Terraform Labs, Do Kwon Agree to Pay U.S. SEC a Combined $4.5B in Civil Fraud Case

Of the $4,473,828,306 that Terraform Labs and Kwon must pay to the SEC in disgorgement, prejudgment interest, and civil penalties, Kwon must pay at least $204,320,196 out of his own pocket. The steep penalty is slightly lower than the SEC’s first settlement offer of $5.3 billion in fines, but much higher than the virtual slap on the wrist – a $1 million civil penalty and no disgorgement or injunctions – Terraform Labs suggested to the court in its April memorandum of opposition to the SEC’s motion for final judgment. Source

Ripple CEO Expects SEC to Approve Spot XRP ETF Next Year

Ripple CEO Brad Garlinghouse believes that the U.S. Securities and Exchange Commission (SEC) will approve spot XRP ETFs next year, reiterating that they are inevitable. The executive discussed cryptocurrency regulations in the U.S., highlighting the SEC’s shift towards pragmatism after losing court battles. XRP ETFs Likely Approved Next Year, Ripple’s CEO Says Ripple CEO Brad […] Source CryptoX Portal

ProShares seeks SEC nod for spot Ethereum ETF listing on NYSE

ProShares, a prominent issuer of exchange-traded funds (ETFs), has filed a proposal to list and trade spot Ethereum (ETH) ETF shares on the New York Stock Exchange (NYSE). According to the filing with the United States Securities Exchange Commission (SEC), the ProShares Ethereum ETF will use Coinbase Custody Trust Company for ETH custody. The asset manager noted that the firm and its associated parties will not engage in activities related to Ethereum staking. Crypto.news reported that potential spot Ethereum ETF issuers have revised their 19b-4 and S-1 filings to exclude…

SEC Chair Gensler Criticizes Crypto Exchanges, Warns of Delays for Spot Ethereum ETFs – SuperCryptoNews

SEC Chair Gary Gensler raised concerns regarding the ethical practices of cryptocurrency exchanges and indicated that the introduction of spot Ethereum exchange-traded funds (ETFs) will experience delays. During an interview with CNBC on June 5, Gensler addressed inquiries from Jim Cramer regarding potential exchange-traded products for cryptocurrencies beyond Bitcoin and Ethereum. He disclosed that while the SEC approved the associated 19-4b filings for spot Ethereum ETFs last month, the launch of these products would “take some time.” Gensler cited ongoing procedural reviews as the reason for the delay but refrained…

Former Federal Prosecutors, Agents Ask U.S. Sec. Blinken to ‘Step Up’ Efforts to Secure Detained Binance Exec’s Release

Despite a court order to move him to a hospital from Kuje prison – known to hold violent criminals and terrorists, including members of the Islamist jihadist group Boko Haram – Nigerian officials have reportedly refused to transfer him. In their letter to Sec. Blinken, Haun and the other signers call Gambaryan’s captivity “not only unjust but inhumane,” adding that, in addition to not receiving adequate medical care, he has not been allowed to speak with his lawyers or family. Source

Despite SEC Pressure, Robinhood Acquires Crypto Exchange Bitstamp for $200,000,000

Retail trading giant Robinhood is acquiring crypto exchange Bitstamp for hundreds of millions of dollars despite receiving a Wells Notice by the U.S. Securities and Exchange Commission (SEC) earlier this year. According to a new press release, Robinhood has agreed to purchase Bitstamp, a prominent crypto exchange platform founded in 2011 that holds over 50 active licenses and registrations globally, for $200 million. As stated by Johann Kerbrat, Robinhood’s general manager of crypto, “The acquisition of Bitstamp is a major step in growing our crypto business. Bitstamp’s highly trusted and…

SEC Chair Warns Crypto Exchanges: Actions Speak Louder than Disclosures

US Securities and Exchange Commission (SEC) Chairman Gary Gensler delivered a cautionary message to cryptocurrency exchanges, underscoring that merely providing disclosures to investors does not immunize them from regulatory scrutiny. Crypto Disclosure Gaps and Regulatory Concerns Speaking in an interview with CNBC yesterday (Wednesday), Gensler stressed the inadequacy of disclosures alone, especially if crypto exchanges are involved in activities like market manipulation or dissemination of misleading information affecting investment decisions. He highlighted the prevalent absence of disclosures from numerous crypto firms, operating in a manner that would not meet the…

SEC Commissioner Advocates for Withdrawal of SAB 121 — Says Biden’s Veto Was Unfortunate

U.S. Securities and Exchange Commission (SEC) Commissioner Mark Uyeda advocates for the withdrawal of Staff Accounting Bulletin 121 (SAB 121), which sets guidelines for accounting crypto liabilities. He argues that the method of its issuance undermines the foundational checks and balances designed to prevent excessive administrative control. Despite bipartisan support for a resolution to repeal […] Source BitcoincryptoexchangeExchanges CryptoX Portal