Tag: SEC

Binance used ‘tortured’ interpretation of law in bid to toss suit, says SEC

boss

Binance’s arguments used in its motion to dismiss a lawsuit from the United States securities regulator relies on an incorrect legal analysis and have no basis in law, the regulator has argued. In a Nov. 7 court filing the SEC rebuffed Binance’s earlier bid to toss the regulator’s suit saying no court has adopted Binance’s “tortured interpretation of the law.” The SEC sued Binance in June alleging it, Binance.US and its founder Changpeng “CZ” Zhao sold unregistered securities and failed to register as an exchange in the United States. Binance argued…

Crypto Exchange Binance Has No Real Argument for Dismissing SEC Suit, Regulator Says

The SEC pushed back against Binance and Binance.US’s motion to dismiss the suit it brought earlier this summer, saying the motion relies on “distorted” and “tortured” interpretations of both federal law and precedents. The SEC first sued Binance in June, a day before suing Coinbase, arguing both companies offered unregistered securities to the investing public (the Binance suit included some other allegations). Original Source ArgumentBinanceCryptoDismissingExchangeRealRegulatorSECSuit CryptoX Portal

U.S. SEC Said to Open Talks with Grayscale (GBTC) on Spot Bitcoin (BTC) ETF Push

boss

“There are still things that have to be worked through,” Salm said in an interview, also noting that others among the applicants for bitcoin ETFs – a group that includes financial giants BlackRock and Fidelity – seem to be making progress in SEC talks with their own registrations. “Overall, it’s been good engagement, and it’s a matter of when, not a matter of if anymore.” Original

SEC yet to indicate approval timeline, says Grayscale CEO on spot Bitcoin ETFs

boss

Grayscale CEO Michael Sonnenshein said his firm has not received any word about approval for spot Bitcoin ETFs from the Securities and Exchange Commission (SEC) leading up to a window where all 12 applications could receive the green light. The SEC has not disclosed when it might authorize issuers like BlackRock and ARK Invest to list exchange-traded funds (ETFs) that offer direct exposure to spot Bitcoin prices, said Sonnenshein on Nov. 8. Grayscale’s boss added that the firm could litigate if the SEC rejects its application. Sonnenshein shared these remarks…

Controversy Brews as US Lawmaker Proposes $1 Salary for SEC Chair

It is worth mentioning that this is not the first time the SEC and Chair Gensler have faced scrutiny from US politicians. In a surprising turn of events, United States Representative Tim Burchett has proposed an amendment that seeks to drastically reduce the salary of the Securities and Exchange Commission (SEC) Chair, Gary Gensler, to a mere $1 per year. This bold move is part of a broader effort to defund the SEC, as outlined in the Financial Services and General Government (FSGG) bill. Understanding the Proposed Amendment As it…

Republican commissioner says SEC should consider proposing rules to regulate crypto

SEC Commissioner Mark Uyeda calls for the development of clear regulations for cryptocurrencies, critiquing the SEC’s current enforcement-focused approach as inadequate for legal precedent and market stability. In comments made on Nov. 6, SEC Commissioner Mark Uyeda highlighted a pressing need for the Securities and Exchange Commission to pivot towards proposing definitive rules or guidance for the cryptocurrency market, rather than relying predominantly on enforcement actions. According to Uyeda, this shift could provide the legal clarity needed for the burgeoning sector. Addressing the issue in London, Uyeda expressed disappointment in…

US lawmaker proposes to cut SEC chair Gary Gensler’s salary to $1

boss

A United States lawmaker wants to strip the Securities and Exchange Commission chair Gary Gensler of his salary by paying him just $1 per year. In a proposed amendment to the Financial Services and General Government (FSGG), Rep. Tim Burchett suggested that Gensler’s salary be brought down to $1, as part of wider proposal to defund the regulator. First introduced on July 13 this year, the FSGG bill is a wide-ranging piece of legislation that aims to significantly reduce government spending across the board. Rep. Burchett’s proposed amendment to the…

SEC Inspector General says prohibition on crypto ownership hinders agency hiring

boss

The Office of the Inspector General (OIG) of the United States Securities and Exchange Commission has released its annual examination of the most serious management and performance challenges facing the agency. Crypto was on its list, as no surprise to anyone in the crypto community. The OIG’s “Statement on the SEC’s Management and Performance Challenges” noted the agency’s previous statements about the lack of disclosure and “widespread noncompliance with existing securities laws by crypto asset market participants.” The existing law leaves gaps in oversight related to crypto assets that are…

U.S. SEC reviewing BlackRock Bitcoin ETF application; Polkadot, Cosmos, and new coin may soar on approval

boss

BlackRock, a top investment firm, is closer to getting a regulatory nod from the U.S. Securities and Exchange Commission (SEC) for its spot Bitcoin ETF application. Its product was temporarily listed at the Depository Trust & Clearing Corporation (DTCC). While the approval is pending, analysts expect Polkadot, Cosmos, and Everlodge to benefit. Everlodge can benefit from the Bitcoin ETF launch Global tourism has seen growth since the end of the COVID-19 lock-down.  Recent research indicates there are over 17.5 million guest rooms worldwide. However, it has largely been overlooked by…

Pro-XRP Lawyer Says $20M Settlement Would Be 99.9% Win for Ripple against SEC

Over the weekend, Jeremy Hogan, an attorney and partner at Hogan & Hogan, offered his perspective on the SEC vs Ripple case. Hogan focused on the issue of disgorgement, as the SEC aims for a substantial $770 million penalty for the illicit sale of XRP to institutional investors. Hogan emphasized that the law grants the SEC the authority to pursue disgorgement, interest, and penalties. The disgorgement matter arose in the wake of the court’s decision, which found that around $770 million in XRP sales to institutional investors were in violation…