close friend of the […]

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ForkLog 10 01.03.2024

SEC’s Peirce Calls for Softer Approach to Cryptocurrency Regulation

The U.S. financial system requires greater decentralization. The regulation and enforcement by the SEC concerning digital assets needs to be softened, stated Commissioner Hester Peirce during the ETH Denver conference. Hester Peirce Fireside: What’s America’s Crypto Future? Presented by @HesterPeirce the SEC Commissioner & moderator MacKenzie Sigalos from @CNBC Watch the full video below ? […]

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ForkLog 8 29.02.2024

SEC Challenges Terraform Labs’ $166 Million Payment to Law Firm

The SEC has approached the bankruptcy court to request that Terraform Labs be denied the use of the law firm Dentons as an advisor due to a “suspicious” payment. This was reported by The Block. According to the agency, Terraform Labs transferred a “staggering” $166 million into Dentons’ advance payment system. Of this total, $122 […]

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ForkLog 19 23.02.2024

Kraken Challenges SEC Lawsuit as a ‘Dangerous Precedent’

The cryptocurrency exchange Kraken has filed a motion to dismiss a lawsuit by the SEC, arguing that the case could set a “dangerous precedent” for the regulator’s authority. In November 2023, the Commission accused the company of offering unregistered securities in the form of digital tokens on its platform. The agency also alleged that Kraken […]

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ForkLog 8 16.02.2024

US Banks Seek Greater Role in Bitcoin ETF Management

The association of major US banks sent a letter to SEC Chairman SEC Gary Gensler, requesting a change in the definition of crypto assets to allow financial institutions to participate in the custody of spot Bitcoin ETFs. Signatories included the Bank Policy Institute, the American Bankers Association, the Financial Services Forum, and the Securities Industry […]

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ForkLog 23 14.02.2024

Allegations of SEC’s Covert Ties with Ethereum and China Emerge

The U.S. Securities and Exchange Commission (SEC), under the leadership of Gary Gensler, is allegedly secretly supporting Ethereum and is heavily influenced by the Chinese Communist Party, according to Web3 lawyer Steven Nerayoff. With growing speculation around an Ethereum ETF, it’s evident that the SEC, led by Gary Gensler, is more involved in ETH than […]

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ForkLog 22 07.02.2024

SEC Establishes Oversight Rules for DeFi ‘Dealers’

The regulator has adopted amendments requiring DeFi sector participants to register as dealers. Many crypto players and officials have met the SEC amendments with criticism and confusion. The U.S. Securities and Exchange Commission (SEC) expanded the definition of a “dealer,” bringing more financial operations, including those involving cryptocurrencies, under its jurisdiction. Three out of five […]

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