In a recent motion to dismiss a case brought by the Securities and Exchange Commission (SEC), cryptocurrency exchange Kraken argued that the SEC’s legal theory misinterprets crucial aspects of the case. The court document, dated May 9, 2024, claims the SEC fails to identify legitimate investment contracts involved in the transactions on Kraken’s platform. Kraken […] Source BitcoincryptoexchangeExchanges CryptoX Portal
The crypto exchange Kraken is pushing back against claims made by the U.S. Securities and Exchange Commission (SEC). In November, the SEC charged Kraken with operating its crypto trading platform as an unregistered securities exchange, broker, dealer and clearing agency. Earlier this year, Kraken filed in US District Court to dismiss those charges, and the company provided additional arguments in support of that motion on Thursday. The exchange’s lawyers argue that the SEC’s argument would widen the definition of investment contracts and expand the regulator’s jurisdiction outside of its delegated responsibility.…
The U.S. Securities and Exchange Commission (SEC) has urged a federal court to deny Coinbase’s interlocutory appeal, following a recent court decision that allowed a lawsuit involving the SEC and the cryptocurrency platform to proceed. Last month, Coinbase sought appellate review after failing to get the case dismissed, marking a significant development in the ongoing […] Source CryptoX Portal
Wells Fargo, a major US banking entity, is now storing a spot bitcoin ETF for its customers, as revealed in a new SEC filing, holding 2,245 shares of the Grayscale Bitcoin Trust (GBTC), which was recently converted into an ETF. Though the value of these shares stands at $121,207, a small fraction of the bank’s […] Original
“Coinbase remains unable to advance a single, coherent version of this theory, which it now claims presents a controlling question,” the filing said. “This is unsurprising – in eighty years ‘no court’ has ever required post-sale ‘contractual undertakings’ or anything beyond the three factors expressly enumerated by the Supreme Court in Howey.” Source
“The SEC was created by Congress to enforce the Securities Act and Exchange Act, including the requirement that securities intermediaries register with the SEC,” the filing from April said. “In applying the Howey test in its determination that Kraken must register, the SEC is simply following its Congressional mandate.” Source
Retail trading platform Robinhood has announced that its crypto revenue grew by 232% in the first quarter. Despite this success, Robinhood faces potential enforcement action by the U.S. Securities and Exchange Commission (SEC), alleging that some of the cryptocurrencies offered on its platform are securities. Crypto Drives Robinhood’s Profitable Q1 Retail trading platform Robinhood Markets […] Source CryptoX Portal
The popular trading platform received the notice – a preliminary warning from the regulator about potential enforcement action – on May 4, the company said in a filing on Monday. The notice should be viewed as a “continued attempt by the SEC to reinforce its position that all crypto tokens outside bitcoin and ether should be classified as securities,” analysts led by Nikolaos Panigirtzoglou wrote. Source
Crypto wallet company Exodus Movement will not be listing on NYSE American, the New York Stock Exchange’s sibling market, on Thursday as planned, the company announced late Wednesday. Source
Coinbase’s chief legal officer has publicly urged U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler to stop misleading the market regarding crypto tokens being securities. His request followed Gensler’s repeated assertions that numerous crypto tokens conform to the legal definition of securities, thereby requiring compliance with SEC regulations. Coinbase’s CLO to Gensler: Please Stop […] Source CryptoX Portal