Tag: SEC

Coinbase’s Attempt to End SEC Lawsuit Should Be Rejected, U.S. Regulator Argues

“To distract from the fatal flaws in its legal arguments, Coinbase cries foul and seeks to blame the SEC for its current legal predicament,” the SEC said Tuesday. “It contends the SEC blessed Coinbase’s violative conduct when Coinbase went public, that SEC Chair Gary Gensler’s answer to a question at a Congressional hearing (which Coinbase distorts) controls this Court’s application of the federal securities laws, and that the SEC in any case lacks authority to regulate securities transactions that involve crypto assets.” Source

SBF will likely lose criminal trial, former SEC official believes

Former SEC Chief of Office of Internet Enforcement John Reed Stark believes a federal court could ultimately convict the FTX founder of several criminal charges, including fraud, due to three factors. Witness testimony from former executives, damning evidence enshrined in FTX records, and Sam Bankman-Fried’s post-bankruptcy media tour will likely sway the court’s verdict in favor of prosecutors, said Stark on Oct. 2. Indeed, figures like Caroline Ellison, Gary Wang, and Nishad Singh have pled guilty in the FTX case. It is also widely believed that the Justice Department would…

BTC Price Surges Despite SEC Delaying Some ETF Decisions – Blockchain News, Opinion, TV and Jobs

Notably, September saw BTC registering a 4% price increase, marking the first September price rise since 2016. This welcome development provided respite for the digital asset market capitalization, following two consecutive negative months in July and August.Bitcoin leads the charge in this upward trajectory, as evidenced by the Bitcoin dominance metric, which measures the relationship between Bitcoin’s market capitalization and the total digital asset market capitalization. Bitcoin dominance rose to 50.4%, up from 49.9% at the end of the previous week, showcasing its relative strength in comparison to the broader…

SEC continues to delay decisions on crypto ETFs: Law Decoded

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Despite United States Representatives Mike Flood, Wiley Nickel, Tom Emmer and Ritchie Torres calling on the Securities and Exchange Commission (SEC) to immediately approve the listing of spot Bitcoin (BTC) exchange-traded funds (ETFs), the agency once again delayed its decision.  When it comes to spot Ether (ETH) ETFs from VanEck and ARK 21Shares, the SEC delayed making decisions until Dec. 25 and Jan. 10, respectively, while GlobalX will have to wait until Nov. 21 for the commission’s decision. It also delayed deciding on the spot Bitcoin ETF applications of Invesco,…

Grayscale Seeks SEC Approval to Convert Ethereum Trust into Spot ETF

If approved, the move marks a significant step towards providing investors with transparent and regulated access to crypto within familiar product structures.  Grayscale Investments, one of the world’s largest asset management companies, has submitted a formal request to the US Securities and Exchange Commission (SEC) for approval to convert the Grayscale Ethereum Trust (ETHE) into a spot Ethereum Exchange-traded fund (ETF). According to an official press release on Monday, the Form 19b-4 application was filed by the New York Exchange (NYSE) Arca on October 2, following the approval of the…

Grayscale/NYSE File With SEC to Convert ETHE to a Spot Ether ETF

“At Grayscale, our unwavering commitment is to offer investors transparent and regulated access to crypto through product structures that are familiar,” said Grayscale CEO Michael Sonnenshein in a statement. “As we file to convert ETHE to an ETF, the natural next step in the product’s evolution, we recognize this as an important moment to bring Ethereum even further into the U.S. regulatory perimeter.” Source

Former FTX Auditor Prager Metis Sued by U.S. SEC for Hundreds of Alleged Violations

“Auditor independence is critical to both protecting the integrity of financial reporting and promoting public trust. As alleged in our complaint, over a period of nearly three years, Prager’s audits, reviews, and exams fell short of these fundamental principles. Our complaint is an important reminder that auditor independence is crucial to investor protection,” Eric I. Bustillo, director of the SEC’s Miami regional office said in a press statement. Source

SEC initiates legal action against FTX’s auditor

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The United States Securities and Exchange Commission (SEC) has initiated legal proceedings against an accounting firm that had previously provided services to the now-defunct cryptocurrency exchange FTX. According to a September 29 statement, the SEC alleged that Prager Metis provided auditing services to its clients without maintaining the necessary independence, as it allegedly continued to offer accounting services, a practice that is prohibited under the auditor independence framework. The SEC claims that these activities spanned approximately three years: “As alleged in our complaint, over a period of nearly three years,…

SEC hustles to delay Bitcoin ETFs amid looming government shutdown

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The U.S. Securities and Exchange Commission delayed multiple decisions on proposed spot Bitcoin (BTC) ETFs ahead of a possible government shutdown. Pending applications from VanEck, WisdomTree and Fidelity were all delayed on Sept. 28, per The Block. The regulator said it was instituting additional proceedings to determine whether the proposed ETFs should be approved or disapproved. The SEC asked for input from commentators, who have 21 days to submit written data, views, and arguments. There’s another 35-day rebuttal period, which suggests the approval process will drag on for at least…

Paradigm accuses SEC of bypassing rules in Binance lawsuit

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Paradigm, a crypto venture capital firm, has criticized the United States Securities and Exchange Commission (SEC) for bypassing the standard rulemaking procedures in their current legal action against the cryptocurrency exchange Binance. In a statement released on Friday, Sept. 29, Paradigm pointed out that the SEC is attempting to use the concerning accusations in its complaint as a means to alter the law, all without adhering to the established rulemaking process. Paradigm firmly believes that the SEC is exceeding its regulatory boundaries, and we strongly oppose this tactic, they further…