Tag: SEC

Grayscale Holds Fresh Talks with US SEC Over Bitcoin ETF Approval

On November 20, an SEC memorandum revealed a meeting involving Grayscale CEO Michael Sonnenshein, legal chief Craig Salm, ETF head Dave LaValle, four other executives, and five representatives from the Davis Polk law firm. The discussions centered on NYSE Arca, Inc.’s proposed rule amendment to list and trade shares of the Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E. Grayscale provided details about entering into a Transfer Agency and Service Agreement with BNY Mellon, as outlined in a filing shared by Bloomberg ETF analyst James Seyffart. The agreement designates…

Grayscale met with SEC to discuss spot Bitcoin ETF details

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Executives from crypto asset manager Grayscale have met with the Securities and Exchange Commission to discuss details of its flagship Bitcoin (BTC) trust, which the firm wants to convert to a spot Bitcoin exchange-traded fund (ETF). A Nov. 20 SEC memo disclosed Grayscale CEO Michael Sonnenshein, legal chief Craig Salm, ETF head Dave LaValle and four other executives, along with five Davis Polk law firm representatives, met with the SEC’s division of trading and markets. The memo said discussions “concerned NYSE Arca, Inc.’s proposed rule change to list and trade…

Binance’s Busy Day, Kraken’s Second SEC Fight

Binance is paying one of the largest fines in corporate history to the U.S. Department of Justice, while its founder and CEO, Changpeng “CZ” Zhao, stepped down from his role running the platform as part of a settlement with multiple federal agencies. Meanwhile, Kraken is facing a lawsuit from the U.S. Securities and Exchange Commission that echoes the SEC’s previous wave of suits. Original Source Binance039sBusydayFightKraken039sSEC CryptoX Portal

Binance CEO Changpeng Zhao steps down with response to the SEC following guilty plea

Binance faces a pivotal change as CEO Changpeng Zhao agrees to step down and the company prepares to pay $4.3 billion in fines, following a settlement with the SEC over anti-money laundering violations. Changpeng Zhao’s decision to step down as CEO of Binance and plead guilty to violating U.S. anti-money-laundering requirements has sparked a complex interaction with U.S. regulatory bodies, particularly in the context of a substantial settlement agreement. The unfolding situation involves intricate negotiations and exchanges between Zhao, Binance and the U.S. Securities and Exchange Commission (SEC), according to…

SEC Charges Kraken Again for Unregistered Securities Trading and Commingling User Funds

The SEC has brought legal action against Kraken, this time accusing the exchange of mixing user funds, while unlawfully offering securities services. The United States Securities and Exchange Commission (SEC) has announced a lawsuit against San Francisco-based crypto exchange Kraken for allegedly operating an unregistered securities exchange. The SEC’s court complaint is also accusing Kraken of commingling up to $33 billion in user funds. SEC Accuses Kraken of Multiple Acts of Misconduct According to a Monday press release from the SEC, Kraken operates as an unlawful broker, dealer, and clearing agency. The Commission states…

Celsius to Transition to Mining-Only NewCo After SEC Feedback in Updated Bankruptcy Plan

“In the coming weeks, the Debtors intend to file a motion with the Bankruptcy Court to approve modifications to the Plan to reflect the new Mining NewCo transaction,” the filing said. “The Debtors do not believe that these modifications will require resolicitation of the Plan. The Debtors still anticipate that distributions to creditors will commence in January of 2024.” Source

Kraken co-founder slams ‘decel’ SEC, warns others should flee US

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Kraken co-founder Jesse Powell has lashed out at the Securities and Exchange Commission after it sued his crypto exchange for alleged securities law violations.  In a Nov. 21 post to X (formerly Twitter), Powell called the regulator “USA’s top decel” — a term used in tech circles to insult someone who slows progress — and claimed the SEC wasn’t satisfied with the $30 million it levied from Kraken as a settlement in February. USA’s top decel is back with another assault on America. The masochists haven’t been happy with the…

ECB president calls for European SEC creation

The head of the European Central Bank (ECB), Christine Lagarde, said that the EU needs its own version of the U.S. Securities and Exchange Commission (SEC). As Financial Times reports, citing Lagarde’s words at a speech in Frankfurt, the creation of a European SEC will help attract the huge funds needed to solve the triple problem of “deglobalization, demographics and decarbonization.” In addition, the official called for an end to the system of national financial exchanges, saying that “the European capital market needs consolidated market infrastructures.” Lagarde also noted that…

Celsius restructuring encounters obstacle due to SEC involvement

The U.S. Securities and Exchange Commission’s request for more information has paused Fahrenheit’s plan to revive bankrupt crypto lender Celsius, highlighting the ongoing regulatory challenges in the crypto sector. Fahrenheit, an investment group, had a plan to create a new crypto business from what’s left of bankrupt crypto lender Celsius, however, the U.S. Securities and Exchange Commission (SEC) is now asking for more details, causing a delay. Fahrenheit, which includes groups like Arrington Capital, U.S. Bitcoin Corp. and Proof Group, won a competition to rebuild Celsius. The company got the…