Tag: SEC

BarnBridge DAO votes to comply with SEC order

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BarnBridge decentralized autonomous organization’s (DAO) members have conducted their voting on how to react to the United States Securities Exchange Commission’s (SEC) potential demands.  The voting ended on Oct. 12 with an unanimous decision to comply with the SEC’s potential demands and pay fines if necessary. Tyler Ward and Troy Murray were nominated as DAO’s special delegates for dealing with the regulator. At the same time, Douglas Park remains the DAO’s legal counsel and will sign the final version of the Order on behalf of BarnBridge. Voters have also let…

DeFi Protocol BarnBridge Prepares for SEC Action, Fines

The proposal includes provisions that would liquidate the treasury “and allow Ward and Murray to distribute the tokens,” although it does not say to whom. BarnBridge’s treasury sits above $200,000 in various cryptocurrencies according to public data on two wallets. Some of that cash is also earmarked for legal expenses by the proposal. Source

Judge sides with Ripple again, denies SEC appeal: Law Decoded

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On Oct. 3, United States District Court Judge Analisa Torres rejected the U.S. Securities and Exchange Commission’s (SEC’s) motion to appeal its loss against Ripple Labs, the company behind the XRP (XRP) cryptocurrency. Torres denied the SEC’s motion, claiming the regulator failed to meet the burden to show that there were controlling questions of law or substantial grounds for differences of opinion on the matter.  The regulator appealed against the court’s July decision declaring that retail sales of the XRP token did not meet the legal definition of a security.…

Ripple’s chief financial officer steps down amid SEC lawsuit

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Kristina Campbell, the chief financial officer of Ripple, has left the crypto payments platform for a comparable position at the virtual healthcare provider Maven Clinic. According to Campbell’s LinkedIn, her employment at Ripple ended in October after more than 2 years without explanation other than a “memorable” time at the crypto firm. She joined Ripple in April 2021 after more than 4 years as CFO at payments platform PayNearMe. “While healthcare is a complex, highly-regulated industry like fintech, it’s new to me,” said Campbell in an Oct. 7 post. Campbell’s announcement…

Elon Musk calls for ‘comprehensive overhaul’ of US SEC, DOJ

Elon Musk has called for a “comprehensive overhaul” of the U.S. Securities and Exchange Commission (SEC) hours after the agency sued him for allegedly failing to testify in an investigation into his $44-billion acquisition of Twitter, now called X, last October. The SEC is examining whether Musk’s acquisition violated securities regulations. On Oct. 5, the regulator submitted a filing in a California District Court, aiming to force Musk to adhere to a previous SEC subpoena. In an X post the same day, Musk suggested the SEC — along with the…

U.S. Securities and Exchange Commission (SEC) Seeks To Force Elon Musk Testimony in Twitter Takeover Probe

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The U.S. Securities and Exchange Commission (SEC) is looking to force billionaire Elon Musk to testify in its probe of his purchase of the social media platform X, formerly known as Twitter. In a new litigation release, the regulatory agency says that it has filed an application seeking an order that directs the business magnate to comply with a subpoena to testify – which he has so far ignored. According to the SEC, Musk may have violated securities laws by purchasing Twitter in October 2022 for a staggering $44 billion.…

Crypto CEO Predicts SEC Will Drop Charges Against Executives

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The civil trial of the US Securities and Exchange Commission’s (SEC) case against Ripple and its top executives, Brad Garlinghouse and Chris Larsen, is set to commence on April 23, 2024. However, the Founder of Dizer Capital, Yasin Mobarak, believes that the SEC will withdraw its charges against Garlinghouse and Larsen before then. Why The SEC Will Drop Charges Against Ripple Founders In a tweet shared on his X (formerly Twitter) platform, Mobarak stated that the reason for his prediction is that it is not in the SEC’s interest to…

SEC Sues Elon Musk Forcing Him to Testify in Twitter Probe, Musk Responds

Musk blamed the SEC and the Biden Administration for constant scrutiny into his Twitter acquisition while expressing his confusion and frustration in the matter. On Thursday, October 5, the US Securities and Exchange Commission (SEC) sued Elon Musk in order to force him to testify about the acquisition of Twitter last year. In a legal document filed in the Northern District of California, SEC lawyers have accused Elon Musk of non-compliance with a subpoena mandating his appearance for a September 15 testimony. This subpoena had been served to the CEO…

Elon Musk hits at SEC, DOJ amid suit to force testimony in Twitter probe

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Elon Musk has called for a “comprehensive overhaul” of the United States Securities and Exchange Commission hours after the regulator sued Musk alleging he failed to testify in its probe relating to his $44 billion Twitter (now X) purchase last October. The SEC is investigating if Musk’s purchase triggered securities laws and an Oct. 5 filing by the regulator in a California District Court seeks to compel Musk to comply with an earlier SEC subpoena. In an X post the same day Musk suggested the SEC — along with the…

SEC has no choice but to approve Bitcoin ETFs

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Stephen Schoenfield and Martin Bednall, former senior executives at BlackRock, are optimistic that the Securities and Exchange Commission (SEC) has “no choice” but to approve multiple Bitcoin exchange-traded funds (ETFs) within the next 3-6 months.  Despite initial predictions, Schoenfield changed his timeline due to the commission’s decision to request comments on applications instead of rejecting them outright. The Grayscale lawsuit victory also suggests that the SEC may have to allow the Grayscale Bitcoin Trust to be converted into an ETF. Shenfield believes that all applications will be approved at once, similar to…