Tag: SEC

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…

Circle Intervenes in SEC Case Against Binance, Defends Stablecoins’ Regulatory Status

The SEC’s case against Binance centers on its claim that BUSD was sold as an investment contract, primarily because Binance marketed it as offering yield through reward programs. In a recent development, renowned stablecoin issuer Circle has intervened in the US Securities and Exchange Commission’s (SEC) case against Binance, arguing that stablecoins should not be classified as securities. Circle Defends Binance via Stablecoins The crux of Circle’s argument is that financial trading laws should not be extended to stablecoins whose value is intrinsically tied to other assets. This intervention comes…

Crypto Analysts Remain Bullish SEC Postpones Spot Bitcoin ETF Verdict for BlackRock, Invesco, Bitwise

Eric Balchuna claims that by the end of 2024, there is a 95% chance that a spot Bitcoin ETF will be approved, up from a 75% likelihood this year. The United States Securities and Exchange Commission (SEC) has once again postponed its decision on multiple proposals for spot Bitcoin exchange-traded funds (ETFs). This move, affecting applications from major crypto players such as BlackRock and Invesco, has caused serious discussions among analysts. The unexpected turn of events happened two weeks ahead of schedule. This delay can be attributed to the looming…

Circle weighs in on SEC vs. Binance case, argues stablecoins are not securities

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In a court filing, Circle argued that assets that are pegged to the U.S. dollar, like the Binance USD (BUSD) or its own stablecoin USDC, are not securities, partly because those who purchase the assets are not expecting any profit from acquiring them. According to Circle, payment stablecoins do not have the “features of an investment contract” on their own. Circle, the company that issued the USD Coin (USDC) stablecoin, has weighed in on the United States Securities and Exchange Commission (SEC) case against crypto exchange Binance, arguing that stablecoins…

Circle Intervenes in Binance’s SEC Case, Argues Stablecoins BUSD and USDC Aren’t Securities

“Payment stablecoins, on their own, do not have the essential features of an investment contract,” meaning they fall outside of SEC jurisdiction, Circle’s filing said. “Decades of case law support the view that an asset sale — decoupled from any post-sale promises or obligations by the seller — is not sufficient to establish an investment contract.” Source

SEC delays spot Bitcoin ETF decision for BlackRock, Invesco and Bitwise

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The United States Securities and Exchange Commission has delayed its decision on several proposals for spot Bitcoin (BTC) exchange-traded funds (ETFs), including BlackRock, ahead of an anticipated government shutdown. The spot Bitcoin ETF applications of Invesco, Bitwise and Valkyrie were also delayed by the SEC, according to separate Sept. 28 filings, while Bloomberg ETF analyst James Seyffart is expecting the applications from Fidelity, VanEck and WidsomTree to also be pushed back by the securities regulator. ANOTHER: @BlackRock joins the party on spot #Bitcoin ETF delays. Three out of seven down. https://t.co/Cn9DSibqf8 pic.twitter.com/eJTzDNInCi — James Seyffart…

Valkyrie will offer exposure to Ether futures as SEC delays spot Bitcoin ETF

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Asset management firm Valkyrie will begin offering exposure to Ether (ETH) futures to United States investors through its existing Bitcoin Strategy exchange-traded fund, or ETF. A Valkyrie spokesperson told Cointelegraph on Sept. 28 that the firm’s Bitcoin (BTC) Strategy ETF will allow investors access to ETH and BTC futures “under one wrapper”, making it one of the first firms to do so amid several pending applications with the U.S. Securities and Exchange Commission (SEC). Starting on Oct. 3, the fund’s name will be updated to the Valkyrie Bitcoin and Ether…

XRP Price At Risk? SEC Chair’s Congressional Testimony Fuels Ripple’s Legal Battle

The cryptocurrency sector, particularly Ripple Labs, has been embroiled in a scenario of concern and uncertainty following a contentious exchange between the US Securities and Exchange Commission’s (SEC) chair, Gary Gensler, and the House Financial Services Committee in Congress which could affect the XRP price.  Despite Ripple’s partial legal victory against the SEC, Gensler’s stance remains unchanged, as he emphasized the regulatory body’s determination to pursue an interlocutory appeal in the ongoing case. This has raised further questions and apprehension within the industry. Congressman Highlights Ripple Case’s Far-From-Over Status During…

SEC pushes deadlines for ARK 21Shares, VanEck spot Ether ETF applications

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The United States Securities and Exchange Commission (SEC) has delayed reaching a decision on whether to approve or disapprove of spot Ether (ETH) exchange-traded fund applications from ARK 21Shares and VanEck. In separate notices filed Sept. 27, the SEC said it would designate a longer period on whether to approve or disapprove of a proposed rule change that would allow listings of spot ETH ETFs from VanEck and ARK 21Shares on the Cboe BZX Exchange. The commission said it had received no public comments on either proposal and would push…