Tag: SEC

Bitwise insists ‘no affiliation’ with startup facing SEC charges

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Crypto index fund manager Bitwise Asset Management has stressed that it has no relationship with the failed technology startup Bitwise Industries, which is currently facing charges from the United States Securities and Exchange Commission. Today we announced charges against Jake Soberal and Irma Olguin, Jr., the former co-CEOs of Fresno, California-based private technology services startup Bitwise Industries Inc., for misleading investors about the company’s finances. — U.S. Securities and Exchange Commission (@SECGov) November 9, 2023 On Nov. 9, Irma Olguin Jr. and Jake Soberal, the founders of Bitwise Industries, were…

SEC Dismisses Binance’s Arguments in Its Latest Filing

Following the SEC’s latest filings, there have been mixed reactions, with some favoring the SEC and others supporting Binance. The United States Securities and Exchange Commission (SEC) has stated that Binance’s motion to dismiss a lawsuit filed against it has no basis in law. The federal regulator revealed this while responding to the motion against it on Wednesday. How the SEC vs Binance Lawsuit Started Earlier in June, the SEC began legal proceedings against Binance. The lawsuit accused Binance of offering services to US citizens without registration, selling securities, and…

SEC to Greenlight FTX Revival Under Compliance-Driven Leadership

SEC Chair Gary Gensler said the agency would greenlight the reboot of the exchange if “Tom or anybody else” did it within the law. In an encouraging development, the US Securities and Exchange Commission (SEC) has hinted at the possibility of approving the revival of the beleaguered cryptocurrency exchange FTX, if the incoming leadership adheres strictly to regulatory guidelines. The revelation follows reports that former New York Stock Exchange (NYSE) president Tom Farley was among a shortlist of three potential buyers bidding to acquire the distressed exchange after its founder,…

Bitcoin ETF launch could be delayed more than a month after SEC approval

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With the United States Securities and Exchange Commission’s first window opening up for the approval of a spot Bitcoin ETF, analysts have noted that even if the SEC approves a spot Bitcoin (BTC) exchange-traded fund (ETF), it will be a month before the actual launch. The expected delay in launch following a potential SEC approval would be due to the two-step process of launching an ETF. For an issuer to start a Bitcoin ETF, it must get SEC approval from the Trading and Markets division on its 19b-4 filing and…

SEC in Talks with Grayscale Investments over Bitcoin ETF Push

While the crypto community eagerly awaits the SEC’s decision regarding Grayscale’s ETF application and others, SEC Chair Gary Gensler remains cautious in sharing specific details about the commission’s next steps.  The US Securities and Exchange Commission (SEC) is reportedly in discussions with Grayscale Investments regarding the conversion of the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin Exchange-Traded Fund (ETF).  Grayscale’s Ongoing Talks with the SEC The talks between Grayscale and the SEC are shrouded in confidentiality, but they signify a critical phase in the potential transformation of the crypto…

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

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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

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“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

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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…