Tag: SEC

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

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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

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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

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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…

Sam Bankman-Fried convicted, PayPal faces SEC subpoena, and other news: Hodler’s Digest, Oct. 19 – Nov. 4

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Sam Bankman-Fried is found guilty of fraud, other crimes; PayPal receives subpoena from the U.S. SEC, and Invesco Galaxy’s spot Bitcoin ETF joins DTCC website. Top Stories This Week Sam Bankman-Fried found guilty, what’s next for the crypto king? Former FTX CEO Sam Bankman-Fried was found guilty of all seven charges by a jury in his criminal trial in New York after about four hours of deliberation. He was convicted of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of…

SafeMoon addresses recent exploits amid SEC charges

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Decentralized finance project SafeMoon, which was charged by the United States Securities and Exchange Commission (SEC) for security rules violations and fraud, has said that it is closely examining recent developments and will work to resolve the situation promptly. According to a statement made by the project on X (formerly Twitter), its teams are actively developing and remain committed to serving users, advancing the project’s vision and pursuing its mission. SafeMoon was exploited in March, resulting in a net loss of $8.9 million in BNB (BNB). The capital linked to…

US SEC Files Motion for Summary Judgment in Do Kwon Case

The legal battle surrounding Terraform Labs is not without controversy. Terra co-founder Daniel Shin’s lawyer has blamed the “unreasonable operation of the Anchor Protocol and external attacks carried out by Do-hyung Kwon” for the Terra ecosystem’s collapse.  The United States Securities and Exchange Commission (SEC) is not backing down in its pursuit of justice regarding Terraform Labs’ alleged violations. Despite a jury’s conclusion that appeared to show leniency towards Do Kwon, the SEC has made a bold move by demanding a summary judgment on all the claims. A Jury’s Controversial…

SEC seeks summary judgment in Do Kwon and Terraform Labs case

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The United States Securities and Exchange Commission (SEC) has refuted the jury’s conclusion regarding Terraform Labs’ alleged violations and has demanded a summary judgment on all the claims.  A court filing from Oct. 27 showed the SEC’s reluctance to accept the jury’s leniency on Do Kwon and his involvement in facilitating the frauds that eventually led to the collapse of Terraform Labs. The filing, directed to the U.S. district court – Southern District of New York, read: “No rational jury could conclude that Kwon was not liable for Terraform’s violations…